Finance News Countries will stop Rs 44,000 crore from reducing VAT by fat: Report
Provinces will issue an estimated Rs 44,000 tax after deducting VAT on petrol and diesel as a reminder of a tax reduction of between Rs 60,000 crore will eliminate losses, according to the report.
Months after the reduction of petrol tax, the Center on November 4 reduced the diesel tax by Rs 10 a liter and Rs 5 for petrol. Following this, about 25 provinces and territories of the Union have reduced the value-added tax (VAT) on these fuels.
The loss of provincial FY22 revenue in tax cuts is estimated at Rs 44,000 crore, of which Rs 35,000 is made lower in VAT and the indirect one, Aditi Nayar, an economist at the ICRA rating agency, told reporters on Thursday.
Notifications to firms after differences in GST tax credits
The tax department’s analytical department found the conflict over corporate profits, industry observers said. The GST framework allows companies to deduct a portion of their future tax debt from GST paid by them on utility bills taken from suppliers.
According to the GST framework, both suppliers and the company they provide must upload the forms to the tax department’s website.
Over Rs 1.15 lakh crore T-refund issued until 8 November; including Rs 12,617 for FY21
Revenue payments of more than Rs 1.15 lakh crore have been granted to more than 98 lakh taxpayers so far this financial year, the IT Department said on Wednesday. A refund of RS.12,616.79 crore to 65.31 lakh taxpayers for the financial year 2020-21 (The review Year 2021-22).
“CBDT has issued a refund of more than Rs 1,15,917 crore to more than 98.90 lakh taxpayers from April 1, 2021, to November 8, 2021,” the IT Department said.
These include the return of personal income tax of Rs 36,000 to more than 97.12 lakh taxpayers, and business tax return of Rs 79,917 crore in cases of more than 1.77 lakh.
Andhra Pradesh’s revenue deficit rises by 662% in H1
Andhra Pradesh’s revenue deficit increased by an unprecedented 666.80 percent while the deficit increased by 107.79 percent in the first half of the 2021-’22 financial year.
The gradual increase in revenue receipts, aided by higher taxes and Central allowances, did not bring happiness to management as all other sources of revenue seemed to be drying up, lamented Treasury officials.
According to CAG accounts in the first half of the financial year, the total AP receipts affected 1,04.
However, a portion of the proceeds (Rs 50,419.15 crore) were used for free social services while interest payments (old loans) and the subsidy bill, as well as salaries and pensions, eliminated the total cost of 1,04,723.91 crore, according to the CAG. accounts.
Indian forex stocks raise $ 1.9 bn to $ 642 bn
India’s reserves increased by USD 1.919 billion to USD 642.019 billion last week on October 29 due to a healthy increase in cash and gold prices, the Bank said on Friday.
Total savings decreased by USD 908 million to USD 640.1 billion at the end of the last reporting week.
Foreign exchange reserves, the largest portion of all reserves, have risen by 1.363 billion to USD 578.462 billion in the reporting week, the RBI said in …
Demonstrated in dollar terms, foreign exchange reserves include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen stored in foreign exchange reserves.
The value of gold reserves increased by USD 572 million to USD 39.012 billion in the reporting week, data show.
The EPFO Board will meet on Nov. 20; investment options that may be discussed
The middle board of trustees of the Employees Provident Fund Organization, led by the Minister of Labor, will hold its 229th meeting on November 20 in New Delhi. The meeting, which was scheduled to take place on November 16, lasts about seven months after the last meeting in March this year.
The EPFO Finance, Investment, and Audit Committee is expected to meet prior to the CBT meeting to review EPFO investments to date and your return.
Sources told ET that the agenda for the meeting, shared with CBT members, reflects only general, administrative matters that will be presented to board members for information or approval.
However, unlike previous CBT meetings, it is possible for the EPFO to put some important issues on the table on the day of the meeting itself. This includes, among other things, increasing the investment options of a retirement fund organization.
India’s forex reserves decline $1.14 billion to $640.8 billion
India’s reserves fell by USD 1.145 billion to USD 640.874 billion last week on November 5 due to a fall in cash and gold assets, the Reserve Bank said on Friday.
Total savings increased by USD 1.919 billion to USD 642.019 billion last week. Foreign financial assets, the majority of all reserves, fell by USD 881 million to USD 577.581 billion in the reporting week, RBI weekly data said. Demonstrated in dollar terms, foreign exchange reserves include the effect of appreciation or depreciation of non-US units such as the euro, pound, and yen stored in foreign exchange reserves.
The value of gold reserves fell by USD 234 million to USD 38.778 billion in the reporting week, data show.
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