Friday, September 11
The Centre may levy additional excise duty or special duty above the proposed 40% goods and services tax (GST) on tobacco products to maintain the overall taxation, in absence of compensation cess in the GST 2.0 reforms announced by Prime Minister Narendra Modi.However, some states are seeking a "significant share" in the additional taxation on tobacco products to compensate for the immediate revenue loss, people privy to the discussions told ET, citing the ongoing discussions with the states on taxation on sin goods in general and tobacco in particular. "During the discussion some states asked for equal share on the additional duty to be imposed," one of the persons said on condition of anonymity, without naming any state. 123350927The group of ministers on rate rationalisation, headed b
MUMBAI: India's apex tax body has asked the cryptocurrency players whether the country needs a new law on virtual digital assets (VDA), which agency should administer such a statute, and whether the present tax regime has driven out traders and businesses to foreign shores. Crypto platforms have been also asked by the Central Board of Direct Taxes (CBDT) if the 1% tax-deducted-at-source (TDS) on every sale was too high, what should be the preferred TDS rate and why, and whether traders should be allowed to set off VDA losses to make the levy more equitable.A flurry of such questions, raising several other issues on the travails of the trade, have stoked hopes in the crypto industry which has been battered by stiff taxes, regulatory void, and Reserve Bank of India's customary aversion towar
