Taxation
Sin Tax in India
Sin tax is a levy on products or activities deemed harmful to society. This includes items like tobacco, alcohol, and gambling. The primary aim is to discourage unhealthy behaviours. Additionally, it generates revenue for the government and addresses public health ..
Insurance Amendment Bill
A parliamentary committee has endorsed reforms in the insurance sector, aiming to enhance the industry’s efficiency and competitiveness. The Insurance Amendment Bill proposes several key changes. Composite Licenses for Insurers The committee supports allowing composite licenses. Insurers would be able ..
Month: Current Affairs - December, 2024
Category: Economy & Banking Current Affairs
PAN 2.0 Project Approved by Union Cabinet
The Union Cabinet has recently approved an upgrade to the Permanent Account Number (PAN) system. This upgrade introduces a QR code feature on PAN cards and also establishes PAN as a common identifier for businesses. PAN 2.0 Project Overview The ..
Month: Current Affairs - November, 2024
Category: Government Schemes Current Affairs
Tamil Nadu’s SGST Collections Surge in 2024
Tamil Nadu has reported important growth in its State Goods and Services Tax (SGST) collections for the fiscal year 2024-25. The increase stands at 20.12%, the highest among major states of India. Provisional figures indicate collections reached ₹35,414.05 crore, a ..
Month: Current Affairs - November, 2024
Category: Economy & Banking Current Affairs
Andhra Pradesh Government Abolishes Garbage Tax
The Andhra Pradesh government has recently ceased the collection of garbage tax. This decision follows the introduction of a bill by Municipal Administration Minister P. Narayana. The State Legislative Assembly approved the bill on November 21, 2024, which aims to ..
Month: Current Affairs - November, 2024
Category: States Current Affairs
Supreme Court Rules on Telecom Tax Credits
The Supreme Court of India recently made a landmark ruling, which allows telecom companies to claim tax credits for expenses related to mobile towers and pre-fabricated buildings (PFBs). The ruling clarifies the classification of these structures under tax regulations. Context ..
Month: Current Affairs - November, 2024
Category: Economy & Banking Current Affairs
Income Tax Campaign for Foreign Assets Awareness
The Income Tax Department has initiated a new campaign that targets taxpayers with high-value foreign income or assets, which aims to enhance compliance for the Assessment Year 2024-25. The Central Board of Direct Taxes (CBDT) is leading this effort. Campaign ..
Month: Current Affairs - November, 2024
Category: Economy & Banking Current Affairs
Parliament passes Taxation and Other Laws (Relaxation and Amendment of Certain provisions) bill
On September 23, 2020, Parliament passed the Taxation and other laws (Relaxation and Amendment of certain provisions) bill, 2020. It replaces an ordinance and will make few changes to direct and indirect tax laws. It was cleared in Rajya Sabha ..