Service Tax
Tax collections up by 24% in current fiscal year-on-year
With this, 61.79 per cent of the budget estimates for the current fiscal have already been achieved, official sources said. Also 66.92 per cent higher income tax refunds were issued till November 30 during the current fiscal, compared to the corresponding period of last year. Refunds amounting to Rs 2.15 lakh crore were issued between April 1 - November 30.
Centre hikes windfall tax on domestic crude oil
The tax on crude oil produced by State-owned ONGC was hiked to Rs 10,200 per tonne from Rs 9,500 per tonne, with effect from Thursday, according to a notification.The revision in windfall tax is done every fortnight.The government has also reduced the rate on export of diesel to Rs 10.5 per litre, from Rs 13 per litre.
Direct tax collections rise 31% to Rs 10.54 lakh crore
Direct tax collection, net of refunds, stood at Rs 8.71 lakh crore, which was 25.71 per cent higher than the net collections for the corresponding period of last year. This collection is 61.31 per cent of the total budget estimates of direct taxes for 2022-23
Direct tax collection grows 23.8% to Rs 8.98 lakh cr till Oct 8
Direct tax collection, net of refunds, stood at Rs 7.45 lakh crore, which is 16.3 per cent higher than the net collection for the corresponding period of last year. This collection is 52.46 per cent of the total budget estimates of Direct Taxes for 2022-23. Refunds amounting to Rs 1.53 lakh crore have been issued between April 1 and October 8, which are 81 per cent higher than refunds issued during the same period in the preceding year.
Gross direct tax collections rise 30% in 2022-23, net direct tax collections up 23%
Net direct tax collections stood at Rs 7.01 lakh crore for the current fiscal till September 17, showing a 23 per cent rise over the corresponding period of last year. Cumulative advance tax collections were at Rs 2.95 lakh crore till September 17 in 2022-23, a growth of 17 per cent over the corresponding period of last year, according to the data released by the Finance Ministry.
Govt received Rs 7,85,914 crore till July, incurred Rs 11,26,745 crore as expenses
Non-debt capital receipts consist of recovery of loans of Rs 5,559 crore and miscellaneous capital receipts of Rs 24,560 crore. An amount of Rs 2,01,108 crore has been transferred to state governments as devolution of share of taxes by the Centre up to July, 2022, which is Rs 36,044 crore higher than the previous year. Total expenditure incurred by the government till July 2022 was Rs 11,26,745 crore, out of which Rs 9,18,075 crore is on revenue account and Rs 2,08,670 crore is on capital account.
Too many complaints of additional service charge by restaurants, hotels
"A component of service is inherent in the price of food and beverages offered by the restaurant or hotel. Pricing of the product thus covers both the goods and services component. There is no restriction on hotels or restaurants to set the prices at which they want to offer food or beverages to consumers," said Piyush Goyal, the minister of consumer affairs in a written reply in the Lok Sabha on Wednesday.
Hotels, restaurants can't ask for service charge in food bill: CCPA
The guidelines issued by the CCPA stipulate that hotels or restaurants shall not add service charge automatically or by default in the food bill. "No collection of service charge shall be done by any other name. No hotel or restaurant shall force a consumer to pay service charge and shall clearly inform the consumer that service charge is voluntary/optional and at the consumer's discretion.
IL&FS gets NCLAT approval for making over Rs 16,000 cr interim payout to creditors
The interim distribution shall be confined only to the entities as reflected in "Annexure-6" except those excluded and for the amount of Rs 16,361 crores -- Rs 11,296 crore of cash and Rs 5,065 crore of InvIT units, the order said. "With regard to interim distribution, we further direct the new board in addition to compliance of the interim resolution process...only after approval by the new board," the NCLAT order read.
NRAI dismisses reports on govt calling restaurant service charge illegal
The Department of Consumer Affairs held a meeting, chaired by Consumer Affairs Secretary Rohit Kumar Singh, here on Thursday with restaurant associations and consumer organisations on the issue of service charge in hotels and restaurants. "Media reports regarding decisions allegedly taken at the Department of Consumer Affairs meeting yesterday with respect to legality of service charge are untrue," said the hotel industry body.
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