#ICAI

India had Inheritance Tax for over 3 decades, it was abolished by Rajiv Gandhi govt just a month before transfer of Indira Gandhi’s estate to her grandchildren

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The Chairman of the Indian Overseas Congress and Rahul Gandhi’s advisor Sam Pitroda stroked a political firestorm after he suggested a US-like inheritance tax in India as a way to redistribute wealth. As per the Congress leader, under this tax regime, more than half of the Wealth of a citizen will be grabbed by the government once … Read more

Raids by DRI find that Indian subsidiary of Chinese phone maker Xiaomi evaded Rs 653 crore in customs duty, notices served for recovery

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The Finance Ministry on Wednesday issued three show-cause notices to Chinese phone maker Xiaomi’s India unit ‘Xiaomi Technology India’ for evading customs duty by way of undervaluation. With notices, the tax authorities are demanding Rs 653 crore in tax from the company. This is after a detailed investigation was initiated by the Directorate of Revenue Intelligence (DRI) … Read more

Digital Rupee will be backed by RBI, other cryptocurrencies will never be legal tenders: Finance Secretary

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After Finance Minister Nirmala Sitharaman announced that RBI will launch a digital Rupee in her budget speech yesterday, Finance Secretary TV Somanathan has confirmed that India’s digital currency will be backed by the Reserve Bank of India which will be the only legal digital currency in the country. In a post-budget briefing in Delhi on Wednesday, the North Block … Read more

CBI books shipbuilding company ABG Shipyard and its directors in Rs 22,842 crore bank fraud case

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In one of the biggest bank fraud case registered by the Central Bureau of Investigation (CBI), the agency has charged ABG Shipyard Ltd, its then Chairman and Managing Director Rishi Kamlesh Agarwal, and others with defrauding a consortium of banks led by ICICI bank of over Rs 22,842 crore. CBI also named the former Executive Director Santhanam Muthaswamy, Directors … Read more

Directorate of Revenue Intelligence searches premises of Oppo India, a Chinese subsidiary, finds tax evasion amounting to the tune of Rs 4,389 crore

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The Directorate of Revenue Intelligence (DRI), according to a statement made public on Wednesday, conducted searches at the premises of mobile company Oppo India and found evidence of the firm evading customs taxes to the tune of Rs 4,389 crore. Oppo India is owned by Guangdong Oppo Mobile Telecommunications Corporation Ltd, a Chinese company. During the course of … Read more

India’s GST collections soar to record high of ₹2.10 lakh crore, Uttar Pradesh overtakes Tamil Nadu in state-wise GST Revenues for April 2024

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In another sign of the surging Indian economy, the country has registered the highest-ever GST revenue collection in the just concluded month of April as it breached the coveted milestone of ₹2 lakh crore. As per the latest official data released by the ministry of Finance, the GST revenue collection for April 2024 stands at ₹2.10 lakh … Read more

Bottom 50% of Indians pay 64% of GST: Oxfam India’s claims about ‘disproportionate’ taxing of poor is ‘mathematically impossible’. Here is why

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Oxfam India, a charitable organisation that supposedly fights against inequality in the country, has stirred the hornet’s nest with its outlandish claims about the Goods and Services Tax (GST) collection. In its report published on Saturday (January 15), Oxfam India claimed that indirect taxes are being taken disproportionately from the poor and the middle class as compared … Read more