Topic
tax
Trade Shippers Say Renewed Tax on Chinese Ships Could Put Some U.S. Ag Producers Out of Business
Democratic Senators Mark Kelly and Elizabeth Warren are urging the Trump administration to reinstate port fees on Chinese cargo vessels, which were suspended until November 2026. The Agriculture Transportation Coalition warns the fees could put some U.S. agricultural producers out of business by dramatically increasing shipping costs and singling out exports for the harshest measures.
Business ITAT Ruling Exposes TDS Traps for Property Buyers
The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) deleted a TDS demand exceeding Rs 5.8 lakh against a property buyer, ruling that the seller's subsequent PAN-Aadhaar linkage regularised the deduction. Tax experts caution that buyers face significant compliance obligations, especially for non-resident sellers and jointly held properties, and often require professional assistance.
Commodities India Exempts Higher Ethanol Blend Grades from Excise Duty
The Central Board of Indirect Taxes and Customs (CBIC) has issued notifications exempting ethanol blended petrol grades E22, E25, E27, and E30 from central excise duties, provided excise duty has already been paid on petrol and GST on ethanol. The move mirrors existing treatment for lower blends and aims to avoid double taxation, according to officials. Joint Secretary Sujata Sharma stated it is a preliminary prerequisite for eventual introduction of higher blends after extensive testing.
Logistics Tax Strategies: Own or Lease Your Truck?
Understanding the tax implications of owning versus leasing a truck can significantly impact logistics operations. Key tax provisions like Section 179 allow for substantial deductions, influencing the decision-making process for freight operators.
Business GST Collection Growth Slows to 3.2%, Lowest in Six Months
India's GST collection growth decelerated to 3.2% in May, marking the slowest pace in six months. The total collection stood at Rs 1,94,184 crore, with domestic revenue declining by 2.6%. Adjusted for a one-time telecom payment, the growth would have been 9%.
Regulations & Compliance Tax Relief on Inherited Flat Without Gift Deed
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Business India's GST Revenue Climbs 3.2% to Rs 1.94 Lakh Crore in May
India's gross GST collections rose by 3.2% year-on-year to over Rs 1.94 lakh crore in May, driven primarily by a 19.1% increase in import revenues. Despite a decline from April's record collections, the growth underscores the significant role of imports in the country's tax revenue.