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Read more about I-T refunds worth over Rs 2 trillion issued so far to taxpayers this fiscal on Business Standard. Of this, personal income tax refunds of Rs 71,865 crore have been issued to over 1.99 crore taxpayers and corporate tax refunds of over Rs 1.28 lakh crore have been issued in 2.20 lakh cases
Read more about Ministry of Finance Says GST Compensation Shortfall Released To States Reaches Rs 1.06 Lakh Crore on Business Standard. Powered by Capital Market - Live News
The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement.
Big Tech firms see tax windfall after Supreme Court ruling on Microsoft
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Big Tech firms, including Facebook, Amazon and Google, are set to file for tax refunds in India following a Supreme Court judgment on tax on royalty, but all may be not lost for the government.
ETTelecom
Mumbai:Google, Facebook and Amazon could claim hundreds of crores in refunds from the Indian government, after the Supreme Court on Microsoft ruled that payments made by local users for the purchase of software from foreign companies or distributors cannot be taxed as royalty.
While Tuesday’s ruling, disallowing deduction of tax at source on such payments, spoke about Microsoft, the principle and logic in the judgement are set to be used by other multinationals for their own cause, said legal experts.