India’s goods and services tax (GST) panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said.
India cut corporate tax rates on Friday in a surprise move designed to woo manufacturers, revive private investment and lift growth from a six-year low that has led to major job losses and fueled discontent in the countryside.
The Federal Tax Authority also called on consumers to ensure that there are digital tax stamps on tobacco packages that they are buying and inform the competent regulatory authorities should they discover any violating dealers.
The Ministry called on the companies practicing such activities to enhance their awareness and knowledge on the risks of money laundering and keep pace with the government's efforts in this regard.
Sunak is expected to announce in his speech on March 3 of increasing corporation tax from 19 pence to 23 pence, according to a report.
According to the latest survey, the reality for many who have lost their job or had their wages cut during the COVID-19 pandemic is skipped meals, falling behind with the rent or mortgage and mounting debts as household bills go unpaid.
It has been America’s worst kept secret: Sitting President Donald Trump has paid next to nothing over the past 15 years in taxes. In a damning report released by the New York Times
Some business leaders have expressed concerns over the lockdowns by many states after a surge in infections, fearing that it could hit consumer demand and sales as well as tax collections.
Rampant corruption has also eroded the country's infrastructure and basic services.