Tag Archives: Taxation

In a recent letter to Finance Minister Nirmala Sitharaman, Union Minister Nitin Gadkari has called for the withdrawal of Goods and Services Tax (GST) imposed on life and medical insurance premiums. The request follows a memorandum submitted by the Nagpur Divisional Life Insurance Corporation Employees Union, which has raised concerns about the tax’s impact.

In a recent move, India has announced an increase in the windfall tax on petroleum crude, raising it to ₹3,200 per tonne from the previous ₹1,700, effective from Saturday. However, the windfall tax on diesel and aviation turbine fuel remains unchanged at zero, according to a statement released by the government on Friday.

The GST Council, chaired by Union Finance Minister Nirmala Sitharaman, has decided to delegate the taxation of Extra Neutral Alcohol (ENA) to states and has reduced levy rates on millet flour and molasses. These changes aim to streamline taxation and benefit various sectors, including sugarcane farmers.

Fantasy sports platform Dream11 has approached the Bombay High Court to contest the retrospective imposition of 28% GST on bets placed on its platform. The company argues that the tax demand is unjust, citing past judgments that classified its services as games of skill rather than gambling.