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Modi brands foreign travel tax rumours totally false denying any cess surcharge or restrictions

Modi brands foreign travel tax rumours totally false denying any cess surcharge or restrictions

Prime Minister Narendra Modi on Friday rubbished media and social media claims that India may impose a new tax, cess or surcharge on foreign travel to manage war related fiscal strain and higher crude import costs. Responding to a viral graphic citing “highest levels” discussions, Modi said there was “not an iota of truth” and that there was “no question” of restricting foreign travel. The finance ministry had not commented before his clarification, while he reiterated focus on “Ease of Doing Business” and “Ease of Living.”

Summarised by Beize from a story on The Economic Times on 15 May 2026
Don’t put InvITs and REITs on the MAT brink says tax design could slash investor returns

Don’t put InvITs and REITs on the MAT brink says tax design could slash investor returns

India’s listed REITs and InvITs are a key pipeline for long-term infrastructure capital, backed by distribution rules and a mostly single-layer tax design. But Budget 2026’s revised treatment of MAT credits creates a structural dilemma for REIT/InvIT SPVs: shifting to the new corporate tax regime may make dividends taxable for unit holders, cutting yields, while staying outside risks MAT credit lapse and future liabilities. Either way, cash-flow uncertainty could raise the cost of capital. Policy design must protect predictability.

Summarised by Beize from a story on The Economic Times on 14 May 2026

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Centre moves to restore gold import tax exemption for banks after IGST glitch

Centre moves to restore gold import tax exemption for banks after IGST glitch

The Centre is expected to issue a rectification order within 48 to 72 hours to reinstate the gold import tax exemption for banks. Industry body IBJA says the benefit was accidentally withdrawn through a notification, triggering an IGST-related disruption. Shipments have resumed as the government works to correct the error and restore the earlier relief.

Summarised by Beize from a story on The Economic Times on 8 May 2026
Indian banks pause gold and silver imports as IGST tax clarity notification slips beyond FY27

Indian banks pause gold and silver imports as IGST tax clarity notification slips beyond FY27

Indian banks have stopped gold and silver imports since April 1, citing a pending annual government notification that is supposed to clarify IGST treatment for bullion trade. The issue is expected to carry into FY27 as the renewed Finmin notification hangs fire, tightening supply and adding uncertainty for jewellers and traders relying on imports.

Summarised by Beize from a story on The Economic Times on 1 May 2026
Karnataka drafts excise policy to cut alcohol consumption 8 to 9 percent in six years

Karnataka drafts excise policy to cut alcohol consumption 8 to 9 percent in six years

Karnataka has unveiled a draft excise policy aiming to reduce alcohol consumption by 8–9% over the next six years. The plan, announced by Chief Minister Siddaramaiah, shifts taxation toward beverage strength, introduces digital supply chain tracking, and simplifies licensing. It also targets illicit trade and proposes tighter outlet rules near sensitive zones to improve enforcement.

Summarised by Beize from a story on The Economic Times on 30 Apr 2026
Wipro buyback at Rs 250 could reshape your 2026 tax bill with one key change

Wipro buyback at Rs 250 could reshape your 2026 tax bill with one key change

Wipro plans a share buyback at Rs 250 per share, pricing above the current market level. The bigger surprise is the timing: from April 1, 2026, buyback proceeds will be treated as capital gains under new tax rules. That shift can make tendering shares more tax-efficient than selling in the open market for both promoters and non-promoters.

Summarised by Beize from a story on The Economic Times on 30 Apr 2026

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US stock ESOP non reporting Indians can use one time FAST DS amnesty scheme know rules

US stock ESOP non reporting Indians can use one time FAST DS amnesty scheme know rules

A new one-time amnesty scheme, FAST-DS, has been launched for Indian residents and NRIs to address past non-compliance in reporting foreign assets, including US stocks received via ESOPs. The move targets missed or inadvertent disclosures and seeks to reduce penalties and litigation under India’s Black Money Act, offering clearer resolution for taxpayers who previously got it wrong.

Summarised by Beize from a story on The Economic Times on 29 Apr 2026
Young entrepreneur loses Rs 15 lakh after bank sells fake 100% tax free insurance promise

Young entrepreneur loses Rs 15 lakh after bank sells fake 100% tax free insurance promise

A young entrepreneur says bank officials persuaded him to buy three non-market linked insurance policies claiming the proceeds were 100% tax-free. He paid around ₹22 lakh in premiums, but later learned that under new tax rules, plans with aggregate premiums above ₹5 lakh can make maturity proceeds taxable. The result: a feared loss of up to ₹15 lakh on surrender.

Summarised by Beize from a story on The Economic Times on 25 Apr 2026
India assures Mauritius DTAA tax benefits will stay after Supreme Court shock for investors

India assures Mauritius DTAA tax benefits will stay after Supreme Court shock for investors

India has assured Mauritius it will continue honoring Double Taxation Avoidance Agreement (DTAA) benefits, following a Supreme Court ruling that triggered worries for cross-border investors. India also eased the application of the General Anti-Avoidance Rule for older investments, aiming to reduce uncertainty and provide clearer tax outcomes for foreign investors and private equity funds.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Most Indian crypto investors want equity style taxes while 66% call current rules unfair

Most Indian crypto investors want equity style taxes while 66% call current rules unfair

A CoinSwitch survey ahead of India’s Union Budget finds 61% of crypto investors want taxation aligned with stocks or mutual funds, while 17% favour a separate framework. Despite mixed preferences, 66% describe the current regime as unfair, pointing to the need for clearer, more rational rules that better match how investors view crypto assets.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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GST Council to meet next week to lock 28% levy on online gaming on face value

GST Council to meet next week to lock 28% levy on online gaming on face value

The GST Council will hold a virtual meeting on August 2 to finalize legal amendments for the 28% tax levy on online gaming, casinos, and horse racing. The maximum slab was decided on July 11 and applies to full face value. Officials say there is no change of heart, only work underway to settle technical and legal details.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
India Inc urges Budget reforms and tax stability with new dispute settlement proposals

India Inc urges Budget reforms and tax stability with new dispute settlement proposals

ASSocham has pitched the government to extend the “Vivad Se Vishwas” settlement scheme beyond current coverage into highly regulated sectors such as telecom, power, and mining. It also wants a dedicated dispute resolution mechanism for customs-related cases, arguing that tax and procedural stability would reduce litigation burdens and improve business certainty.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
GST rate rationalisation could scrap the 12% slab soon but revenue risks remain

GST rate rationalisation could scrap the 12% slab soon but revenue risks remain

India is weighing GST rate rationalisation to simplify the current four-slab structure, with talks that may consolidate rates and even remove the 12% slab. Officials must, however, balance lower tax burdens on essentials with the need to protect revenue collection. The final design will depend on how much simplification is feasible without triggering shortfalls.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
SC ruling on tax havens threatens VC offshore deals and could reshape startup fundraising in India

SC ruling on tax havens threatens VC offshore deals and could reshape startup fundraising in India

With India’s IPO boom fueling a “happy harvest” for PE and VC, a Supreme Court stance is casting a shadow over how offshore investors structure funds into the country. Stakeholders fear renewed scrutiny of complex cross-border arrangements, and the court has signaled that simply producing tax-haven residency certificates won’t automatically justify tax treatment.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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IPL teams seek tax cut by reclassifying match tickets as sports not entertainment

IPL teams seek tax cut by reclassifying match tickets as sports not entertainment

IPL teams have appealed to the government to reclassify ticket sales so matches are treated as “sports” rather than “entertainment.” They argue the current 40% GST on tickets is disproportionately high for sporting events and should be reduced. The teams say the change would boost demand, support the sports ecosystem, and accelerate the league’s long-term growth.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Budget 2026 cuts overseas tour TCS to flat 2 percent slashing costs for Indian travellers

Budget 2026 cuts overseas tour TCS to flat 2 percent slashing costs for Indian travellers

Union Budget 2026 reduces Tax Collected at Source (TCS) for overseas tour packages, setting a flat 2% rate on international travel. The move lowers the prior TCS structure, which ranged from 5% to as high as 20%, making foreign trips more affordable for Indian citizens and easing the upfront tax burden.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Budget expands GST reach on OIDAR digital services and data access platforms in India

Budget expands GST reach on OIDAR digital services and data access platforms in India

India’s GST treatment of Online Information and Database Access Service (OIDAR) is rooted in a tax levy introduced in 2001 under the earlier service tax regime, then widened in 2016 to bring more digital services under tax. The Budget 2023-24 further broadens the scope, tightening how data access and related online services are classified for GST.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Supreme Court GST ruling could reshape India gaming industry after Gameskraft INR21000 crore fight

Supreme Court GST ruling could reshape India gaming industry after Gameskraft INR21000 crore fight

Gaming firms are watching the Supreme Court case involving Gameskraft’s INR21,000 crore GST demand, which could end the long debate over whether games are of skill or chance. With an upcoming 28% GST on the full face value of bets, the judgment may also clarify whether retrospective taxation applies.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026

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Carpet industry backs easier GST compliance but fears higher costs on finished goods

Carpet industry backs easier GST compliance but fears higher costs on finished goods

India’s handmade carpet industry says eased GST compliance is welcome, but it is worried about taxation on finished products. The sector employs over 20 lakh workers and artisans, many in rural areas and especially women, and any added cost could disrupt demand, reduce incomes, and pressure small units already operating on thin margins.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
Budget push gathers industry input on tax rates base and duty structure

Budget push gathers industry input on tax rates base and duty structure

Ahead of the Union Budget process, the Finance Ministry has invited suggestions from industry and trade bodies on possible changes to duty structures, tax rates, and the broadening of the tax base. The communication covers both direct and indirect taxes and asks stakeholders to provide economic justifications for proposed changes.

Summarised by Beize from a story on The Economic Times on 24 Apr 2026
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