Policy & Resources (P&R) will now start working on tax reforms including a 5% GST, lower income tax rates for earnings under £30,000 and social security reform, to start in 2027.

Roffey has put forward plans for a 5% GST alongside a new lower rate of income tax for earnings below £30,000 and reforms to social security contributions in an effort to mitigate the regressive ...

The current GST framework operates with four primary tax brackets - 5%, 12%, 18%, and 28%, alongside distinct rates for specific items such as precious metals and supplementary cess on sin goods.

And it points out some 70 per cent of revenue is from income tax, compared to 60 per cent in the 1950s. And inflation increasingly means workers are forced to pay higher tax as wages go up even ...

The GST Council had said a rule relating to input tax credits would be amended to align it with a new legal provision introduced in the CGST Act by way of Finance Act ...

The sunset date for commencing manufacture under Section 115BAB of the income tax Act should be extended to 31 March 2025 from March 31, 2024, at present.

Finance Minister Nirmala Sitharaman is holding three high-level meetings with revenue officials starting next week. Sitharaman is taking good and services tax (GST) and income tax reviews on June ...

In short: Businesses have collected billions of dollars in GST from customers and income tax out of employee wages, but not yet passed the money on to the ATO. The ATO says collectible debts have ...