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Income tax generally is computed as the product of a tax rate times taxable income. However, for individuals, tax is payable at slab rates. In the Finance Act, 2020 the Government introduced a new tax regime for individuals giving them the option to opt for the new regime or continue with the old regime. [11]
The single GST [27] subsumed several taxes and levies, which included central excise duty, services tax, additional customs duty, surcharges, state-level value added tax and Octroi. [ 28 ] [ 29 ] Other levies which were applicable on inter-state transportation of goods have also been done away with in GST regime.
6.9% (for minimum wage full-time work in 2024: includes 20% flat income tax, of which first 7848€ per year is tax exempt for low-income earners + 2% mandatory pension contribution + 1.6% unemployment insurance paid by employee); excluding social security taxes paid by the employer
Month 2024-25 2023-24 2022-23 2021-22 2020-21 2019-20 2018-19 2017-18 Collections M-O-M Change Collections M-O-M Change Collections M-O-M Change Collections
The Finance Minister of India has stated that "Consumer price index inflation is expected to remain within RBI’s mandated range of 2% to 6%". [27] The Foreign direct investment increased from 1,07,000 crores in the first half of last year to 1,45,000 crores in the first half of 2016–17. [28]
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Nepalese local elections, 2017. Nepalis vote in the second round of local elections, a major step in the near decade-long transition from monarchy to democratic government. The first round was held on May 14, and the final round is scheduled for September 18, after the monsoon season. Parliamentary elections are expected later this year.
In general, the proposals involve some marginal tax rate increases, some marginal tax rate decreases, and base broadening by closing, canceling, or limiting tax loopholes, deductions, credits, or other tax expenditures for top income earners and corporations. In December 2017, the Senate passed the Tax Cuts and Jobs Act of 2017. [20]