The uproar over TCS or tax collected at source for international credit or debit card transactions has finally subsided after the Indian finance ministry clarified that there will not be any TCS on spending up to Rs 7 lakh ($8,470).

Need more clarity on taxing international spending of over Rs 7 lakh: Bankbazaar CEO

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.

India faces first fall in direct taxes in at least two decades

In order to help entrepreneurs to carry out their business, Finance Minister Nirmala Sitharaman on Tuesday said she has directed the tax administrators to be restraint in the tax collection process and also asked them to understand the businesses.

Sitharaman gives mantra of restraint to tax collectors but says deadlines are realistic

Gross direct tax collections surged 15.7 per cent to Rs 6.75 lakh crore for April-November, the finance ministry said Monday. Refunds worth Rs 1.23 lakh crore have been issued in the eight months of the current fiscal, which is 20.

Direct tax collections surge 15.7% to Rs 6.75 lakh crore in April-November

Gross collections in FY 2017-18 increased by 13 per cent to Rs11.44 lakh crore, while refunds amounting to Rs1.49 lakh crore were issued during 2017-18

Direct tax collections for 2017-18 increased 17.1% over previous year: CBDT

Council provided composition scheme to reduce tax collection from small traders, which will be much lower than the GST rate

Indian government and states work out timetable for April 1 roll out of new Goods and Services Tax

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