The immediate revenue loss could worsen the Centre's fiscal deficit, from the budgeted 3.3 per cent of gross domestic product (GDP) to 3.7 per cent of GDP -- a massive 40-basis-point increase. It was stabilised at 3.4 per cent since 2016-17, report Abhishek Waghmare and Dilasha Seth.
BMW is over-capitalised and is awash with cash and it could quickly lower JLR's investment costs and raise margins by leveraging its own platforms, powertrains, purchasing scale and quality control.
Facing a deepening slowdown, the auto sector is pinning hopes on the GST Council meeting on September 20 for a rate cut from 28 per cent to 18 per cent. However, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the slowdown in the auto sector is not because of the GST rate but structural issues in the economy.
India Inc's investment project announcement falls to Rs 11.3 trillion. In the coming months, the pace of investments would depend on how soon consumption demand picks up and private sector investment ramps up investment in infrastructure.
Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
The higher dividend will help Tata Trusts, which owns 67 per cent stake in Tata Sons, to invest in its charitable activities. The total dividend outgo will be Rs 404 crore.
DTC task force also favoured doing away with Dividend Distribution Tax by suggesting taxing dividends in the hands of shareholders.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
CEOs have complained that high interest rates have blocked their investment decisions. At the same time, customers are also deferring their purchases for new consumer durables, cars, and homes.
Balakrishnan refused to react to the India Inc criticism of growing incidents of tax terrorism following Siddhartha's letter. Appearing unfazed, he said, "I only believe in doing my job well."
Revenue foregone on account of corporation tax exemptions is estimated to grow by 16 per cent in 2018-19 (FY19) versus 8.7 per cent in the previous year and 12 per cent in 2016-17, show the Budget documents.
CBDT has been given a collection target of Rs 5.69 trillion in personal income tax in the fiscal year 2019-20 - 19.2 per cent more than the Rs 4.77-crore collection in the previous year.
To validate and continue using the existing PAN cards, citizens will have to link them to Aadhaar. Or else, they will be permitted to use Aadhaar instead for filing returns and while making other high-value transactions, specified under the Income Tax Act.
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
For insurance intermediaries like brokers, insurance repositories, third-party administrators, etc, 100 per cent FDI may be permitted.
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
At the end of 2018-19, the Tata group had a consolidated debt of Rs 2.77 trillion. Tatas not only plan to avoid big-ticket acquisitions for now, the group's main focus will be on improving key metrics and reduce debt, say Shally Seth Mohile & Dev Chatterjee.
Sitharaman exhorted the states to work together with the Centre, stating that while the Union government sets the direction of economic growth, it is for the states to ensure effective implementation on the ground.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
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