The idea behind advancing the Budget date is to ensure that the Finance Bill is passed before the start of the financial year, on April 1, so that all central government departments get their full allocations to work with right from the first day
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Make In India and the reduction in barriers of trade will potentially create a growth environment.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
Scrapping Plan and non-Plan classifications necessitates the change
The Congress, however, said it wanted to see the final print on the wording of the dispute resolution mechanism before committing its support to the Bill
The disagreement between the Centre and states continued over administrative powers.
Non-compliance, underreporting or misreporting will attract a penalty of 50-200 per cent. The authorities may during assessment even tax assets that are 15-20 years old
"We did not abuse RBI governors," says Chidambaram.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
Cong leaders speak in two voices but final stand may be decided at a meeting headed by Rahul Gandhi next week
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
A panel will examine the merits and demerits of various dates for the commencement of the financial year.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
A committee headed by Patel recommended retail inflation targeting and a monetary policy committee.
Officials cited the example of the Sixth Pay Commission.
The country had imported 5.5 million tonnes of pulses last year.
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