The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
Chief Economic Advisor Arvind Subramanian says that he hopes GDP growth will be at the upper end of the 7-7.5 per cent range.
The Niti Aayog is preparing 15-year vision document that will replace the Five-Year Plan from the next financial year
'GST gives a huge relief to small businesses of India and West Bengal.'
Chetan Ghate, Pami Dua and Ravindra Dholakia have been appointed for 4 years
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
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 Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
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.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
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
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.
Lack of political consensus on economic reforms a key concern.
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