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.
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
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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.
Asked about the Congress's opposition to the GST Bill, Santosh Kumar Gangwar said no party opposes GST outside Parliament.
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.
Fares would vary according to sector.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
In the previous Budget, the government had come out with a similar scheme.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
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The note guides taxman to avoid seeking voluminous details.
The apex court urged the central government to update the drought management manual by December 31.
RBI governor also spoke on the ill effects of cutting interest rates too much
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