CBDT feels 30% growth in income-tax not feasible.
The direct tax collections are likely to fall short of the revised Budget target by Rs 650 billion and, in fact, were Rs 150 billion lower than the original estimate for the fiscal
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
Regulators and investigators around the world have access to sophisticated tools making it possible to detect white collar crimes. This is where Indian investigators and regulators have been found wanting, says Sudipto Dey.
With the two members quitting, the NSC now has only two members -- Chief Statistician Pravin Srivastava and NITI Aayog CEO Amitabh Kant.
Going by the provisions of the new company law, the responsibility and accountability equation for independent directors has seen a major change.
Experts say, auditors must not allow themselves to be intimidated by the client management into conducting audits by conversation. It is important for auditors to conduct proper interviews and ask probing and searching questions.
Any act by a chartered accountant that brings disrepute to the profession, whether or not in the professional domain, is open to disciplinary scrutiny and action.
For most companies this would mean extending medical coverage to same-sex partners, say legal experts.
Direct tax collections grew by a meagre 6.6 per cent during April-July of the current financial year against the Budget target of 14.4 per cent for 2018-19. Corporation taxes, in particular, grew at just 0.57 per cent, the lowest in the first four months in at least seven years.
Steps taken to prevent misuse of the platform have to be balanced with data privacy and security concerns, say experts.
The business would also not be allowed to claim any un-availed input tax credit for "goods lost" or "destroyed".
The deposit has been made on account of the rate reductions approved by the GST Council in its November. The rate was reduced on items including shampoo, detergents, chocolates, beauty products, sanitary ware, leather clothing, cookers, stoves, after-shave, deodorant, detergent and washing power. Companies found it difficult to pass on the benefits to consumers immediately at the time of GST rate reduction owing to logistical issues.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
On Wednesday, Daiichi Sankyo's lawyers argued for a stay on stake sale by Fortis, which was opposed by counsels of the hospital chain and promoter entities.
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
Besides selling movable and immovable assets to make recoveries, taxmen filed prosecution cases against those not paying the demand.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
The central government wants to impose the levy; many states are opposed - at least, to the Centre doing so
After helping the government in policymaking since October 2014, Chief Economic Adviser Arvind Subramanian is returning to academics and will be teaching at Harvard Kennedy School on a visiting position. In an interview to Dilasha Seth and Somesh Jha, he says the ease of doing business agenda needs to move forward and India must try to integrate with the global value chains. Edited excerpts.
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