'The informal sector can grow at a 100 per cent rate -- we have to plan big.'
The Unified Pension Scheme (UPS) adoption rate has risen to over 4.35 per cent, with more than 100,000 people out of 2.3 million eligible individuals opting for it, Pension Fund Regulatory and Development Authority (PFRDA) chairman S Ramann said in an exclusive interview with Business Standard on Monday. He also said that six states had approached the PFRDA for help in adoption of the scheme.
While the new income tax law replaces the Income Tax Act, 1961 and omits 13 offences, 35 actions and omissions continue to attract criminal liability under 13 provisions.
By enabling real-time data sharing, the platform will help prevent scams and ensure secure transactions.
Both NDA and INDIA are racing to woo marginalised groups with Assembly polls fast approaching.
'This is not a case of tax evasion but the result of long-standing ambiguities in GST rules and unawareness.'
India needs to limit its reliance on multinational corporations (MNCs) for strategic audits and consulting in order to strengthen its economic sovereignty and achieve the goal of Atmanirbhar Bharat, the Ministry of Corporate Affairs (MCA) said in an office memorandum released on Wednesday.
The CBDT is investigating Jane Street for possibly misusing the India-Singapore tax treaty.
Recalling or relabelling medicines already in the supply chain before September 22 will not be mandatory, the finance ministry said on Tuesday, issuing a fresh set of frequently asked questions (FAQs) to address industry concerns following the announcement of goods and services tax (GST) revisions.
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
Public sector banks (PSBs) have seen a sharp drop in household deposits from 70.6 per cent to 63 per cent in contrast with private banks, which witnessed a surge from 27.1 per cent to 34.1 per cent.
Businesses are testing new markets, tapping into domestic demand, and pushing the government for relief.
The contrast with the old Income-Tax Act is stark. The 1961 law ran into 512,000 words; the 2025 one pares that down to 259,000. Chapters have been cut from 47 to 23, while sections have reduced from 819 to 536. One of the clearest changes is terminological. The confusing twin concepts of 'assessment year' and 'previous year' have been scrapped.
'...so cases that arose under the existing Act will be adjudicated under the old provisions.' 'Care has been taken to ensure that the new I-T Act does not give rise to interpretational issues.'
India's net revenues from the Goods and Services Tax (GST) rose at a three-month high pace of 10.7 per cent in August even as growth in gross collections slowed to 6.5 per cent from 7.5 per cent in the previous month, thanks to a nearly 20 per cent decline in refunds to taxpayers during the month.
The 50 per cent US tariff on Indian goods pose a downside risk to growth but the impact is expected to be short-lived for the economy, and consumption demand could see an uptick after the new goods and service tax (GST) rates are implemented which could even offset the external uncertainty, Chief Economic Advisor (CEA) V Anantha Nageswaran reckoned on Friday.
'States should be compensated for the revenue loss for at least five years or beyond till the revenue stabilises.'
'Money moves in a web of transactions and payment addresses keep changing for offshore companies, which requires heightened monitoring measures.'
'If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio.'
'...as then it brings them closer to the complaints and grievances that the public faces.'
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