Since January 2021, the inflation rate in health has stood in the range of 6.08-8.44 per cent.
'We can go somewhere between 35 per cent and 40 per cent.'
'The signal is crude oil prices will rise, I am cutting my subsidy. Be prepared, prices will rise.'
Deciding the goods and services tax rate on fryums papad could be a messy affair with the Appellate Authority for Advance Rulings (AAAR) of Gujarat now ruling that the ready-to-eat product would draw 18 per cent rate. In that connection, it slightly modified the ruling of the state-based Authority for Advance Rulings (AAR). The AAR had also ordered that these products would draw 18 per cent GST but under a different classification.
'How low GDP would have been, we don't know.' 'It raises serious questions because so many indicators are pointing to such a sharp decline and GDP estimates are still showing 4 per cent growth.'
'There will always be a challenge to maintain a fine balance to ensure that the growth keeps happening and inflation is contained.'
'The classic thing we need as a country is the virtuous cycle where you have robust demand which leads to more capital spending which in turn leads to more job creation and more money in the hands of people.'
After the government sought Parliament's nod for a second batch of supplementary demand for grants that will cause a hit of Rs 2.99 trillion to the exchequer, doubts suddenly arose about the government's ability to meet the Budget projections of reining in its fiscal deficit at 6.8 per cent of gross domestic product (GDP), or Rs 15.06 trillion, for the current financial year. Till now, many were of the opinion that the government would succeed in checking the deficit at a much lower figure than what was given in the Budget Estimates (BE). The government had sought Parliament's approval to spend Rs 3.74 trillion extra, but Rs 74,517.01 crore will be matched by equal savings on other heads.
Come January and the government is empowered to send its recovery officials to your premises to collect GST without notice, if your tax liability shown in the requisite form is less than what invoices, mentioned in the outward supply form, should draw. The relevant provision in the Finance Act, 2021, will come into effect from January 1, 2022, according to a gazette notification issued on Tuesday. Under the GST system, there are two kinds of returns that a company is required to file monthly if its turnover is over Rs 5 crore annually. These are form GSTR-1 and GSTR-3B.
'It is far too early to celebrate the numbers.' 'They are still fairly weak compared to the pre-pandemic level.'
'While we note the very strong cyclical recovery in the economy, we believe there is still uncertainty over medium-term prospects.'
'We need to encourage the next generation of farmers to continue in farming'
New Delhi and Washington have agreed to count the benefits of a global agreement on taxation from the next financial year. However, the benefits would actually accrue once the global pact comes into effect or March 31, 2024, whichever is earlier, in the form of credit.
The country needs 100 million jobs in the formal sector in the next decade to take advantage of its demographic dividend. Also, it should get into the global supply chain to generate many of those by negotiating trade deals effectively, industry players and experts have said. "We need something like 100 million jobs in the next 10 years, which means that the non-agriculture sector has to generate 14 per cent job growth every year," said Aditya Ghosh, co-founder of Akasa Airlines, at the Global Economic Policy Summit organised by the CII.
'We have already given Rs 1.59 trillion to states.' 'So, there is no question of giving them more.'
The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
The Appellate Authority for Advance Rulings (AAAR) of Gujarat has held that papad fryums would not attract any goods and services tax (GST) as they are similar to traditional round papads in all respects. In this connection, the appellate authority modified the ruling of the authority for advance rulings (AAR), which had ruled that Fryums would attract 18 per cent GST. The AAAR held that Fryums is a brand and not a generic name of the product, Harpreet Singh, partner, indirect taxes at KPMG in India said while explaining the order.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Now, more pieces of information about your transactions and income, such as remittances received from overseas, will be uploaded in Form 26AS by the income-tax (I-T) department. This will help the taxpayer file I-T return (ITR) correctly and assist the department in detecting discrepancies, if any, in the ITR. Besides foreign remittances, these new items are interest on I-T refund, dividend from mutual funds (MFs), and purchase of MFs, among others.
The central government is likely to exceed the budgeted tax collection target of Rs 22.2 trillion for the current fiscal year, led by better indirect tax mop-up, compliance measures, and recovery in most sectors following the second wave of the Covid pandemic. Personal income and corporate tax collections (net of refunds) grew 74 per cent to Rs 5.70 trillion in the first half of the current financial year, driven mainly by advance tax and TDS payments. The target for the current fiscal year is Rs 11.08 trillion; higher taxes are paid usually towards the end of a fiscal year.
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