Information gathered from a person's social media account will be matched with his or her declared income.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
Amid persistent fear of prosecution and penalty, people across income classes are looking for ways to do away with stacks of higher denomination currency.
Money changers operating behind the RBI HQ in Mumbai said they would charge a 15% fee to convert Rs 1 crore.
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
The department will impose a penalty, which could be between 30 per cent and 120 per cent.
"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.
Regulator probing jewellery houses for violation of collective investment scheme rules, says Shrimi Choudhary.
'GST gives a huge relief to small businesses of India and West Bengal.'
Top corporates have paid more advance tax in second quarter this year.
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 assets are estimated to be worth over Rs 6,000 crore.
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.
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