Domestic traders body CAIT on Thursday said that much against the declared spirit of GST as good and simple tax, it has become a "colonial taxation system" not compatible with the ground realities of business in India. Various amendments and introduction of rules under GST in the recent past have made the tax systems system much more complicated and put much compliance burden on the traders, it said in a statement. The Confederation of All India Traders (CAIT) added that it is not alone the centre but largely the state governments are more responsible for distorting the GST taxation system and bringing disparities and anomalies in it which has made it a more complex system and a "big headache" for the traders.
P K Mishra, a retired IAS officer of the Gujarat cadre, is currently serving as the principal secretary to the prime minister.
'Tax rate and stock markets are entirely two different things.'
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
'The intensity and frequency of heatwaves will be much higher than in previous years over Punjab, Haryana, Rajasthan, Gujarat, Madhya Pradesh and Odisha.'
The government on Thursday proposed to tighten the norms for taxation of cryptocurrencies by disallowing set off of any losses with gains from other virtual digital assets. As per the amendments to the Finance Bill, 2022, circulated among the Lok Sabha members, the ministry proposes to remove the word 'other' from section relating to set off of losses from gains in virtual digital assets. This would mean that loss from the transfer of virtual digital assets (VDA) will not be allowed to be set off against the income arising from the transfer of another VDA.
If it was Andhra Pradesh last Budget, it's poll-bound Bihar that has now turned to Centre with a list of demands. How the NDA government is delivering on promises.
In a major relief for taxpayers, Finance Minister Nirmala Sitharaman on Saturday announced an increase in the threshold for Tax Deduction at Source (TDS) on rent from Rs2.40 lakh per annum to Rs6 lakh per annum while presenting the Union Budget 2025-26. Presenting the budget in Lok Sabha, the Finance Minister said, "The annual limit of Rs 2.40 lakh for TDS on rent is being increased to Rs 6 lakh.
'The cooperation in technology is one of the most important aspects of the visit.' 'It will have a long-lasting impact because it will shift the entire paradigm in the context of artificial intelligence and emerging technologies.'
Many travellers are now opting for domestic destinations like Goa, Kerala, Rajasthan, Lakshadweep, Himachal Pradesh, and the North East.
Finance Minister Nirmala Sitharaman on Saturday unveiled 'transformative' tax reforms that ranged from a simpler income tax law to higher TCS threshold for remittances and income tax benefits for middle class.
rediffGURU T S Khurana answers readers' personal income tax queries.
Audi plans to focus the Indian market, including deepening market penetration and increasing sales volume.
'We will start reaching out to researchers, academics, and experts on AI from top universities and companies from across the world.'
Anticipating US action on tariffs, India seems to have made the first move by revamping its tariff structure by reducing the slabs to eight rates, points out Mukesh Butani.
India and Qatar on Tuesday agreed to elevate their relationship to a strategic partnership and double bilateral trade to USD 28 billion over the next five years. Prime Minister Narendra Modi and Qatari Amir Sheikh Tamim Bin Hamad Al-Thani signed agreements and MoUs to strengthen economic cooperation, including a revised double taxation avoidance agreement. The strategic partnership will cover the "entire spectrum" of the bilateral relationship, including trade, energy security, and regional and international cooperation. Both leaders also discussed ways to further strengthen and broaden the energy partnership, including "exploring mutual investments." The Amir's visit provided an "excellent opportunity" for the top leadership of the two countries to discuss and "cement a strategic partnership for enhanced future cooperation."
'Despite rising inflows, many NRIs lack awareness about NRO and NRE accounts and mistakenly use family accounts or invest in a relative's name.' 'Many are unaware of tax implications.'
Recent documents by NITI Aayog and periodic labour force surveys on employment show that the importance of agriculture is rising in the Indian economy.
rediffGURU Vipul Bhavsar answers readers' personal income tax queries.
'Once filed, it cannot be revised or rectified.'
Farmer representatives and agricultural stakeholders urged the government to provide cheaper long-term credit, implement lower taxes, and double the PM-KISAN income support during a comprehensive pre-budget consultation with Finance Minister Nirmala Sitharaman on Saturday. The two-hour meeting saw a detailed discussion of proposals, aimed at addressing multiple challenges in the agricultural sector, with key demands focusing on financial relief, market reforms, and strategic investments.
After a stellar 2023, the mutual fund industry sustained its growth momentum in 2024 with an impressive Rs 17 lakh crore surge in assets, driven by buoyant equity markets, robust economic growth, and increasing investor participation. Experts are predicting the positive trend will extend into 2025.
Isn't the goal of retirement planning to create a balanced portfolio that aligns with your financial goals, rather than chasing returns blindly, asks Ramalingam Kalirajan
The time is ideal for a 'Dream Budget' akin to the 1991 reforms that sparked high growth and unlocked significant gains in productivity, points out Rajeswari Sengupta.
The volume of new fund offerings (NFOs) in 2025 will fluctuate based on market conditions. However, innovation is expected to continue unabated. With an increasing number of fund houses aiming to establish a presence in the 'factor' investing space and changes in fund-of-fund taxation providing more opportunities, several industry-first offerings are anticipated.
Finance Minister Nirmala Sitharaman on Monday said that GST collection from online gaming has increased 412 per cent in six months from October 1, 2023, when 28 per cent tax was levied on these services. Briefing media on the decisions taken at the 54th meeting of the GST Council, Sitharaman said the status on revenue collection from casinos, online gaming and horse races after six months of implementation of 28 per cent GST was presented to the Council. "The revenue from online gaming has increased by 412 per cent and reached Rs 6,909 crore in just for six months.
'Rates go up, revenues go up, and the need for compensation diminishes.'
This will be the first full-year Budget of the BJP-led National Democratic Alliance government since it came to power for a third consecutive term in July last year.
Specialised investment fund (SIF), a new asset class, will have the same expense structure as that of mutual funds (MFs), according to rules notified by the Securities and Exchange Board of India (Sebi). SIF, which was first proposed by Sebi in July 2024, aims to fill the gap between MFs and portfolio management services (PMS), and it looks at informed investors, who are willing to take riskier bets.
'... that it once again shies away from renewing its commitment to strategic divestment,' points out A K Bhattacharya.
The finance minister, in her Budget speech, should focus more on what she is directly responsible for, rather than on programmes where her role is largely supportive, notes Nitin Desai.
Multi-asset allocation funds emerged as the most popular option for MFs as they provided the needed flexibility.
Chandigarh Commission for Protection of Child Rights (CCPCR) has advised singer-actor Diljit Dosanjh, set to perform in Chandigarh on Saturday, to refrain from singing alcohol-themed songs during his live show, citing their adverse impact on children of impressionable age.
'The voice which came wherever I travelled was that we are proud taxpayers. We are honest taxpayers. We want to continue to serve the country by being good taxpayers.' 'But what do you think about the kind of things you can do for us?'
'Spend, but create assets, spend but make sure that people benefit from it.' 'This has been a beautiful guiding principle. And I think as a finance minister I owe so much to the prime minister for keeping this path clear before us.'
The Indian market remains an attractive place to do business for the nation's entrepreneurs, with 75 per cent of them operating domestically.
Fast-moving consumer goods (FMCG) companies are expected to witness pressure on volumes in the October-December quarter. However, price hikes will help push up revenues, said brokerages.For India's largest engineering firm, Larsen and Toubro (L&T), the analysts expect a 20 per cent growth in consolidated revenue, and an 8.1 per cent core business Ebitda margin, up 40 bps from a year ago.
Inflows into gold exchange-traded funds (ETFs), which manage a total of Rs 37,390 crore, have surged sharply in recent months. This trend is likely to continue, especially after the reintroduction of long-term capital gains tax (LTCG), which is likely to attract smart money into mutual fund offerings amid a robust outlook for the yellow metal. Smart money, also known as opportunistic flows, refers to strategic investments that are generally of a short-term horizon.
Finance ministers of states demanded an increase in allocation under 50-year interest-free loan scheme, while fiscally stressed states like Punjab and Kerala pitched for a special package and borrowing flexibility, sources said on Friday. In a pre-budget meeting with Union Finance Minister Nirmala Sitharaman, states have also urged for higher borrowing limits to support fiscal activities, besides additional funds for Jal Jeevan Mission.
The norms pertain to the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital Gains.
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