The Centre submitted that it has sent communication to all states and Union Territories asking their comments on the issue and urged the court that the proceedings be adjourned till such time the inputs are received.
The 15 ministers were sworn in on Sunday for the expanded Gehlot cabinet, fulfilling a key demand of former deputy chief minister Sachin Pilot whose rebellion last year shook the state's Congress government.
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
In one of the steepest increases since daily price revision was started, petrol price on Thursday was hiked by 25 paise per litre and diesel by 30 paise as oil companies raised rates for the third straight day to pass on to consumers the increase in international oil prices.
Ahead of the second instalment of advance tax, the revenue department is scrutinising entities that have registered negative growth in their tax deducted at source (TDS) payments, even when they reported healthy advance tax payments. According to sources, taxmen have observed a mismatch in TDS payments from at least 60-65 small to mid-sized companies. Officials said it is unusual for TDS to not increase, given the improved turnover and profits - if higher advance tax payments are any indication.
Petrol price on Tuesday was increased by 15 paise per litre and diesel by 18 paise as State-owned fuel retailers started passing on the increase in international oil prices to consumers after an 18-day hiatus.
The government is considering blocking internet protocol (IP) addresses of companies/exchanges on which trading in cryptocurrencies is happening, said a source in the know. Two months ago, the government had said it intended to bring a Bill to ban private cryptocurrencies and introduce India's own digital currency in line with what China and other countries had done. This move is part of that. The government had also proposed to promote technology like blockchain. Industry, however, says banning decentralised currencies like bitcoin and ethereum is not possible.
The pandemic has brutally highlighted the inadequacy of India's administrative systems. And, the government has demonstrated its culpable inability to speed up vaccination in a timely manner, says Jaimini Bhagwati.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
'We would advise investors to invest in a disciplined way in equities for the long term.'
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. As part of the settlement reached with the government to the seven-year old dispute over levy of back taxes, the company - which is now known as Capricorn Energy PLC - has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award which had overturned levy of Rs 10,247 crore retrospective taxes and ordered India to refund the money already collected. Two sources with direct knowledge of the matter said Cairn on November 26 withdrew the lawsuit it had brought in Mauritius for recognition of the arbitration award and took similar measures in courts in Singapore, the UK and Canada.
The government's programmes should be expected to generate some momentum, but the macro-economic numbers are not encouraging, observes T N Ninan.
Mahesh Padmanabhan, principal advsior, RelaxWithTax, will answer all your tax-related queries in an online chat on February 5, between 2 pm and 3 pm
They have also called for giving cash to the poor, so that demand is generated in the economy.
Audi's strategy seems to point to pushing technology to directly connect with consumers using digital platforms and marketing to synchromesh into one seamless experience, says Pavan Lall.
Do you have parents who have turned 60? You may want to forward Sarbajeet K Sen's suggestions to them.
Those who have crossed 50 must show the greatest urgency. They need to achieve a corpus that can sustain them and their spouses for at least 25-30 years after retirement.
The existing double taxation avoidance agreements will not be covered by the proposed change, implying that in order to tax Facebook, Google and the like, India will require to renegotiate tax treaties.
Most of the changes have come about in the last four years and ITC is now reaping the dividends - standalone revenues from the non-cigarettes FMCG business have grown 40 per cent from FY17 to Rs 14,728.21 crore in FY21 and pre-tax profits 30 times to Rs 823.69 crore. The business accounted for 30.58 per cent of gross revenues and 4.85 per cent of pre-tax profits in FY21. "In the last four years, our margins in FMCG have gone up by 640 basis points (bps) and EBITDA margins have been moving up consistently. "We created levers that enabled a sustained growth trajectory," said ITC chairman and managing director Sanjiv Puri. Puri took charge as the chief executive officer in 2017; in 2018, he was redesignated managing director and effective May 2019, he became chairman.
As the country moves towards creating a spot gold exchange, markets regulator Sebi's whole time member G Mahalingam on Wednesday suggested routing all the imports of the precious metal through the exchange ecosystem in the future. Such a "funnelling" would ensure that gold monetisation takes place right at the source as the metal enters the country, he said while addressing a conference organised by industry lobby Ficci. However, he also noted that the issue has not been dealt with in the papers floated by Sebi.
Finance Minister Arun Jailtey heard the concerns raised by the Australian side in terms of taxation and some provisions.
Given the expectations of growth in the packaged foods segment, the company seeks to become a Rs 1-trillion FMCG business by FY30.
While speaking of taxation, Sitharaman also quoted Sangam era Tamil classic's Yaanai Pugundha Nilam written by Pisirandhayar in Purananooru.
Union Finance Minister Nirmala Sitharaman on Friday said the Indian economy is on a sustained path of revival and cited rise in GST collections and direct taxes to support her assertion. She further said that the confidence in the Indian stock market is growing as retail and small investors are keenly investing money in the share market. She was addressing the media in New Delhi.
'Allocate some parts of one's surplus income towards cryptocurrencies, considering the immense growth potential of this emerging asset class.'
PSU divestment, LIC IPO, fiscal deficit: Budget 2021 marks a clear change in the Modi government's stance from fiscal conservatism to growth orientation.
The apex court has settled the long-pending dispute between companies such as Samsung, IBM, HP & others and the tax department.
The CJI said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases.
This brings its tax treatment on par with the Prime Minister's National Relief Fund.
'Although Hong Kong weathered many a storm and displayed a remarkable resilience to bounce back, the developments in the territory have raised question marks with regard to its future stability and prosperity.' A revealing excerpt from Rup Narayan Das's Hong Kong Conundrum: Pangs of Transition.
Hiring activity in the country touched an all-time high in July, witnessing a 11 per cent sequential increase, indicating a strong revival of economic growth and a recovery of business from the impact of COVID-19, a report said on Friday. With 2,625 job postings, hiring trends grew 11 per cent in July compared with 2,359 postings in June, the highest it has ever been, including the pre-COVID-19 timeline, according to the report by Naukri JobSpeak. The Indian job market has witnessed sequential growth for the second month in a row, with a 15 per cent rise in June, after the pandemic-linked decline in April and May, it stated.
Opposing the Centre's stand that the PM CARES Fund was not a government fund, a lawyer told the Delhi High Court Wednesday that there was no factor to show that the fund was private in nature.
Kerala Finance Minister K N Balagopal has sought systemic changes in the GST structure, saying every state and consumer has lost because of its basically flawed architecture that has also led to rampant revenue leakage for the states. The Goods and Services Tax (GST) regime came into force in July 2017. Even though the framework is focused on having a one-nation-one-tax model, quite a few items, including petroleum products and liquor are still out of the GST purview.
It will bear fruit in the next five years, which is why FDI is so strong. The foreigners clearly know what Indians don't, asserts T C A Srinivasa-Raghavan.
Currently, companies are taxed in the jurisdictions in which they have a physical presence. However, digital businesses generate revenues from markets without a significant physical presence in a country.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
'The market was expecting the Budget to do more, given the domestic economic slowdown and global uncertainty. Over the next few days, the market is expected to absorb the volatility.'
A New York court has paused Cairn Energy's pursuit of US assets of Air India for the recovery of $1.2 billion arbitral award, so as to allow the British firm to reach a settlement with the Indian government on the long drawn dispute. The New York district court delayed the tax suit to November 18, according to court documents reviewed by PTI. This follows Cairn Energy and Air India jointly asking the court to stay further proceedings in view of the fresh government enacting a fresh law to scrap retrospective taxation in the country.
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Indo-US bilateral trade will surge five times to $500 billion in the next few years on the back of growing cooperation between both the nations.
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