The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products. The Council, which comprises central and state finance ministers, in its meeting scheduled in Lucknow on Friday, is also likely to consider extending the time for duty relief on COVID-19 essentials, according to sources in the know of the development. GST is being thought to be a solution for the problem of near-record high petrol and diesel rates in the country, as it would end the cascading effect of tax on tax (state VAT being levied not just on the cost of production but also on the excise duty charged by the Centre on such output).
The government is studying suggestions on checking instances of double non-taxation and 'treaty shopping'
Nirmala Sitharaman is proving to be a better finance minister than her initial rookie status might have led people to expect, observes T N Ninan.
Interview with Richard Rekhy, chief executive officer of KPMG India.
If eight states could join the VAT system much after the rollout date and after seeing how it works, why can't the same apply to states opposed to the farm laws, asks A K Bhattacharya.
The Income Tax department has notified forms for filing I-T returns for 2020-21 fiscal, the Central Board of Direct Taxes said on Thursday. "Keeping in view the ongoing crisis due to COVID pandemic and to facilitate the taxpayers, no significant change has been made to the ITR Forms in comparison to the last year's ITR Forms. "Only the bare minimum changes necessitated due to amendments in the Income-tax Act, 1961 have been made," the Central Board of Direct Taxes (CBDT) said in a statement. The Income Tax returns (ITR) forms ask taxpayers if they are opting for a new tax regime.
President Vladimir Putin proposed sweeping constitutional changes that could extend his hold on power for many years. Russian Federal Tax Service head Mikhail Mishustin to be the new PM.
'We are most bullish on all aspects of the financial sector -- private sector banks, even one state-owned bank, insurance, mortgage finance, broking, wealth management, gold finance, etc.'
The government on Friday extended he deadlines for various income tax compliances and said the amount paid by an employer to employees for Covid-19 treatment would be tax exempt.
The growth opportunity for a business, people running the business, governance structure at a company, technology adoption and the firm's belief in frugality are the list of priorities which should be considered before choosing a stock to invest in, Jhunjunwala said.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
The IAS officer, who was posted for nearly 15 months in the sports and youth affairs department, headed by Minister Anil Vij, has been transferred over 45 times in his career so far.
In 2020-21, Indian firms offered to buy back shares worth Rs 39,295 crore, or 97% more than Rs 19,972 cr proposed in the previous financial year.
Amid record-high fuel prices, Finance Minister Nirmala Sitharaman on Monday said there is no proposal as of now to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST). When the GST was introduced on July 1, 2017, amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of the central and state governments on this sector. This meant that the central government continued to levy excise duty on them while state governments charged VAT. These taxes, with excise duty, in particular, have been raised periodically.
For the first time, the bank is recruiting the CFO from outside its experienced talent pool of top management.
'Gold could benefit from the resulting risk aversion, as happened last year.'
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
Omkeshwar Singh, head, Rank MF, a mutual fund investment platform, answers your queries.
The Department of Telecommunications (DoT) has initiated discussions with banks to address financial stress in the telecom sector, particularly Vodafone Idea Ltd (VIL) that urgently requires fund infusion to stay afloat. There was a meeting of DOT officials and senior bankers on Friday on the issue of Vodafone, sources said, adding that banks have been asked to look for a solution within the prudential guidelines. According to sources, senior officials from the country's biggest lenders State Bank of India and Bank of Baroda were also present among others in the meeting. More such meetings are expected to take place in the coming days, they said.
It was also the shortest speech by Sitharaman, who had delivered the longest speech last year. Her first Budget speech in July 2019 went on for around 137 minutes and in 2020, it went on for more than 160 minutes and was cut short after she felt unwell.
Equity inflows worth $3.7 billion came from the sunny Caribbean jurisdiction in 2019-20, a 267 per cent increase from the $1 billion registered in 2018-19 making it India's 10th largest source of FDI.
The Centre's retreat from the farm laws is likely to have a significant bearing on the fate of laws that the Centre has made, for instance, in labour and electricity, predicts A K Bhattacharya.
'It is less dependent on imported capital.'
Experts believe the new norms may be an indirect way for Sebi to apply the brakes on dividend option plans in MFs.
Petrol and diesel prices on Thursday climbed to fresh highs in the country as rates were hiked by the most in recent times, even as fuel retailers said the government can cut taxes to ease consumer burden. Petrol and diesel price was hiked by 35 paise per litre each after a gap of a week, according to price notification of state-owned fuel retailers. The increase took petrol prices to a fresh high of Rs 86.65 a litre in Delhi and to Rs 93.20 in Mumbai.
The non-food component in the price basket will continue to keep inflation at a high level and result in a "long pause" in interest rates, a foreign bank said on Wednesday. The central bank is likely to pare the pandemic-driven emergency response as well, the report by Singaporean lender DBS said. It can be noted that the high inflation driven by the food prices has forced the RBI to go for a status quo in rates for the three consecutive reviews of the bi-monthly policy meetings, even as growth continues to be in the negative territory.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
The government on Monday clarified that transactions involving royalty/ technical services fee would be taxable under income-tax and not be liable for equalisation levy that is paid by foreign companies for conducting business with Indian parties, while explaining what would construe online sale of goods or services.
The government has set a direct tax collection target of Rs 13.35 trillion, which includes Rs 7.66 trillion from corporation tax and Rs 5.69 trillion from personal income tax.
EPF allows partial withdrawal to meet situations like house construction, medical emergency, and so on.
Expect a more modest out-turn of around 5 per cent (if not less) because of the longer-term scarring effects of the Covid shock, the sharply slowing growth in the pre-Covid years and some scepticism about the growth-efficacy of some of recent official policy initiatives, explains Shankar Acharya, former chief economic advisor to the government.
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
Based on the holding period, the profit you make is liable to short-term or long-term capital gains tax, experts tell Tinesh Bhasin.
Investors must, however, be prepared for volatility in ELSS, cautions Sanjay Kumar Singh.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Banks and friendly neighbourhood jewellers can serve as good channels to provide liquidity for gold deposits with built-in incentives for them, suggests Harsh Roongta.
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