'Revision of the base year for both CPI and GDP are long overdue.' 'The basic data that went into the 2011-2012 series were mainly from surveys done in 2011 or earlier.' 'We have since seen the emergence of new sectors like platform-based work and online marketing.' 'The employment surveys and the consumption surveys need to reflect these adequately.'
Automobile dealers' body FADA on Thursday sought a cut in GST on two-wheelers from 28 per cent to 18 per cent, saying the segment being essential for millions should not be categorised as luxury item. The industry body said it has appealed to the finance minister, chair of the GST Council, all GST Council members, the ministry of heavy industries, which supervises the automobile sector, and the ministry of road transport & highways. This timely and decisive intervention would help in making two-wheelers more affordable, reviving demand and reinvigorating an industry that has seen a significant slump in sales over the past few years, the Federation of Automobile Dealers Associations (FADA) said in a statement.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
The agency filed its affidavit in response to Goyal's habeas corpus (produce the person) petition in which he claimed he was illegally arrested by the ED in the case.
Home minister heads several groups of ministers, including the one to decide the revival package for Bharat Sanchar Nigam and Mahanagar Telephone Nigam. His ministry also takes decisive calls on national security in relation to telecom operations as well as equipment and technology used in the industry.
Billionaire Gautam Adani-led promoter group has increased stake in two of the group's listed companies, as the ports-to-energy conglomerate continues to work on a claw back strategy after being hit by damaging reports. The promoter group has increased stake in flagship Adani Enterprises to 71.93 per cent from 69.87 per cent, according to stock exchange filings. This is the second time in less than a month that the promoters have raised stake in the flagship firm that incubates new businesses.
Which are the best systematic investment plans for saving tax? Which are the best mutual funds to buy now? How should you plan your taxes and dervive optimum returns from them? Should you buy a house, go for a loan in the current economic situation?
To further tighten its control of practising accountants, the Centre has brought within the ambit of the Prevention of Money Laundering Act (PMLA) their "financial transactions" such as operating and managing their client firms and trusts, and buying and selling business entities. The Union finance ministry issued a gazette notification on this on Wednesday. Under the new rule, chartered accountants, company secretaries, and cost and works accountants carrying out such transactions (on behalf of their clients) will now be required to go through the Know Your Company (KYC) process before commencing work.
The Enforcement Directorate (ED) on Tuesday conducted searches against Tamil Nadu Electricity Minister V Senthil Balaji and some others as part of a money laundering investigation and held multi-city searches, official sources said.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
E-proceeding of tax scrutiny has certain technical and practical issues which need to be addressed before making the system fully electronically driven.
Former Gujarat minister Amit Shah on Tuesday alleged that the Centre was 'hatching a conspiracy' in implicating him in the Sohrabuddin fake encounter case. In a three-page affidavit filed in the Supreme Court, he said this was clear from Prime Minister Manmohan Singh's statement that the Bharatiya Janata Party was blackmailing the government on reforms in goods and services tax by linking it to the case against Shah. Shah said the Centre and CBI were biased against him.
Amendments will be tabled in Parliament for approval by Monday or Tuesday.
Call it the art of staying rooted yet bending with prevailing political winds. With Telangana going to the polls in December, and assembly and Lok Sabha elections in Andhra and Odisha scheduled next year, what factors have influenced parties' recent moves?
The regulations will only apply to the share purchases that have been done after October 1, 2004
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
Capital gains tax is no longer exempt even for investors coming via Mauritius, hence FPIs are now classifying it as interest income to save on taxes.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
'The frequency of 'vikas' being used in speeches and slogans has reduced noticeably. Why is the 'BJP's Chanakya' so aggressive and combative?' asks Utkarsh Mishra.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
Shah said India's goal is to become a $ 5 trillion economy in the next five years and without contribution from the energy and petroleum sector, this goal can't be achieved.
There may be those who could want to go slow, citing the large pendency of follow-up action and court cases that they would have to process and/or proceed with, before raiding more politicians, observes N Sathiya Moorthy.
'He just said that those who cannot control the violence should go. He did not name the BJP.'
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Already, there is a feeling even within the BJP's AIADMK ally that the BJP is overdoing things on the ED/I-T front, as corruption is not an election issue in the state -- as long as the people are otherwise not excessively unhappy with the governing party, points out N Sathiya Moorthy.
Many developers are facing financial challenges after the IL&FS defaults, after which non-banking finance companies - the major financiers to real estate firms - slowed disbursals.
CBDT circular issued last month had raised multiple taxation concerns.
The media is under the pressure of the central government but they should see the interest of the public, Gehlot told reporters.
While prices sustaining lower levels is crucial, Govt actions are also a key monitorable given the forthcoming elections in 2024.
"One nation, one law can be understood. But we will never accept one nation, one party plan of the BJP", Thackeray said.
In Gujarat, Amit Shah's tactic of spiriting away Congress leaders and MLAs is jocularly called 'shop-and-buy votes'. Although haemorrhaging the Congress is a vital aspect of his election blueprint, an aide said, "Amitbhai wants to win on our strengths and not by weakening the Congress."
Introducing UCC is a challenging task for any government. The complexities are real and difficult to negotiate as it deals with sensitive religious and cultural sentiments. How can it strike an easy balance between individual rights and community interests?, asks Ramesh Menon.
Industry associations Ficci and CII have been termed liable for service tax. Ficci has approached government for exemption from the levy.
He also lashed out at the Congress for its opposition to the GST and for dubbing it as 'Gabbar Singh Tax'.
In a statement, the BJP chief's son said, ""The article makes false, derogatory and defamatory imputation against me by creating in the minds of right-thinking people an impression that my business owes its 'success' to my father Shri Amitbhai Shah's political position."
The Committee will 'examine the assessment orders, appellate orders and scrutiny report for the appeal to the ITAT related to orders. . . and give its recommendations for different income groups, separately for corporate and non- corporate assesses", CBDT said.
BJP veterans whom K Annamalai has reportedly sidelined are upset over his 'immature' way of handling allies, reveals N Sathiya Moorthy.
Standard Chartered Bank is setting up an international banking unit primarily to look after Indian company requirements. The bank is looking for a $2-billion loan book in the first five years of business.
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