To give impetus to the real estate sector, Goyal proposed to extend the period of exemption from levy of tax on notional rent on unsold inventories from one year to two years.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
'When you need to revive the economy, when you need to revive aggregate demand, you cut taxes.' 'But what's this government doing?' 'It's increasing taxes for the middle class and the vast majority of the poor on fuel, which has a ratchet effect on most other products.'
"There were discussions and the ministry had received suggestions that petrol-diesel vehicles should be banned. I would like to clarify that the government does not intend to ban petrol and diesel vehicles. We are not going to do anything like that," Gadkari said, addressing a gathering at the Society of Indian Automobile Manufacturers (SIAM) annual convention, 2019.
'A total overall of the existing way of working by abolishing taxes and allowing citizens to help themselves without any government bottlenecks and impediments,' observes Rahul Mishra.
Responding to a question on the Rajasthan government's claim that there is a shortage in COVID-19 vaccine stock, Union Health Secretary Rajesh Bhushan said the central government regularly monitors the availability of vaccine supply in all states and UTs and their consumption on a daily basis.
Auto sector has nothing to look forward to in the Budget.
'Higher than expected inflation in the US or the European Union, faster than expected tightening by the major central banks, break out of a war in Europe, and withdrawal of portfolio equities from the emerging markets are factors which can result in equity market corrections.'
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Tax administration could be improved to reduce discretion and improve accountability
'We have promised to ensure reduced tax rates.'
Congress leader Rahul Gandhi alleged that Modi's move was aimed at helping a few of his 'crony capitalist friends' and had 'destroyed' the Indian economy, prompting a strong response from the BJP which said the exercise was an 'attack' on corruption and black money that were rampant during the 'lost decade' of the Congress-led United Progressive Alliance government.
Increasing the duties on auto parts and putting an additional cess on petrol and diesel could drive up costs of vehicles, specially where volumes are low and localisation is not viable.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
'Wherever in the world there is political instability, those countries are beset with severe crises today. But India is in a much better position than the rest of the world due to the decisions taken by my government in the national interest,' President Droupadi Murmu said in her address to both Houses of Parliament.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Cars priced above Rs 25 lakh account for 1 per cent in India's 3 million-car market and the share has remained unchanged over the last five years.
Brokers also want tax rebates, removal of additional tax on dividends, streamlining of GST...
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
The move by these broadcasters comes close on the heels of the Telecom Regulatory Authority of India announcing a review of its earlier tariff order, announced six months ago, which among others capped the prices for la carte channels.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
'There will always be a challenge to maintain a fine balance to ensure that the growth keeps happening and inflation is contained.'
The GST Council last year imposed a cess of 15 per cent on hybrid vehicles, in addition to the 28 per cent GST, leading to a total tax burden of 43 per cent against a previous tax rate of 28 per cent.
Senior Congress leader Shashi Tharoor on Tuesday attacked the Centre over the glitches in the new income tax portal, alleging that even after spending Rs 4,200 crore on it, the government had "failed" to make it user-friendly and created a "mess" instead.
Companies announce Rs 768 bn worth investments in Dec quarter versus Rs 1.15 trn in Sep quarter
Appearing on national television to mark the silver jubilee of the party he founded in 1997 after breaking away from the Janata Dal, Prasad, who is suffering from many ailments and convalescing at his MP daughter Misa Bharti's residence in New Delhi, recalled his struggles for OBC quota and the fight for the rights of the weaker sections.
That's a big change that was made possible due to corporate tax cuts. Corporation tax collection in FY22 will be lower than even the FY18 levels, reports
Every option before the finance minister comes with a price tag, observes T N Ninan.
During the meeting with Finance Minister Nirmala Sitharaman, the auto industry broadly presented factors such as issues regarding availability and affordability of financing, increasing cost of acquisition of vehicles and change in axle load capacity for commercial vehicles that have hurt demand.
'We are in the reverse gear and we are not there anywhere compared to the rest of the world'
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
Gujarat has around 3,000 licensees for allopathic drug manufacturing, apart from around seven homeopathic licensees, 500 ayuvedic and 600-700 cosmetics licensees
Airports levy charges such as FTC, infrastructure charge, and into-plane charges on sale of jet fuel. The levy is passed through to airlines, pushing up costs.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.
The political-electoral calculus favours spending thousands of crores on vanity projects like Sardar Patel's statue and the Central Vista over building up our military to handle the confrontations and conflicts that loom large, points out Ajai Shukla.
The proposed bullion bank can help settle gold loan accounts in gold terms, and promote existing gold schemes, along with launching schemes including gold-recurring deposits.
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