The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Deadline ends, after two extensions and only 70% file detailed return for July
The Budget chose to stick to an ambitious disinvestment programme for 2016-17.
As the liquidity crunch reaches crisis levels and getting tax refunds remain a big headache, exporters saw orders fall by 15 per cent till October.
Monetary incentives under Skill India to small entrepreneurs, capital infusion into technology fund to help businesses expand operations
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
The note guides taxman to avoid seeking voluminous details.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
The step had been taken to lend the required 'authenticity' to electronic communications.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
'Whatever happens in any part of the world affects us.'
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
The country had imported 5.5 million tonnes of pulses last year.
CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
Arun Jaitley addressed a post-Budget press conference.
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
On the revenue front, the finance ministry was expecting higher proceeds from non-tax revenue.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
The government is considering a proposal to privatise some state-owned banks in phases.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
Steps such as safeguard duty in the works to plug the route
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Under the GST regime, most manufactured goods will turn cheaper.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
Other forms of securities such as compulsorily convertible debentures (CCDs), optionally convertible debentures (OCDs) and some derivatives could remain out of the scope of the amendments
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
'To identify with the common man, Modi had to look like one.' 'The disastrous suit with his name written on it never made its reappearance.' 'Frequent dress changes during the day, which led Arvind Kejriwal to calculate that Modi spent crores on his attire ever year, too stopped.' 'Instead, a newer Modi emerged: Humble and eager to serve.' Narendra Modi has cleverly repositioned himself as a man of the masses in the past three years, says Aditi Phadnis.
There is mutual invoice matching which ensures reason why GST was brought in first place, says Adhia.
For the party's traditional vote bank -- traders -- demonetisation was a 'political betrayal.'
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