All goods and services have been put in slabs of 5%, 12%, 18% and 28%
The CBI and ED are keeping a close eye on several bank accounts.
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At the retreat, PSBs had suggested the government cut its stake in these entities to less than 51 per cent over a period of time and empower the boards of individual banks.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
Blackmoney holders t oface the music very soon, says FM.
The finance ministry on Friday informed a parliamentary committee that smuggling of fake currency has totally stopped post demonetisation and the tax department has seized Rs 515 crore in cash, including Rs 114 crore of new currency notes, up to January 10.
The first Budget of Independent India was presented by R K Shanmukham Chetty on November 26, 1947.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
Indian government expects LIC to have better business this year.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
Most families had high value currency notes and they used it for making payments during the pre-demonetisation era.
As part of the scrutiny, I-T department will initially issue 700,000 letters to those who have indulged in such transactions
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
MUDRA Bank will have a corpus of Rs 20,000 crore.
GST rates would depend upon whether the commodity is used by a rich person or a common man
GST Council has also reached consensus on the definition of revenue to compensate states for revenue loss
All the Gujarat cadre officers have one thing in common. They do not need Modi's 'informal interactions' and advice because they are from the so-called 'Modi school of governance.' They know Modi well enough to perform their assigned roles.
By creating groups of secretaries, the Modi government has precluded the need for groups of ministers, which were so ubiquitous in the first decade of this century in New Delhi. Each group will have a leader who will be expected to steer the schemes for implementation, cutting through the ministerial turf battles.
They will have to reply within 10 days to avoid any notice from the tax department or further enforcement action.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
Government gets Rs 17.1 lakh crore in its kitty
Even Subramanian Swamy, who says he is an ardent supporter of the prime minister, has been taking proxy pot shots at him.' 'At the ground level too, there is resentment from workers and local leaders who have perhaps not got whatever they may have wanted,' notes T C A Srinivasa-Raghavan.
The insurance sector is going to get a big boost.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Fiscal situation better but spending cuts likely in FY16 too.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
FM's proposal came under immediate attack from various employees unions
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
Prime Minister also underlined the need for increasing the number of tax payers to 10 crore.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
The assessee will also have to declare whether such items and their value were disclosed at the time of filing wealth tax returns earlier.
Gold traders and jewellers continued their strike for the 17th day today in protest against the 1 per cent excise duty on non-silver jewellery announced in the Budget.
The large drop was for export orders that were meant to be delivered until October.
CAs not sure if individuals declaring unaccounted money will get immunity from reassessment as these provisions are not covered in the Bill.
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