Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
'Cracks continue to appear in more and more houses.' 'We believe the government is not going to tell us the truth.'
Divestment-bound Air India is looking to sell securities of its two provident trusts AIEPF and IAEPF, and has sought applications for transaction advisors to help with the proposed sale of the securities. The Air India Employees Provident Fund (AIEPF) trust and Indian Airlines Employees Provident Fund (IAEPF) trust are governed by the Provident Fund Trust Act, 1925. The two trusts' investments together amounted to Rs 4,500 crore as of August 31, 2021, according to the tender document, seeking RFPs for the appointment of the transaction advisors.
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).
In Pasmanda Muslim meets, the BJP leaders are highlighting that the Samajwadi Party, Bahujan Samaj Party and the Congress always used Muslims as a "vote bank" and did not give them their due.
The Ministry of Ports, Shipping and Waterways has released a draft to amend the Indian Ports Act, 1908, which aims to bring in sweeping reforms in the sector by bringing non-major ports into the national fold, creating a new mechanism for resolution of disputes, and empowering maritime state development council (MSDC). The draft bill will see comments from stakeholders before being tabled in Parliament. "The Indian Ports Act, 1908 is more than 110 years old. It has become imperative that the Act is revamped to reflect the present-day frameworks, incorporate India's international obligations, address emerging environmental concerns, and aid the consultative development of the ports sector in the national interest," the shipping ministry said.
Days after three infant deaths were reported in Kerala's backward tribal Attapady, the National Human Rights Commission has been petitioned about the issue seeking its urgent intervention and detailed probe.
This is the second time that Rotawan, now 23 years old, has approached the court.
The Popular Front of India (PFI) has been extensively using social media for recruiting youths for anti-national activities and one of the modules of the now-banned outfit even had prepared to attack foreigners, especially Jews visiting Vattakkanal, a hill station in Tamil Nadu, officials said.
A total of 939 service medals, including 189 for gallantry, was announced by the Union government on Tuesday for personnel of various central and state police forces on the eve of Republic Day.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
In a response to the August 3 order, the Centre, represented by Solicitor General Tushar Mehta, said till the time either the legislature or the poll panel steps in, the top court must lay down "dos and don'ts" for political parties in the 'larger national interest.'
Eight people, including madrasa teachers, were taken into custody for allegedly being associated with the same terror group, also known as Ansarul Bangla Team, in the past two days in the district.
This was the first such high-level meeting, chaired by Shah and attended by the top brass of the country's security and intelligence apparatus, in the new year.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
Gajendra Singh Shekhawat, Vasundhara Raje, Satish Poonia, Kailash Choudhary: Who will it be if the BJP comes to power in Rajasthan next year?
Prime Minister Narendra Modi on Friday mooted the idea of "One Nation, One Uniform" for the police, saying it is just a suggestion for consideration and he is not trying to impose it on the states.
'There's no point making grand plans all our lives when life itself is so fragile.'
Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI's decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said. The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
Universities and higher education institutions (HEIs) have been asked to ensure that the admission process for undergraduate courses begins only after the declaration of results by the Central Board of Secondary Education (CBSE), Indian Certificate of Secondary Education (ICSE) and all state boards.
Officials said PFI has been under the radar of security agencies for its alleged role in violent protests in different parts of the country.
The order was passed by Justice Prakash Padia, who was hearing a petition filed by Anjuman Intazamia Masazid, Varanasi.
The Delhi High Court on Tuesday directed the setting up of a three-member Committee of Administrators (CoA) to take over the affairs of the Indian Olympic Association (IOA).
Shah's visit to Ganguly's home had fuelled speculation that the he would join politics soon.
The SIM card of the deceased is believed to have helped identify him.
Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled. Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments. The trust is also registered under the I-T Act as a charitable trust.
Citing the Official Languages Act, the Madras high court has directed the Centre to give a reply in English if the representation is made in the said language, saying it was the "duty" of the Union government to do so.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
The high court held it is not for the court to direct the governor or chief minister for the removal of a person who has committed a breach of oath.
Political parties fielding candidates with criminal cases will have to mandatorily upload on their website details of such persons as also reasons for selecting them to contest the polls, the Election Commission said on Saturday.
The Supreme Court on Wednesday stayed the operation of sedition law, and ruled that all pending cases, appeals and proceedings with respect to charges framed for sedition should be kept in abeyance.
The protest was held on the university campus located at Ludhiana-Chandigarh road past midnight.
The fresh companies were moved into the valley as part of the strategy of 'enhancing security and visibility' of the forces on the ground following the killings, they said.
116 doctors treating COVID patients in Bihar have succumbed to the disease. The family of only one doctor has received compensation.
Terming the killing a "cowardly act", the protesters said assurances given by the Centre and the Jammu and Kashmir administration to ensure the safety of minorities in the Valley have proved to be false.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
'Today, after mustering courage, I am resigning from the party post and primary membership of the Congress'
There is widening gap between what the government's premier retirement fund makes on its investments and what it offers to employees. The Employees' Provident Fund Organisation (EPFO) makes the bulk of its investments in government-related securities. In other words, it lends to central and state governments and related entities. The interest it gets from these instruments is largely what it uses to pay interest to its subscribers.
An amendment carried out in the over 30-year-old Prevention of Corruption (PC) Act, 1988 in July 2018 bars a police officer from conducting 'any enquiry or inquiry or investigation into any offence alleged to have been committed by a public servant' without 'the previous approval' of the authorities.
In a statement, the SKM alleged that the government had not fulfilled any of the promises, including setting up a committee on minimum support price and withdrawal of cases against protesters, made to the farmers.
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