The Central Board of Direct Taxes, the apex policy making body of the I-T department, has been undertaking a host of steps to bolster the litigation management wing of the department which has come under criticism not only from courts but also successive Finance Ministers and in the audit reports of the Comptroller and Auditor General.
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
The members of these trusts enjoy tax and other benefits at par with EPFO subscribers.
'The high court notice could go some way in easing the vitiated civil-military relationship, and the trust deficit between civil servants and the military.'
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
The government on Wednesday decided not to hold special session of Parliament to pass the constitution amendment bill for rolling out Goods and Services Tax and will recommend to the President to prorogue the Monsoon Session.
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
There is a proposal to term forests as areas so notified and not include plantations on private land.
For supply rules, the location decides where goods or services will be taxed.
With the 50 bps rate cut now more banks are expected to reduce their base rate.
GST reform has been hanging fire since 2006-07.
The government will find it difficult to pass the Bill without the Congress's help
Under the GST regime, most manufactured goods will turn cheaper.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Operations at 26 mines are set to commence again within a couple of months.
Fiscal federalism should not be sacrificed at the altar of GST.
The Supreme Court has directed the Centre to complete fencing work along the Indo-Bangla border within three months to check cross-border influx of illegal Bangladesh nationals into Assam and streamline the process to deport them back.
Political observers say Banerjee is fast emerging as the face of the Opposition and would be a force to reckon with in the next general elections in 2019.
The disagreement between the Centre and states continued over administrative powers.
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
The GST bill's draft says tax would be levied on Maximum Retail Price
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
In the wake of the Supreme Court rejecting Kerala's contention in the dispute with Tamil Nadu over the Mullaperiyar dam, the state on Monday sought Centre's mediation and a presidential reference to the apex court to address its anxiety over the issue.
The government has already said it is keen on starting ore mining and exports.
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
Arun Jaitley said he would put the DTC Bill in cold storage.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
Can we ask the judges a simple question: You write judgments all the time to protect the judiciary from others. Will you write one on how to save the judiciary from the judges, too, asks Shekhar Gupta.
Over a month at the helm, Karnataka Chief Minister Siddaramaiah on Tuesday said he was working towards "visible changes" in administration and asked his ministers to be honest enough to have the "moral courage."
Prime Minister Narendra Modi's leash on foreign junkets of his ministers and bureaucrats seems to have trickled down to states as well.
State finance ministers' panel to decide on latest attempt at harmonising of views on Constitution amendment.
Delivering the key mote address at the Citi's Investor Summit, Jaitley hoped that as a professional organisation the Reserve Bank will take 'the best decision'.
Delhi's air is a desperate problem, but some of the solutions have been too desperate and unthinking.
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
While the judiciary remains our most trusted institution, it should debate its internal health, argues Shekhar Gupta.
Kerala Finance Minister K M Mani resigned on Tuesday night after pressure mounted on him from the ruling Congress-led United Democratic Front to quit.
For debt-laden companies, asset sales is an obvious solution.
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