Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
635 declarations of illegal wealth were made in the 3-month compliance window.
In the policy banks, the government can have 100 per cent stake, McKinsey said.
Allaying investor fears over the levy of long-term capital gains tax on share transfer in unlisted companies, the government on Friday said the move is only to target 'khoka' companies, and 'genuine investments' in start-ups and through FDI will be exempt.
The CBDT has begun the process of matching the deposits in accounts opened under the Pradhan Mantri Jan-Dhan Yojana (PMJDY), or Jan-Dhan accounts, with the profile of the depositors.
The note guides taxman to avoid seeking voluminous details.
Gross NPA of PSBs at the end of March quarter stood at 5.20 per cent, against 5.63 per cent in December.
The disclosures will enjoy immunity from wealth tax, civil and other taxation laws but there will be no immunity from FEMA, PMLA, narcotics and black money laws.
'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
UK oil explorer Cairn Energy is facing a tax demand of Rs 10,247 crore and Vodafone over acquisition of 67% stake in the mobile business owned by Hutchison Whampoa in 2007
'Whatever happens in any part of the world affects us.'
The Finance Ministry has called a meeting of heads of public sector banks to clear stalled projects.
The Pradhan Mantri MUDRA Yojana can lend between Rs 50,000-Rs 10 lakh to small entrepreneurs.
The large drop was for export orders that were meant to be delivered until October.
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.
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.
The country had imported 5.5 million tonnes of pulses last year.
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.
The government is considering a proposal to privatise some state-owned banks in phases.
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.
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.
Arun Jaitley addressed a post-Budget press conference.
On the revenue front, the finance ministry was expecting higher proceeds from non-tax revenue.
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.
Deadline ends, after two extensions and only 70% file detailed return for July
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.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
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.
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.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
The compliance window is proposed to be open from June 1 to September 30, 2016 and the payment can be made within two months of declaration.
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.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
Switzerland will not share details about accounts held prior to September 2018.
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
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
India's tax officials, long the scourge of foreign investors, are under government pressure to avoid aggressive claims against overseas funds.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
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