New tax proposals including 10 per cent surcharge on super rich and higher duties on mobiles, cigarettes and SUVs will help government garner Rs 18,000 crore in 2013-14.
Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
FM to meet states on Feb 14, approve key decisions.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
'From March 2020 to November 2021, the combined wealth of the billionaires of this country has doubled.'
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
Yechury said the aim should be how to protect our economy from slowdown
The key now is expenditure control, but how much?
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
Consumer products like mobile phones and laptops may become cheaper as the overall taxes on goods are likely to come down
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
IDS-2 and raids to uncover black money stash keep receipts flowing
"The roadmap given by Finance Minister Pranab Mukherjee makes it clear that this budget will increase financial burden on common people," CPI(M) leader Sitaram Yechury told reporters outside Parliament.
The web page also enables filing of grievances in relation to the implementation of GST
GST will lead to consolidation of multiple indirect taxes
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
'There are some high-frequency indicators where uptick is visible and some where it is not'
...for others it would be an incentive to participate more robustly in equities and other tax instruments.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
He says current arrangement is working fine.
A well-functioning GST will enhance tax compliance and boost growth: IMF
Customs sleuths will be posted in London, Hong Kong, Dubai and Brussels in an effort to check trade-based money-laundering among others.
The company's net loss widened to Rs 444.26 crore (Rs 4.44 billion) for the quarter ended December 31, 2011, due to high fuel costs and weaker rupee from Rs 253.69 crore (Rs 2.53 billion) in the October-December quarter in the last fiscal.
'Urjit Patel was not quite the picture of courage, but even he turned, he had to turn.' 'Perhaps there is something that is far more sinister than what we are aware of, which is the reason for his resigation.'
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
Instead, 2019-20 could be the base from which the Budget estimates for next year are calculated.
Introduction of GST would make Indian products competitive in the domestic and international markets.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
Goods and Services Tax would usher in an unified indirect tax regime.
Here are some of the things that we could expect form the Budget 2010 on personal income tax. . .
Pragmatism and flexibility is a virtue. An untethered and short-term approach to policymaking is a flaw, argues Mihir S Sharma.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
It is pegged at 6.8-8% by various economists, as compared to 6.7%.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
A total of 829 candidates have qualified for civil services, including the Indian Administrative Service and the Indian Police Service, the Union Public Service Commission announced
The decision to deregulate the diesel prices is expected to bring the oil subsidy down Rs 15,000 crore (Rs 150 billion), the agency said, adding the ongoing correction in global crude prices will also result in sizable gains for the government.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
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