The government hopes to implement direct tax code from April 2011.
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance
The Customs tariff is much too complicated with basic Customs duty, two types of additional Customs duty and two types of cess.
In a major reach-out to the main Opposition, the prime minister invited Gandhi and Singh over tea at his Race Course Road residence around 7 pm.
The government on Monday said the total tax revenue in 2011-12 would be up 18.50 per cent at Rs 9,32,439.88 crore, on the back of projected rise in revenue from taxes on income, services, customs and excise duties.
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The government on Monday expressed its commitment to introduce a uniform indirect tax structure across the country, GST, from the next fiscal after consultation with states.
The government has proposed to replace the Income Tax Act of 1961 with a direct taxes code, which would simplify the legislation.
Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
With the stimulus measures primarily comprising cut in indirect taxes, the Survey said there is likely to be a shortfall in tax collections under these heads.
The government on Tuesday said that tax arrears rose over 18 per cent to Rs 2.93 lakh crore as on March 31, 2010 against the year-ago period.
Preparing legal framework to protect states from revenue loss.
Finance Minister Pranab Mukherjee on Tuesday said the government had no exit strategy for incentives announced as part of the stimulus packages, even as there has been a 28 per cent fall in indirect tax collections till July.He further said the government was ready to take improved measures to combat drought, which has affected 272 districts in the country.
The new Foreign Trade Policy announced a slew of tax concessions to boost exports, which have been on the downslide since October 2008.
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
He will succeed Kerala Finance Minister K M Mani.
The other two components of indirect tax collections -- excise and customs duties -- were already in negative territory since October 2008. In particular, excise -- a levy on factory production levied at the gates - has started declining from September.
The government has decided to compensate states for any revenue loss on account of the implementation of the Goods and Services Tax (GST), a move that will encourage states to go in for the new tax structure scheduled to be implemented from April 1, next year.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
The empowered committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
This time there has been a rather peculiar criticism of the latest GDP numbers.
Consensus seems a problem before the current session of Parliament ends.
This is the Centre's highest-ever budgeted capital outlay.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
The removal of 10 per cent surcharge on direct taxes to cost Rs 10,034 crore.
India improved its rank on six out of the 10 parameters relating to starting and doing business in a country.
With this, 85 officers, including 64 high ranking ones, have been compulsorily retired.
Maybe the new methods of measuring GDP helped us get an accurate picture.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
The issue is set to be discussed early next week as the commerce department meets with industry bodies to discuss the widening supply gap for key imports.
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
Economists urged FM to rationalise indirect taxes and impose Tobin tax.
'It is entering growth territory on a month-on-month basis.'
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