The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
The Rajnath Singh Committee on Kelkar recommendations on direct and indirect taxes on Monday submitted its report to Bharatiya Janata Party President M Venkaiah Naidu in the presence of Deputy Prime Minister L K Advani.
The Bharatiya Janata Party Committee on Kelkar panel recommendations on direct and indirect taxes has finalised its report and will submit it to party president M Venkaiah Naidu
Piyush Goyal's comments about Amazon founder Jeff Bezos's investment in India reveals an inability to understand how businesses function, says Kanika Datta.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
"When you switch over, it creates disruption. I don't see disruption lasting too long. You may see the impact for a quarter or so. Then when you look at next 12-15 quarters, it's certainly going to benefit," Jaitley said at the HT Leadership Summit in New Delhi.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
What Rajya Sabha can do for the states, no other House can do, the Prime Minister said.
But the party favoured most of the proposals on indirect taxes.
Stung by widespread criticism within the ruling Bharatiya Janata Party, Kelkar Committee on tax reforms is expected to submit watered down final reports on direct tax and indirect taxe
With economy showing a buoyant growth in the initial months of this year, Centre's tax collections grew by 21 per cent at over Rs 1,45,000 crore (Rs 1450 billion) in the first half of 2005-06.
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
Have patience and bear with this turmoil. Do not panic. Buy at declines for the long term, says Nirmal Jain.
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
According to Nasscom, India must make its R&D significantly more robust to realise the 'Make in India' dream
Minister of State for Finance Shripad Naik on Thursday exuded confidence that the overall tax collection would exceed the budget target of Rs 2,41,460 crore (Rs 2,414.60 billion) this fiscal.
Budget to be presented on Friday is expected to carry out a "clean up" operation of tax administration besides measures to spur growth.
The direct tax collections posted a 20.42 per cent growth totalling Rs 36,733 crore upto October 15, but indirect tax collections were less buoyant, recording about eight per cent growth at Rs 63,413 crore upto September 30, this financial year.
Kelkar plan may see power tariff rise 30% Ministry of power has said that tax liability of the power sector would increase by up to 30 per cent if the Kelkar report on direct and indirect taxes was implemented.
To address the supply crunch, CII has suggested leveraging the existing excess capacity in the Indian industry; rolling back import duty hike to look for alternative sources of imports; expanding credit to manufacturing units with quick loan sanctions, and one-time emergency waiver of non-performing asset regulations for three months.
Advance corporation tax collections grew 8 per cent in H1FY17 against 6 per cent last year. A moderate pick up in advance corporation tax collections suggest the sector might not witness significantly high growth in FY17, says Dilasha Seth.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
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