The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
Tax collections grew by 18 per cent at Rs 2,52,162 crore (Rs 2,521.62 billion), crossing the Budget target and pushing up the tax-GDP ratio to 9.1 per cent, during 2003-04.
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
Service Tax Commissioner Gautam Bhattacharya asked India Inc to be more pro-active in sharing inputs with government officials.
Arun Jaitley said he would put the DTC Bill in cold storage.
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
Finance Minister Arun Jaitley to discuss key issues with state finance ministers.
The government's tax collections grew by over 14 per cent to Rs 1,63,611 crore (Rs billion) (Rs 1,636,11 billion) till December mainly due to impressive growth in corporate tax.
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.
From opposing the NPR and NRC to demanding special status for Bihar to staying out of the Union Cabinet on principle to showing the BJP who was boss in Bihar, Nitish Kumar has wasted no opportunity at cocking a snook at the BJP leadership. But how long can he continue, asks Gopal Krishna.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
India must focus on reforms.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
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The Finance Ministry has asked tax evaders to pay their dues or face necessary action.
In the first quarter of FY14, real GDP growth estimated by the Central Statistics Office stood at 4.4 per cent on a factor cost basis, and at 2.4 per cent on a market price basis, the IMF said.
The oil sector has been quite lucky for the Modi government. It has often provided an opportunity to the government to mend its finances, notes A K Bhattacharya.
This is part of the government's move to improve infrastructure.
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
Corp tax arrears at over Rs 3.11 trillion as of Dec 2014.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
As per norms, the returns have to be filed online on www.aces.gov.in.
While the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.
The chamber has sought clarity from government to remove uncertainty among businesses
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans and cooking appliances may become cheaper
The studies found that sectors with the highest unaccounted income included real estate, mining, pharmaceuticals, pan masala, gutkka and tobacco, bullion and commodity markets, film industry, educational institutes and professionals.
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
Indian market probably has more headroom than the US, says Geoff Lewis, senior strategist for Asia, Manulife Asset Management.
A roster of the work for fresh cases notified under the order of the chief justice of India will come into effect from February 5 till further orders.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The government propagandists should refrain from premature celebrations and misplaced euphoria: Congress.
With the introduction of the single window clearance provision, pre-production windows are expected to reduce significantly. Not only will it have an impact on the operational cost of the film, it will also allow studios to release films faster.
'We have promised to ensure reduced tax rates.'
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
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