Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
Ahead of the Budget, Finance Minister Arun Jaitley on Tuesday underlined the need for tax reforms and quick decision making to ensure stability in policy regime.
Downloading songs, movies, books? You may have to pay tax on it.
The highest collection target has been given to Mumbai at Rs 4.39 trillion, followed by Delhi and Bengaluru.
AG is of the view that there is no point in dragging the matter further when it has already been "struck down" by one international forum, and also by the top Indian court.
The SIT was created by Supreme Court and notified by the government last year to curb black money.
Prime Minister Narendra Modi on Wednesday undertook an aerial survey of affected areas in Gujarat and the adjoining Union territory of Diu to assess the devastation caused by Cyclone Tauktae.
Centre shows optimism of achieving the target of 4.1% at back of recent measures and turn around in manufacturing.
Sushil Chandra will conduct the UP, Punjab, Goa, Manipur, Uttarakhand elections before he retires in May 2022.
The past appears to have interrupted the future of the New Delhi Railway Station (NDLS). With two protected heritage buildings sitting in the way of the plan to redevelop the railway station, officials in the know say the project may end up back on the drawing board since the National Monuments Authority (NMA), the body tasked with the protection and preservation of monuments and sites, is yet to give its approval. "A nod from NMA is awaited before going into the next phase of bids for the redevelopment of the New Delhi Railway Station," a senior official of the Ministry of Railways told Business Standard. While the Railways ministry is hopeful of getting approvals from the NMA before the end of the current financial year, there is no clarity on this yet.
This will boost availability of these items as well as make them cheaper, it said, adding that Modi also directed the revenue department to ensure seamless and quick custom clearance of such equipment.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
The preliminary processing of tax returns is already undertaken with the help of technology. There is now greater scope of using more technology to reduce the human interface even further, notes A K Bhattacharya.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Airtel, Vodafone-Idea and other telecom operators may have to pay the government a whopping Rs 1.42 lakh crore following the Supreme Court order last week that sent shock waves through an industry already grappling with billions of dollars in debt and an intense tariff war to retain customers.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
'The Budget numbers presented severely underestimate the magnitude of the unstated fiscal crisis that we went through in 2018-2019, which cannot be conceivably be fully reversed in 2019-2020,' points out Rathin Roy, director, National Institute of Public Finance and Policy.
Around 75 per cent of total returns are expected to be e-filed in current year.
The reward could vary between 1% and 5% of the total tax paid.
According to an order issued by the Central Board of Direct Taxes, the department will share 'bulk information', starting from Permanent Account Number (PAN) to the taxpayer's name and all the individual data that it captures like father's name, gender, date of birth, photograph and signature or thumb impression.
'The deaths of the children in the Gambia would batter India's reputation as the developing world's pharmacy.'
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
The FIEO on Thursday reiterated that the Customs authorities at several ports in India had ordered a sudden examination of Chinese consignments without any official word from the government, and this may have led to the Chinese retribution.
The black money bill got the nod of the Rajya Sabha on Wednesday.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
From defending the shock announcement of demonetisation to spearheading the remonetisation drive that included the cumbersome process of printing and supplying new Rs 500 and Rs 2,000 notes, his calm composure brought a sense of serenity to an otherwise chaotic situation.
Income Tax collections are expected to fall short by an estimated Rs 9,000 crore.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
CBDT has sought explanation from B R Balakrishnan, former director-general of I-T (investigation wing) and former principal chief commissioner of I-T for Karnataka and Goa, who had ordered attachment of CCD's shares when he was in charge of the Bengaluru region. He retired last month.
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
While experts pointed out the impact of corporation tax cuts cannot yet figure in collections as most companies are yet to decide on their choice, government officials said a part reason for slow collection is the tax cut.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Only a few thousand chargers dot the Indian landscape, some in working condition, others not, with some held hostage to the power supply vagaries of local utilities, reports S Dinakar.
In his first communication to the field formations of the income tax department after taking over, the new CBDT chairman Sushil Chandra has spelled out a seven-point priority list for the department, entrusted to enforce direct tax laws in the country.
Voters can be relied on to punish a party which makes reckless promises without actually implementing them, asserts Virendra Kapoor.
The plea, filed by advocate Manohar Lal Sharma, termed the notification "illegal, unconstitutional and ultra vires to the law".
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?
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