Options include raising both excise and service tax rates in FY16
GST seeks to subsume many indirect taxes at the Central and state levels.
Finance Minister Pranab Mukherjee on Wednesday proposed a three-rate structure for the Goods and Services Tax -- which will simplify the indirect tax regime -- under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent.
Increase in first half of FY14 comes despite a fall in average crude prices; weak rupee helps.
The textile ministry, in its Budget wish list, has recommended additional tax benefits and increased interest subsidy for exporters.
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.
Auto sector has nothing to look forward to in the Budget.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
For every rupee in the government coffer, 58 paise will come from direct and indirect taxes, 34 paise from borrowings and other liabilities, six paise from non-tax revenue like disinvestment and two paise from non-debt capital receipts, according to the Budget documents for 2023-24.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
The benefits are common in many cases, but are also different in some other respects.
With a view to keeping inflation under check, essential items including food, which presently constitute roughly half of the consumer inflation basket, will be taxed at zero rate.
Excise duty cut to boost Polymers sector.
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
The collection from borrowings and other liabilities will be 20 paise, while income tax will yield 17 paise to every rupee collection.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
"We have clarified we are giving 50 per cent abatement and in the course of time when the GST is coming most of the services will be there. We are not touching common man because government hospitals are out, less than 25 beds are out," Central Board of Excise and Customs Chairman S Dutt Majumder said on the sidelines of a CII post-Budget event.
Custom duties, a major concern for the oil sector.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
The Finance Ministry on Friday said indirect tax collections are likely to cross Rs 2,00,000 crore (Rs 2000 billion) this fiscal, well above the target of Rs 1,92,215 crore (Rs 1922.15 billion).
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
The Bharatiya Janata Party on Saturday returned to power in Delhi after more than 26 years to sweep away the Arvind Kejriwal-led Aam Aadmi Party with a two-thirds majority on the back of a hyper localised campaign and Prime Minister Narendra Modi's 'AAP-da'(disaster) blitzkrieg.
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
The rising goods and services tax (GST) and personal income-tax collections may bolster the Narendra Modi government's ability to announce new schemes or enhance existing ones.
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Average monthly GST collection rose from Rs 90,000 crore during the first year of its implementation -- 2017-2018 -- to Rs 1.68 trillion during 2023-2024, representing an 87 per cent rise.
The company will operate the IT system for five years.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
Kailash Gahlot, a key minister in the Aam Aadmi Party (AAP) government in Delhi, has resigned, potentially impacting the party's ambitious plan to roll out a Rs 1000 monthly honorarium scheme for women ahead of the Assembly polls in February. Gahlot, who represented the Jat-dominated Najafgarh constituency in West Delhi, cited several issues, including the "Sheeshmahal" controversy over his former official residence, the Delhi government's tussle with the Centre, and the failure to clean the Yamuna River, in his resignation letter. Delhi BJP leaders welcomed Gahlot's resignation, fueling speculation that he could join the party before the assembly polls. However, AAP leaders claimed Gahlot resigned due to pressure from central agencies, including the Enforcement Directorate, and that joining the BJP was his last option. Gahlot's resignation has sparked speculation about his future and the impact it will have on the AAP's electoral prospects.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
Consensus seems a problem before the current session of Parliament ends.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
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