We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
Ahead of the Budget 2009-10, Textiles Minister Dayanidhi Maran on Friday said efforts will be made to provide fiscal relief, including service tax exemption, to textile exporters reeling under waning global demand.
Last week, the Central Board of Excise and Customs notified that a service tax of 10 per cent would be levied on the gross value of a housing property under construction from July 1.
Goods and Services Tax would usher in an unified indirect tax regime.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
EPFO manages a corpus of about Rs 257,000 crore with subscribers' base of over 4.5 crore.
The Central Board of Excise and Customs has been empowered to frame a scheme for preparation and filing of service tax returns through service tax return preparers, similar to the tax return preparer scheme for income tax introduced in 2006. The performance of the TRP scheme so far, however, indicates that it is in need of fine tuning - in terms of recruitment, training and remuneration - to become more effective and serve as a benchmark for the STRP scheme.
Justice Sanjiv Khanna, who has been part of several landmark Supreme Court judgements such as scrapping the electoral bonds scheme and upholding abrogation of Article 370, will be sworn in as the 51st Chief Justice of India on Monday.
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.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
Sania Mirza has launched a scathing attack on the country's media, saying a certain sections of it choose to highlight the negative news.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
Simplicity will make the Budget investment-friendly
After comments from the Parliamentary panel, the bill could have been placed in the winter session, and once passed in that session, GST legislation could have been tabled in the Budget session.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
The intelligence wing of Central Board of Excise and Customs has 532 officers and staff, he said, adding, the staff strength of DRI will double when cadre review is completely rolled out.
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
SGI Commex chairman G S Srivastava, an art connoisseur, said the aircraft, an Airbus A319-133 with registration of CJ VT-VJM, will be converted into an art pilgrimage venture
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
The Congress filed a dissent note on eight provisions.
Petrol and diesel prices on Tuesday touched fresh highs as rupee dipped to a record low of 71.54 against US dollar, making imports costlier
Manufacturing taxes, VAT will come down, assures Jaitley
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
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.
With the passage of Finance Bill on Friday, the government on Friday ruled out rollback of service tax imposed on goods booking agents, but expressed its willingness to sort out any procedural difficulty faced by either truck owners or operators.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
A realistic approach towards tax and stock taking is necessary, rather than the old narrative of bringing all petroleum products under GST and playing the blame-the-state game.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
It is now becoming increasingly clear that rising imports have played a significant role in sustaining the buoyancy in revenues from GST, notes A K Bhattacharya.
At present, 70% of the mobile handsets sold in India are imported.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
One of the grey areas is whether the anti-profiteering provisions can provide for a comparison of tax rates between the pre-GST and post-GST eras, says Niraj Bagri.
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