Oppn MP says govt suffering from Cinderella syndrome, while CPI(M) alleges NDA sabotaging Bill
The Central Sales Tax is imposed by the Centre but revenue goes to the states.
'2017-2018 will be one of the best years for the country.' 'The wheel has finally started moving in the right direction. It should pick up momentum in the next 8 to 9 months to have a positive impact on the economy'
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
Crisil said a complete phase out of CST is necessary.
'The revenue projection arises out of all sectors doing well and the formalisation of the economy helps in making sure the tax domain gets widened.'
Top Congress leaders from Karnataka led by Chief Minister Siddaramaiah on Wednesday held a protest in Delhi against the Centre over alleged injustice to the southern state in devolution of taxes, sparking a fierce slugfest between the party and the Modi government.
'Nirmalaji must consider herself a very lucky finance minister, partly because of the government's response to covid and partly because we as a nation have done very well as an economy, post pandemic.'
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.
A decision in this regard will be taken by the empowered committee of state finance ministers in its meeting on December 20.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
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.
Opposition MPs continued their 50-hour day-night sit-in protest on Friday morning in front of the Mahatma Gandhi statue inside Parliament premises to mark their strong protest against their suspension and the central government which they claimed was not ready to hold discussion over key issues like price rise and increased GST rates.
Macro and micro environment are becoming more challenging.
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
It's difficult to understand if GDP growth has actually improved.
Jim Rogers' decision not to invest now is not India-specific, but has to do with the problems relating to how the major global economies are shaping up.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
'Right to apprenticeship means that anyone below the age of 25 years with a diploma or other qualifications can demand an apprenticeship with a private, a public sector company or a government organisation. And when he/she demands this, it is the obligation of the government to provide it.'
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
The last two I-T teams left the premises, one each in Odisha and Jharkhand, carrying with them a number of seized "incriminating documents" and data cloned from electronic gadgets in the early morning hours.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
Modi laid the foundation stone of a four-lane cable-stayed bridge between Okha and Beyt Dwarka.
'They would not have had to impose GST on wheat, rice, buttermilk etc. if they had not toppled governments. People do not have to face inflation'
Union excise duty collection dropped 18 per cent in August year-on-year at a time when the overall central tax kitty rose about 94 per cent before devolution to the states. The mop-up from Union excise duty declined to Rs 23,576 crore in August this year compared to Rs 28,816 crore in the same month a year ago. On the other hand, total tax collection rose to Rs 2.9 trillion in the month as against Rs 1.5 trillion in August 2022-23, shows the data released by the Controller General of Accounts (CGA).
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
The broader markets were also in top gear, with the BSE midcap index surging by 2.1% at 11,431 and the smallcap index gaining 1.4% at 11,735.
Despite the objections raised by Reserve Bank of India and Election Commission, India's politics has been funded anonymously and it is time to end this, asserts Aakar Patel.
Gandhi claimed that Dalits, tribals, and Other Backward Classes were made bonded labourers and their participation was lacking in big companies, hospitals, schools, colleges and courts.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
To understand Modi, listen to what he does not say -- vide NRC, suggests Prem Panicker.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
In his short speeches at various places, Gandhi assailed Modi over demonetisation and a host of other issues.
Fast-moving consumer goods companies have begun assessing the impact of the rate structure declared on Thursday under the goods and services tax.
