As much as Rs 8,000 crore worth of mobile phones in this segment - out of a total of Rs 15,000 crore - come into the country through the grey market. The government imposed the duty on these phones primarily to encourage domestic production but the strategy has failed as the bulk of high end mobile phones are currently imported.
'The honourable prime minister virtually handpicked me for the Amritsar East seat.' 'Amit Shahji announced that if I am elected, the whole of Punjab will be drugs free.'
Dr Reddy's Laboratories on Friday soft-launched imported COVID-19 vaccine Sputnik V, with Deepak Sapra, a senior executive of the drug-maker, taking the first shot in Hyderabad.
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.
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.
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
We have to wait and see whether Jaitley's Budget speech translates into actions and desired outcomes, says T N C Rajagopalan.
This is good news for the central government at a time when crude oil prices are rising.
The deposit has been made on account of the rate reductions approved by the GST Council in its November. The rate was reduced on items including shampoo, detergents, chocolates, beauty products, sanitary ware, leather clothing, cookers, stoves, after-shave, deodorant, detergent and washing power. Companies found it difficult to pass on the benefits to consumers immediately at the time of GST rate reduction owing to logistical issues.
He also took potshots at opposition parties' decision to observing November 8 as a 'Black Day', saying the move displays their faith in cash economy.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
Dev also attacked Narendra Modi government for imposing '12 per cent' GST on sanitary napkins, which she said 'runs contrary' to the government's 'Beti Bachao Beti Padhao' campaign.
As per norms, the returns have to be filed online on www.aces.gov.in.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
'We forecast real GDP growth to moderate to 6.7 per cent in the year ending March 2018.' 'However, as disruption fades, we expect to see a rebound in real GDP growth to 7.5 per cent in the next fiscal year.'
The discount will be given on the base fare and charges like GST, reservation fee, superfast tariff and others will be levied separately.
IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were prominent gainers. NSE Nifty rose 176.65 points to 14,867.35.
The Nikkei India Manufacturing Purchasing Managers' Index (PMI) stood at 47.9 in July, down from 50.9 in June, its lowest mark since February 2009, and highlighted the first deterioration in business conditions in 2017 so far.
Before 2019, an estimated 22 million individual income-tax returns did not have to pay any taxes. But after the change in the exemption level, another 13 million individual tax returns did not require to pay taxes. Thus, of about 58 million returns, as much as 63 per cent or 35 million went out of the direct tax net, A K Bhattacharya points out.
Falling private sector investment and farm distress are problems that call for immediate attention, says T N C Rajagopalan.
Sources said the action was in line with Prime Minister Narendra Modi's address to the nation from the ramparts of Red Fort when he said some black sheep in the tax administration may have misused their powers and harassed taxpayers, either by targeting honest assesses or by taking excessive action for minor or procedural violations.
That's a big change that was made possible due to corporate tax cuts. Corporation tax collection in FY22 will be lower than even the FY18 levels, reports
The one national GST unifies the country's $2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years.
Congress is opposing the GST bill in the current form.
The GDP slumped to a three-year low lagging China for the second straight quarter -- as manufacturing slowed ahead of the GST launch amid demonetisation effect.
This is mainly due to GST impact on manufacturing and subdued farm output.
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Price rise in services sector after the goods and services tax (GST) gets implemented and the pay hike of central government employees will make inflation control a tough job for the central bank
The current slowdown has lasted for over 18 months and is the longest incident of sluggishness since 2006.
'The Modi government is trying hard to see if it could be sold to a private airline.' 'But it appears there are no takers.' 'If no buyer comes forward by June, the government will close down Air India,' predicts A K Bhattacharya.
'Saving our economy is a priority.' 'We have to save our people and save our country.'
The government on Wednesday said it will borrow Rs 7.24 lakh crore in the first half of 2021-22 fiscal to meet resources to perk up the economy hit by the coronavirus pandemic. According to the Budget 2021-22, the government's gross borrowing was estimated at Rs 12.05 lakh crore in the financial year beginning April 1. "In the Budget, we had announced that there would be a gross borrowing of Rs 12.05 lakh crore and net borrowing of Rs 9.37 lakh crore. "In the first half of 2021-22, we would be borrowing Rs 7.24 lakh crore, which is 60.06 per cent of the gross issuances," economic affairs secretary Tarun Bajaj said. He said the government would issue 2-year, 5-year, 10-year, 14-year, 30-year, and 40-year securities.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
'We have promised to ensure reduced tax rates.'
Individuals and entities, whose accounts are not required to be audited, were mandated to file I-T returns by July 31.
Watchdogs of the economy have not been barking and it is high time we noticed it, says Shreekant Sambrani.
'Persisting with the inequalities, indeed seeing them get worse, is no one's prescription for national unity,' notes T N Ninan.
The poll-panel called these seizures by its various field and technical enforcement teams a "historic milestone" achieved "for the first time in any assembly electoral process", meaning during simultaneously-held assembly polls.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
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