Trinamool Congress (TMC) supremo Mamata Banerjee on Saturday trained her guns on the Congress, saying that Prime Minister Narendra Modi will become more powerful as the grand old party is not serious about politics, and alleged that the country is suffering because that party does not take decisions.
GST will lead to consolidation of multiple indirect taxes
Indian bond yields may not spike if the government opts to increase spending when it unveils its annual budget in late February.
Reddy has worked to reform the economy.
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
Expressing the government's commitment to continue with reforms, Finance Minister Nirmala Sitharaman on Thursday assured India Inc that it is ready to do everything required to revive and support economic growth hit by the COVID-19 pandemic. Stressing that there is a need to promote growth as it helps bring down poverty, she however said it would not be at the cost of inflation. RBI has been mandated to keep inflation at 4 per cent, with tolerance level of 2 per cent on either side.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
The new measure will ease the process of quick generation of refunds of taxpayers.
India has a history of jugaad, and retrofitting vehicles is one such manifestation of the legendary Indian skill. Not so long ago autorickshaws and small Marutis used to strap on subsidised LPG cylinders and power themselves to a cheap ride. There were the odd explosions, lives were lost, but the jugaad continued. Then compressed natural gas (CNG) was introduced in Delhi following a court order. Initially, customised CNG kits were fitted to conventional (internal combustion engine or ICE) autos cheaply, enabling commuting at less than half of what you would cough up for diesel. The industry is better organised now with Suzuki and Hyundai designing CNG-fired vehicles, and Mahindra and TVS manufacturing liquefied petroleum gas (LPG)-powered three wheelers.
A K Bhattacharya digs into the yet-to-be-public report on ways to curb black money and finds out that Modi's next moves could include action on dabba trading, hawala, and education.
'There is good indication that the economy is bouncing back, but the problem is, we should look at the eight quarters preceding March 2020.' 'The growth had fallen below 3.1% before March 2020.' 'So, the governments must realise that even if you transform the best of green shoots into banyan trees, you see only 3.1% growth.'
This was the one Budget that required radical departures on all these fronts, when it had none, asserts, Shreekant Sambrani.
The department has suggested taxpayers to validate and include in the 'white/safe list' of their respective inboxes the official handle of the department -- 'DONOTREPLY@incometaxindiaefiling.gov.in', so that it does not land in the spam or junk folder of the taxpayer.
The Income Tax department will hold public meetings every Wednesday to resolve taxpayers grievances and tax issues as part of the 'Good Governance' initiative mooted by Prime Minister Narendra Modi.
The best message the Prime Minister could bring to London is that he will return to India to focus on economic matters. Britain, on its part, should ensure that it addresses matters that concern India, instead of engaging in pomp during his visit, says Adam Roberts.
Senior bankers are trying to impress upon the central bank that the shift to external benchmark-linked lending be postponed to April 1, 2020.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
The government's second round of stimulus will spur consumer spending in the near term but support to economic growth will be minimal, Moody's Investors Service said.
Speculation is rife that the Centre can take draconian steps such as mandatory e-passbooks for all real estate holdings and compulsory checking of every single safe deposit vault.
The I-T department expects that some more revenue would be garnered.
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.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
Moody's Investors Service on Friday projected India's growth at zero per cent for the current fiscal and said the negative outlook on sovereign rating reflects increasing risks that GDP growth will remain significantly lower than in the past. The outlook also partly shows weaker policy effectiveness to address economic and institutional issues, it noted in the update to its November 2019 rating forecast.
The priority of Central Information Commission will be to check vexatious petitions and mounting backlog of cases, its new chief Vijai Sharma said in New Delhi on Wednesday.
Close to 202,000 new entities have registered under the GST Network
Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
She also accused the Union government of making "false claims" about crop insurance benefits to the farmers, even as the state government was bearing 80 per cent of the cost.
The Opposition said that the government was 'bull-dozing'.
Database to contain taxable financial transactions and history of any tax-paying individual.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
As it is a highly liquid asset, central banks can afford to look past its short-term volatility to longer-run average returns.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
'There are a lot of positive things these reforms are bringing about and it is only a matter of some quarters before the growth rate picks up momentum.' 'Until then we need to be a little bit patient.'
CBI sources said that Kumar has been charged with abusing his official position to award contracts to M/s Endeavour Systems Pvt Ltd and securing government tenders worth Rs 9.5 crore between 2007 and 2014 for the company.
The Indian Army has shown it can face down the PLA, but is too often held back by a political leadership that lacks boldness, asserts Ajai Shukla.
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
While Union Finance Minister Nirmala Sitharaman reiterated her stand that the central government was committed to cooperative federalism, finance ministers of non-BJP ruled states such as Punjab and Kerala said she refused to give a categorical assurance that states will be paid compensation on time.
The new tax rates will come into effect from January 1, 2019.
