In July alone, 2.5 tonnes of gold coins were imported so far from South Korea under zero-duty facility
Financial Intelligence Unit detects over Rs 7,800 cr blackmoney.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
Real estate sector cheers reforms in the Budget.
While law-abiding customers are harassed for KYC and have to comply with endless paperwork even to open and close accounts, DHFL could easily open nearly 260,000 fake home-loan accounts, reveals Debashis Basu.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Twenty years after India's insurance sector was opened up, unshackling the control of state-owned companies, as many as 50 private players have set up shop. Along with their foreign partners, private players have brought about a sea change in the product offering, distribution and underwriting processes, and services levels. Yet, India's insurance penetration needle has not moved much.
Here's everything you need to know about the Goods and Services Tax Bill.
Excise duty on most products has been capped at 12.5 per cent
Beside flying squads from RTOs at different points on highways, challans are imposed without any reason. The situation is especially difficult in states like Uttar Pradesh, Rajasthan, Madhya Pradesh, Maharashtra, Gujarat, and Andhra Pradesh.
But it may come with a downside risk of further rise in prices of several products.
Prime Minister Modi will be conferred with the Maldives' highest honour "Rule of Nishan Izzuddeen".
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
Union Minister Nitin Gadkari on Tuesday said if the US-based Tesla is ready to manufacture its electric vehicles in India then there is 'no problem' but the company must not import cars from China. In an interactive session at the Raisina Dialogue, Gadkari further said India is a large market and there is a huge potential for all electric vehicles. "If Elon Musk (Tesla CEO) is ready to manufacture in India then there is no problem ... Come to India, start manufacturing, India is a large market they can export from India," he said. The road transport and highways minister said his request to Musk is to come and manufacture in India.
Higher costs of car inventories, missing sales targets and manufacturer expectations, and soaring rentals, are eating into dealers' margins.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
The recurrent increases in fuel prices over the past 10 days are eating into the margins of transporters, who will be forced to pass on the hikes to their customers. This, in turn, is set to make the prices of daily consumables and other goods dearer, affect consumption, and slow economic growth, said transporters and analysts. Freight rates on grand trunk routes have shot up 3-4 per cent month-on-month in the past few days, according to the Indian Foundation of Transport Research & Training (IFTRT).
The two IT majors -- Infosys and TCS -- delivered disappointing results for the fourth quarter of the 2022-23 financial year (Q4FY23). Poor macro conditions and weak sentiment in the banking, financial services and insurance (BFSI) space accounted for the miss. For TCS, revenue in constant currency (CC) terms grew at 0.6 per cent on a quarter-on-quarter (QoQ) basis. Weakness was visible in North America, primarily due to deferred discretionary spending.
There are 230 million vehicles on the road, and counting. Bulk of these are under seven years old and once they get older, the industry estimates the requirement for spare parts and aftersales service to shoot up sharply.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
'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.
GST impact: Higher lease payouts may hit airlines, cab aggregators.
The Centre received 5.59 lakh public grievances against various government departments in the first half of this year, with the Department of Financial Services (DFS) getting most of such complaints, according to an official report.
GST reform has been hanging fire since 2006-07.
Here's everything you need to know about the Goods and Services Tax Bill.
US-based Tesla is working through a lot of challenges with the government to launch its products in India, the electric car major's founder and CEO Elon Musk said on Thursday. Responding to a tweet on the company's plans to launch its products in India, Musk tweeted: "Still working through a lot of challenges with the government." Last year, Tesla had sought a reduction in import duties on electric vehicles (EVs) in India.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
Ways on how consumers can maximise benefits.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
Once implemented, customers making payments using Rupay card or BHIM UPI will get a cashback of 20 per cent of the total GST amount, subject to a maximum of Rs 100.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
GST will lead to consolidation of multiple indirect taxes
'Dear Business Partner, Kindly note and inform your all customers that Digital Cashback has been revised from 0.75 per cent to 0.25 per cent with effect from August 1, 2018 across oil industry for all loyalty customers,' said the text message sent by State-owned oil companies to petrol pump operators.
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
'From our perspective, it will bring additional customers and from their perspective, it will get them younger customers.'
Anti-profiteering authority puts Baba Ramdev-led company in the dock for allegedly not passing on benefits received from the reduced rate of taxation under the GST regime. Patanjali to respond to notice at January 28 hearing.
While digitisation and automation have made internal processes more efficient, front-end products are being enhanced digitally through robotics, artificial intelligence and botchats.
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