The highest-ever goods and services tax (GST) evasion has been done by the online money gaming industry.
Gautam Adani, India's second-richest man, and seven others including his nephew Sagar have been charged with paying bribes to unidentified officials of state governments in Andhra Pradesh and Odisha to buy expensive solar power, potentially earning more than $2 billion profit over 20 years.
The way the present government has dealt with appointments of civil servants remains to be a cause for concern.
Amid the Budget preparation, the revenue department is assessing the feasibility of further adjustments to maximise benefits for salaried individuals.
BJP's IT department head Amit Malviya said there is a certain propriety and protocol one associates with these all-party meetings.
The fitment committee under the Goods and Services Tax (GST) Council, comprising central and state officials, has begun a rate rationalisation exercise afresh, checking the possibility of dropping some of the rates, particularly the 12 per cent slab, to achieve a revenue-neutral structure, a senior official with direct knowledge of the matter
Income Tax department has sought prosecution powers in the proposed Direct Taxes Code for taking effective action against tax evaders.
The strains are telling as old friends and new enemies face each other in the battlefield.
A delegation of high-level executives from US public pension funds (non-profit and government sectors) is visiting India next week to assess and familiarise themselves with the investment opportunities in the country. These executives belong to various American states and cumulatively represent $1.8 trillion in assets under management (AUM) invested across the US and global markets. The United States (US) mission to India, which includes its embassy and consulates and the Department of Treasury, along with India's Ministry of Finance and the National Investment and Infrastructure Fund (NIIF), is hosting the delegation.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
Ratings agency Moody's said on Tuesday that it has cut the outlook on the ratings of seven Adani entities to 'negative' from 'stable', citing the US indictment of chairman Gautam Adani and others on alleged bribery charges, while Fitch Ratings put some bonds of the conglomerate on negative watch. Moody's affirmed the ratings on all seven entities -- Adani Ports and Special Economic Zone Ltd, two limited restricted groups of Adani Green Energy Ltd, Adani Transmission Step-One Ltd, Adani Transportation Restricted group 1 (AESL RG1), Adani Electricity Mumbai Ltd and Adani International Container Terminal Pvt Ltd.
India's GDP is likely to grow at 6.5 to 7 per cent in the current fiscal year amid global challenges which may impact exports, said Economic Survey 2023-24 tabled in Parliament on Monday. The growth projected for 2024-25 is lower than the economic growth rate of 8.2 per cent estimated for the previous financial year. The Reserve Bank has projected the GDP growth for the fiscal year ending March 2025 at 7.2 per cent.
The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday. However, to ensure long-term policy stability, the Survey 2023-24 suggested making focused efforts to increase the production of major oilseeds, expanding the area under pulses, and assess the progress in developing modern storage facilities for specific crops.
Aam Aadmi Party MLA Mukesh Ahlawat will be the new face in the Delhi cabinet headed by Atishi, who will be sworn in as chief minister on September 21, and four ministers will be retained, the party said on Thursday.
Rashtriya Janata Dal President Lalu Prasad Yadav's two of the most trusted senior IAS officers have been moved into departments held by the party patron's sons in the Bihar cabinet.
An order was issued to terminate 223 contractual employees of the Delhi Commission of Women after Lieutenant Governor V K Saxena gave his nod to a proposal on it, officials said on Thursday.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
The income-tax (I-T) department has started scrutinising cases for the assessment year (AY) 2018-19 to determine which of them need to be reopened, a process that might result in a raft of tax notices. This follows this year's Union Budget move to reduce the time limit for tax reassessment from 10 years to five in cases of escaped income. The new provision becomes effective on September 1 and will make past assessments for AY 2018-19 time-barred.
The Jammu and Kashmir administration on Saturday sacked six government employees, including five policemen, for their 'deep involvement in anti-national activities', officials said.
C M Bachhawat, who has served as finance secretary in the Trinamool government earlier, will take over as the industry secretary from Alapan Bandopadhyay. Bachhawat will also be given additional responsibility as executive director of WBIDC.
The ICC has approved a budget of approximately USD 70 million for holding the Champions Trophy in Pakistan early next year.
The increased numbers of the Opposition bloc would mean that their MPs are likely to head several more panels than the four that they did by the end of the term of the 17th Lok Sabha.
Andhra Pradesh Chief Minister N Chandrababu Naidu and his Telangana counterpart Revanth Reddy visited some inundated areas in their respective territories.
First things first: For those wondering if they need to reapply, the answer is no.
Atishi will have a brief tenure in office as assembly elections in the national capital are due in February.
The actor-turned-politician has been allotted Panchayat Raj and Rural Development, Environment, Forests, and Science and Technology portfolios.
He said the department was filing appeals in a routine manner, without careful thought and examination, leading to the department earning the dubious distinction of being the biggest litigant in the government.
There are a number of steps taken that will leave more money in the hands of the taxpayers.
These include the reduction in tax rates under the new tax regime, increase in standard deduction, allowing tax collected at source to be adjusted against tax deducted at source from salaries, notes Harsh Roongta.
Union minister Nitin Gadkari has said the Maharashtra government's Ladki Bahin scheme, introduced to provide financial assistance to women, could affect the timely payment of subsidies in other sectors.
The BJP accused Congress leaders of colluding with foreign forces to destabilize India and demanded Sonia Gandhi to disclose her role in a George Soros Foundation-funded organization's activities. The ruling party also attacked Rahul Gandhi, calling him a "pawn" for his protests against the Adani issue.
Of the total proposed allocation, over Rs 1 lakh crore is meant for BSNL and MTNL-related expenses, including Rs 82,916 crore infusion in BSNL for technology upgradation and restructuring at BSNL.
In a bold initiative, the Centre has allowed the department of posts to invest about Rs 10,000 crore (Rs 100 billion) from its life insurance schemes in the stock markets for better returns.
Users should be aware of "fake emails" sent in the garb of a government e-notice, said the Indian Cyber Crime Coordination Centre (I4C) in a public advertisement.
Long-term tax-saving FDs can also be considered after the PPF limit has been exhausted.
The finance ministry has directed all state-owned banks to review their gold loan portfolio as instances of non-compliance with regulatory norms have been noticed by the government. The Department of Financial Services (DFS) in a communication addressed to heads of public sector banks has asked them to look at their system and processes related to gold loan. "We have asked banks to undertake comprehensive review of the gold loan business," financial services secretary Vivek Joshi told PTI.
As per the charges, these proscribed outfits were operating under the guise of charities and were involved in funnelling funds to terror suspects.
'The FSIB will conduct interviews for the SBI chairman position on May 21-22 as the tenure of the current chairman Dinesh Kumar Khara is scheduled to end by August.'
Rupani announced in Gandhinagar that the finance portfolio had been given to Patel and that the issue was over now.
'File all the supporting documents in response to the allegation since there is a possibility of the proceedings getting dropped at that stage if the reply is satisfactory.'
Here stood a man who embodied the legacy of whatever Brand Tata stood for, embellished it, and departed into the long night, leaving the brand legacy for others to further enrich, notes R Gopalakrishnan.
