The support will be provided to oil-marketing companies (OMCs) in the form of interest-free advances through the ministry of petroleum and natural gas. The OMCs, in turn, will use the fund to provide ATF price stabilisation support to Indian carriers operating domestic and international flights.
'As a result of delays, the desired reliefs are not coming for taxpayers.'
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
With 7 per cent economic growth, India is not creating enough jobs as reflected by the number of applicants for vacant posts in some states, Reserve Bank's former governor Raghuram Rajan said and suggested the government needs to focus on promoting labour-intensive industries to generate employment. Rajan further said some Indians, especially those at upper level, are comfortable and have high incomes, but consumption growth from the lower half of the country has still not recovered to pre-pandemic level.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
The Union government could target a fiscal deficit of 5.8-6 per cent of nominal GDP for 2023-24, and it should continue its capital expenditure push and look to simplify the personal income tax regime, economists recommended Finance Minister Nirmala Sitharaman and her team during their pre-Budget interaction on Monday. Starting last week, Sitharaman had eight pre-Budget consultations this time. More than 110 invitees representing seven stakeholder groups participated in these meetings, the finance ministry said in a statement. The stakeholder groups included representatives and experts from agriculture and agro-processing industry; industry, infrastructure & climate change; financial sector and capital markets; services and trade; social sector; trade unions and labour organisations; and economists.
Reform ideas do not occur overnight and evolve over the years.
'These firms do not contravene provisions of Chartered Accountants Act, 1949, which bar members of the countries not allowing Indians to practice accountancy in their jurisdiction to become chartered accountants in India,' said the committee, headed by Anurag Agarwal, a joint secretary in the ministry of corporate affairs, and such Indian audit firms cannot be equated with multi-national corporations.
Court cases likely over interpretation of the new levy proposed in the Budget for digital economy.
The Centre is looking to convene a meeting of the all-powerful Goods and Service Tax Council in early January. The meeting is likely to focus on rectifying the inverted duty structure for a few more items and will also serve as a platform for pre-Budget discussions between Union Finance Minister Nirmala Sitharaman and state finance ministers, Business Standard has learnt. "The current Winter Session of Parliament ends on December 23, followed by the Christmas-New Year period. "After that we would like to have a meeting of the GST Council, depending on whether there can be a quorum," a top government official said.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
Any company resident in a country has to pay both indirect taxes as well as Income Tax.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Another point of contention is the invoice issued by the e-companies.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
No mention of cab aggregators in GST bills
They are making switch to the high-growth alternative investments fund industry, reports Pavan Burugula.
The Budget sets out a comprehensive vision.
Question remains, what happens when the overseeing committees' members themselves are questioned by investigative agencies?
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.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
The NITI Aayog's views are in contrast to the National Health Policy.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
Education, jobs, health and more: Experts share their wishlist.
A raise in the I-T exemption limit has been sought by many.
South Korean President Park Geun-hye's visit to India will enhance economic and military ties between the two countries and give the relationship a strategic dimension, says Jiye Kim.
Shreekant Sambrani is confident that today's adversity will make the country emerge even stronger
Indian economy about to take-off
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
The government has provided a long-term vision.
