India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
Jaitley remained steadfast in not caving in to sustained Opposition pressure.
Years of wait before DTC, GST are rolled out
Vivek Johri, the Chairman of Central Board of Indirect Taxes and Customs (CBIC) on Friday said that the cash recovery of approximately Rs 150 crore from searches in Kanpur at several locations related to Trimurti Fragrance is the 'biggest haul ever'.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
States also demanded that Budget for 2015-16 should make adequate provisions for central sales tax compensation for early roll out of Goods and Services Tax, a Constitutional Amendment Bill for which was tabled in the Lok Sabha last week.
'We walked into the well of the House because we had no choice.' 'They were not listening to us. They were throttling democracy.'
Markets closed in the red on domestic worries.
By changing the nation's name from India to Bharat, would this landmass overnight lose the emotional and cultural linkage that had been built over generations, centuries and millennia, asks N Sathiya Moorthy.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
Jaitley keen to uplift the insurance sector.
Prime Minister Narendra Modi was elected last year on hopes he would revive a languishing economy.
The FM has been making efforts to make the taxation laws simpler.
The government said it is open to debating the JNU row in Parliament during the upcoming budget session starting February 23 with Modi saying that it will address the concerns raised by the opposition.
Indications of a stormy start to the Budget session emerged at an all-party meeting with opposition accusing the government of "setting the agenda for disruption".
The ruling party has indicated willingness to discuss opposition-sponsored motions on 'intolerance'; Jaitley has also shown willingness to accommodate concerns on GST
Govt is mulling a special session to amend the constitution to enable a national goods and services tax. Kavita Chowdhury answers a few FAQs on the complexities
The PM didn't hold back and launched a scathing attack against the Congress. Here are the highlights from his speech.
The government is ready for a debate in Parliament on price rise once Finance Minister Nirmala Sitharaman recovers from Covid-19, the Bharatiya Janata Party asserted on Wednesday and targeted Rahul Gandhi, saying he may be "unproductive politically" but should not hurt the legislature's productivity.
Without naming the Congress, he said the frustration of a party, which ruled for four generations, was at the root of this politics of opposition for opposition's sake.
The government on Tuesday raised the deposit threshold limit to Rs 5 lakh per annum in provident fund for which interest would continue to be tax-exempt.
With a growing penetration of the Internet, which reaches to rural areas of the country, the retailers would be able to deepen their market
Arun Jaitley said he would put the DTC Bill in cold storage.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
'They are not tom-tomming what a great thing the Supreme Court decision is.' 'If they say it was a great thing, the public will react because people suffered and are still suffering.'
Asserting that the government has launched a "crusade" against corruption and black money by demonetisation, Prime Minister Narendra Modi on Tuesday sought opposition's cooperation while his rivals called the decision ill-prepared and hasty, causing "economic chaos".
The Economic Offences Wing of the Delhi Police has filed an FIR against former BharatPe co-founder Ashneer Grover, his wife Madhuri Jain Grover and family members Deepak Gupta, Suresh Jain and Shwetank Jain for an alleged Rs 81 crore fraud after a complaint by the fintech unicorn. The FIR, a copy of which has been seen by PTI, was filed under eight sections of the Indian Penal Code, including 406 that deals with criminal breach of trust, 420 (cheating and dishonesty), 467 and 468 (forgery). BharatPe in the complaint alleged that Grover and his family caused damages of about Rs 81.3 crore through illegitimate payments to bogus human resource consultants, inflated and undue payments through passthrough vendors connected to the accused, sham transactions in input tax credit and payment of penalty to GST authorities, illegal payment to travel agencies, forged invoices by Madhuri Jain and destruction of evidence.
Generally, before adjourning the house sine die the chair reads out the statistics about the business transacted in the house in detail.
Congress leader Rahul Gandhi on Tuesday made a scathing attack on the Narendra Modi government, accusing it of working only for the sake of capitalists.
Two bills which seek to scrap a total of 1053 Acts are pending the Rajya Sabha since the budget session.
The Union government's fiscal deficit works out to be Rs 5.47 lakh crore or 36.3 per cent of the budget estimates at the end of October 2021 on the back of improvement in revenue collection, according to the data released by the Controller General of Accounts (CGA) on Tuesday. The deficit figures in the current fiscal appear better than the previous financial year when the gap between expenditure and revenue had soared to 119.7 per cent of the last year's Budget Estimates (BE) mainly on account of a jump in expenditure to deal with the COVID-19 pandemic. In absolute terms, the fiscal deficit was Rs 5,47,026 crore at the end of October, the CGA said.
The winter session of Parliament beginning on Thursday is expected to be a stormy affair, with the opposition set to raise the 'intolerance' issue.
The government on Friday proposed hiking the securities transaction tax on Futures & Options (F&O) contracts, a move that will increase the trading costs in the derivatives segment as well as help in curbing excessive trades. In the Finance Bill 2023, passed by the Lok Sabha on Friday, the Securities Transaction Tax (STT) on options is proposed to be increased to 0.0625 per cent from 0.05 per cent and on futures contracts to 0.0125 from 0.01 per cent. Analysts opined that higher STT will shore up the government's revenues to some extent and also discourage excessive trading since a large number of retail traders are losing money in the segment.
On Wednesday, the rupee had dropped by 26 paise.
'I think public awareness should be created and laws should not be made only for the sake of politics'
Rating agency Icra on Wednesday said while there is some evidence of the economic recovery becoming broad-based in the third quarter of fiscal 2022, it is yet to attain the durability being sought by the Monetary Policy Committee (MPC) as a precursor to policy transmission. The agency expects the real GDP to expand 6-6.5 per cent year-on-year in the third quarter of FY2022 (+8.4 per cent in Q2 FY2022). It also sees the RBI maintaining the status quo in the upcoming monetary policy review to be held in February.
Amid rising consumer complaints, the Central Consumer Protection Authority (CCPA) on Monday barred hotels and restaurants from levying service charge automatically or by default in food bills and allowed customers to file complaints in case of violation. The CCPA has issued guidelines for preventing unfair trade practices and violation of consumer rights with regard to levying of service charge. "No hotels or restaurants shall add service charge automatically or by default in the bill," CCPA chief commissioner said in the guideline.
There was a "broad agreement" on five issues over which the 18 parties will target the government
The US dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was sharply higher by 0.62 per cent at 93.96.
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