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.
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.
Info Edge (India) reported good Q2FY24 results with hiring across other segments helping offset weak IT performance. The revenue increased 11.5 per cent year-on-year (Y-o-Y) to Rs 593 crore, (up 1.5 per cent quarter-on-quarter or Q-o-Q). The earnings before interest, taxes, depreciation, and amortization (Ebitda) margin was excellent at 40.7 per cent, up 200 basis points year-on-year (Y-o-Y).
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
The government banks on the support of the Bharatiya Janata Party to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law. The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. The investigators suspect car dealers pitched for insurance schemes that give them commissions in excess of those insurance regulations permit.
"We are willing to speak to any of their leaders," Jaitley was quoted as saying by Bloomberg News.
Passage of the long-pending Goods and Services Tax bill and a unanimous resolution on Kashmir were the highlights of the "highly productive" Monsoon session of Parliament which was adjourned sine die on Friday after 20 sittings.
The Prime Minister also underscored the importance of public sector undertakings in the country.
The collections from Goods and Services Tax (GST) grew by 15 per cent to over Rs 1.49 lakh crore in December 2022, indicating improved manufacturing output and consumption demand, besides better compliance. This is the 10th month in a row that the revenues have remained above the Rs 1.4 lakh crore mark. The collection in November was about Rs 1.46 lakh crore. "The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods)," the ministry said in a statement.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Despite being cleared in the lower house, the GST bill has been pending in the Rajya Sabha for clearance, where the Congress enjoys numerical strength, reports Kavita Chowdhury.
The markets will be eyeing the amendments.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
The system has gone through three rounds of testing for its load-bearing capacity.
The government is mulling changes in the income tax laws to bring cryptocurrencies under the tax net, with some changes that could form part of the Budget next year, a top official said. Revenue secretary Tarun Bajaj said that in terms of income tax, some people are already paying capital gains tax on the income from cryptocurrency, and in respect of Goods and Services Tax (GST) also the law is "very clear" that the rate would be applicable as those in case of other services.
Congress is opposing the GST bill in the current form.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
The finance minister said the government was open to suggestions.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Here's everything you need to know about the Goods and Services Tax Bill.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
The results of the assembly elections in Gujarat and Himachal Pradesh are likely to play out during the winter session of Parliament beginning Wednesday.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
A continued focus on low inflation will be important to keeping gold imports, IMF said.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
New Delhi is witnessing a spurt of political activity over the Goods and Services Tax Bill.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
The revamped Special Economic Zone (SEZ) law is unlikely to see the light of the day before the upcoming Lok Sabha elections, two people aware of the matter said. The commerce department had sought the Union Cabinet's nod to bring amendments to the existing SEZ Act, 2005 late last year. The plan, thereafter, was to introduce the Bill in the winter session of Parliament. Cabinet's approval remains pending.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
GST Bill needs a two-thirds majority in each House.
Party justifies total washout of day's proceedings in Rajya Sabha, citing Dalit atrocity, insult to Congress CMs and the GST bill.
Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
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.
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