In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Once the GST is passed, the centre and states will have to adopt their own law.
Early GST rollout to help create more jobs, boost output, says IMF.
No mention of cab aggregators in GST bills
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
Finance Minister Arun Jaitley on Thursday brushed aside concerns of Parliament's upcoming monsoon session being disrupted over the Lalit Modi controversy, saying some people may be relevant to TV channels but not to governance.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
Maruti Suzuki and Hyundai would make the largest gain.
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
Those hardest hit by the second wave of the pandemic have been blue-collared workers, doctors and healthcare workers, law and order and municipal personnel, individuals eking out daily livelihood, and small businesses. And there should be more measures taken to alleviate their pain, the Reserve Bank of India (RBI) said on Monday. The report also indicated that the RBI's growth numbers might have to be revisited as the central bank's real GDP growth projection of 26.2 per cent given in the MPC's resolution of April 7 for the first quarter of 2021-22, were "made before the full fury of the resurgence." Nevertheless, the "resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1: 2021-22.
The very design of the GST will bring in revenue buoyancy.
Accusing the Congress of creating obstacles in the path of growth and economy, he declared that the government would try to get the bill passed with the help of parties
During a media interaction, Mamata Banerjee voiced her discontent over the Centre's 'stepfatherly' attitude towards Bengal. Banerjee's detractors feel that the agenda that she conveyed to the media is nothing but an eyewash. According to them, 'Mamata and Modi are heading towards an alliance of convenience'. Indrani Roy reports from Kolkata on the agenda and politics of prime minister two-day visit to the state.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
The disagreement between the Centre and states continued over administrative powers.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
'GST is imperative for India's success.' 'Without GST India will be a less competitive country.'
His interaction was webcast live on Twitter.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Taxmen have come across instances where global firms - charged a withholding tax of 6 per cent - are underreporting the exact income they earned from an Indian user.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
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The GST Bill, introduced in Parliament in 2010, is being vetted by the Standing Committee on Finance. Now, the states and the Centre would together finalise the draft and bring it back to Parliament.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
The output of eight core sectors grew by 16.8 per cent in May, mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity, official data released on Wednesday showed. The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity had contracted by 21.4 per cent in May 2020 due to the lockdown restrictions imposed to control the spread of the COVID-19 infections. In March this year, these key sectors had recorded a growth of 11.4 per cent, and 60.9 per cent in April.
Modi said the House did not witness any earthquake, an apparent reference to claims of Rahul Gandhi that his revelation on Rafale would create tremors.
There is much work to be done to design a good GST.
The govt will have to clear hurdles to push GST by March 2015.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The IMG meeting will be convened shortly.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
On Wednesday, the rupee had dropped by 26 paise.
A political handshake between the Narendra Modi-led government and Jayalalithaa seems to be in the offing as the latter embarks on a crucial second term as Tamil Nadu chief minister.
States should have enough time. We still do not know the rules. There are a lot of operational difficulties, says Jammu and Kashmir Finance Minister Haseeb Drabu.
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
The panel might also decide on a new chairman.
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