The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
In the case of double-income couples, not more than 40 per cent of the net income of one partner should be the EMI for the property.
From road transport to health insurance, tax rules have changed from October 1.
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.
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
India is the UK's second-largest market by volumes for Scotch, importing the equivalent of 136 million bottles, worth £146.2 million, in 2021.
The Supreme Court on Thursday ruled that the Goods and Service Tax (GST) Council's recommendations are not binding on Union and State but have a persuasive value as the country has a cooperative federal structure.
Finance Minister Nirmala Sitharaman on Wednesday raised the personal income tax rebate limit, doled out sops on small savings and announced one of the biggest hikes in capital spending in the past decade as she did a tight rope walk in the Budget between staying fiscally prudent and meeting public expectations in the year before general elections.
GST compensation law allows for imposition of cess on certain luxury goods like tobacco, high-end cars and aereated drinks to create a corpus for compensating states for any loss of revenue in the first five years
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
The government can argue the change targets only those residing abroad but the fact remains that it does affect the kin and friends in India of non-residents.
'If such a practice were feasible, every state would seek additional funds, posing a significant risk to the overall health of the economy.'
Indian companies are expecting generous tax incentives from the Union Budget that will help them invest more in building capacities in the coming years. While the productivity-linked incentives (PLIs) are a good start to spur local manufacturing, the government should also take steps to boost consumer demand, which is not showing encouraging signs, say chief executive officers (CEOs) of India Inc. Statistics released by the Reserve Bank of India (RBI) shows that Indian banks had sanctioned loans worth Rs 75,558 crore in 220 new projects - a record low - in the pandemic-hit financial year ending March 2021. This is not showing any signs of a significant pick up in the last nine months of the ongoing financial year.
Downloading songs, movies, books? You may have to pay tax on it.
The banking system liquidity bounced back to surplus mode after three weeks, the Reserve Bank of India (RBI) data showed. This was due to government spending, according to dealers. The liquidity situation could further ease with the disbursement of the last tranche of incremental cash reserve ratio (I-CRR) worth Rs 50,000 crore on Saturday.
More companies with unconventional business models to get into messy legal hassles in India.
The US is pressing for taxing digital economy through the 'marketing intangibles' principle and the UK through a 'user-base' principle.
In addition to interest rates, review the fine print for penalties and repayment terms, and select a reputable lender to avoid harsh recovery practices.
R Vignesh is a member of the Institute of Cost and Management Accountants of India in Chennai, appeared on Rediff Chat to answer readers' queries on GST.
A combination of reduced cash intensity, a focused strategy of tax administration and GST is the way to go, say Sakshi Gupta, Tanvi Garg and Abheek Barua.
Because from June 1, 2015, you will have to fork out 14 per cent service tax instead of 12.36 per cent
State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
The specter of how the Munambam issue was exploited during the November by-elections is proof of the price Kerala is paying for its emergent politics. Controversies become the stuff of slow-burn and brinkmanship. The former promises mileage; the latter searches for an advantage, notes Shyam G Menon.
Bihar's Deputy Chief Minister Sushil Kumar Modi tells Ajit Jain about tax lessons he learned in Canada
The services sector had slipped into contraction in July as confusion caused by the GST rollout triggered a dip in new business orders.
All GST anti-profiteering complaints would be dealt with by the Competition Commission of India (CCI) from December 1 as the extended tenure of National Anti-profiteering Authority ends this month, an official said on Tuesday. A notification in this regard is expected to be issued by the finance ministry later this month, the official added. The National Anti-profiteering Authority (NAA) was set up in November 2017 under Section 171A of Goods and Services Tax (GST) law to check unfair profiteering activities by registered suppliers.
Double tax exemption on wages paid to women can encourage companies to hire, retain and compensate women better, argues Nitin Pai.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
One could argue that India is not troubled in the same way as China is by a declining population and structural problems in real estate/construction and finance. But India has serious trade and fiscal imbalances, and excessive dependence on capital expenditure by the government, points out T N Ninan.
FMCG sector analysts say that due to excise free zones, impact of the excise duty hike will be limited, except for Hindustan Lever. The sector wants impetus for rural income generation and no hike in service tax.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
If the concerns over risking political capital are overcome, the long-term gains for the Indian economy will be immense, asserts A K Bhattacharya.
The deficit stood over Rs 8 trillion in the first seven months of the current financial year. Non-tax revenues, comprising transfers from the RBI and dividends of the public sector units, shored up the Centre's revenues.
A continued focus on low inflation will be important to keeping gold imports, IMF said.
The GST Council is scheduled to meet next on November 10 and may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo.
The MPs suspended on Tuesday include National Conference's Farooq Abdullah and Congress leaders Shashi Tharoor and Manish Tewari.
