CBI sources said the shell companies were allegedly being used by the suspects to divert loan funds meant for specified purposes, creating fake invoices, and 'round-tripping' of funds to evade taxes and generate black money.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
Under the amended treaty with Mauritius, for two years beginning April 1, 2017, capital gains tax will be imposed at 50 per cent of the prevailing domestic rate.
Only cash deposits of over Rs 250,000 in bank accounts will be scrutinised by the tax department and in case of mismatch with I-T returns, tax plus 200 per cent penalty would be levied
The BJP-led government had raised excise duty nine times between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Under the GST regime, most manufactured goods will turn cheaper.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Other forms of securities such as compulsorily convertible debentures (CCDs), optionally convertible debentures (OCDs) and some derivatives could remain out of the scope of the amendments
By creating groups of secretaries, the Modi government has precluded the need for groups of ministers, which were so ubiquitous in the first decade of this century in New Delhi. Each group will have a leader who will be expected to steer the schemes for implementation, cutting through the ministerial turf battles.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
Earlier, while presenting the Budget on February 1, Finance Minister Arun Jaitley had proposed to cap cash transactions at Rs 300,000 with effect from April 1.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
With this increase, diesel prices have touched a record high while petrol is at a 56-month peak.
Nearly three weeks after Prime Minister Narendra Modi announced junking high denomination 500 and 1000 rupee notes, Finance Minister Arun Jaitley introduced a bill to amend the income tax law.
Fiscal situation better but spending cuts likely in FY16 too.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
The decision to do away with Rs 500 and Rs 1,000 notes accelerated the slowdown in economic activity with growth averaging 6.8 per cent in the seven quarters after it, as against an average of 8 per cent in the six quarters preceding it, says former chief economic advisor Arvind Subramanian.
The broader Nifty of National Stock Exchange scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38 per cent.
Steps such as safeguard duty in the works to plug the route
Finance ministry's drive is meant to meet fiscal deficit target and improve overall efficiency in government spending.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
GST rates would depend upon whether the commodity is used by a rich person or a common man
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
It was unclear how bankers were deciding which jewellers to support
The previous high in quarterly GDP growth was recorded in the January-March quarter of 2015-16 at 9.3 per cent.
The ministries and departments, where bureaucrats are parked after being moved out of key positions, reflect the priorities of the government.
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
The previous high GDP growth of 8.1 per cent was recorded in April-June quarter of 2016-17.
Inter-ministerial programmes have run into obstacles as rules written by bureaucrats hamper rather than promote investments.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
For the party's traditional vote bank -- traders -- demonetisation was a 'political betrayal.'
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The Budget chose to stick to an ambitious disinvestment programme for 2016-17.
There is mutual invoice matching which ensures reason why GST was brought in first place, says Adhia.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
"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."
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
Has the Modi government been more at odds with institutions than other governments? There is no doubt that there have been more run-ins. While the RBI and CBI cases have drawn attention, there have been others, less publicised, Subhomoy Bhattacharjee points out.
Senior New Delhi-based journalist R Rajagopalan, who has been closely following the Union Budget preparations since 1977, lifts the veil off India's most secretive operation.
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