Proposals from the Centre's side include raising the 5 per cent slab to anywhere between 6 and 8 per cent, and doing away with the 12 per cent slab. A few states may oppose such a move because it involves hiking tax on items consumed by the poor. They have instead proposed raising the 18 per cent slab.
Haryana Governor Kaptan Singh Solanki has sought response from Bhupinder Singh Hooda government on the Bharatiya Janata Party's demand for cancellation of recent controversial appointments by the chief minister.
Lupin was the top gainer after the USFDA cleared its Goa facility
'With 1.3 billion consumers, India's market has great potential.'
Almost 40 per cent of a durable company's sales are achieved during the festival season
The vice president met Leader of the party in Lok Sabha Mallikarjun Kharge, P Chidambaram and Deputy Leader of the party in Rajya Sabha Anand Sharma, among others and discussed various points regarding the key tax reform legislation.
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.
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The GST will subsume most of the indirect taxes like excise duty and service tax
According to the Minister, GST proposals would help in spurring growth and employment.
India will also play an increasingly important role as one of the Asia-Pacific region's major economic growth engines, helping to drive Asian regional trade and investment flows.
'Milking poorly performing or easily marketable assets is the way to deliver more money for key programmes,' says T N Ninan.
Firms that have a turnover of under Rs 1 cr can pay tax without maintaining books.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
PE/VC investments touched a record $11.2 billion in the first half of 2017 against $8 billion in the same period in 2016
The GST rates for all but six items were finalised at the first day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
Jewelers also want import duty on gold to be reduced from the current 10 per cent to at least 5 per cent.
GST will make it easier for governments to spend more, says T C A Srinivasa Raghavan.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Withdrawals from EPF and NPS to have same tax rates.
Excise duty hike for cigarettes could be lower.
The theatres will start functioning from Friday with the ticket prices set to go up from the present maximum of Rs 120 with the addition of 28 per cent of Goods and Services Tax.
Early GST rollout to help create more jobs, boost output, says IMF.
A final call will be taken by Congress president Sonia Gandhi on Thursday.
Have companies overlooked the impact of GST on employee benefits such as health check-up facilities, mediclaim, mobile handsets, house lease, long service awards, employee welfare schemes, and so on, asks Anita Rastogi, partner-GST and indirect tax, PwC
Rediff.com does a quick checklist on what the two manifestos have to say on hot-button issues of the day.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
With the industrial production dragging the overall growth down, it said the government must also focus on the manufacturing sector by reducing the "infrastructure deficit".
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
Consensus seems a problem before the current session of Parliament ends.
India is today one of the top locations for semiconductor design and embedded software, but it remains hidden under a generic and misleading name, IT/ITES services.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Maharashtra raises vehicle registration fee, Tamil Nadu ups entertainment tax
The Income Tax Act empowers the CBDT to capture information in respect of payments to non-residents, whether taxable or not
It is possible that the Centre has now become wiser and has decided to follow an allocation system which gives it more from Integrated GST and helps boost its revenues, says A K Bhattacharya.
India is home to almost 1.3 billion people.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
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