Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
The Delhi high court on Friday held as "unconstitutional", the imposition of Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A bench of Justices Rajiv Shakdher and Talwant Singh quashed the May 1 notification issued by the ministry of finance which says that such oxygen concentrators imported for personal use, irrespective of whether they are a gift or otherwise, will be charged with an IGST of 12 per cent. The court said the individuals will have to give an undertaking to the authorities that the oxygen concentrator is being imported for personal use and not commercial use.
Manipal Group chairman Ranjan Pai is in early discussions to invest in Byju's-owned Aakash Educational Services Limited (AESL). According to sources in the know, Byju's founder and chief executive officer Byju Raveendran, who owns a 30 per cent stake in Aakash, is expected to partially offload his holding to Pai for $80-90 million (about Rs 650-740 crore). Raveendran may use the money to repay a large part of the Rs 800 crore loan that Byju's raised from US-based investment firm Davidson Kempner Capital Management in May, after facing a 'technical default', the sources said.
The 30-share barometer remained up throughout and hit a high of 29,070.20, powered by a rally in RIL and other blue-chips. The index ended 215.74 points up, or 0.75 per cent, at 29,048.19 -- its highest closing since March 5, 2015, when it had closed at 29,448.95.
Steps such as safeguard duty in the works to plug the route
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
After the April-July fiscal deficit data was released on August 31, several analysts hinted that the government may need to go for cuts in capital expenditure to meet the fiscal deficit target.
Broader market outperformed with the S&P BSE Midcap index adding 0.7%, while S&P BSE Smallcap index gained 0.6%.
Prime Minister Narendra Modi on Thursday asked his Council of Ministers to make extra efforts for effective implementation of public welfare schemes at the ground level and work on new ideas in their ministries ahead of the budget.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
Badal, who served as the finance minister in the previous Congress government, said, "Seven years ago, I merged the People's Party of Punjab with your party. I did so with immense hope and an expectation of being integrated into an organisation with a rich history that would allow me to serve both the people of Punjab and its interests to the best of my ability."
'It is important to improve the quality of spending.'
Online companies would look forward to an integrated and uniform approach for tax laws and regulatory policies
ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
'The Manipur government is a government now ruled by the mob.'
The Asian markets are largely trading in the green, taking heart from a positive close on Wall Street.
8 out of 10 households are planning to cut their tomato consumption if prices stay in the Rs 75-150 kg range over the next three months.
The challenge before the government now is to use the factors that are favourable to its benefit.
Expecting fireworks in both Houses during the Winter Session of Parliament starting from Wednesday -- with the opposition planning to target the government on several issues, including demonetisation -- the Bharatiya Janata Party Parliamentary Party Executive will go into a huddle on Monday to chalk out strategy to counter the opposition which is divided over how to take on the government on the issue.
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
The protocol aims to "democratise" lending, reduce costs of credit, and ensure accessibility of credit to small companies and street vendors, according to Nandan Nilekani.
As the liquidity crunch reaches crisis levels and getting tax refunds remain a big headache, exporters saw orders fall by 15 per cent till October.
'India has the potential to do a lot more to take advantage of the time today where we stand to gain, geopolitically and in terms of market attractiveness.'
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
The finance ministry (FinMin) has asked Infosys to work on ways to extract and access taxpayers' real-time data faster and accurately as it is crucial for taking decisions on policy changes. While reviewing progress of the income tax portal 2.0, which had faced glitches, the officials also told the Infosys team to increase the scope of pre-filled data in the ITR forms. Senior officials in the ministry held a review meeting last month with the Infosys team and officials of the Central Processing Centre (CPC).
The government paid Rs 164.5 crore to Infosys to build the new income tax e-filing portal between January 2019 and June 2021, Parliament was informed on Monday. "The contract for Integrated e-filing & Centralized Processing Centre (CPC 2.0) Project was awarded through an open tender published on Central Public Procurement Portal (CPPP) to Infosys Ltd, the Managed Service Provider on the lowest cost basis.
Presenting the Union Budget for 2020-21, Sitharaman said it is aimed at boosting income and purchasing power of people.
The remarks by the CJI came against the backdrop of the recent remarks by Vice President Jagdeep Dhankhar who questioned the landmark 1973 Kesavananda Bharati case verdict that gave the basic structure doctrine.
According to reports, eight hours have been allocated by the speaker for discussion on the tax reform bill.
Asian Paints was the top gainer after the paints major posted robust first quarter earnings.
Ahead of the upcoming Union Budget, Society of Manufacturers of Electric Vehicles (SMEV) has asked Finance Minister Nirmala Sitharaman to either rejig the FAME II scheme or reintroduce FAME I, saying the programme meant to promote EVs in its second avatar has been able to achieve less than 10 per cent of its target. The Rs 10,000-crore FAME-II scheme which is to be implemented over a period of three years, came into effect from April 1, 2019. It is the expanded version of FAME India I (Faster Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME) which was launched on April 1, 2015, with a total outlay of Rs 895 crore.
'At no time since Independence this issue of whether we are a secular country or whether we are a Hindu Rashtra has come up in this manner.' 'This is the most important issue which is going to decide whether we remain together as one country or not.'
Here's what could be ahead for India: A $10-trillion economy by 2030-32, a Sensex at 1,00,000 by 2025, monthly GST revenues at Rs 2 trillion by 2024-25, 100 new unicorns by 2025, and poverty below 5 per cent by 2030, predicts R Jagannathan.
The system has gone through three rounds of testing for its load-bearing capacity.
'Non-separation of religion from politics is India's most daunting challenge'
'Good investment opportunities should not be missed.'
"Had corona (COVID-19) not been there, the prime minister would have dedicated NATGRID to the country. I am hopeful that the prime minister will dedicate NATGRID to the country in some time," Union home minister Amit Shah said during the 51st Foundation Day event of the Bureau of Police Research and Development (BPRD) here on September 4.
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