India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
Chopra said he has missed the "natural feeling" of being in a world-class field, except for one occasion, in the run up to the Games which opens on July 23 -- that one time was the Kuortane Games event in Finland on June 26 where he won a bronze with a performance of 86.79m in a star-studded field comprising, among others, Olympics gold favourite German Johannes Vetter, who won the event with a massive throw of 93.59m.
The Centre managed to collect only Rs 990 crore as compensation cess in April 2020-21, almost one-ninth of the figure of Rs 8,874 crore mopped up a year ago. The subdued collection would further increase states' problems unless the GST Council, which meets next week, decides to borrow from the market.
The frustration for aspirant Olympians has been palpable and athletes like table tennis player Sathiyan Gnanasekaran have been forced to innovate to stay sharp during the lengthy lockdowns.
IMAGES from Day 4 of the 3rd Test played between England and Pakistan at the Rose Bowl in Southampton on Monday.
Janneman Malan, who was out to the first ball of the match on debut on Saturday, anchored the South African reply, taming his usual swashbuckling style to score 129 not out from 139 balls and lead the home side to victory with nine balls to spare.
The number of equity schemes rose to 562 from 519 two years ago. Equity NFOs, in fact, have mopped up more than Rs 16,000 crore since 2018 - 2.7 times the Rs 5,948 crore collected in the preceding three calendar years.
It is advisable to avoid a fund until it develops a track record.
CNN-IBN, the 24-hour English news channel, is planning to tap the capital market with its Rs 105 crore (Rs 1.05 billion) initial public offering. The maiden float is expected to hit the markets early next year.
Images from Day 3 of the third and final Test between England and West Indies at Old Trafford in Manchester on Sunday.
This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark.
"Courts rooms are locked down. Do you want to lock down the judiciary," a bench headed by Chief Justice T S Thakur said, adding, "You cannot bring the entire institution to a grinding halt."
The RBI governor is focused on growth, and keeping rupee slightly depreciated is part of that 'Atmanirbhar Bharat' strategy.
The government expects to collect this much tax from the cricketing event and has already mopped up Rs 110 crore (Rs 1.1 billion) in the first 15 days as tax deducted at source.
The government will press ahead with the sale of public sector companies that have been approved by the Cabinet, Finance Minister Nirmala Sitharaman said on Thursday. Highlighting that FDI flow into India is much higher compared to other emerging economies, she said India's strong macroeconomic fundamentals, ability to do reforms and a stable government help attract long-term foreign funds into Indian businesses.
The fiscal deficit, gap between expenditure and revenue.
'Sometimes we succeed, sometimes we don't.' 'But you can use the RTI to improve the future.'
The Supreme Court Monday said the Centre was testing its "patience" and "emasculating" tribunals by not appointing officials to the quasi-judicial bodies which are facing severe crunch of presiding officers as well as judicial and technical members and sought action on the matter by September 13.
Yamini has superpowers that help her intercept souls headed to heaven or the afterworld or for reincarnation and spirits them away, on another course, to those in need.
The government's plan to mop-up additional revenue from indirect tax may not materialise
The country's biggest IPO will close on January 18.
If the CBDCs don't offer interest, why will people shift from cash to CBDCs?, asks Tamal Bandyopadhyay.
Speculations surrounding Justice Gogoi's appointment as the next CJI emerged following the unprecedented press conference of 4 most-senior judges.
The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
After Rajasthan, petrol price on Thursday crossed the Rs 100 per litre mark in Madhya Pradesh after fuel rates were increased for the tenth day in a row. Petrol price was hiked by 34 paise per litre and diesel by 32 paise, according to a price notification of state-owned fuel retailers. While branded or additive-laced petrol, which attracts higher taxes, had crossed the Rs 100-mark in some places in states like Maharashtra, Madhya Pradesh and Rajasthan, regular petrol crossed the physiological mark in Sriganganagar town of Rajasthan on Wednesday, and on Thursday it went past that mark in Madhya Pradesh. In Anuppur of Madhya Pradesh, petrol is priced at Rs 100.25 per litre and diesel at Rs 90.35. Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges.
Steve Smith smashed an unbeaten half-century to power Australia to a seven-wicket victory against Pakistan in the second T20 International in Canberra on Tuesday.
The bench referred to the rising vacancies of judges in the high courts and the increasing number of pending cases.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The Centre has set a steep divestment target of Rs 80,000 crore for 2018-19. In the first six months, it has managed to mop up less than Rs 10,000 crore.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
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.
He noted that the Rupee has firmed recently but cautioned that the currency should not lose its competitiveness in global trade.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
Tax department feels that the second quarter would be much better than the first quarter of the year as the economy has started improving.
With 262 planes, IndiGo operated over 1,500 daily flights prior to March 24 but is now operating around 350 scheduled flights a day, which is putting a pressure on its finances.
Instead, 2019-20 could be the base from which the Budget estimates for next year are calculated.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
The revenue department has not seen a single deposit, owing to the outbreak of the COVID-19 pandemic.
