Addressing the Lok Sabha on Wednesday, Finance Minister Pranab Mukherjee called for the inclusion of petroleum products in proposed goods and services tax so that sharp domestic price movements can be checked.
TVs, air conditioners, washing machines, inverters, refrigerators, electric fans and cooking appliances may become cheaper
Your tax burden has just gone up, with the government issuing the new guidelines for taxation of perquisites. Valuation of cars goes through a revision.
The Twelfth Finance Commission chairman C Rangarajan said on Tuesday that he was in favour of an early implementation of the value added tax regime.
He also said that the expert committee on amendments to the Income-Tax Act was expected to submit a draft Bill during the early part of 2006, but did not give any time-frame for the introduction of amendments.
Seeking to allay fears of the trading community, the Empowered Committee on Value Added Tax on Thursday said there would no 'inspection raj' when the new state-level tax regime comes into effect from April 2005.
Asserting that the self reliant India programme will help revive the global economy, Prime Minister Narendra Modi on Thursday told global business community that his government aims to transform the country through access, inclusion and empowerment while also ensuring complete data security. Addressing the World Economic Forum's online Davos Agenda Summit, where he also interacted with global business leaders, Modi also said India offers a predictable and friendly environment from tax regime to FDI norms. He said Aatmanirbhar Bharat movement is committed to global good and global supply chain while the country's digital profile has been completely transformed.
The fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Pranay Bhatia offers insights on some key issues from Nirmala Sitharaman's maiden Budget.
Lower crude oil costs and higher marketing margins are expected to raise the fortunes of oil marketing companies (OMCs) in the first quarter (Q1) of 2023-24 (FY24), while city gas distribution (CGD) companies could also benefit from lower spot prices of liquefied natural gas (LNG). However, in a break from the past, growth trends are expected to diverge for various segments within the broad energy sector. Analysts expect the earnings from gas production to go down for upstream national oil and gas companies such as Oil and Natural Gas Corporation (ONGC) and Oil India (OIL) due to the introduction of the new domestic gas pricing regime on April 1. After showing steep losses over the first half of 2022-23 (FY23), the marketing margins of OMCs have steadily recovered in four months.
In a major step towards introduction of Value-added Tax from April 2005, states on Wednesday endorsed a 'white paper' on the new tax regime, which would be formally issued on January 17.
Exemption from minimum alternate tax for REITs & infrastructure investment trusts; Depository receipts on all securities eligible for tax benefit
The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
If the government decides to go back to the old regime where the EPF was not taxed but the NPS was, the latter will become an unattractive product.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
'The introduction of a tax on LTCG will be a deterrent for foreign investors and could potentially result in a movement of trading activity away from India to other offshore jurisdictions such as Singapore, which offer better tax rates and sophisticated financial products.'
Experts share their views on the steps that will help businesses become GST-ready.
The grandfathering clause and set-off provisions can be used to reduce the tax payable on sale of bonus shares, says Arvind A Rao.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
The empowered committee on value-added tax will meet the finance minister in mid-July to discuss the 'roadmap' for the introduction of the new tax regime, after which it will be taken up with political parties for a national consensus.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
With only West Bengal sending in the draft amendments to Value-added Tax Bill, the finance ministry said on Thursday that a new roadmap will be drawn up for the implementation of the progressive tax regime, which was to be effective from June 1.
The crucial meeting of the empowered committee of state finance ministers on value-added tax began in New Delhi on Wednesday to resolve all pending issues to ensure smooth implementation of the new tax regime from June 1 this year.
Close on the heels of truckers' strike, tea traders and producers across the country on Monday began their two-day nationwide agitation in protest against the proposed 12.5 per cent tax slab on tea under the value-added tax regime.
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