These builders had collected the taxes from prospective buyers but had failed to deposit them.
Implementation of GST is expected to increase the gross domestic product of the country.
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
The government said on Thursday that it will try to compensate states for the first three years for any loss of revenue they might suffer due to introduction of Value Added Tax regime next fiscal.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
The Central Board of Direct Taxes (CBDT) has issued detailed guidelines on facilitating tax deducted at source (TDS) on virtual digital assets (VDA) or crypto assets, under which date of transfer and mode of payment will have to be specified. From July 1, TDS of 1 per cent will be levied on payments towards virtual digital assets or cryptocurrencies beyond Rs 10,000 in a year, as the Finance Act 2022 has introduced Section 194S in the income tax (I-T) Act. The department has explained different scenarios through six questions to remove difficulties.
Sacked Rajasthan minister Rajendra Gudha had claimed that the red diary which he had secured from the residence of Congress leader Dharmendra Rathore during an income tax raid in July 2020 on the directions of the chief minister had details of Gehlot's financial transactions.
India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
In order to broaden the tax net, the government has sought public opinion on possibility of a negative list for service tax meaning that all services which are not mentioned in it would be taxed under the proposed GST regime.
The government should bring natural gas under the Goods and Services Tax (GST) regime to realise Prime Minister Narendra Modi's vision for a gas-based economy and raising the share of the environment-friendly fuel in India's energy basket, an industry body that represents the likes of Reliance Industries as well as state-owned firms, has said. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel. In its pre-Budget memorandum to the finance ministry, Federation of Indian Petroleum Industry (FIPI), which boasts of members from across the oil and gas spectrum, also demanded rationalisation of GST on transportation of natural gas through pipeline as well as on re-gasification of imported LNG to help bring down cost of the environment friendly fuel.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Lack of visibility on rates makes companies apprehensive.
The government last year introduced the Insolvency and Bankruptcy Code.
GST mop-up likely to fall in May, June after touching record levels in April and March.
Armed with automatic information exchange pact with the US, government on Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
Sectors throw up a wishlist for the Finance Minister.
The scarcity of resources is particularly evident in the case of Rajasthan compared to many other states.
ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
The aspirations, energy, enterprise and skills of the youth will be the force for India's economic transformation
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
'In India, there's currently evidence the Centre has not managed a smooth vaccine rollout.' 'It is now falling back on blaming states, which are facing vaccine shortages,' points out Devangshu Datta.
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
The industry experienced new pressures on its operating margins and sales in the wake of increasing input costs and new excise regime. For the domestic spirits manufacturing industry, the cost of raw materials such as molasses doubled since March. Packaging costs rose by 15-20 per cent. The widening of services tax resulted in 50 per cent new services to be taxed at 12.36 per cent. Besides an increase in labour costs, inflation also played havoc with the operating margins.
Nearly 100 foreign funds have been asked to cough up an estimated $5-6 bn.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
The entire operation was meant to have a chilling effect on independent journalists, those not completely subservient to the regime, the small section still doing what the Fourth Estate should do -- raising questions to those in power.
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