The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
Ninety-nine companies, which also include some unlisted ones, have more than Rs 100 crore each of minimum alternate tax credit on their books, cumulatively adding up to Rs 75,000 crore. By utilising MAT credit, many companies will be able to bring down their effective tax cost.
The auditors also said that the company is in the process of monetising its assets and has submitted a draft resolution plan to the consortium of bankers for restructuring its borrowings and also there have been discussions for stake sale by the promoters to a strategic partner with further equity infusion.
The Supreme Court will decide whether a non-resident company is liable to pay advance tax on fee charged by it for providing services in India.
The information technology sector in West Bengal is likely to see addition of 20,000 jobs in 2008. The state currently has about 300 small to big sized companies and employs 55,000.
From a commercial standpoint, reducing the price of each SKU, particularly with a small MRP (Rs 5 or below) is often a challenge, including availability of legal tender below Re 1
Jaitley has announced increasing the super-rich surcharge to 12%.
The government is drawing up a relief package for industry with steps such as relaxation of asset-classification norms by banks, thus allowing companies to delay the repayment of loans, and tax holidays for the worst-hit sectors like aviation and hospitality. But it might not be enough to stop more bankruptcies from getting filed.
The online channel has only been successful in making inroads in metro cities.
The media and entertainment industry in 2007 grew by an estimated 17 per cent over the previous year to touch Rs 51,300 crore (Rs 513 billion), according to a recent Ficci-PwC 2008 report. However, this is 6 percentage points lower than the 23 per cent growth registered in 2006. All the major segments within the M&E industry, comprising TV, film and print, will see a year-on-year fall in their growth rates going by the report estimates for 2007.
Despite India becoming a new destination for global investors, 38 per cent of over 5,400 companies' representatives surveyed by the global consultancy firm PricewaterhouseCoopers said they were asked to pay bribes to get licences, orders over the past two years.Among the seven major emerging economies of the world, India is ahead of Turkey, Mexico and China, where 28, 28 and 21 per cent of firms in that order reported experience with bribery.
The Indian entertainment and media industry is expected to outgrow the country's economy every year between 2007 and 2011.
Riding high on growing income levels, comsumerism, technological improvements and greater investments, the media and entertainment sector is expected to cross a turnover of Rs 100,000 crore (Rs 1,000 billion) by 2011.
India can be the new global manufacturing hub for small cars with BRIC countries, says PricewaterhouseCoopers.
A stable government at the Centre and its plans to set up smart cities has revived investors' interest in the country with Mumbai, Delhi and Bangalore set to emerge as hot investment destinations in 2015.
Its proximity to popular tourist destinations like Agra, which attracts 45 per cent of the international passenger traffic at IGI, could be diverted to Jewar.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Players such as Kidaara, True North, and Multiples Alternate Asset Management move outside the confines of just being a family-style financial office and become a true PE heavyweight.
Operating systems are increasingly subject to cyberattacks, as many are built around legacy technologies with weaker protocols
Initiatives such as 'Smart City' project cannot be successful unless children are provided with a safe and secure environment, Minister of State for Home Affairs Kiren Rijiju said as he described the statistics on sexual abuse of children in the country as discouraging.
Readers recall their meeting with President Kalam
According to official statistics, half of India's GDP comes from as many as 420 million workers in the unorganised sector including street vendors, rickshaw pullers, construction workers, rag pickers, agricultural workers, among others. This massive workforce remains outside the purview of the formal banking and insurance industries.
The prospects for the media and entertainment industry look bright over the next four years, according to media pundits and independent research agencies.
India and Singapore had in 2013 amended the DTAA to help exchange banking and tax-related information more effectively.
Value of M&A deals made by India Inc this year will exceed its 2007 levels.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
Our regulation gives wide powers to the tax authorities, particularly at the assessment stage. The entire process is driven by 'doubt and suspicion' rather than 'trust and faith.'
Abhishek Singhania left a career at PwC to work in a food security project as a research fellow.
'The Mumbai-Pune Olympics will be help shift the country's gaze to a region that denotes a new formula for sports, enterprise, and nation building,' argues Shashank Mani Tripathi.
USL claims it has given a report on how the liquor baron channelled money from the company to Kingfisher Airlines, Force India and Watson.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The GST bill's draft says tax would be levied on Maximum Retail Price
Experts say that under the liquidation process, financial and operational creditors are less likely to recover the full-value of their dues, while employees may not get their full salaries.
A new generation with different mindsets now dominates offices.
A new generation with different mindsets now dominates offices.
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
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.
