The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
The government's initiative to migrate SEZ data from NSDL software to ICEGATE system for streamlined reporting of import data caused double counting of gold imports, resulting in inflated figures and the issue has now been largely rectified, government sources said. The downward revision has provided the actual picture of trade deficit (difference between imports and exports), which was earlier looking very high. The deficit for November will now be revised downwards from $37.84 billion to about $32.8 billion. Similarly, there will be a revision in overall import numbers as well.
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Ghulam Nabi Azad and Anand Sharma succeed in convincing Rahul Gandhi of zero returns in blocking Parliament.
The Delhi high court on Wednesday stayed the recent guidelines prohibiting hotels and restaurants from levying service charge automatically on food bills. Justice Yashwant Varma, while dealing with petitions by the National Restaurant Association of India (NRAI) and Federation of Hotels and Restaurant Associations of India challenging the Central Consumer Protection Authority (CCPA)'s July 4 guidelines, said the issue requires consideration and directed the authorities to file their reply. "The matter requires consideration. Consequently, until the next date of listing the directions as contained in para 7 of the impugned guideline of July 4, 2022 shall remain stayed," the court ordered.
LTIMindtree's (LTIM's) December quarter revenue, at $1.139 billion, was up 1.8 per cent quarter-on-quarter (Q-o-Q) (5.6 per cent year-on-year or Y-o-Y) in constant currency (CC) terms, marginally ahead of expectations.
Despite being cleared in the lower house, the GST bill has been pending in the Rajya Sabha for clearance, where the Congress enjoys numerical strength, reports Kavita Chowdhury.
The finance minister said the government was open to suggestions.
The results of the assembly elections in Gujarat and Himachal Pradesh are likely to play out during the winter session of Parliament beginning Wednesday.
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
The Budget session of Parliament is set to start on a stormy note on Tuesday with issues like the Jawaharlal Nehru University row, Dalit scholar Rohith Vemula's suicide and Pathankot terror strike set to dominate the proceedings.
GST revenues rose 16.6 per cent to about Rs 1.52 lakh crore in October -- making it the second highest collection ever. Goods and Services Tax (GST) collection had touched a record high of nearly Rs 1.68 lakh crore in April. In October last year, the revenues stood at over Rs 1.30 lakh crore.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
The markets will be eyeing the amendments.
Passage of the long-pending Goods and Services Tax bill and a unanimous resolution on Kashmir were the highlights of the "highly productive" Monsoon session of Parliament which was adjourned sine die on Friday after 20 sittings.
The government banks on the support of the Bharatiya Janata Party to push the Insurance and LIC Bills in the next Parliament session, but it seems to have adopted different tactics on the Goods and Services Tax (GST) Bill.
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Gandhi added that the nation's power has always come from the strength of ideas.
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
Vice President Kamala Harris, who is the Democratic presidential candidate, in an op-ed on Saturday, recollected her frequent visit to India as a child, and her mother's mission to cure cancer.
Congress is opposing the GST bill in the current form.
'In terms of incentives, if you think about it, hybrids are a 20-year-old technology.'
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
The finance minister said the consensus between the Centre and states is required to amendment the constitution for implementing goods and services tax.
The GST will alter the very face of fiscal federalism in India.
Parliamentary Affairs Minister Prahlad Joshi has said that 31 bills will be taken up in the monsoon session. Among these include the Digital Personal Data Protection Bill, 2023.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
"Reaching an international agreement on how large digital companies are taxed has been a priority for the chancellor since he took office," said a spokesperson for his UK treasury office. "The chancellor's consistent position has been that it matters where tax is paid, and any agreement must ensure digital businesses pay tax in the UK that reflects their economic activities. That is what our taxpayers would expect and is the right thing," the spokesperson said.
Analysts believe the GST could boost India's economic growth by up to 2 percentage points
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
New Delhi is witnessing a spurt of political activity over the Goods and Services Tax Bill.
Indian charitable trusts, including Tata Trusts and top corporate donors, are stumped by a new tax law proposed in the Budget, which reduces tax breaks for the donor organisations. The Finance Bill proposes that if a charitable organisation donates to another charity, then only 85 per cent of the donation will be considered as application of income for the donor organisation. Trust officials say this is a major setback for the donor organisations, including corporate foundations and intermediary organisations, which work with various implementing agencies at the grassroots level.
Passengers in 200 railway stations across India will soon be able to recharge their mobiles, pay electricity bills, fill up Aadhaar and Pan card forms and even file taxes with help from Common Service Centre (CSC) kiosks to be set up by RailTel. The scheme has been operationalised in partnership with CSC e-Governance Services India Limited' (CSC-SPV) and the Ministry of Electronics & Information Technology, RailTel said in a statement. The kiosks will be run by village level entrepreneurs (VLEs).
The Council also discussed process to make return filing simpler with just one return to be filed every month.
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