With a focus on direct, indirect, and corporate tax structures, the Budget 2016-17 offers a balanced taxation structure
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With the Finance Bill 2010-11 proposing payment of 10.3 per cent service tax by hospitals on cashless settlements, it may be a double whammy for policyholders: Higher premiums as well as soaring hospital bills.
'If governments choose to spend our money on cow meat detection kits or hugely expensive statues, it is also a form of corruption.' 'A betrayal of our hopes and aspirations,' says Amit Mehra.
With the passage of Finance Bill on Friday, the government on Friday ruled out rollback of service tax imposed on goods booking agents, but expressed its willingness to sort out any procedural difficulty faced by either truck owners or operators.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
The Rajya Sabha proceeding washed out completely on Wednesday and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of Goods and Services Tax (GST) on daily essentials.
Experts share their views on the steps that will help businesses become GST-ready.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
CAF Bill's fate to be decided on Monday
According to DBS, GST has growth, inflation and fiscal implications.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
China has spent half a century plotting to defeat America and in some respects, the Chinese military is already at par with the US armed forces, Haley said in a major policy speech on the economy in the key early primary State of New Hampshire on Friday.
In a first, Opposition-ruled states on Saturday got the Centre to delete from the records three minutes of the last GST Council meeting that provided for tweaking of agreed criteria for division of taxpayers under the Goods and Service Tax regime.
Penalties for undisclosed foreign income and assets extend up to 300%.
The session started on December 15 ended on January 5.
The stormy monsoon session of Parliament came to an end on Thursday, becoming a virtual washout and delaying legislations which could not be passed because of continuous acrimony.
Industrial output rose to nearly three-year high of 6.4% in August.
The challenges before the government, he said, is to put public sector banks back on track and continue to operationalise stalled infrastructure projects
Credit card payments for foreign travel will be brought under the purview of the Liberalised Remittance Scheme (LRS) of the Reserve Bank, to ensure that such expenses do not escape TCS (Tax Collection at Source). While moving the Finance Bill 2023 for consideration and passage in the Lok Sabha on Friday, Finance Minister Nirmala Sitharaman said the Reserve Bank has been asked to look into ways to bring credit card payments on foreign tours under the LRS. "It has been represented that payments for foreign tours through a credit card are not being captured under the Liberalised Remittance Scheme (LRS) and such payments escape tax collection at source (TCS)," she said.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Under the GST regime, most manufactured goods will turn cheaper.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Tax Guru Anil Rego answers your personal income tax queries.
The proposals to get cable operators to offer digital signals aren't going to work unless the government mandates CAS-systems across the country.
He will succeed Kerala Finance Minister K M Mani.
The BSE Mid-Cap index was currently up 0.81%.
Chairman of the committee S S Ahluwalia has sought an extension.
The Sensex ended higher by 245 points at 27,372 mark and the Nifty gained 66 points at 8,225.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
After discussions, there may be changes the Bill.
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
'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.
Utter confusion prevails in the ruling All India Anna Dravida Munnetra Kazhagam in Tamil Nadu.
Here's everything you need to know about the Goods and Services Tax Bill.
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