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.
Here's everything you need to know about the Goods and Services Tax Bill.
GST making you anxious? Here is a fact-check on how new tax will impact you.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
Pledging to alter the policy environment to accelerate economic growth, Prime Minister Manmohan Singh on Saturday promised to address concerns on GAAR and taxation of the IT sector along with giving high priority to finalisation of the Direct Taxes Code and Goods and Services Tax.
The guidelines, which have made service charge "totally voluntary and not mandatory", will be sent to states for necessary action
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The FM has been making efforts to make the taxation laws simpler.
Markets closed in the red on domestic worries.
'A major thrust is required by the government to stimulate rural demand'.
Following are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
Consensus seems a problem before the current session of Parliament ends.
Jaitley has pledged to narrow the deficit to 3.9 per cent of GDP in this fiscal year from 4.0 per cent in 2014/15.
rediffGURU and financial planning expert Colonel Sanjeev Govila (retd) answers your personal finance-related questions.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
In an attempt to get states to implement the Goods and Services Tax (GST) by next April, the Centre has softened its stance on most proposals in the draft Constitutional Amendment Bill that Finance Minister Pranab Mukherjee hopes to pilot in the monsoon session.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
Once the Finance Bill 2017 is passed, jewellery will be treated on par with general goods which attract 1 per cent TCS on cash purchase of above Rs 2 lakh.
Info Edge (India) reported a good fourth quarter for the 2022-23 financial year (Q4FY23) given depressed conditions in the Key IT segment. The billing growth of 13.7 per cent year-on-year (YoY) in recruitment was well ahead of market expectations. There was solid growth in realisations (up 5.5 per cent) as well as unique customers (up 7.7 per cent).
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
Moody's expects macroeconomic policies to contribute to sustained robust growth.
It could end the payment backlog and improve the revenue flow of discoms, says Piyush Goyal
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
Entertainment content (movie and music) will be 10-15 per cent more expensive, following the proposals of the Finance Bill 2010.
The BSE Mid-Cap index was currently down 1.25%
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
For supply rules, the location decides where goods or services will be taxed.
At her first presser after party's victory, Banerjee termed the coming together of CPI-M and Congress as a blunder.
Reform ideas do not occur overnight and evolve over the years.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
Dubious and personal expenses of Rs 1,000 crore were made from bank-loan funds for Jet Airways founder Naresh Goyal and his family members even as the airline "diverted" money to some tax havens, the Enforcement Directorate (ED) alleged on Saturday, after arresting the businessman in a money-laundering case. Goyal (74) was taken into custody late on Friday night after the central probe agency took him to its Mumbai office from Delhi. A special court set up to deal with cases lodged under the Prevention of Money Laundering Act (PMLA) on Saturday sent him to the ED's custody for 10 days, till September 11.
Arun Jaitley said he would put the DTC Bill in cold storage.
The GST Bill, seen as single biggest tax reform in a long time, needs to be ratified by at least 15 state legislatures before the President can notify the GST Council which will decide the new tax rate and other issues
They will hold discussions on the requirement of a constitution amendment bill for rolling out the proposed GST, which is all set to miss even the revised deadline of April one, 2011.
The Opposition said that the government was 'bull-dozing'.
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