Consensus seems a problem before the current session of Parliament ends.
Investors not comfortable investing directly may take the mutual fund route, where they get exposure to a diversified portfolio of bonds.
Markets closed in the red on domestic worries.
Rajasthan is reeling under a huge financial burden with the state's debt having gone beyond Rs 5.59 lakh crores. Rajasthan has increased expenditure on education by 203.4 percent, by 105.4 percent on health, by 227.14 percent on housing. Its expenditure on social welfare schemes has increased by almost 2,475 per cent.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
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 addition to the negative sentiment as a consequence of changes announced in the Union Budget 2023-24 concerning tax treatment for debt repayment distribution, concerns about hiring slowdown and its leasing impact, as well as higher interest rates, could blight the sector in the near term.
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.
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.
It could end the payment backlog and improve the revenue flow of discoms, says Piyush Goyal
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.
BSE Midcap and BSE Smallcap outperformed the frontline indices to gain 0.2% and 0.3%
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 GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
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.
7 key areas that the Budget must address to re-energise the infrastructure sector, suggests Vinayak Chatterjee.
Moody's expects macroeconomic policies to contribute to sustained robust growth.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The BSE Mid-Cap index was currently down 1.25%
For supply rules, the location decides where goods or services will be taxed.
Entertainment content (movie and music) will be 10-15 per cent more expensive, following the proposals of the Finance Bill 2010.
BJP leader Sushil Kumar Modi on Wednesday said it is not possible to bring petrol and diesel under the GST regime for the next eight to 10 years as it would cause an annual revenue loss of Rs 2 lakh crore to all states. Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021. The statement assumes significance in view of the rise in petrol price for the past over one year which even touched Rs 100 per litre in some states. In the first reduction in rates in over a year, petrol price on Wednesday was cut by 18 paise per litre and diesel by 17 paise a litre as international oil prices tumbled to the lowest since early February.
"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.
GST collections touched a record high of over Rs 1.15 lakh crore in December, reflecting festive demand and reflating economy. The gross GST revenue collected in the month of December 2020 is Rs 115,174 crore and is the highest since the introduction of Goods and Services Tax from July 1, 2017, the finance ministry said in a statement.
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.
At her first presser after party's victory, Banerjee termed the coming together of CPI-M and Congress as a blunder.
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
Arun Jaitley said he would put the DTC Bill in cold storage.
Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
Senior policymakers say it is a tough task and the finance ministry may resort to the time-tested method of carrying forward part of the subsidy payment burden to the next fiscal year.
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.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
Experts have started giving comments on provisions that the govt must make in Budget 2016-17.
The Opposition said that the government was 'bull-dozing'.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
The Bill was introduced in the Lok Sabha in December.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
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