The implementation of the GST will indeed be a landmark reform.
Call it the art of staying rooted yet bending with prevailing political winds. With Telangana going to the polls in December, and assembly and Lok Sabha elections in Andhra and Odisha scheduled next year, what factors have influenced parties' recent moves?
You telephone bills will become cheaper if the finance minister P Chidambaram heeds to the telecom operators' demand for a reduction in levies.
GST is intended to create a single market and boost commerce in India's $2 trillion economy
Jaitley also dismissed criticism that lower taxes were aimed at helping corporates.
The Centre would need the concurrence of 20 states out of 29 to impose a GST on petroleum
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.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
The month-long winter session of Parliament, which begins on Wednesday, is expected to be a stormy one with opposition parties determined to corner the government on several issues, including the issue of demonetising Rs 500 and Rs 1,000 currency notes, which has caused massive outrage across the nation.
'Congress party's strategy is two fold -- to disturb and delay.'
The Modi government could steer through Parliament 59 out of 75 Bills.
In a major crackdown on Chinese mobile companies, the Income Tax department is conducting searches on leading Chinese mobile companies across the country. Mobile companies including Oppo, Xiaomi and One Plus are being covered in this search, sources told ANI on Wednesday. More than two dozen premises are covered in the search which started on Tuesday. "Raids are ongoing in Delhi, Mumbai, Bengaluru, Greater Noida, Kolkata, Guwahati, Indore and some other places," sources told ANI.
The Rajya Sabha approved 15 legislations during the session while the Lok Sabha passed 23 bills, including the GST bills.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
The Congress filed a dissent note on eight provisions.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
India conceding ground to bring only top 100 digital companies like Google, Facebook, and Netflix into the global taxation pact may have revenue implications. This will mean that New Delhi will have to withdraw the contentious 2 per cent equalisation levy on e-commerce operators by 2023. This may have revenue implications for India, experts pointed out, as the equalisation levy has a much lower annual revenue threshold of Rs 2 crore (euro 0.2 million) as against euro 20 billion agreed by 130 countries at the Organization for Economic Cooperation and Development (OECD). India, along with other developing countries, was pitching for at least euro 1 billion threshold to cover at least 5,000 global entities. India collected Rs 2,057 crore from the equalisation levy in 2020-21, an 85 per cent growth over Rs 1,136 crore in the previous fiscal.
World No 1 Iga Swiatek overcame a strong early challenge from former champion Sofia Kenin to reach the second round of the Australian Open
In an apparent jibe at Prime Minister Narendra Modi for neglecting party veterans, BJP leader Yashwant Sinha has said the present regime has declared those above 75 as "brain dead" on assuming office.
The Bills pertaining to the introduction of a new law and amendment to the Constitution will not be tabled in the coming Budget session of Parliament. finance minister Pranab Mukherjee and state finance ministers will meet in April to decide a new date for the GST rollout.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
It is likely to be a stormy affair with divergent views on market borrowing. Centre will likely press states to borrow to make up for the shortfall, but states want either the Centre or the GST Council to do so.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
He also rejected all charges of alleged cheating and siphoning off money by Congress in the matter.
They are now scaling or shutting down their businesses because they can't compete with untaxed grey market gold. India's gold smuggling has increased significantly since the import duty was increased in the Union Budget 2019 in contravention with the broader market expectations of a cut.
It's difficult to understand if GDP growth has actually improved.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Government on Thursday claimed that it had Congress "cornered" on the penultimate day of the Monsoon Session of the Parliament.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
Custom duties, a major concern for the oil sector.
The company will operate the IT system for five years.
Income tax collection, by way of advance tax and TDS, in the April-June quarter was about 80 per cent of what was collected in the same period last year.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
Officially called the Border Security, Economic Opportunity and Immigration Modernisation Act, 2013, the Bill being pushed by the Obama administration gives the domestic IT professionals in the US a 60-day period to find a new job after they lose the existing one, among several other sweeping reforms.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
While cancelling the legal tender of 500 and 1,000 notes on November 8, the government had allowed them to be used for utility bill payments for the first 72 hours. This deadline was extended repeatedly and the last extension was granted till December 15.
"If there is proper debate in parliament, followed by a vote, then even without the Congress' support, we have a chance to pass it," says Union Minister of State for Finance, Jayant Sinha.
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