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.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
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.
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.
"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.
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.
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.
The land acquisition bill is a catalyst to investment and passing the bill will improve India's business environment.
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.
If the product is genuine, denial is violation of consumer laws.
Some also demanded empowering of local bodies.
Jaitley said a very large number of reforms have taken place over the last few years and that has helped in restoring the credibility of the Indian economy
Congress preparing a dissent note on the issue
The Centre needs to have dialogue with the Opposition instead of letting politics come in the way; it needs to stoop to conquer, says Aditi Phadnis.
Taxpayer satisfaction is a part of the matrix of key performance indicators of the administration.
Excluding the Bharatiya Janata Party, which ardently opposed the bill both inside and outside the assembly, the entire Opposition supported the Backward Class, Scheduled Castes and Scheduled Tribes Reservation Bill, 2017, which will be now debated and passed by the state legislative council.
Also on the anvil is abolition of distinction between Plan and non-Plan expenditure and replacing it with capital and revenue expenditure
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
Chief Information Commissioner R K Mathur rejected the contention of the ministry that details of the amount, reference numbers, dates of bills raised by Indian Air Force and Air India for the foreign visits undertaken by the Prime Minister are scattered across various records and files and collation of information in the manner sought by the appellant would involve searching of voluminous records by a significant number of officials.
The global economy is fragile now. It continues to face both long-term and short-term issues.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
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?
Jaitley said the government has created transparent environment.
Jaitley assured that both the banking system and the government will make the resources available to them.
The Lok Sabha has already passed the Bill.
The GST bill's draft says tax would be levied on Maximum Retail Price
The finance minister could well be on her way to setting a record of achieving the biggest single-year reduction in the government's fiscal deficit, explains A K Bhattacharya.
Maharashtra Chief Minister Eknath Shinde and the rebel Shiv Sena MLAs who had camped at a Guwahati luxury hotel for eight days have cleared their bills before they checked out on Wednesday, a hotel official said.
Accusing the Congress of creating obstacles in the path of growth and economy, he declared that the government would try to get the bill passed with the help of parties
Most chief ministers are in favour of the new tax regime.
21-member parliament panel would review the bill.
The government on Monday proposed income tax benefits for people making payments through credit or debit cards and doing away with transaction charges on purchase of petrol, gas and rail tickets with plastic money.
The discussions are at a very critical stage
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The proposal to levy a 'super-rich' tax, at the rate of 35 per cent, on those earning more than Rs 10 crore a year might not receive support of the Union Cabinet.
No mention of cab aggregators in GST bills
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