Sushil Kumar Modi, who ceased to be Bihar Finance Minister following the JD (U)-BJP split, on Monday resigned as Chairman of the Empowered Committee of State Finance Ministers looking into the implementation of the proposed new indirect tax regime - Goods and Services Tax (GST).
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
Govt is mulling a special session to amend the constitution to enable a national goods and services tax. Kavita Chowdhury answers a few FAQs on the complexities
Introduction of GST would make Indian products competitive in the domestic and international markets.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
The Reserve Bank of India (RBI) announced new rules for credit cards, applicable from July 1. "These directions cover the general and conduct regulations relating to credit, debit and co-branded cards which shall be read along with prudential, payment and technology & cyber security related directions applicable to credit, debit and co-branded cards, as issued by the Reserve Bank," the circular by RBI said. Business Standard culled out key rules from the list, and asked financial experts for advice on them, along with the thumb rules one needs to follow while using credit cards.
Those hardest hit by the second wave of the pandemic have been blue-collared workers, doctors and healthcare workers, law and order and municipal personnel, individuals eking out daily livelihood, and small businesses. And there should be more measures taken to alleviate their pain, the Reserve Bank of India (RBI) said on Monday. The report also indicated that the RBI's growth numbers might have to be revisited as the central bank's real GDP growth projection of 26.2 per cent given in the MPC's resolution of April 7 for the first quarter of 2021-22, were "made before the full fury of the resurgence." Nevertheless, the "resurgence of COVID-19 has dented but not debilitated economic activity in the first half of Q1: 2021-22.
Govt to scrap 8 appellate tribunals; National Company Law Appellate Tribunal to take over Competition Appellate Tribunal's duties
Phantom FDI refers to investments that pass through shell companies that have no real business activities and are tailor-made to cut tax liabilities.
Life insurers have decided to pass on service tax to customers. The chief financial officers of life insurance companies met last Wednesday and have decided to pass on the service tax burden to customers, confirmed officials of various life insurance companies.
Modi said the House did not witness any earthquake, an apparent reference to claims of Rahul Gandhi that his revelation on Rafale would create tremors.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
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 the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
Maruti Suzuki and Hyundai would make the largest gain.
The interest rate charged on your credit card makes your ownership a nightmare if you don't know it in perfect detail. Here's a primer for you
The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
Good monsoon, farm loan waiver -- the two key reasons behind more customers in jewellery shops
Google on Friday said it is deferring the deadline for developers in India to integrate with its Play billing system from March 2022 to October next year. In October last year, the company had announced March 31, 2022 as the deadline for developers in India to integrate with Play's billing system. A Google spokesperson on Friday said the extension has been done in view of the changes to India's recurring digital payments guidelines.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
Dubbed as "Jobs Governor", Haley turned South Carolina's economy around during her tenure as governor and transforming the state into a manufacturing powerhouse. She cut taxes, repealed burdensome regulations, and turned South Carolina into "the Beast of the Southeast". Under her leadership, figures note, the state's unemployment rate hit a 15-year low, and when she left office, South Carolina was at full employment.
Finance Minister Arun Jaitley on Thursday brushed aside concerns of Parliament's upcoming monsoon session being disrupted over the Lalit Modi controversy, saying some people may be relevant to TV channels but not to governance.
Crisil said a complete phase out of CST is necessary.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
Credit card holders in India, who pay the highest rates of interest in the world, have been ripped of Rs 6,000 crore (Rs 60 billion) as "extra charges" by banks in a span of ten years, according to a rights group.
During a media interaction, Mamata Banerjee voiced her discontent over the Centre's 'stepfatherly' attitude towards Bengal. Banerjee's detractors feel that the agenda that she conveyed to the media is nothing but an eyewash. According to them, 'Mamata and Modi are heading towards an alliance of convenience'. Indrani Roy reports from Kolkata on the agenda and politics of prime minister two-day visit to the state.
The constitution amendment Bill on a national GST is likely to be tabled in the current session of Parliament. However, the government is not confident of passing the Bill this session.
People like Manmohan Singh and P Chidambaram, who as finance minister had fully supported the NPS, refuse to exercise their moral and political influence to try and stop Ashok Gehlot and others hell-bent on wrecking the states' finances, notes Virendra Kapoor.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
A well-functioning GST will enhance tax compliance and boost growth: IMF
'The economy has to become the government's No. 1 priority, which it is not at the moment,' says T N Ninan.
Jaitley remained steadfast in not caving in to sustained Opposition pressure.
Rishi Sunak, one of the finalists in the race to succeed Boris Johnson as leader of the Conservative party and Britain's prime minister, is campaigning hard to win over the Tory faithful who will vote from today, July 28, to August 31 to elect their next leader.
Protesting Congress members had on Tuesday too blocked a debate on the bill. The monsoon session ends on Thursday.
A political handshake between the Narendra Modi-led government and Jayalalithaa seems to be in the offing as the latter embarks on a crucial second term as Tamil Nadu chief minister.
Lok Sabha proceedings were adjourned for the day on Thursday following a request from the government that the Indian Antarctic Bill, 2022 be taken up for consideration when Opposition members are also present in the House.
Early GST rollout to help create more jobs, boost output, says IMF.
GST collections in March touched a record high of over Rs 1.23 lakh crore, a 27 per cent growth over the year-ago period, the Finance Ministry said on Thursday. "GST revenues crossed above Rs 1 lakh crore mark at a stretch for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic," the ministry said. Closer monitoring against fake-billing, deep data analytics using data from multiple sources including GST, income tax and customs IT systems and effective tax administration have also contributed to the steady increase in tax revenue over last few months, it added.
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