Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
India and the US on Monday committed to further improving bilateral ties, exploring alternate mechanisms for funding renewable energy and actively pursuing the G20 agenda which includes strengthening MDBs and taking coordinated action to deal with climate change. Several issues, including climate action, rising indebtedness in low and middle income countries and digital public infrastructure, figured during a bilateral meeting between Finance Minister Nirmala Sitharaman and US Treasury Secretary Janet Yellen held on the sidelines of the G20 meeting of Finance Ministers and Central Bank Governors. India, Sitharaman said, will "look forward to furthering ... bilateral interests through development cooperation and new investment opportunities through Alternate Investment platforms for renewable energy."
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
The move will establish a level-playing field for domestic investments in start-ups compared to foreign-based sources.
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
The original DTC draft was put in the public domain in 2009 but revised the next year before being presented in Parliament.
'We can go somewhere between 35 per cent and 40 per cent.'
There is a need to bring in legal/constitutional changes, reforms in central tax system and state tax systems, said M Govinda Rao, director, National Institute of Public Finance and Policy.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
Some experts had said the Budget did not have much in terms of big ideas.
India can become a $6.7 trillion economy by 2031, from $3.4 trillion currently, if the country clocks an average growth of 6.7 per cent for 7 years, an S&P Global report said on Thursday. India had clocked a 7.2 per cent GDP growth in 2022-23 fiscal. But a global slowdown and lagged effect of a policy rate hike by RBI could slow down growth to 6 per cent in the current fiscal, S&P Global said in a report titled 'Look Forward: India's Money'.
Prime Minister Narendra Modi on Tuesday said India will become the growth engine for the world in the coming years, and the ease of doing business has improved with "mission-mode" reforms being undertaken by his government. Speaking at the BRICS Business Forum Leaders' Dialogue in Johannesburg, Modi also said India soon will become a $5 trillion economy.
Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
Finance ministry lines up major plans to be implemented within three months.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
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The year 2014 was one of the most challenging years for India. For two consecutive years our GDP growth was sub 5 per cent. Employment generation had declined, the revenue buoyancy was low and the country had become investment starved.
Premised on the 'best-case scenario' in terms of growth and revenue, the Budget seems unprepared for a possible slowdown.
'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'
Following passage of the Constitution Bill, 2014, Dass and Finance Minister Himanta Biswa Sarma, who introduced it in the House, exchanged sweets.
CEOs expect populist measures in the Budget, to help the poor and marginalised, who make up for the largest section of voters.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
'We have the more difficult reforms to do such as the reduction of subsidy, the insurance and pension sector reform, eliminating bureaucratic red tape and implementing Goods and Services Tax'
The party promised to contain inflation, pursue tax reforms and promote foreign investments.
A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax administration that include bringing a framework for cryptocurrencies and rationalising the GST rate structure. With tax reforms such as faceless assessment taking roots, 2021 will go down as the year that pivoted the tax administration in a country aspiring to become the world's favourite investment destination. The task ahead is going to be a tough one as the tax department would grapple with taxing cryptocurrencies, rationalising Goods and Services Tax (GST) rates to shore up revenues and post June 2022, the scenario of how the GST revenue plays out for states without the Centre's support of compensation.
The proposed move to withdraw the DDT would help encourage investments by addressing multiple taxation of income and bringing down the effective tax rate on companies, which is among the highest in the world.
If Mr Modi has to win, he must convince the people of this country how his reforms improved the quality of their lives.
The panel's report also provides a range for fiscal deficit and debt path of both the Union and states and also recommended additional borrowing room to states based on performance in power sector reforms. Finance Commission is a constitutional body that gives suggestions on Centre-state financial relations. The report of the 15th Finance Commission was tabled in the Lok Sabha by Finance Minister Nirmala Sitharaman.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
'How come the BJP won even in the Muslim belt? I am 100% sure that the BJP would not win in the Muslim belt.'
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
President Donald Trump has warned of "consequences" to American companies planning to shift base abroad, telling them that he would make it "harder" for them to just say "bye-bye and fire everybody."
FM indicates adherence to fiscal road map, benign tax rates, correction in inverted duty structure
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
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