If Mr Modi has to win, he must convince the people of this country how his reforms improved the quality of their lives.
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. . .
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.
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.
FM indicates adherence to fiscal road map, benign tax rates, correction in inverted duty structure
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."
Floor rate with a narrow band to be fixed.
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Cabinet likely to pave way for the 'super-rich' tax today.
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.
Flagging "anxieties" of business leaders on issues like red tape, tax laws, regulation and proceedures, Prime Minister Manmohan Singh on Friday said he often found it tough to deal with these challenges due to "lack of political consensus on reforms".
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.
Rajan also expressed hope that a stable government after the Lok Sabha elections will continue the broad fiscal policies of the current regime and India may finally get the Goods and Services Tax, an ambitious indirect tax reform measure.
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 UP minister embarrasses the government ahead of the GST rollout.
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
In a survey by BS reporters across India, a majority of the 25 CEOs who responded said they expected the FM to introduce amendments to the I-T Act which would reduce litigation in tax disputes between firms and the revenue authorities.
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.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
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'.
The current draft of the Goods and Services Tax could kill any hope of economic revival - and you should blame the Congress if it rolls over and lets it pass, says Mihir S Sharma.
New data show tax reform, better tracking needed
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
Sharma is Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
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.
It suggested reforms in the real estate sector.
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
While government should be appreciated for recent reforms, some on the anvil seem ill considered. These include higher tax rates above an income threshold, the re-introduction of the estate duty, and higher import duty on gold.
Central excise tariff remains complicated and should be simplified.
No Republican lawmaker dares cross Norquist, as the majority of them signed on to his Taxpayer Protection Plan, where they pledge never to vote for any legislation to increase taxes.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey suggested on Thursday aggressive disinvestment and financial sector reforms to bring the economy back to high growth track.
Road projects alone worth $10 billion face delays over land disputes and other clearances.
The Finance Minsiter says country requires 'a larger opening out in more sectors, stability of policy and tax regime'
The Modi administration has been unable to initiate key reforms.
Local businesses are fretting over reform setbacks.
Jaitley promised higher investment in roads and railways.
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