The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. She rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.
'If I were in the Indian government, I would look at the growth projections in the next year. If it is a good and normal growth number, I would go for roll back.'
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
The Direct Taxes Code 2009 is now on the back burner. The Union finance ministry has veered round to the view that its bold move to reform direct taxes should be subjected to further scrutiny. Contrary to earlier expectations, therefore, the Direct Taxes Code 2009 will not be presented to Parliament as a Bill along with the Union Budget for 20010-11on February 26.
India can return to 9 per cent growth if the government removes uncertainties in policy-making and go for early implementation of some of the long pending tax reforms, a senior World Bank official said on Wednesday.
Financial services company Morgan Stanley's Asia chief Stephen Roach is more bullish on Indian economy than China.
Ahead of the next year's budget, finance minister P Chidambaram on Wednesday hinted at "bold reforms" and said government was "cautiously optimistic" in meeting the financial targets for 2004-05.
'The Modi government is about privatising profits and nationalising losses.'
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
The government last year introduced the Insolvency and Bankruptcy Code.
Within six months, outlets carrying Vicks jumped from 60,000 pharmacies to 750,000 general stores. The trade boycott collapsed. Consumers were happy, finding Vicks now at every street corner. A fascinating excerpt from Gurcharan Das's Another Sort of Freedom.
Responding to the price rise debate in Lok Sabha, Mukherjee said that it should be tackled by leaders across all the political parties.
Two years of the NDA government have instituted significant reforms, including the passing of the GST bill in India but "cultural issues and saffronisation" have resulted in a slow incremental change instead of big bang reforms, according to a top American think-tank.
In his second term in office, UP Chief Minister Yogi Adityanath has retained 34 portfolios.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
'In the long run, I don't foresee major ramifications [about Trudeau's allegations].' 'There's just enough hypocrisy among Western nations for India to douse the outrage.'
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
Teary-eyed Congress leader D K Shivakumar on Saturday briefly belied the combative force he is for the Congress party, not just in the just concluded 2023 assembly polls, but on several crucial occasions in the past when his party needed him.
Do you understand VAT? Do you need advice on the new VAT laws and how they affect your business? Here's help.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Accountability must be linked to minimising infructuous demands and tracking recovery
China is contemplating levying carbon tax and raise the prices of petroleum for the next five years as an incentive to cut greenhouse gas emissions and help realise green targets, an expert said on Monday.
In a major step towards tax reforms, the Centre on Tuesday agreed on a 3-tier system of compensating the states that incur revenue loss on account of implementing the value-added tax from April 2005.
The Indian government will present the annual budget for 2016-17 on February 29.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
"Tax exemptions granted to dedicated export units located in EPZs, SEZs and EoUs should continue up to 2010."
Manufacturing taxes, VAT will come down, assures Jaitley
He was responding to a question on economic reforms in the country.
Ravi Gopalakrishnan, head-equities, Canara Robeco Mutual Fund, tells Ashley Coutinho that earnings growth will pick up once the benefits of reform initiatives accrue.
The empowered committee of state finance ministers is firm on sticking to the April 1 deadline for switching over to Value Added Tax despite the "friction" coming in the way from traders and a handful of states.
After assuming power in 2014 with a full majority of its own, the BJP-led NDA government started an ambitious process of reforming labour laws in the form of codes aimed at making the framework less cumbersome with a variety of alterations. It had planned four codes each for industrial relations, wages, social security and welfare, and occupational safety, health and working conditions. To this end, 35 central labour laws were to be converted into four codes that would have had the virtue of streamlining labour relations. But none of the proposed code Bills could be converted into a law principally because neither trade unions nor industry representatives came on board. They hold the key to India's low-growth-high unemployment paradigm but the government may struggle to push them through this time as well. Somesh Jha explains why
In a dazzling resurgence, foreign investors have graced the Indian equity markets with an influx of nearly Rs 1.5 lakh crore in 2023, fuelled by optimism over the country's resilient economic fundamentals amid shadows of a gloomy global scenario. Experts believe that the positive trend may continue in 2024. This follows Indian equities witnessing the worst-ever net outflow of Rs 1.21 lakh crore by FPIs in 2022 on aggressive rate hikes by the central banks globally after net inflows for three consecutive years.
India has undertaken a number of structural reforms.
The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.
The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
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