The International Monetary Fund has expressed concern over implementation of "incomplete" value added tax system in developing countries, saying it will reduce the benefits of the new taxation method as it omits service and other vital sectors.
Twenty one states which have switched over to Value-Added Tax on Tuesday agreed to adopt uniform rates for industrial input, capital goods and essential commodities like medicines, salt, bread and PDS items.
The nationwide 3-day traders strike against value added tax being implemented by 21 states from April 1 evoked a mixed response on Wednesday with wholesale markets remaining closed in major cities but retailers carrying out business in many places.
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After setting up a committee under N Rangachary last year to look at taxation issues regarding the sector, the government has issued several notifications in the last eight months.
Intensifying their stir against the implementation of value added tax from April, traders on Wednesday threatened to down shutters for four days from March 29 and warned of "tough" days ahead for the government.
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Prices of essential commodities are likely to rise because of the strike, which has been called to protest against frequent hikes in diesel prices and value added tax.
The nation-wide two-day bandh by traders against introduction of the much-touted value added tax evoked a mixed response on its opening day on Monday affecting commercial activities to a great extent.
The much-awaited introduction of value added tax regime from April one this year will be delayed by a few days because of some "unavoidable procedural tangles".
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
The feeling was that the higher levy would prompt the company to increase prices in the process hurting volumes. But the unchanged central excise duty, analysts say, outweighs the VAT increases in Maharashtra and Delhi. As a result, estimates for the current year have been upped with expectations that the company could grow its top line by as much as 13-14 per cent driven by a 6-7 per cent rise in volumes.
Supposed to be one of the top-paid stars in Tamil cinema, actor Vijay is known for his big-ticket hits and commands good box-office opening.
In this Budget, too, there were a number of measures aimed at plugging tax leakages and ensuring greater compliance, says Sanjay Kumar Singh.
The government could look at providing deductions for expenses incurred by salaried employees while working from home in the upcoming Budget as it looks to boost demand, consulting firm PwC India said on Thursday. Addressing a pre-Budget session, Pwc India senior tax partner Rahul Garg said demand creation is particularly focussed on money being given or left in the hands of the individuals.
The meeting of the Empowered Committee of Finance Ministers of States and Union Territories began with some states demanding that they be allowed to charge service tax on certain items pending a decision on the implementation of VAT.
Amazon's fulfilment centres, which store products of hundreds of vendors selling on the American online major's platform, are being cited by Karnataka state government authorities as a primary concern in an ongoing tax dispute.
Nextbillion Technology (Groww), the venture capital-backed broking platform, has dislodged Zerodha Broking as India's largest brokerage in terms of number of active clients. Groww had 6.63 million active clients at the end of September, as against Zerodha's 6.48 million, ending the latter's long run at the top. AngelOne and RKSV Securities (Upstox) were ranked third and fourth with 4.86 million and 2.19 million active clients, according to data available on the National Stock Exchange (NSE).
The empowered committee of state finance ministers on Monday said the Value-added Tax will be implemented from April 1, 2005, even if Uttar Pradesh does not fall in line.
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