Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
Moody's has a 'positive' outlook on its 'Baa3' rating on India.
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
Barely days after imposing a 40 per cent export tax on onions to cool down soaring prices, which, in turn, triggered widespread protests across the main growing belts, the Centre on Tuesday sought to mitigate both political and economic tensions gripping parts of Maharashtra. It decided to procure an additional 200,000 tonnes of onions at Rs 2,410 per quintal for its buffer stock from farmers, a rate that is strikingly close to the price at which they were being exported before the 40 per cent duty was levied on August 19. The export price before the imposition of the duty stood at around $320 per tonne free on board (approximately Rs 2,650 per quintal).
The country's gross domestic product (GDP) is expected to grow at around 18.5 per cent with an upward bias in the first quarter of the current financial year, according to SBI research report Ecowrap. This estimate is lower than the Reserve Bank of India's GDP growth projection of 21.4 per cent for the April-June quarter. "Based on our 'Nowcasting' model, the forecasted GDP growth for Q1 FY22 would be around 18.5 per cent (with upward bias)," the report said. Higher growth in Q1 FY22 is mainly on account of a low base.
Embattled Adani Group on Monday said it has repaid loans aggregating $2.65 billion to complete a prepayment programme to cut overall leverage in an attempt to win back investor trust post a damning report of a US short seller. In a Credit Note released on Monday, Adani Group said it has made a full prepayment of $2.15 billion of loans that were taken by pledging shares in the conglomerate's listed firms and also another $700 million in loans taken for the acquisition of Ambuja Cement. "The prepayment was done along with interest payment of $203 million," it added.
Tax evasion needs to be made a serious 'criminal offence' to force foreign countries to reveal names and account details of Indians stashing illicit wealth abroad, the Special Investigation Team on black money has said.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
Prime Minister Narendra Modi and Rajasthan Chief Minister Ashok Gehlot on Thursday exchanged jibes over the red diary that a sacked state minister claims records financial misdeeds of the CM and his colleagues.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
IndiGo was the only airline to have reported profits during this period, barring 2011-12 when it made a loss of about Rs 88 crore (Rs 880 million.
Merger and acquisition (M&A) activity involving Indian companies included 156 deals with a total disclosed deal value of $12.1 billion in the quarter.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
The RBI holds its next policy meeting in early June.
The GST rates for all but six items were finalised at the first day of the two-day meeting of the GST Council, headed by Union Finance Minister Arun Jaitley and comprising state representatives.
This is, say tax experts, the first time that a car race circuit has been held to be the permanent establishment of an assessee.
The tax forces young startups to part with a portion of the capital they have raised from investors due to disagreements over the valuation of the company by Income Tax officials.
An NCD's credit rating will tell you whether risk possibility is high or low. Instruments rated below AA are regarded as high-risk.
According to a calculation by the government, India's airlines currently have 633 aircraft of which they may operate only 200.
IOC will have to reply why the amount of Rs 4.64 crore along with interest, penalty and additional penalty for suppressing the value of toll charges.
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Such direct import was formally allowed in February 2012 but the aviation companies lack the infrastructure to do so.
Official sources say that the finance ministry is aware of the possible spike in smuggling activity and has already asked intelligence agencies to tighten their vigilance and come down on the unofficial entry of gold into India.
A minimum levy of 12 per cent GST on tea will increase the cost, which will ultimately be passed on to consumers.
India's macroeconomic fundamentals are strong to deal with global challenges and the central government is committed to sticking to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal, official sources said on Monday. The government is taking steps to deal with the spiralling crude oil prices in the international market, the sources said. India meets nearly 85 per cent of its oil demand through imports and a weaker rupee makes imports costlier.
Even if the GST rate is 18-20 per cent, there would be no average impact on inflation.
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Govt says domestic carriers' financial health a concern.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
The government should take measures to promote innovation and R&D while simplifying regulations for the sector in the upcoming Union Budget, as per pharmaceutical industry bodies. Outlining the wish list for the sector in the upcoming Union Budget, Indian Pharmaceutical Alliance (IPA) secretary general Sudarshan Jain said the domestic pharma industry is currently around $50 billion in size and aspires to grow to around $130 billion by 2030 and $450 billion by 2047. "To achieve this vision, the Union Budget 2023-2024 should help fuel innovation and R&D, which will set the pace for propelling the pharmaceutical industry forward," he told PTI.
If you are making any drastic changes, make sure there is adequate documentation
'The only good thing is people will not be required to maintain their medical bills and invest time in that.'
Most of the individuals hail from Mumbai, Kolkata, Ahmedabad, Surat, and Delhi
One of the grey areas is whether the anti-profiteering provisions can provide for a comparison of tax rates between the pre-GST and post-GST eras, says Niraj Bagri.
No change in retail prices as oil marketing firms to absorb increase
Chief Minister Manohar Parrikar yesterday said the state has already slashed Value Added Tax on Air Turbine Fuel refuelled in the state from 22 percent to mere 12.5 per cent.
The GST Council in its meeting next week is likely to consider a proposal for making changes in the monthly tax payment form -- GSTR-3B, which would include auto-population of outward supplies from sales return and non-editable tax payment table, officials said. The move would help curb the menace of fake billing, whereby sellers would show higher sales in GSTR-1 to enable purchasers to claim input tax credit (ITC), but report suppressed sales in GSTR-3B to lower GST liability. Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B.
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.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The finance minister said the government was open to suggestions.
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