'It is just an excuse to say that the Centre has run out of money.' 'Pruning these schemes would mean hard time for the people of India.'
The government's annual Economic Survey on Friday strongly defended new farm laws, saying they herald a new era of market freedom which can go a long way in improving lives of small and marginal farmers in India. These legislations were designed "primarily" for the benefit of "small and marginal farmers", which constitute around 85 per cent of the total number of farmers and are the biggest sufferer of the "regressive" APMC-regulated market regime, the survey said. The pre-budget document defended the farm laws in the backdrop of long-running farmers' agitation at various borders of the national capital seeking repeal of these legislations expressing concern that they are pro-corporate and could weaken government regulated mandis, also called Agriculture Produce Marketing Committees (APMCs).
The rift between Karnataka Chief Minister B S Yeddyurappa and his mine-owning ministerial colleagues continued as they stepped up their campaign against a new cess imposed on lorries transporting iron ore.Tourism Minister G Janardhana Reddy, himself a mine owner in the ore-rich Bellary district, took the lead by holding parleys with fellow miners to mobilise support against the Rs 1,000 cess on each lorry load of iron ore.
Days after their passage in the Lok Sabha, Tomar introduced the Farmer's Produce Trade and Commerce (Promotion and Facilitation) Bill, 2020, and the Farmers (Empowerment and Protection) Agreement of Price Assurance and Farm Services Bill, 2020 in the Rajya Sabha.
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.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
While most experts suggest the government loosen its purse strings and not worry about the fiscal deficit in a pandemic impacted year, it will be a tightrope walk for the government to increase spending without going overboard.
Prabhu said the Ministry was preparing a plan till 2030.
For fiscal 2019-20, the GST collection target has been budgeted at Rs 13.71 lakh crore.
The British were in India for over 300 years but they never became Indians. The East India Company sent all its loot back to London and the British empire continued that tradition. On the contrary, the Mughals did not send a single rupee outside India. So by what right does one call them traitors, asks A Ganesh Nadar.
A Dubai trip plus Apple iPhone 12 is cheaper than buying the phone in India. Various models of the iPhone 12 Pro and Max are cheaper in Dubai by up to Rs 35,000 owing to higher GST, Customs duty in India.
The Finance Minister Pranab Mukherjee on Monday tabled the Economic Survey for 2008-09 that prescribes doing away with cess, surcharges on taxes, including Fringe Benefit Tax, and sweeping refroms in areas like petrol pricing and financial sector.
Customs and excise duty rates have been amended mainly to promote Make in India.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
The finance ministry on Tuesday clarified that service tax would be levied only on air-conditioned or air-heated restaurants.
Both NRIs and those who make payouts on sale of property need to understand the TDS provisions that are applicable or risk punishment, warns Sanjay Kumar Singh.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
It is the season for submitting 'wish lists' to the finance minister. Let me make only one point today, which is to simplify the duty rate structure.
The FIEO on Thursday reiterated that the Customs authorities at several ports in India had ordered a sudden examination of Chinese consignments without any official word from the government, and this may have led to the Chinese retribution.
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
The policy has been finalised after nearly eight months since the Ministry came out with the revised draft in October 2015.
There are several welcome standalone reforms, but these do not add up to a coherent strategy to achieve a $5 trillion economy or secure Aatmanirbharta, observes Rathin Roy.
Once the income has been classified as either business income or capital gains, be consistent.
A hike in cess on luxury cars will not only hinder Jaguar Land Rover's network expansion but also prevent it from introducing new technologies in India, JLR India managing director Rohit Suri tells Shubham Parashar in an interview.
The Japanese auto major says the ban has made it difficult to launch new products or commit fresh investments
Finance Minister Arun Jaitley on Thursday doled out income tax sops by raising threshold exemption and investment limits by Rs 50,000, raised duties on cigarettes, tobacco, pan-masala and aerated drinks, widened service tax base and announced measures to spur growth manufacturing and revive investor confidence.
A government official said out that with hardly any economic activity, an immediate duty hike will not be productive and could be announced once the lockdown eases and demand revives.
The Bharatiya Janata Party MLAs staged a walkout ahead of the voice vote.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on May 29.
What has been the impact of this Budget on your daily life?
DDT is levied on dividends that a company pays its shareholders out of its profits. It is currently charged at the rate of 20.55 per cent, including a surcharge and education cess. Government may instead tax the shareholders receiving dividends, in a bid to help improve investor sentiment by addressing the multiplicity of taxes and bring down the effective tax rates for companies.
Petrol now costs Rs 59.99 per litre as against Rs 59.03 a litre previously.
The cigarettes segment had a revenue of Rs 4,554.21 crore during the second quarter of the current fiscal, as against Rs 8,528.47 crore in the year-ago period, down 46.56 per cent.
Information and Broadcasting Minister P R Dasmunsi on Wednesday denied moves to impose any licence fee or cess on radio and TV sets.
The fiscal situation is in a mess, with widespread suspicion that the deficit is much larger than it was claimed to be.
The auto industry body has been lobbying hard with the government for extension of the reduced excise rates.
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