It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
'SC and ST entrepreneurs are showing promise in starting and running businesses'.
Earlier, taxpayers were required to fill in complete details.
Top officials, including cabinet secretary, principal secretary to the prime minister, health secretary and NITI Aayog member Vinod Paul, attended the meeting.
He also said GST will take about a year to stabilise.
There is no proposal to modify income tax returns forms, finance ministry sources clarified when asked to comment on news reports that the purported statement of financial transactions expansion would result in the filing of high-value financial transactions in ITR by the taxpayers themselves.
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
The DTH industry has to pay entertainment tax to state governments and service tax to the central government.
The global ratings agency, however, cautioned that high debt burden remains a constraint on the country's credit profile.
Despite a temporary relief, foreign investors still see the sword of double-taxation hanging above their hard earned returns.
The finance ministry is considering this move on account of better levels of tax compliance and the ongoing buoyancy in direct tax collections, a senior government official told Business Standard. The surcharge, a sort of "tax on tax" is paid by 2-3 million, of the total 31.9 million assessees who are liable to pay tax.
Pune's Mylab Discovery Solutions' CoviSelf, which gives results in 15 minutes, gets ICMR nod
The all-powerful GST Council on Friday decided to charge food delivery platforms such as Swiggy and Zomato a tax even as it extended concessional tax rates on certain COVID-19 drugs by three months till December 31. The Council, which comprises the Union finance minister and her state counterparts, decided to continue keeping petrol and diesel out of the GST purview as subsuming the current excise duty and VAT into one national rate would impact revenues. Briefing reporters on the decisions taken by the Council at a meeting here, Union Finance Minister Nirmala Sitharaman said GST has been exempted on muscular atrophy drugs like Zolgensma and Viltepso, which cost crores of rupees.
ICICI Lombard is utilising the latest technology and forensic methods to verify insurance claims.
Markets regulator Sebi on Tuesday proposed to rationalise the definition of 'promoter group' and move to the concept of 'person in control' as well as reduce the minimum lock-in periods for promoters' and other shareholders post an IPO. In a consultation paper, the watchdog has also suggested streamlining the disclosures requirement of group companies. The Securities and Exchange Board of India (Sebi) has sough comments from public on the proposals till June 10.
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
India does not feature in the top 100 countries on eight of the 10 indicators of the World Bank study.
The Reserve Bank of India expressed concern over state governments' large and growing deficits on Sunday and called for steps such as improving the tax-collection system and charging for public services to augment revenues.\n\n\n\n
If the Personal Data Protection Bill gets passed in its present form, a new class of companies and entities could emerge. The sole job of these new entities would be to manage the consent for data usage of a user.Banks, healthcare firms and fintech companies, among others, fear that sharing non-personal data with the government may hurt business interests. Banks also fear the threat of data misuse.
DRs have shares as an underlying asset and are typically issued by a bank, known as the depository bank, on behalf of a company.
Tele/video-consults have been effective for patients requiring post-hospitalisation follow-up, especially if they are from outside the city; patients with chronic diseases that need periodic monitoring; and pregnant women who require routine checkup with minimum exposure.
Sebi has pushed for better corporate governance of listed companies through measures such as the need for a succession policy
Director of the National Centre for Disease Control (NCDC) Dr Sujeet Kumar Singh said the remaining 77 per cent are still vulnerable to the viral disease and containment measures need to continue with the same rigour.
A moderate GST rate obviates the need for the two-rate structure.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
India moving in right direction on GST, says Panagariya.
Budget 2016 may hold some answers to start-up cooncerns.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
Companies feel higher rates in India would not be justified.
Is Kohli not a great captain in spite of so many wins? My answer is, yes, declares Dr Sudhir Bisht.
Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.
'Expectations were being built up about radical moves and the action plan did not disappoint.'
Under the Companies Act, all the rights of at least 300,000 disqualified directors cease to have any validity.
There could be a strong incentive for tax payers to avoid the higher tax burden.
According to a new study, China, India, Indonesia, USA, Russia have the largest number of smokers.
The government on Tuesday extended the deadline for filing income tax and GST returns, raised the threshold of default that could trigger insolvency of a company, and waived charges on cash withdrawals from ATMs of other banks as a precursor to a broader stimulus package for the economy distressed by the coronavirus outbreak.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
The Prime Minister will be releasing separate brochures for these sectors along with a general brochure.
