The Central Board of Excise & Customs will develop the process over the next few months.
India's tax pie seems to have undergone a subtle change with a sharp drop in direct tax collections resulting from a disproportionate impact of the COVID-19 carnage on incomes. The share of indirect taxes, which mainly comprise of levy on goods and services as well as import duty, has risen while that of direct taxes - made up of corporate and personal income tax - has gone down in 2020. In an interview with PTI, finance secretary Ajay Bhushan Pandey said in a pandemic like this where the economy has been impacted, any large scale changes impact direct taxes more severely, whereas indirect tax collection is mostly proportional to business turnover and compliance.
The CAG has found that the Union government in the very first two years of the GST implementation wrongly retained Rs 47,272 crore of GST compensation cess that was meant to be used specifically to compensate states for loss of revenue.
The state government has decided to open the retail liquor vends throughout the state barring in coronavirus 'containment zones', Deputy Chief Minister Dushyant Chautala said.
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.
Jewellers remained firm over complete rollback of excise duty.
Centre shows optimism of achieving the target of 4.1% at back of recent measures and turn around in manufacturing.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
If Nirmala Sitharaman does indeed present a 'never-before' like Budget on February 1, going by her promise, she would create a new benchmark for post-contraction Budgets, observes A K Bhattacharya.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
The spurt in rates, caused by the rally in international oil prices, has led to the oil ministry asking the finance ministry for a cut in excise duty in the Union Budget 2018-19, to be presented in Parliament next week.
The excise duty collection grew by 81 per cent in first quarter against the budgeted 21.7 per cent.
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
The Election Commission has deployed 36 observers for monitoring the flow of illegal cash and other inducements during the upcoming assembly polls in Meghalaya, Nagaland and Tripura. The officials have been deputed by the Central Board of Direct Taxes (Income Tax department) and Central Board of Excise and Customs (Customs and Excise department) and will act as Election Expenditure Observers, a senior Revenue department official said.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
The price of petrol is expected to come down to Rs 84.71 a litre and diesel to Rs 77.98
The new cabinet, predictably, has a sizeable number of Yadavs and Muslims, though members of other sections of the society also find a place.
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
As per practice a vote-on-account or approval for essential government spending for a limited period is taken in the election year and a full-fledged budget presented by the new government.
Jewellers on Monday decided to continue their pan-India strike for an indefinite period against the Budget proposal.
Petrol and diesel prices were hiked by 80 paise a litre each on Wednesday, taking the total increase in rates in 16 days to Rs 10 per litre.
Indirect tax collection, which includes excise, customs, and services tax, was Rs 2.57 lakh crore.
The move will boost the government's revenue at a time when Delhi's economy is struggling in view of the Covid-induced lockdown that has been in place since April 19.
On April 5, 2016, the Nitish Kumar-led government imposed total prohibition in Bihar. M I Khan crunches numbers for the REAL picture since then.
The Revenue Department has extended the deadline by one month to November 25 for filing of service tax returns for the April-June quarter, as it has not been able to provide electronic return form in time.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
Punjab Chief Minister Charanjit Singh Channi on Tuesday allocated portfolios to the new ministers, keeping 14 departments with himself and giving home affairs to deputy chief minister Sukhjinder Singh Randhawa and health to other deputy O P Soni.
The government has to take a call on reducing or retaining the excise rate.
Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
Service tax accounts for one-third of the total indirect tax collection in the country and the government expects to raise Rs 1.8 lakh crore (Rs 1.8 trillion) through the levy this fiscal.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
Finance Minister Arun Jaitley on Wednesday said for the first time fiscal deficit target will be met without budgetary cuts.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
The BJP would want that by March 2022, when UP votes, the economy starts looking up and it heads into the polls with no other issue distracting from its main poll plank of the construction of the Ram temple in Ayodhya.
The government has not given any concrete assurance on the rollback of excise duty.
BJP-ruled Maharashtra levies 46.52 per cent VAT (47.64 per cent in Mumbai) on petrol, the highest in the country.
A total of 829 candidates have qualified for civil services, including the Indian Administrative Service and the Indian Police Service, the Union Public Service Commission announced
