The government's plan to mop-up additional revenue from indirect tax may not materialise
A road map could be laid out for a gradual reduction in the tax rates from the current incidence of about 62-94 per cent without causing a major blow to the revenues of the Centre and the states. The opportunity arising out of higher GST collections should not be squandered, says A K Bhattacharya.
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.
An inquiry has been initiated by Directorate General of Central Excise Intelligence officials against these airlines.
According to a calculation by the government, India's airlines currently have 633 aircraft of which they may operate only 200.
Finance Ministry, Assocham on Tuesday sought a taxation friendly environment for the startups
While clarifying the provisions of service tax to be levied on services provided by air conditioned restaurants with licence to serve liquor, the CBEC said the value added tax excluded from the taxable value.
'While collections under the Income Disclosure Scheme explain it partly, indirect tax numbers not showing any effect of the withdrawal of high denomination currency notes was puzzling.'
The government has also hiked excise duty by 11 percent, which is in addition to the 6 per cent that was announced in the budget, he said.
Delhi-based Jasmeet Singh Sandhu, an Indian Revenue Service officer, has secured third position in the test.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
Petrol price was on Friday cut by Rs 2.42 per litre and diesel by Rs 2.25 a litre after an excise duty hike limited the benefit of global crude prices slumping to six-year low.
A foreign national has been arrested by Pakistani security agencies in connection with the car bomb blast outside the house of the 2008 Mumbai terror attack mastermind and chief of the banned Jamat-ud-Dawa (JuD) Hafiz Saeed in Lahore, according to media reports.
Vagela could not have reached this position if Narendra Modi, who'd known him from his chief minister days, had not backed the choice.
In a pre-Budget meeting with Revenue Secretary Sunil Mitra, Ficci President Rajan Bharti Mittal said in view of the looming threat of a double-dip recession and another slowdown in western countries, the stimulus should not be rolled back in the Budget in February.
The corporate income tax breaks make up a relatively small part of $80 billion in business giveaways.
Liquor shops reopened across the country in the non-containment zones after 40 days from Monday with people queuing up in large numbers, giving social distancing norms a toss at some places.
For every Re in govt coffer, one-fourth will come from market borrowing.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
The Economic Survey states that the rationalisation and reprioritisation of subsidies through better targeting would play a vital role in fiscal consolidation and in targeting expenditure more towards inclusive development.
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.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Work has to be done on a war footing from now to implement the GST regime.
The chief minister, who had on Wednesday expanded his new cabinet by inducting 29 ministers, had played it safe by and large retaining old faces, as 23 of them were Ministers in the previous Yediyurappa cabinet, while six were new.
Oil companies on Monday slashed petrol price by Rs 3.02 per litre.
Ahead of Union Budget, the government on Thursday said it hopes to exceed the indirect tax collection estimate of Rs 3.36 lakh crore for this fiscal in view of the buoyancy in the economy.
The central government will lose about Rs 24,000 crore (Rs 240 billion) of revenue during the current fiscal on account of reduction in customs and excise duties on petroleum goods.
Fuel rates were last revised on February 1 when petrol price was cut by a marginal 4 paise a litre.
CM Trivendra Singh Rawat cancels licences of the two government-controlled liquor shops in his constituency. The state government is facing an uphill task in opening new shops in face of widespread agitation by women.
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The GST will subsume most of the indirect taxes like excise duty and service tax
Simplicity will make the Budget investment-friendly
The budgeted indirect tax collection target is Rs 9.26 trillion, and the Centre has collected around Rs 5 trillion in the first 8 months. So it needs another Rs 4.2 trn in the last four months
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 much awaited new indirect tax regime Goods and Service Tax (GST) is unlikely to be implemented from the scheduled date of April 1, 2011, a top government official said on Tuesday.
