Early GST rollout to help create more jobs, boost output, says IMF.
Ahead of the Budget, Finance Minister Arun Jaitley on Tuesday underlined the need for tax reforms and quick decision making to ensure stability in policy regime.
Friday cut the import duties on non-alloy steel by five per cent and 10 per cent on ships for breaking, as part of fiscal measures to stem inflation surging towards 8 per cent.\n\n
Of the 11,000 kg imported between July 1 and August 9, around 90 per cent was brought in by two business groups which took advantage of the favourable reduction in tax incidence under GST, routing their imports through Korea.
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
The panel suggested inclusion of alcohol and petroleum products in GST, as is being demanded by the Congress.
While Arun Jaitley remains part of the decision making process, Piyush Goyal, who was given additional charge on May 14, attends cabinet meetings and takes the day-to-day decisions.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
'What has taken the government so long to understand what the people of this country are going through?'
Increased income tax collection is going to be a major consequence of going cashless and this should promise a future of lower taxes and higher purchase power soon, says Anil Rego
The Union Budget on Monday evoked contrasting responses in the political arena with the ruling Bharatiya Janata Party hailing it as a vision for an 'Aatmanirbhar Bharat' and the Opposition describing it as a 'let down like never before' that was meant to 'deceive' people.
Prohibition is resulting in prisons getting overcrowded.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
Punj Lloyd voluntarily deposited Rs 1.06 crore (Rs 10.6 million) on the spot through challans when excise officials visited them during an investigation in the matter.
The ripples from November 8 may be seen in next year's state budgets.
The cess collected on cars as also tobacco and coal will be used to compensate the revenue loss of states by implementing GST.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
The governments of Karnataka, Uttar Pradesh and Rajasthan want a lower limit of Rs 100,00,00 gross annual turnover.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
'Why should we disclose how and from where we will get these numbers?'
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The government has also raised the duty on gold ore/ concentrates/dore bars and silver dore bars ranging from 7 per cent to 10 per cent.
The Yogi Adityanath government on Wednesday transferred 20 senior IAS officers, shunting out Principal Secretary-Information Navneet Sehgal and others who wielded considerable influence under the Akhilesh Yadav dispensation.
Revenue collections will be on target at around Rs 2,50,000 crore (Rs 2,500 billion) this fiscal in view of the impressive direct tax mop-up, Minister of State for Finance Shripad Naik said on Friday.
'Several businesses like entertainment, hospitality, travel etc would never be the same again.'
Finance Minister Arun Jaitley's decision to cut arbitrage may ensure that the standards of purity of the refined gold in the Indian market meet the global benchmark
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
The opposition parties vehemently criticised the new 'one nation, one tax' system having four different rates instead of a single rate adopted in some countries including the UK and Singapore.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
Real estate major DLF has come under the scanner of central revenue officials for allegedly evading service tax to the tune of about Rs 30 crore.
The state has extended its full support, provided its revenues are protected.
FM should avoid proposals such as to tax financial transactions and fringe benefits
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
Announcing the cabinet decision, Union minister Prakash Javadekar also said the President, the Vice President, Governors of states have also voluntarily decided to take a pay cut as a social responsibility.
