The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
The GST bill was earlier planned to be introduced from April 1.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
The government has set a revenue target of Rs 9 lakh crore during the current financial year, a top 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.
There are reports that the government will soon cut income taxes by about Rs 50,000 crore to boost consumption.
Prime Minister Modi, I suggest that, instead, you distribute about one lakh crore rupees per year to the 80 crore poor, which will boost both consumption and economic growth, suggests Kalyan Singhal, McCurdy Professor of Business at the University of Baltimore.
Instead, 2019-20 could be the base from which the Budget estimates for next year are calculated.
The finance minister's Budget Speech has come as a surprising blessing as he has maintained the rates as they were last year.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
The finance ministry has said that the Goods and Services Tax will not apply on room rents of 'sarais' (inns) or properties managed by religious and charitable institutions. The clarification was issued by the Central Board of Indirect Taxes and Customs (CBIC) on Thursday evening to clear the confusion with regard to the levy of GST on room rents. This clarification by the Finance Ministry came following a demand from various quarters including AAP MP Raghav Chadha that the GST on rooms rented by religious institutions be withdrawn.
A well-established tax system would have a predictable buoyancy - how fast the collections grow as a proportion to the growth of the economy. But that is not the case with GST. It is still undergoing substantial changes as the government responds to structural as well as administrative glitches.
Tata Sons has moved the Supreme Court against an estimated Rs 300-crore (Rs 3-billion) sales tax demand from the Maharashtra state government.
'We are engaging in substantial open market sales of both wheat and rice to control food inflation; special measures of market intervention in vegetables, pulses and oil seeds were also taken to cushion the impact.'
While presenting her 2021-22 Union Budget, Finance Minister Nirmala Sitharaman had set a fiscal deficit target of 6.8 per cent of nominal gross domestic product (GDP) against the 2020-21 Revised Estimate of 9.5 per cent. The fiscal correction in the upcoming 2022-23 Union Budget is unlikely to be that steep. Even as discussions among top Budget-makers are ongoing, the fiscal deficit target for 2022-23 may likely be in the range of 6.5-6.8 per cent.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
The challenge of achieving fiscal deficit targets for the next two years seems daunting.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
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 government had budgeted revenue realisation for 2012-13 fiscal at Rs 10.38 lakh crore (Rs 10.38 trillion).
"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 government on Monday forecast annual economic growth to accelerate to 7.4 per cent in the fiscal year ending in March 2015
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The implementation of the GST will indeed be a landmark reform.
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
This is the Centre's highest-ever budgeted capital outlay.
ADB, however, has cut its growth forecast for developing Asia to 6.1 per cent from the earlier 6.3 per cent in view of subdued economic activity in the US and China.
The CAD in 2012-13 was at 4.7 per cent of GDP and in 2013-14 it will only 1.7 per cent, the Finance Minister said.
Rain gods may be kinder; revenue collections going up: Jaitley
The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
Change in performance appraisal system will deter corruption and motivate officers to pass correct orders.
China is slowing down, Europe is barely afloat and the US is meeting a larger chunk of its own demand.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
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