'It is entering growth territory on a month-on-month basis.'
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
'The kind of tax which will be generated from the second pillar may far outweigh what we may be losing in the first pillar.'
The country saw two straight years of deficient monsoons.
If the real economy is indeed looking up, then it no longer needs hand-holding and fiscal laxity
The government has allowed import and export of COVID-19 vaccines without any value limitation, in order to ensure speedy clearance and distribution. The Central Board of Indirect Taxes and Customs (CBIC) has amended the regulations to facilitate the import/export of COVID-19 vaccines through courier, at locations where the Express Cargo Clearance System (ECCS) is operational. "Imports and exports of vaccines in relation to COVID-19 has been allowed without any value limitation," said the amended Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2020.
It is pegged at 6.8-8% by various economists, as compared to 6.7%.
'Gloom is nowhere in sight, with healthy foreign exchange reserves, a strong rupee, healthy tax collections, corruption and crony capitalism under check,' argues Gopal Krishna Agrawal.
Customs and excise duty rates have been amended mainly to promote Make in India.
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
A rise in petrol and diesel consumption can help the government cut cesses on the fuels by Rs 4.5 a litre without impacting revenue collections of FY21, and help cool off the pressure on inflation, domestic rating agency ICRA said on Friday. Petrol consumption is estimated to increase 14 per cent in 2021-22 and diesel by 10 per cent on the lower base, rise in mobility and economic recovery, ICRA said. The rating agency added that it will result in an additional Rs 40,000 crore in revenue for the government through higher collections of the cess.
Enhanced revenue generation is a priority for the government.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
'In view of these facts I do not find it useful to attend the 7th Governing Council meeting of Niti Aayog scheduled to be held on August 7, 2022 and I am staying away from it'
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
Lower crude prices mean less government outlay for India,
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
Finance Ministr Arun Jaitley will have to do a balancing act to manage fiscal prudence.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
It is far from clear that this GST will have the silver bullet effect that the "pure" GST would have provided, says Mihir S Sharma.
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.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
'Urjit Patel was not quite the picture of courage, but even he turned, he had to turn.' 'Perhaps there is something that is far more sinister than what we are aware of, which is the reason for his resigation.'
The 41st meeting of the GST Council, to be held via video conferencing, has just one agenda for discussion -- making up for shortfall in states' revenues, sources said.
Finance Minister Arun Jaitley said the fiscal deficit slippage this financial year (2017-18) was largely statistical.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
It is possible that the final Budget architecture may be at variance with the comments.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
Nifty 50 firms' net profit estimated to grow by a modest 3.1% in Q2, reports Krishna Kant.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances