The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
The revenue from GST for the current fiscal has been pegged at over Rs 4.44 lakh crore, while for next fiscal it is Rs 7.43 lakh crore.
India can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March Bulletin published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by RBI Deputy Governor Michael Debabrata Patra.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
The Income-Tax (I-T) department has issued around 8,000 notices to salaried employees, self-employed individuals, and companies who made significant donations to charitable trusts. The department suspects potential tax evasion, as records of these donations do not correspond with the income and expenses of those making them. Sandeep Bajaj, managing partner, PSL Advocates & Solicitors, says, "Notices were issued for donations made during the assessment years of 2017-18 through 2020-21."
Years of wait before DTC, GST are rolled out
The Vijay Kelkar task force on direct and indirect taxes, submitted its report to Finance Minister Jaswant Singh.
Agra has long been known for the Taj Mahal, but it is also a manufacturing hub filled with micro, small and medium enterprises (MSMEs) that make everything from electronic components to metal products, from paints and chemicals to footwear. And five years after the introduction of the Goods and Services Tax (GST), the MSMEs here complain that while the indirect tax regime has been transformative, cutting out the need to file multiple taxes, its biggest drawback has been the delay in credit refunds. Whoever you speak to - MSME owners, tax lawyers, or industry bodies like the National Chambers of Industries and Commerce (NCIC), Agra Footwear Manufacturers and Exporters Chamber (AFMEC) and Agra Shoe Manufacturers Association (ASMA) - they all emphasise that the GST continues to face some key challenges.
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
Service Tax Commissioner Gautam Bhattacharya asked India Inc to be more pro-active in sharing inputs with government officials.
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The GST will subsume most of the indirect taxes like excise duty and service tax
FM says, he will not tax the middle class.
'Pump prices of petrol and diesel have reached historical highs. An unwinding of taxes on petroleum products by both the Centre and the states could ease the cost-push pressures,' the Monetary Policy Committee (MPC) has said.
Goyal's move was criticised by the Opposition saying with general election months away, the Prime Minister Narendra Modi-led government had mandate only to present a vote on account and a Budget containing direct tax proposals.
CEC Sunil Arora will meet former heads of Central Board of Direct Taxes and Central Board of Indirect Taxes and Customs on Friday to discuss ways to keep a check on black money disbursements in South India, especially Tamil Nadu.
Fiscal deficit would be brought down to below 4.5 per cent by 2025-26, Finance Minister Nirmala Sitharaman said on Wednesday. She also said that tax receipts for the next fiscal are budgeted at Rs 23.3 lakh crore and states would be allowed 3.5 per cent of GDP as fiscal deficit. To finance the fiscal deficit in 2023-24, net market borrowing from dated securities is estimated at Rs 11.8 lakh crore, Sitharaman said while presenting the Union Budget for 2023-24 in the Lok Sabha.
Jaitley is expected to present a common man friendly Budget.
Life Insurance Corporation of India (LIC) February 8 for the first time ever crossed the Rs 7 trillion market capitalisation, as the stock price of state-owned insurer hit a new high of Rs 1,144,45, on rallying 10 per cent on the BSE. The board of directors of the Corporation are scheduled to meet today i.e. February 8, 2024, to consider a proposal for declaration of interim dividend for the financial year 2023-24 (FY24). The board will also consider and approve the unaudited financial results for the quarter and nine-month period ended on December 31, 2023.
Mihir Tanna, Associate Director, S K Patodia & Associates, answers your tax queries.
The climate for 'doing business' remains forbidding, taxtortion is still rife, corruption at state and district levels has increased, oil prices remain extortive with high taxation, and the continued red tape has kept the enterprise system as stifled as before, points out Debashis Basu.
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
Competition in the fast-growing quick commerce sector is heating up as Swiggy Instamart faces a tough challenge in narrowing the gap with Blinkit, which currently dominates the market. In the second quarter (Q2) of 2024-25 (FY25), Instamart's gross order value (GOV) rose by 42.1 per cent quarter-on-quarter (Q-o-Q) and 75.5 per cent year-on-year (Y-o-Y), reaching Rs 3,382 crore.
Advance corporation tax collections grew 8 per cent in H1FY17 against 6 per cent last year. A moderate pick up in advance corporation tax collections suggest the sector might not witness significantly high growth in FY17, says Dilasha Seth.
In 2015-16, more than 94 per cent of income tax returns were filed online and 4.14 crore returns were processed by the Central Processing Centre.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
For every rupee in government kitty, as much as one-fourth will come from market borrowing in 2014-15 while 20 paise would be spent towards interest payment.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
Vodafone further said it has "always been confident" that no tax is due on the company. The government in August enacted a law to end all retrospective taxation imposed on indirect transfer of Indian assets. The rules under the law seek to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets and also refund the amount paid in these cases without any interest. Asked if the company has filed an application with the Indian government to settle the retrospective tax dispute, a Vodafone spokesperson said, "We can confirm we have filed an application".
The commerce ministry is proposing a host of direct and indirect incentives such as deferral of import duties and exemption from export taxes to revamp Special Economic Zones through a new legislation, an official said. In the Union Budget this year, the government proposed to replace the existing law governing Special Economic Zones (SEZs) with a new legislation to enable states to become partners in 'Development of Enterprise and Service Hubs' (DESH). The official said the commerce ministry has sought views of different ministries, including finance, on the new bill.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
The Planning Commission on Wednesday said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but it could be introduced in the next fiscal only.
The government last fiscal missed its direct tax collection target, and for this financial year it has set a higher revenue mobilisation goal of Rs 13.80 lakh crore.
Government gets Rs 17.1 lakh crore in its kitty
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