Years of wait before DTC, GST are rolled out
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.
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.
'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.
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
Wankhede, a 2008-batch Indian Revenue Service (IRS) officer of the Customs and Indirect Taxes cadre, has moved the Bombay High Court seeking protection from any coercive action by the anti-money laundering agency.
FM says, he will not tax the middle class.
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.
Fitch Ratings on Thursday raised its forecast for India's economic growth to 7 per cent for the next fiscal year starting April 1 on the back of strong domestic demand and sustained level of business and consumer confidence. With a stronger-than-expected 8.4 per cent growth in gross domestic product (GDP) during the third quarter (October-December) of the current fiscal year, Fitch saw the Indian economy expanding 7.8 per cent in 2023-24 financial year (April 2023 to March 2024), marginally higher than the government's estimate of 7.6 per cent.
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.
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.
Jaitley is expected to present a common man friendly Budget.
The bench allowed the rejoinder affidavit to be filed by petitioners in two weeks thereafter and posted the matter for final hearing in January, 2025.
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".
Vaibhav Aggarwal's Change.org petition has been shared widely on Twitter and Facebook and continues to gather more signatures rapidly.
For the first eight months of the current financial year, the figure stood at Rs 7.17 trillion.
The scheme offers waiver of interest, penalty, and prosecution for settling tax disputes.
Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled.
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
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.
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.
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.
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
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As of September, account for bulk of applications for availing of the government's amnesty scheme.
In years past, we often approached the Budget expecting to see changes in direct and indirect taxes. Those days are behind us. The Budget of today seeks to expand the economy and keep it at the forefront of technology, observes Harsh Goenka.
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.
There are doubts about the meeting of indirect tax collection target for the current fiscal as there is slowdown in the economy.
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.
The finance minister's assertion that industry should not expect any spectacular announcements in the 2024 interim Budget suggest that the electoral imperatives of more tax concessions or higher expenditure on welfarist programmes could be far less pronounced than they were before the 2019 interim Budget, expects A K Bhattacharya.
The government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies.
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.
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.
Government gets Rs 17.1 lakh crore in its kitty
Crypto exchanges have been asked to furnish details this month itself.
On indirect tax front, the government will earn 21 paise from excise and customs.
According to the latest Budget papers, the staff strength of central ministries and departments is estimated to rise by 276,796 to 3.44 million at the end of FY23, it would be up by 109,266 to 3.55 million in March 2024.
The thinking at the Centre is that since the RBI has ramped up purchases of government bonds, the interest earned on them will be transferred to the exchequer as dividend.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
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