If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
The government has created a comprehensive budget with sharp focus on sustaining economic activity and investment but more clarity is needed on areas like taxation framework for adopting remote working on a long-term basis, IT body Nasscom said on Monday. The industry association noted that the IT/ITeS (Information Technology-enabled Services) industry has been a key driver of growth and jobs in 2020 and there is an opportunity to significantly accelerate it further. "For the IT sector, one of the biggest needs ahead of us is the development of future business models, with hybrid working becoming a reality. "We look forward for the government to provide clarity on providing a framework in direct taxes and indirect taxes for the industry to adopt WFH/remote working on a long-term basis," Nasscom said in a statement.
Reform ideas do not occur overnight and evolve over the years.
Because of the economic slowdown, the actual corporation tax collection in 2012-13 was at Rs 3,56,326 crore (Rs 3,563.26 billion), up 10.4 per cent year-on-year as against 15.6 per cent estimated in the Budget.
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
The discussions are at a very critical stage
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
Will it benefit you? Or will it lead to an increase in inflation? Bipin Sapra believes it will be some time before GST's benefits reach consumers.
SEZs should be judged in the same way you would many other export promotion schemes such as Drawback, Duty Entitlement Pass Book and Export Promotion Capital Goods while discussing indirect taxes.
Small scale and cottage industries which are labour intensive will be severely hit.
Billionaire banker Uday Kotak founded bank as well as brokerage created and oversaw an offshore fund used by an unnamed investor to profit from a plunge in Adani shares that followed a damning Hindenburg report, the US short seller said on Tuesday. Hindenburg Research, which had in a January 2023 report alleged stock market manipulations and accounting fraud at the Adani group, said it has received a show cause notice from the Indian markets regulator Sebi over gains made from betting on the conglomerate's shares.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled. Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments. The trust is also registered under the I-T Act as a charitable trust.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
In his maiden Budget presented in Parliament on July 10, Finance Minister Arun Jaitley has tried to provide relief to the middle class by increasing tax exemption limit by Rs 50,000 to Rs 250,000.
'While the Budget would be growth-friendly, it would not come at the expense of an increase in the fiscal deficit.'
GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the finance ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence," the GST investigation wing under the finance ministry said, while issuing instructions for launching prosecution.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
'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.'
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
Income tax officials on Monday conducted surveys at offices of engineering major Larsen & Toubro and media firm Zee Group for alleged GST evasion, an official of the tax department said. When contacted, L&T neither confirmed nor denied the development, while the media group has confirmed the tax survey. The tax official said surveys have been carried out at many L&T premises in the city, and in case of Zee, the surveys are underway at all its offices across the country since morning.
As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted.
He will succeed K K Venugopal, whose term will end on September 30.
The proposals before the ministry is to hike the tax exemption limit from the existing Rs 250,000 per annum to at least Rs 300,000 if not 500,000.
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
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.
The Centre is staring at a combined shortfall of up to Rs 1 trillion in excise and Customs revenues in the current financial year (FY23) compared to the Budget estimates (BE), mainly because of duty cuts on edible oil and petroleum products. The government set a target of Rs 3.35 trillion for excise and Rs 2.13 trillion for Customs mop-up for FY23 while presenting the Budget in February. "As excise duty collection is mainly driven by diesel volumes, we might see a clear gap in the level budgeted for FY23, following the reduction in cesses on petrol and diesel in May. We are expecting somewhere between Rs 80,000 crore and Rs 1 trillion dip in excise and customs duty collections," a senior government official told Business Standard.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
He also said GST will take about a year to stabilise.
Data released earlier by CAG shows capital expenditure by the Centre had contracted 9.2 per cent in Q2
Jaitley says govt is open to scrapping 1% additional tax on GST
Questions will be raised over why those changes take place and whether non-economic factors are at play, says A K Bhattacharya.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
The sentence could go up to three years if the evasion exceeds Rs 50 lakh (5 million).
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
If you have a health insurance policy, you can earn benefits on premiums paid on health check-ups, says Sajja Praveen Chowdary, head-Term Life Insurance, Policybazaar.com.
Total number of tax disputes in SC cross 10,000
Total disputed liability of Mallya with respect to service tax to the tune of Rs 535 cr
Industrial output rose to nearly three-year high of 6.4% in August.
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