If oil prices rise, the government would face an uncomfortable political decision.
As freebies/gift vouchers attract GST, retailers are opting for straight discounts this festive season.
The government last year introduced the Insolvency and Bankruptcy Code.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
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.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
Finance Minister Arun Jaitley on Friday said as many as 37,506 tax dispute cases were pending before various Income Tax Appellate Tribunals having a financial implication of Rs 1.45 lakh crore at end March 2015.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
The fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
With exporters' claim for over five months still pending, liquidity has been wiped out and the process of finalising new contracts has been held up.
The total gross GST revenue collected in the month of June, 2019 is Rs 99,939 crore
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
'The tax avoidance in India is done as much by the wealthy as the lower class.' 'There is no difference in ethics and culture and morality, and no difference in tax-paying behaviour between various Indian classes, whether educated or not,' says Aakar Patel.
With the total tax burden currently at 53 per cent, 19.5 per cent and 56 per cent, respectively for cigarettes, bidis and smokeless, tobacco taxation in India is much lower than the level recommended by the World Health Organisation.
Indian companies struggle in face of a set of common challenges related to logistics, labour regulations, tax and tariff policy
'The government should act proactively to instil confidence in the private investors, and also boost the purchasing power of people directly or indirectly by ensuring minimum wages.'
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax.
In a stern warning to service tax evaders, the government asked them to either pay their dues by tomorrow or face penal action which could include arrest and prosecution.
Questions will be raised over why those changes take place and whether non-economic factors are at play, says A K Bhattacharya.
The finance minister said the government was open to suggestions.
Floor rate with a narrow band to be fixed.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
The forthcoming Budget, the last full one before the 2019 Lok Sabha elections, is expected to contain a number of sops and feel-good announcements, especially regarding social sector schemes.
Rajan also expressed hope that a stable government after the Lok Sabha elections will continue the broad fiscal policies of the current regime and India may finally get the Goods and Services Tax, an ambitious indirect tax reform measure.
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
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.
GST reform has been hanging fire since 2006-07.
The tenure of controversial Narcotics Control Bureau Mumbai zonal director Sameer Wankhede with the federal anti-narcotics agency has ended and his services have been put at the disposal of his parent organisation Directorate of Revenue Intelligence, officials said on Monday.
Pranay Bhatia offers insights on some key issues from Nirmala Sitharaman's maiden Budget.
The Income Tax Appellate Tribunal has accepted BCCI's submission that the latter's objective is the promotion of cricket and it enjoys the power of holding IPL for achieving its objective, reports Indivjal Dhasmana.
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
FM to meet states on Feb 14, approve key decisions.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
FM had proposed an enabling provision to levy cess at 2%
The average listed company has to comply with several laws as it goes about conducting its business. Of these, there are three pieces of legislation that arguably have the most impact on its business.
The minister said he was able to build consensus on VAT when he was the Finance Minister during the UPA-I term.
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