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 fiscal gains from implementing the GST and demonetisation, while almost certain to occur, will probably take time to be fully realised
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
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.
The government on Thursday imposed a 20 per cent export duty on non-Basmati rice except for parboiled rice to boost domestic supplies amid a fall in area under the paddy crop in the current Kharif season. According to a notification by the revenue department, an export duty of 20 per cent has been imposed on 'rice in husk (paddy or rough)' and 'husked (brown) rice'. The Central Board of Indirect Taxes & Customs further said the export of 'semi-milled or wholly-milled rice, whether or not polished or glazed(other than Parboiled rice and Basmati rice)' will also attract a customs duty of 20 per cent.
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 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.
'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.
Economic stagnation is the advance payment for polarisation, which extracts a terrible price.
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.
As the voting process for the new Conservative Party leader formally opened with postal ballots being mailed out to Tory members from Monday, Rishi Sunak vowed to cut the basic rate of income tax by 20 per cent in a few years if he is elected Britain's prime minister.
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.
An audit conducted by professional services firm Alvarez and Marsal confirms fintech firm's dealings with fake or non-existent vendors.
The finance minister said the government was open to suggestions.
Floor rate with a narrow band to be fixed.
Pranay Bhatia offers insights on some key issues from Nirmala Sitharaman's maiden Budget.
Economist Jayati Ghosh noted that the word 'freebies' indicates the class position of those who use it.
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.
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.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
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.
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.
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.
The finance ministry has set up two committees of state finance ministers which would rework rate slabs, review GST exempt items and identify potential evasion sources. Four years after the roll out of the national Goods and Services Tax (GST), which replaced the complex indirect tax structure, the centre and states have started work on moving towards a "simpler rate structure in GST" by reviewing the current rate slabs, including special rates and merger of rate slabs. The Group of Ministers (GoM) on rate rationalisation would also review items under inverted duty structure to help minimise refund payout, and review the supply of goods and services exempt under GST with an objective to expand the tax base and eliminate breaking of input tax credit (ITC) chain.
GST reform has been hanging fire since 2006-07.
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.
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.
The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence' and not just out of 'suspicion'. The guidelines laid down five specific circumstances in which such credit could be blocked by a senior tax officer. These include availment of credit without any invoice or any valid document, or availing of credit by purchasers on invoices on which GST has not been paid by sellers.
FM had proposed an enabling provision to levy cess at 2%
The minister said he was able to build consensus on VAT when he was the Finance Minister during the UPA-I term.
For every Re in govt coffer, one-fourth will come from market borrowing.
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.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
After discussions, there may be changes the Bill.
The manner in which India has allowed the rule of law to be subverted for over eight years is tragic, notes former additional solicitor general of India Bishwajit Bhattacharyya.
The implementation of the GST will indeed be a landmark reform.
Pitching for a non-adversarial tax environment, India Inc on Tuesday suggested reduction in tax rates on corporate as well as individuals to boost economic growth.
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