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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
The only saving grace in indirect tax collection during the month was 29.6 per cent rise in service tax realisation.
The removal of 10 per cent surcharge on direct taxes to cost Rs 10,034 crore.
According to DBS, GST has growth, inflation and fiscal implications.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
GST will lead to consolidation of multiple indirect taxes
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
The Indian stock markets may turn bearish after the US Fed decides to raise interest rates.
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.
The author suggests eight reforms that all parties competing in this year's general elections should embrace.
Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
The finance minister's Budget Speech has come as a surprising blessing as he has maintained the rates as they were last year.
Goods and Services Tax would usher in an unified indirect tax regime.
The idea that India is the world's largest democracy is a complete lie, Rahul Gandhi alleged.
The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
Finance Minister Pranab Mukherjee said 'yes' in a written reply to the Rajya Sabha when asked whether the chairman of the Empowered Committee of the State Finance Minister has expressed the opinion that it was not feasibile to implement GST from April 1, 2010.
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
Finance Minister Pranab Mukherjee has said that the successful implementation of the Goods and Services Tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time.
The Empowered Committee of state finance ministers is meeting under the chairmanship of West Bengal finance minister Asim Dasgupta to work out agreements on various aspects of the GST.
Finance Minister Pranab Mukherjee will likely encapsulate this thinking in his Budget speech, to be finalised by March 13.
There was no law that prevented the government from presenting a sixth full Budget, or something similar to it.
'We had tremendous faith in honorable Modiji in his second term as he was well-settled. Sadly that has been belied.'
Budget has already bombed at the box office and passing it without a revisit will be a mockery of the exercise though any modification may be short lived and perfunctory, observes V Ranganathan.
Measures may include tax slab and rate revisions for individuals, companies.
The Customs tariff is much too complicated with basic Customs duty, two types of additional Customs duty and two types of cess.
From an Interim Budget for the purpose of vote-on-account, one does not usually expect much in regard to indirect taxes.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
Only after its recommendations will the central GST, integrated GST and state GST Bills be taken up
Certain technical problems are being faced by the taxpayers as a result annual return for the period July 1, 2017 to March 31, 2018 could not be furnished.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
Yechury said the aim should be how to protect our economy from slowdown
Consumer products like mobile phones and laptops may become cheaper as the overall taxes on goods are likely to come down
Retrospective claims may not stand the test in international courts.
Stung by widespread criticism within the ruling Bharatiya Janata Party, Kelkar Committee on tax reforms is expected to submit watered down final reports on direct tax and indirect taxe
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
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