The government has set a revenue target of Rs 9 lakh crore during the current financial year, a top official said.
Revenue from service tax, which has become a new focus area for Finance Ministry, has grown up substantially by over 300 times in past about two decades.
Moody's Investors Service has warned that India, along with the Philippines, Thailand, and Vietnam are highly vulnerable to volatile food and energy prices in the Asia-Pacific region as the Russia-Ukraine conflict continues to disrupt supplies and raise the cost of agricultural products, especially cereals and vegetable oils, as well as fertilizers and other agricultural inputs. This is so because these countries have a higher weighting of energy and food prices in their consumer price index (CPI) baskets, Moody's said in its report released on Tuesday. The weighting of energy and food in overall Indian CPI stands at over 55 per cent.
The government spends nearly 4.2 per cent of the gross domestic product in subsidising various commodities and services.
Prakash Karat, general secretary of Communist party of India-Marxist, termed the Budget 'flawed'. While speaking to rediff.com, he said, "The increase in indirect taxes will add to inflation. The government is neither going to achieve growth nor it will be able to contain inflation with this budget."
Never before in post-reforms India have Union Budgets seen a steady reduction in fiscal deficit for five consecutive years, points out A K Bhattacharya.
The Centre had set up a Commission under former Reserve Bank of India Governor Bimal Jalan to suggest steps to rationalise subsidy and help the government in effectively bringing down the fiscal deficit.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
Jaitley sets condition of 50% assets for applicability of capital gain tax.
The finance ministry on Friday said revenue loss on account of fiscal sops to Special Economic Zones is estimated to be Rs 1,02,621 crore.
The web page also enables filing of grievances in relation to the implementation of GST
Finance Minister Pranab Mukherjee on Tuesday said the government had no exit strategy for incentives announced as part of the stimulus packages, even as there has been a 28 per cent fall in indirect tax collections till July.He further said the government was ready to take improved measures to combat drought, which has affected 272 districts in the country.
Jaitley said the government has created transparent environment.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
With the stimulus measures primarily comprising cut in indirect taxes, the Survey said there is likely to be a shortfall in tax collections under these heads.
Rating agency Moody's has described Budget 2007-08 as "largely unremarkable", as it disappointed businesses and the market's hope for meaningful economic reforms.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
In a clear sign of the strength of the industrial comeback, excise duty collection for August registered a 22.7 per cent increase over last month, raising the government's hope of meeting the indirect tax mop-up target for the year.
The income tax department will share PAN and bank account details of any entity with 10 investigative and intelligence agencies, including the CBI and NIA, under the integrated counter-terrorism platform NATGRID, according to an official order.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
Heeding to demands made by several states, the GST Council on Friday put on hold a decision to hike the tax rate on textiles to 12 per cent and referred to a panel of state ministers to recommend rate by February, Union Finance Minister Nirmala Sitharaman said. The panel, the highest decision-making body for indirect taxes, met under emergency provisions after states made a request for deferring the tax rate hike on textiles, from the current 5 per cent, to be effective from January 1, 2022. Currently, the tax rate on manmade fibre (MMF) is 18 per cent, MMF yarn 12 per cent, while fabrics are taxed at 5 per cent.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
The stalemate over compensating states for the shortfall in GST collections continued on Monday with a meeting of the GST Council ending without reaching any consensus. The panel, which is the highest decision-making body on indirect taxes, for the second time in a week failed to reach a consensus on the Centre's proposal of states borrowing against future GST collections to make up for the shortfall.
Customs and excise tariff reforms are still pending.
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
It is pegged at 6.8-8% by various economists, as compared to 6.7%.
Dr Vijay Kelkar, adviser to the finance minister, will meet industry representatives on Monday in Mumbai to discuss his indirect tax proposals as well as pre-Budget issues.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
Although collection of education Cess is to literate Indians, the practice of levying a particular percentage of Cess for a particular category of education, leaves the public with a serious doubt
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
The Centre received 5.59 lakh public grievances against various government departments in the first half of this year, with the Department of Financial Services (DFS) getting most of such complaints, according to an official report.
This provision is a very smart rule against fraudster and would not affect any genuine business entities or Ease of Doing Business in any manner, said a source.
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