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 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.
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 BJP is the preferred choice because it offers what the Mughals and later British offered in their time: A stable polity and an environment in which business could function, explains T N Ninan.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
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.
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.
It is pegged at 6.8-8% by various economists, as compared to 6.7%.
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
While it was technically not possible to block the deal, the tax department could resort to arm-twisting.
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.
"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.
From anti-profiteering to affixing stickers on existing stocks, FMCG companies are bracing for new set of GST challenges
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.
Govt may not announce any new concessions in excise duty
Consensus seems a problem before the current session of Parliament ends.
The Rajnath Singh Committee on Kelkar recommendations on direct and indirect taxes on Monday submitted its report to Bharatiya Janata Party President M Venkaiah Naidu in the presence of Deputy Prime Minister L K Advani.
'In staples, we have still managed in rural areas.'
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
Kiss your 1040 goodbye and escape Uncle Sam in these stylish spots.
The third quarter (Q3) of 2023-24 (FY24) has proven to be pivotal, witnessing some startups turning profitable and others enhancing their performance as their businesses finally begin to deliver. Startups like Delhivery, Zomato, PolicyBazaar, Mamaearth, and Nykaa have either become profitable or improved their profit margins in Q3FY24. A renewed focus on profitability, supported by operational efficiencies, expense rein-in, and robust demand during the festival season, has empowered companies to strengthen their performance.
In a major reach-out to the main Opposition, the prime minister invited Gandhi and Singh over tea at his Race Course Road residence around 7 pm.
The decision to deregulate the diesel prices is expected to bring the oil subsidy down Rs 15,000 crore (Rs 150 billion), the agency said, adding the ongoing correction in global crude prices will also result in sizable gains for the government.
He will succeed Kerala Finance Minister K M Mani.
In a recommendation that could provide relief to firms like Vodafone, a Government-appointed committee today favoured companies facing tax liability following retrospective amendment to the Income Tax Act should be exempted from payment of interest and penalty.
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.
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
After the RBI surprised the Centre with a record Rs 99,122 crore in surplus transfer for FY21, analysts said this will help the government tide over the revenue losses from lockdowns and extend more support to the pandemic hit industries and to the poor people. In fiscal 2020, the RBI had paid only Rs 57,128 crore in dividend to the government and the finance minister had budgeted only Rs 45,000 crore from the central bank. The higher payout followed the Bimal Jalan panel report that had set a new economic framework capital buffer for the central bank along with the contingency risk buffer at 5.5 per cent.
India has been able to attract 40 global smartphone makers to the country -- creating at least 50,000 jobs. But GST could hurt that, discovers Ayan Pramanik.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
The Central Information Commission will seek a report from Income Tax department and Directorate of Estate regarding tax exemptions claimed by political parties and their assets to ascertain whether there is enough indirect funding from the government to bring them under the ambit of RTI Act.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances