"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
Govt may not announce any new concessions in excise duty
Consensus seems a problem before the current session of Parliament ends.
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 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.
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.
Diesel to cost Rs 2 per litre more, but there will be no increase in LPG and kerosene prices.
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.
Kiss your 1040 goodbye and escape Uncle Sam in these stylish spots.
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.
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.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
India is the UK's second-largest market by volumes for Scotch, importing the equivalent of 136 million bottles, worth £146.2 million, in 2021.
"What we have been able to gather is that Newsclick stands accused of offences under the Unlawful Activities Prevention Act (UAPA), for purportedly carrying Chinese propaganda on its website. All devices, laptops, gadgets, phones, etc have been seized in the past. All emails and communications have been analysed under the microscope," the statement by NewsClick read.
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.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
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
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
Data on the new series given by a panel on real sector statistics shows that GDP grew by 10.23 per cent in 2007-08 and 10.78 per cent in 2010-11. There are some years for which the new figures show a deceleration in growth as well. The new series has 2011-12 as the base year while the earlier series had 2004-05 and 1993-94.
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.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
'If I were in the Indian government, I would look at the growth projections in the next year. If it is a good and normal growth number, I would go for roll back.'
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
In what may provide some relief to Vodafone in its tax case with the government, Finance Minister P Chidambaram on Monday said tax officers won't be rash on the company. He said a decision on sending tax notice to the British telecom major would be taken after getting Shome panel's report on retrospective amendment to the Income Tax Act with regard to indirect transfer of Indian assets.
Arun Jaitley said he would put the DTC Bill in cold storage.
In a rare face off, captains of the auto industry have hit out at the government for not walking the talk. At an industry event in the capital on Wednesday, R C Bhargava, chairman of India's largest carmaker Maruti Suzuki, and Venu Srinivasan, chairman of TVS Motor, questioned the government's intent to support the auto sector. Revenue secretary Tarun Bajaj sat in the audience listening, before his turn came to counter them.
A strong proponent of the GST, Adi Godrej has been saying for five years or more that it will add one per cent to India's gross domestic product (GDP).
The government has budgeted for total expenditure of Rs 34.83 lakh crore or 6.8 per cent of GDP. While the net tax revenue rose from Rs 5,75,697 crore in October 2020 to Rs 10,53,135 crore till October 2021, a growth of 82.93 per cent annualized, total expenditure rose only by 9.95 per cent, led by infra spending to Rs 18,26,725 crore from Rs 16,61,454 crore during the same period, the RBI said in the financial stability report.
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