'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.'
Arun Jaitley said he would put the DTC Bill in cold storage.
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.
Taxing SoftBank, the largest shareholder in Flipkart with a little over 20 per cent stake, however, will be easier.
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.
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 GST, an indirect tax regime, is to be rolled out from April 2016.
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.
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The Finance Ministry has asked tax evaders to pay their dues or face necessary action.
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.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The budget-making exercise offers golden opportunities despite challenges, observes Shankar Acharya, former chief economic adviser to the Government of India.
Attributing the stock market crash to global turbulence, Finance Minister Arun Jaitley on Monday said the government and RBI were watching the situation and hoped that things will stabilise once the transient impact is over.
While consumers feel that petrol pinches directly, diesel hurts indirectly, as it is an input in almost all the goods and services we use.
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
'The first year of the Modi government's second term has laid the roadmap for the future and we will embark on it with gusto,' promises Gopal Krishna Agrawal, the BJP's national spokesperson on economic affairs.
The thrust on agriculture, removal of Fringe Benefit Tax etc should help improve the earnings of the FMCG sector
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.
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.
He, however, acknowledged that manufacturing states will suffer losses but said they will be compensated
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.
'Perhaps GST was too complex a system for the Indian economy at its present stage of development,' argues T N Ninan.
'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.'
Abdulqawi Ahmed Yusuf of the International Court of Justice is appointed as the 3rd arbitrator in Voda tax row.
This is the Centre's highest-ever budgeted capital outlay.
The company moved the income-tax appellate tribunal and its appeal is pending there.
CBDT circular issued last month had raised multiple taxation concerns.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
'In view of these facts I do not find it useful to attend the 7th Governing Council meeting of Niti Aayog scheduled to be held on August 7, 2022 and I am staying away from it'
In a relief to actor Shah Rukh Khan, the Income Tax Appellate Tribunal has overturned an order of the tax authorities to add Rs 2.28 crore he had lent his wife as interest free loan to buy flat and jewellery to his net wealth.
If the BJP comes to power, sources say it may change the financial year (April-March) to the calendar year (January-December).
While she primed up spending on infrastructure to create jobs and boost economic activity, Sitharaman did not tinker with income tax slabs or tax rates. Her Budget for the fiscal year beginning April 2022 proposed a massive 35 per cent jump in capital expenditure to Rs 7.5 lakh crore, coupled with rationalisation of customs duty, an extension of time for setting up new manufacturing companies and plans for starting a digital currency and tax crypto assets.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
It is far from clear that this GST will have the silver bullet effect that the "pure" GST would have provided, says Mihir S Sharma.
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