Officers across departments and ministries have been asked to speak to people across sectors for 'SWOT' analysis of issues for revival of the economy.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
New government should consider reforming taxation rules.
GST mop-up likely to fall in May, June after touching record levels in April and March.
'Urjit Patel was not quite the picture of courage, but even he turned, he had to turn.' 'Perhaps there is something that is far more sinister than what we are aware of, which is the reason for his resigation.'
Group of ministers to review progress every fortnight.
Finance Minister Arun Jaitley in the Budget speech has announced a host of measures, including hiking tax exemption limit, incentives for the housing sector and relief in indirect taxes on auto and other sectors to promote industrial output and boost growth.
Every option before the finance minister comes with a price tag, observes T N Ninan.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
Congress leader and ex-finance minister P Chidambaram on Tuesday said the Union Budget was the "most capitalist" with nothing for the poor and farmers while sops were being provided to big industrialists turning India into a very "unequal country". At a press conference after Union Finance Minister Nirmala Sitharaman unveiled a Rs 39.45 lakh crore Budget, he said because of the ruling party's "brute majority" the Lok Sabha pass the Budget but people will reject it. He claimed the Bharatiya Janata Party was going to elections, scheduled in five states, not with their performance or with the promises and assurances to the people, but solely "with the agenda of dividing the country and bringing Hindutva back to power".
Leading indicators suggest economic activity has been disrupted after demonetisation.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
The rumour verification process would now be triggered by changes in price or 'material price movements', as the paper defines it. What this means is that companies would need to verify rumours only if the share price moves significantly.
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
Moody's expects tax to be lower than the multitude of taxes such as sales tax, excise duties, local taxes, and value-added taxes the automobile sector currently pays
'This decision to go with the BJP is Kumaraswamy's individual decision and not a party decision.'
Instead, 2019-20 could be the base from which the Budget estimates for next year are calculated.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
The Consumer Price Index (CPI)-based inflation is now projected to be at 5.3 per cent for 2021-22 with risks evenly balanced. In its August policy, the central bank had estimated inflation to be at 5.7 per cent due to supply side constraints, high crude oil and raw materials cost.
India opened up its economy to the private sector in 1991.
The fiscal deficit was 4.9 per cent of GDP in 2012-13.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
In absolute terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 6.12 lakh crore during April-November 2017-18
What Rajya Sabha can do for the states, no other House can do, the Prime Minister said.
The Calcutta High Court on Thursday indirectly criticised the West Bengal government's decision yesterday to levy a 10 per cent tax on tobacco products to assuage the growing anger of agents and depositors of the Saradha group.
He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
Increase in taxes on luxury cars will not have any effect on the demand
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
While India won't be immune to global spillovers, we need to create the macro preconditions for sustained growth. Policy agility, prudence, and resilience will be key, suggests Sonal Varma.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
Several exemptions have been given to reduce the cost of raw materials.
Higher reliance on GST receipts for revenue reduces states' autonomy as these receipts depend on tax rates decided by the GST Council, a report by Delhi-based non-profit, PRS Legislative Research shows.
Want your investments to make money as well as save tax for you? Anil Rego has some advice
This time there has been a rather peculiar criticism of the latest GDP numbers.
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