Auto sector has nothing to look forward to in the Budget.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
The government was hoping to roll out the GST regime from April 2016.
Among other things, the agenda is likely to focus on increasing private investment, employment generation and giving relief to the farm sector
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
The FM could scrap the secrecy around tax rates.
The chamber has sought clarity from government to remove uncertainty among businesses
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
While the surcharge on super-rich would help garner additional income of around Rs 12,000 crore this fiscal on the direct tax side.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
The oil crisis could not have come at a worse time for the Modi government as its tax collection has fallen short of its 2020-2021 target by Rs 5.2 lakh crore.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
GST rates would depend upon whether the commodity is used by a rich person or a common man
The agency had called him a hostile witness after he made the allegations.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Electricity has also been kept out of the GST ambit.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
Finance Minister Nirmala Sitharaman on Monday assured the industry that momentum of economic reforms will continue to make India a hotspot of global investment. India has turned the crisis created by COVID-19 pandemic into an opportunity to push the economic reforms, which remained pending for decades, she said while addressing the National MNC's Conference 2020 organised by industry chamber CII.
The challenge of achieving fiscal deficit targets for the next two years seems daunting.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
'This is happening regardless of the Budget.'
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
Apart from Modi, Jaggi Vasudev to address 2-day tax officers' conference
A fresh PIL was filed on Thursday in the Supreme Court challenging the Centre's decision to block a BBC documentary on the 2002 Gujarat riots.
Excise duty hike for cigarettes could be lower.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
In the first quarter of FY14, real GDP growth estimated by the Central Statistics Office stood at 4.4 per cent on a factor cost basis, and at 2.4 per cent on a market price basis, the IMF said.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
Several critics including some rating agencies have doubted prospects of meeting this ambitious fiscal deficit target.
'We have promised to ensure reduced tax rates.'
"The underlining theme with which we have been working till now is that we trust the taxpayers and from purely an enforcement agency, we are shifting our focus to being a service-oriented department," says CBDT chairman Pramod Chandra Mody.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
The company will spend Rs 10,141 crore to buy 15.5 per cent stake from minority investors.
"After the meeting which took place in Srinagar last week, it is safe to say that GST will be levied across the country starting July 1," Gangwar told ANI.
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark.
How investors can tweak their fixed income investments to earn more in the current environment.
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