The move can help mop up about Rs 1.2 lakh every day for the purpose.
This would be a practical way of bringing a huge sum of money.
Full exemption for all health insurance premiums and reinsurance or a reduction in the GST rate from 18% to 5% on health insurance services is likely.
While SGBs are a sound investment, they aren't worth buying at any price. The interest income you earn from them will not justify paying a high premium.
The government has slashed by up to 20 per cent the supplies of cheaper domestically produced natural gas to city retailers -- a move that may result in Rs 4-6 per kg hike in the price of CNG sold to automobiles, unless excise duty on the fuel is cut, sources said. Natural gas pumped from below the ground and from under the seabed from sites ranging from the Arabian Sea to Bay of Bengal within India is the raw material that is turned into CNG for sale to automobiles and piped cooking gas to households.
In its second blow to liquor imports, the Maharashtra government has withheld imported liquor stocks on the basis that they do not display the maximum retail price.
The life insurance industry does not have a good track record when it comes to passing on tax benefits to policyholders, points out Harsh Roongta.
The decision to impose a 28 per cent tax on the full face value of bets placed on online games will be implemented from October 1 even though there was demand for a review from states like Delhi and Goa, finance minister Nirmala Sitharaman said on Wednesday. The GST Council -- the highest decision making body of the new indirect tax regime that comprises Union finance minister and representatives of all states -- discussed the language of amendments that will be needed to enabling taxing online gaming, she said after the panel meeting.
Upcoming batsman Richard Levi winning the ICC's Twenty20 International Performance of the Year augurs well for the Proteas ahead of the World Twenty20 starting in Sri Lanka on Tuesday, feels Cricket South Africa.
Venezuela struck twice in the space of 10 minutes in the second half to come from behind and earn a 2-1 victory over Ecuador.
Taskin was dropped from T20 WC match against India after missing team bus, pacer denies
The income tax department on Tuesday asked taxpayers to link PAN with Aadhaar by May 31 to avoid tax deduction at a higher rate. As per income tax rules, if a Permanent Account Number (PAN) is not linked with biometric Aadhaar, TDS is required to be deducted at double the applicable rate. Last month, the income tax department issued a circular stating that no action will be taken for short deduction of TDS in case the assessee links his/her PAN with Aadhaar by May 31.
Leading brokers are expected to increase brokerage rates in the coming weeks, as they navigate a series of regulatory changes that are expected to squeeze profitability. According to industry sources, top brokers may soon begin charging for equity trades and raise the flat fees for intra-day and derivatives trading by 10-30 per cent. Several smaller players have already hiked their brokerage charges, signalling a potential end to the zero-brokerage era that has drawn millions of new investors into the stock market and fuelled active trading.
South African opener Richard Levi, who grabbed the headlines hitting the fastest ever century in T20 internationals, in all likelihood will be playing for Mumbai Indians (MI) in the upcoming edition of the Indian Premier League.
Punjab National Bank, Bank of Baroda, Bank of India and Canara Bank already charge their customers a levy for failing to maintain a minimum balance for a quarter or a month.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
Concerned over the practice of banks and Non-Banking Financial Companies (NBFCs) using penal interest as a revenue enhancement tool, the Reserve Bank on Friday came out with modified norms, under which lenders would be able to levy only "reasonable" penal charges in case of default in repayment of loans. The banks and other lending institutions will not be allowed to levy penal interest with effect from January 1, 2024, the RBI said in its notification on 'Fair Lending Practice-Penal Charges in Loan Accounts'. "Penalty, if charged, for non-compliance of material terms and conditions of loan contract by the borrower shall be treated as 'penal charges' and shall not be levied in the form of 'penal interest' that is added to the rate of interest charged on the advances," RBI said in a notification.
What stood out in his 15-year journey as a member of the political executive at the Centre was his glowing record as India's most successful and effective finance minister. Both as prime minister and finance minister, he understood the importance of gradualism, except when the economy or the polity was in a crisis.
Concerned over the fallout of the Red Sea crisis and severe shortage of containers against the backdrop of a steep decline in merchandise exports in August, the Union government is pulling out all the stops to find a solution. To begin with, the government has devised a strategy aimed at boosting container supply and supporting exporters.
One per cent TDS will apply on non-agriculture immovable property of over Rs 50 lakh on the basis of sale price or the stamp duty value, which ever is higher, after an amendment in the Income Tax Act.
rediffGURU Samkit Maniar answers readers' personal income tax queries.
India is not "rethinking" supporting investments from China, said Commerce and Industry Minister Piyush Goyal on Tuesday, referring to a proposal made in the Economic Survey 2024. The survey by India's chief economic advisor last week said India had two "choices" to benefit from the so-called China plus one strategy, either by integrating into that country's supply chain or by promoting foreign direct investment (FDI). "Chief economic advisor's report speaks about new ideas and gives out their own thinking. It is not at all binding on the government and there is no rethinking to support Chinese investments in the country," Goyal told reporters in Delhi.
The penetration levels in rural and semi urban areas can be significantly enhanced, and government can help in this mission through reduction and rationalization of levies.
Finance Minister Pranab Mukherjee asked all chief ministers to reduce state levies on diesel, kerosene and cooking gas to mitigate the impact of the price hike on the common man.
'Subject to any worldwide economic collapse.'
They said the Left party is consulting its lawyers to challenge the notice of the tax authorities.
With production hitting a three-year low of 14.7 million tonnes in this sugar season (October to September), the government is also expected to double the levy quota for the PDS from 10 to 20 per cent to tide over shortages. The levy price and quota act as a notional benchmark for open market sugar prices, which have doubled to Rs 34 to Rs 35 a kg since last September, owing to a global shortage. The price of levy sugar is half that of the open market price.
The principal commissioner has been made responsible for developing and approving any intelligence, conducting search, and completing investigations and relevant subsequent actions, including at the lower field formations, points out T N C Rajagopalan.
Making cash payments at bank counters to settle your credit card dues is getting expensive. Credit card issuers led by ICICI Bank and HDFC Bank have started levying a fee on such payments.
The Department of Telecommunications, which has been mandated to simplify the multifarious levies, would introduce the new regime in phases.
Most travel agents in India have refused to levy the transaction fees of Rs 350-10,000 on air passengers.
The cabinet also gave its nod to a proposal to amend the Madhya Pradesh Minister (Salary and Allowance) Amendment Bill, 2024, and make a provision for state ministers to deposit their income tax instead of the government bearing such burden.
A group comprising top tech startups and unicorns has raised several "serious concerns" over a platform-based gig workers Bill proposed by the Karnataka government, saying it would hurt the ease of doing business. They told the state government the Bill in its current form would hamper operations and increase regulatory and compliance burden on the nascent gig and startup economy, according to sources.
After reducing duties on petroleum products, the Centre has now asked the states to follow suit.
Idan Amedi, 35, was fighting as an IDF reservist. He was airlifted to a hospital on Monday where he was sedated and received treatment.
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
Telecom service providers have doubled down on their demands for a proposed fair-share charge (FSC) to be levied on major over-the-top (OTT) service providers, opening up the 6 GHz spectrum band and increasing the number of testing labs for telecommunication products. Telecom industry body Cellular Operators Association of India (COAI) on Wednesday said these were the topmost demands for Prime Minister Narendra Modi-led National Democratic Alliance (NDA) government. The industry body wants this additional capital expenditure to be borne by these Large Traffic Generator (LTGs) OTTs as a proposed fair-share charge.
Stocks of sugar companies rose after the development. At the Bombay Stock Exchange, Bajaj Hindusthan, India's biggest producer, gained 4.25 per cent to close at Rs 121.35, Balrampur Chini gained three per cent and closed at Rs 88 while Renuka Sugars gained four per cent to Rs 68.
