Gujarat has around 3,000 licensees for allopathic drug manufacturing, apart from around seven homeopathic licensees, 500 ayuvedic and 600-700 cosmetics licensees
The exemption from MAT does not apply retroactively.
The discussions are at a very critical stage
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
'It is necessary to have a person at the top who can make strict decisions without hesitation. Modiji has done that.'
Work has to be done on a war footing from now to implement the GST regime.
While addressing a rally at Alipurduar, Banerjee accused the Election Commission of removing the deputy inspector general of police of Murshidabad at the behest of the BJP.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Indian food services sector is expected to grow at a CAGR (compounded annual growth rate) of 8.1 per cent between 2024 and 2028 on the back of rapid urbanisation, robust GDP growth, a rising younger population, and greater exposure among consumers, said a new report. The India Food Services Report-2024, brought out by the National Restaurants Association of India (NRAI), states that the sector contributes 1.9 per cent to India's GDP and is projected to grow to Rs 7.76 trillion by 2028 from Rs 5.69 trillion currently.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
He also said GST will take about a year to stabilise.
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The Union government's offer of settling the retrospective taxation case with Cairn Energy may hinge on Vedanta withdrawing the ongoing arbitration from the Singapore Tribunal on the same issue. The government has offered to refund Cairn Energy Rs 7,900 crore that it had collected under the retrospective tax demand on fulfilment of certain conditions, including withdrawal of pending litigation and furnishing of an undertaking to the effect that no claim for cost, damages, interest, etc., would be filed. This condition is also part of the Taxation Laws (Amendment) Bill, 2021, passed by Parliament recently.
A few companies continue to pay taxes at 15-20%.
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.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
The Bharatiya Janata Party and its allies on Tuesday welcomed the Union Budget and said it focussed on youth, farmers, women, and has 'substantial allocations' for Maharashtra, but the opposition slammed the annual financial statement, claiming it neglected the western state and only seeks to please the saffron outfit's partners in Bihar and Andhra Pradesh.
'The promises of netas and babus and new laws, however well-meaning, mean little.' 'What matters is implementation on the ground.' 'Every law is finally implemented by a vast army of offici
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
'That is the one headline the world is reading about India this week, and it is a potentially damaging story...' 'I don't think a panic mentality has set in, but this story is one that investors and market watchers are absolutely seized with.'
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
Fiscal federalism should not be sacrificed at the altar of GST.
The Centre has no objection to a proposal for setting up a panel of domain experts to look into strengthening the regulatory mechanisms for the stock market, the Supreme Court was told on Monday while it was hearing pleas relating to the Adani stocks rout after the Hindenburg report.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
The avoidable stresses and strains in ties helped in one way. It showed for the entire region how a matured India handled diplomatic relations, especially with a smaller and suspicious neighbour, with practised dignity and patience, unruffled by provocations in word, deed and action, observes N Sathiya Moorthy.
The Department of Telecommunications, which has been mandated to simplify the multifarious levies, would introduce the new regime in phases.
'GST will bring in much needed transparency and higher investments in the coming years and we hope that a few percentage points to India's GDP.'
Singapore is the favoured destination as it has traditionally had a stable fund management regime; also, its tax treaty with India is similar to that of Mauritius
Jaitley assured that both the banking system and the government will make the resources available to them.
The government on Friday announced some concessions for mutual fund industry and income tax payers, while comitting to low tax regime to promote industrial activity to generate jobs and create more resources to undertake social welfare activities.
Akansha Dixit, who works in a firm in Mumbai, tells Rediff.com's A Ganesh Nadar what she would like to see in Finance Minister Nirmala Sitharaman's Budget.
The DMK also warned of legal action against those who attempt to link Sadiq with either the party or its leaders.
In a statement, the CBDT, which is the apex policy making body for direct tax policies, said it has never asked IRS Association or these officers to prepare such a report and no permission was sought by them before making the report public. 'It is unequivocally stated that CBDT never asked IRS Association or these officers to prepare such a report.
Switzerland finally signed an agreement to exchange information on potential money launderers and tax dodgers last week but neither this nor a modified tax avoidance treaty is likely to help India.
The Budget should use the extra RBI surplus to better effect, suggests A K Bhattacharya.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
US proposal to raise the global corporate tax rate to 28% from 21% might face resistance from countries unwilling to give up their edge and compete with America on its terms.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
