New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
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.
'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
He also said GST will take about a year to stabilise.
First Rajya Sabha approved the Rs 45 lakh-crore spending proposed in the Budget, followed by the nod to the Finance Bill that contains tax proposals.
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
A few companies continue to pay taxes at 15-20%.
7 states account for over 80 per cent of the total direct tax collections by the Union government.
The government is keen to get the GST Bill approved during the Monsoon Session of Parliament ending on August 12.
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.
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.
India's economic image is not affected due to Adani Group's recent decision to pull out Rs 20,000 crore FPO (follow-on public offers) amid allegations of financial wrongdoings, Finance Minister Nirmala Sitharaman said on Saturday.
Fiscal federalism should not be sacrificed at the altar of GST.
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.
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.
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
'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.'
The Department of Telecommunications, which has been mandated to simplify the multifarious levies, would introduce the new regime in phases.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
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.
'There are unscrupulous traders who create fake invoices by showing bogus e-way bills, movement of goods.' 'Since the entities registered across different states, and kept on changing their numbers, tracing them was difficult.'
Jaitley assured that both the banking system and the government will make the resources available to them.
The recommendation, if implemented, is likely to face opposition from the government's key support base among Hindu traders and businesspersons.
'Investors don't have to worry about underperformance in passive funds, which earn market-equivalent returns.'
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.
Finance Minister Ishaq Dar, who presented the budget in the National Assembly, the lower house of parliament, said the government will target a growth rate of 3.5 per cent in the coming fiscal year.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
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.
Large Indian firms may have to adopt international accounting norms, IFRS, from the next fiscal when the new direct tax regime comes into effect, bringing clarity on the tax structure for companies.
Despite a massive decline in crude oil prices since 2012 -- Modi has been prime minister in six of these eight years -- petrol in Delhi has become 10 per cent costlier and diesel 97 per cent, as of July 2.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
The Standing Committee on Finance, which met under the chairmanship of senior BJP leader Yashwant Sinha, has decided to finalise its report by March 2, enabling Parliament to consider the ambitious reforms in direct tax regime.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
He has also directed a review of tax provisions that have a retrospective effect in order to find a fair and reasonable solutions to pending as well as likely disputes between the tax department and assessees concerned.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Pranab said he had clarified this issue in no uncertain terms with US Treasury Secretary who had brought up this issue during bilateral talks.
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