'I want us not to underestimate Indian voters. They can tell good work from bad.'
Additional levy to eat into Rs 6,000-crore income of top promoters
A strong supporter of the new tax regime, Adi Godrej tells Viveat Susan Pinto the second half of FY18 will be even better for consumer goods companies as challenges abate.
What are the five things that need to be looked at to ensure a seamless transition to GST?
Finance Minister Arun Jaitley talks to T N Ninan.
Preparing legal framework to protect states from revenue loss.
Tax collections so far are pointing towards the government missing on the gross tax revenue target for the first time in several years, primarily due to a continuous decline in excise, custom and advance tax payments, says Mukesh Butani.
The government may simplify Fringe Benefit Tax, rationalise tax structure and depreciation norms for research and development in the next Budget, apart from making efforts to raise the Tax-GDP ratio and garner more funds for development.
His value lifestyle brand Zudio signals a coming of age of retail in small town India.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
Welcomes measures include a road map for fiscal consolidation of 3% of GDP by fiscal 2016-17, GST roadmap by the end of the year.
The Planning Commission on Wednesday said that the proposed Goods and Services Tax (GST) is likely to miss the deadline of April 1, but it could be introduced in the next fiscal only.
The time the companies have to get ready for GST is 6 to 12 months.
Vistara launched first flight from Hyderabad to New Delhi on Sunday.
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
The prime minister was speaking at an event to mark golden jubilee of the Aditya Birla Group's presence in Thailand.
IT major Infosys CEO and MD Kris Gopalakrishnan on Thursday expressed hope that the government would rationalise tax regime for the IT industry and extend the STP scheme to the medium and small sector in the Union Budget.
Finance Minister Pranab Mukherjee has said that the successful implementation of the Goods and Services Tax (GST) can give a trillion-dollar boost to the economy, taking the total output to $2 trillion in a short span of time.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
The high tax regime makes aircraft service above 50 per cent more expensive than international rates and might spell trouble for over a dozen MRO projects -- several of them involving foreign direct investment that have been announced so far.
Jaitley said returns from the stock market are quite attracting and it was time to bring them under the ambit of capital gains tax.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
Interview with Richard Rekhy, chief executive officer of KPMG India.
Digital commerce operators advertising on global social media, which earlier did not pay Google tax on their operations in Jammu & Kashmir, may now have to cough it up at 6 per cent.
The goods and services tax is scheduled to be introduced from April 1, 2010. However, finance minister Pranab Mukherjee had recently said while the Centre and the states were serious over introducing the system as per schedule, he would not be surprised if there was slippage of a few months.
Despite volatile moves, the year 2012 has finally proved to be fruitful for the stock market with about 25 per cent appreciation in benchmark indices, but investors are looking forward to more stable times in 2013.
The judge set aside the order of the principal district judge, Villupuram, acquitting Ponmudy and his wife in the case.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
