Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
Out of the GST of 12 per cent, states should receive seven per cent while the rest five per cent should go to the Centre's kitty, said the task force.
Investors looking for a fixed-income product that is free of credit risk may invest in these bonds.
'Though I welcome the reduction of tax rates for corporates, I wonder why the benefits have been restricted to corporates and not to other business entities such as limited liability partnerships and partnership firms. This needs consideration', says Dinesh Kanabar.
The empowered committee on GST headed by West Bengal finance minister Asim Dasgupta has agreed to a dual structure of the proposed indirect tax regime, which is likely to be introduced from April 2010. The new tax regime would do away with most of the indirect taxes levied at the Centre like excise and services tax, and VAT and Octroi at the State level.
'Investors should ideally consider equity allocations from a medium-to-long term perspective.'
The roll out of the proposed Goods and Service Tax (GST) will push prices of essential commodities like atta (flour), maida, vanaspati ghee, mustard oil, tea, arhar dal and moong dal by 5.5-6 per cent.
The all-powerful GST Council on Friday decided to charge food delivery platforms such as Swiggy and Zomato a tax even as it extended concessional tax rates on certain COVID-19 drugs by three months till December 31. The Council, which comprises the Union finance minister and her state counterparts, decided to continue keeping petrol and diesel out of the GST purview as subsuming the current excise duty and VAT into one national rate would impact revenues. Briefing reporters on the decisions taken by the Council at a meeting here, Union Finance Minister Nirmala Sitharaman said GST has been exempted on muscular atrophy drugs like Zolgensma and Viltepso, which cost crores of rupees.
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
There is considerable speculation as to whether this award would have any bearing on another Vodafone-type case, namely, the ongoing tax-related arbitration proceedings with Cairn Energy.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
The government's focus on road, rail and power development will indirectly benefit the FMCG industry in the long run.
Nearly 3,500 staffers were working in the building in the Mazagon area in South Mumbai when the fire broke out around 12.30 pm, Maharashtra Deputy Chief Minister Ajit Pawar said. He assured a probe into the the fire, but clarified that no records were lost in the blaze due to digitisation of documents.
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
A sharp fall in the price of Bitcoin and other cryptocurrencies is another hard blow to the already sinking cryptocurrency market in India. Global and domestic prices have been on a downward trail since November last year when Bitcoin prices hit a peak of close to $68,000 in international markets. The recent past has seen a much sharper fall in the price of the leading cryptocurrency, Bitcoin.
Ironically, rival Tamil Nadu governments expend the most on social welfare schemes, especially targeting women and youth and children, but that money comes only by selling more liquor. There is always the specious plea, which has been peddled very many times in the past, that without licensed liquor, drinkers would go after hooch and there could be more hooch tragedies and hooch deaths. No one is convinced, but no one can dispute it either, comments N Sathiya Moorthy.
Delhi government on Wednesday exempted life-saving medicines from taxation under the value added tax regime and decided to approach the Empowered Committee of State Finance Ministers for reduction in sales tax on diesel.
A N Shanbhag explains various issues related to the Securities Transaction Tax
With 21 states having implemented value-added tax and eight states still to adopt it, the impact of the new tax regime is seen largely positive for sectors like FMCG, paper and pharmaceuticals.
The government has set a target of adding 1.3 crore income tax filers in the current financial year against 1.1 crore new filers added last year.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
He will succeed Kerala Finance Minister K M Mani.
Finance Minister Pranab Mukherjee had asked officials in his ministry to finalise the draft by August 20 so that it could be in Parliament before the session concluded on August 27, said a finance ministry official.
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The GST will subsume most of the indirect taxes like excise duty and service tax
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Jaitley says govt is open to scrapping 1% additional tax on GST
The government last month introduced the GST Bill in Parliament.
Government originally planned to roll out GST from April 1 last year, but a consensus could not be reached on the introduction of the Bill.
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
