Modi also reached out to traders, saying their past records will not be checked by the income tax department if they join the formal economy by getting themselves registered under the GST regime.
The EU also feels that Tamil Nadu has adopted a restrictive practice for imported liquor. Significantly, a similar complaint by the trade bloc at the WTO led to the elimination of additional Customs duty on imported liquor in 2007.
The finance minister said the government was open to suggestions.
Central Board of Excise and Customs Chairperson Vanaja Sarna said there will be genuine errors due to lack of understanding in the initial days. "CBEC has enforcement authorities and I have specifically said that the first three to six months are a go-slow.... I don't want small cases to be made," Sarna said at a CII event.
Union Finance Minister Nirmala Sitharaman on Tuesday said the mass consumption items such as pulses, wheat, rice, flour, and curd will not attract the 5 per cent goods and services tax (GST) when sold loose, and not pre-packed or pre-labelled. The clarification came amid protests and widespread criticism by Opposition Members of Parliament over foisting GST on daily-use essentials and subsequent price rise. The all-powerful GST Council, chaired by the Union minister, had last month decided to impose GST on some mass consumption items to simplify the rate structure, which came into effect on Monday.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
Shyam Ponappa explores what the right aims and strategies could do for us.
Government-controlled oil-marketing companies (OMCs) have held back petrol and diesel price revisions for a week and are expected to continue doing so, ostensibly owing to political reasons. It appears that the Centre has informally conveyed to the three major OMCs to not revise fuel prices for the time being, two people in the government said. This informal directive follows the talks between the Centre and states on cutting taxes and bringing the auto fuels under the good service tax regime not fetching the desired results, so far.
India, the US and 12 other members of the IPEF grouping have signed a supply chain resilience agreement that would help mitigate risks of economic disruptions from supply chain shocks and improve crisis coordination. The agreement would help member countries like India to reduce their dependence on China and provide timely information to the IPEF member countries about potential supply disruptions. The COVID outbreak severely disrupted the global supply chain, as most countries were dependent on China for various products like pharma raw materials.
The compensation would be met through levy of a cess called 'GST Compensation Cess' on luxury items and sin goods like tobacco, for the first five years.
Govt may not announce any new concessions in excise duty
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
Finance Minister P Chidambaram on Wednesday announced that the Permanent Account Number (PAN) to be made sole identity for participants in the security markets to strengthen capital market.
Over the next four years corporate tax will come down by 5 per cent and lot of exemptions will get phased out.
The Budget emphasises on capacity building and empowerment of marginalised sections of society including farmers.
The Cabinet on Wednesday approved amendments to the GST bill to compensate states for revenue loss for five years on introduction of the uniform nationwide indirect tax regime.
These airports are those at Amritsar, Varanasi, Bhubaneswar, Indore, Raipur and Trichy.
Sentiments may get impacted as mutual funds have been gaining traction among investors as route to invest in stock markets
A young couple sharing a laugh - in the living room over a Polish joke book, on the beach, in the rain - with the tagline, "Made for each other", hung from billboards at prominent street corners from the 1960s to the 1990s. It was a campaign for one of the largest selling cigarette brands in India, Wills (Navy Cut) from the ITC stable, that resonated with a generation of smokers and non-smokers alike till the curtains came down on tobacco advertising in 2004. As we prepare to welcome 2024, ITC has metamorphosed from a tobacco giant into a conglomerate straddling multiple large-sized businesses. In the mind space of Gen Z or millennials, the company represents a gamut of branded products - from frozen food (ITC Master Chef), noodles (YiPPee!), and cookies (Sunfeast) to snacks (Bingo!) and notebooks (Classmate), and so on and so forth.
rediffGURU Hemant Bokil answers your personal finance queries
They have been on an unbroken selling streak since the Union Budget, spooked by increase in income-tax surcharge, taxes on buybacks, and lack of stimulus to prop up the economy.
Is the curated and limited data put out by the central government sufficient enough to pass a judgement on the trend in GST collections, particularly that of the Centre?
Financial accounting software company Tally Solutions on Thursday launched its VAT-compliant business accounting software 'Tally 7.2', aimed specifically at the small and medium segment for changeover to the new tax regime that begins from April1.
Modi on Friday invited the Congress leaders at his Race Course Road residence at 7 PM, sources said.
Understanding how money works is the first step toward making your money work for you, says Harshad Chetanwala, co-founder MyWealthGrowth.
PM promised a tax regime that is predictable and competitive
The faceless authority has suggested a host of changes in the assessment process following conflicts and practical difficulties raised by taxpayers since the new regime was introduced. On August 3, the National Faceless Assessment Centre issued a set of standard operating procedures (SOPs) to address several anomalies in the regime. The faceless centre, constituted by the Central Board of Direct Taxes, is the nodal authority and works as an interface for the faceless regime.
The buoyancy in the tax revenue of GST reflects the upswing in the economy and better compliance
The ruling mean FPIs cannot seek treaty protection against the new withholding tax that companies are required to deduct at source. The apex court order pertains to when the cricketing bodies of Pakistan, India, and Sri Lanka formed a joint committee to conduct the 1996 Cricket World Cup.
Revenue buoyancy of GST will be key to improve the resource position of both central and state governments.
After Multi Fiber Arrangement is phased out, the textile industry of developing economies like India will have a reason to be optimistic about the long-term growth opportunity.
An equitable tax regime makes more sense than debates over whether the rich should pay more.
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
As per norms, the returns have to be filed online on www.aces.gov.in.
A reading above 50 indicates expansion, while a score below this mark means contraction
The new tax regime has also been fuelling sale of SUVs, particularly the compact SUVs
GST is a landmark reform considering the sweeping changes it brings about in the indirect tax regime in India.
The Congress said the rally by the INDIA will send a "strong message" to the Lok Kalyan Marg, where the prime minister's residence is located, that the BJP-led government's "time is up".
Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
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