ITC was the top laggard in the Sensex pack, tanking 6.97 per cent, followed by L&T, HDFC, SBI, ONGC, ICICI Bank and IndusInd Bank.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
India will soon make available many more COVID-19 vaccines to other countries after two Made-In-India jabs have already been introduced to the world, Prime Minister Narendra Modi said on Thursday while emphasising the country's global responsibility in fighting the pandemic.
In order to broaden the tax net, the government has sought public opinion on possibility of a negative list for service tax meaning that all services which are not mentioned in it would be taxed under the proposed GST regime.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
The government last year introduced the Insolvency and Bankruptcy Code.
Lack of visibility on rates makes companies apprehensive.
Armed with automatic information exchange pact with the US, government on Thursday asked persons holding undisclosed offshore assets to declare them before September 30 as it would be difficult to hide unaccounted assets in future.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
Sectors throw up a wishlist for the Finance Minister.
The media is under the pressure of the central government but they should see the interest of the public, Gehlot told reporters.
The aspirations, energy, enterprise and skills of the youth will be the force for India's economic transformation
India's equity markets are on a roller-coaster ride, after delivering spectacular returns for two consecutive years - in 2020 and 2021. The benchmark National Stock Exchange's (NSE's) Nifty50 is down 1.5 per cent in the first nine months of the current calendar year 2022 (CY22) as foreign portfolio investors sold Indian stocks due to rising bond yields in the US and across global markets, including India. The sell-off in the Indian equity markets has, however, not been broad-based and largely limited to sectors facing earnings headwinds from rising interest rates, lower commodity and energy prices, and likely economic recession in advanced economies.
Nearly 100 foreign funds have been asked to cough up an estimated $5-6 bn.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
The industry experienced new pressures on its operating margins and sales in the wake of increasing input costs and new excise regime. For the domestic spirits manufacturing industry, the cost of raw materials such as molasses doubled since March. Packaging costs rose by 15-20 per cent. The widening of services tax resulted in 50 per cent new services to be taxed at 12.36 per cent. Besides an increase in labour costs, inflation also played havoc with the operating margins.
Telcos propose licence regime for apps like WhatsApp, Skype.
EEE continues for PF, life insurance and NPS; capital gains from stocks, equity funds may become a part of ordinary income.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
In a move that will significantly reduce paperwork for producers of goods and services, the draft recommendations submitted by the all-states joint working group on goods and services tax (GST) have said one document will have to be filed.
In absolute terms, the fiscal deficit -- the difference between expenditure and revenue -- was Rs 6.12 lakh crore during April-November 2017-18
India was a very important strategic partner of the US, she said.
The finance ministry has said that the Goods and Services Tax will not apply on room rents of 'sarais' (inns) or properties managed by religious and charitable institutions. The clarification was issued by the Central Board of Indirect Taxes and Customs (CBIC) on Thursday evening to clear the confusion with regard to the levy of GST on room rents. This clarification by the Finance Ministry came following a demand from various quarters including AAP MP Raghav Chadha that the GST on rooms rented by religious institutions be withdrawn.
Naveen Kukreja explains the finer points to keep in mind while planning for your retirement.
Indians having undisclosed income in the United States (US) may face proceedings under Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, this financial year. Also, those named in global leaks may be searched, show-caused, and prosecuted, according to the FY23 internal action plan of the Central Board of Direct Taxes (CBDT). The CBDT has rolled out an aggressive target and timeline to investigate tax evasion matters, especially those involving undisclosed foreign assets.
If the Centre and states are keen on spending more to meet the COVID-19 challenges in the coming year, they must bear in mind the need to raise more resources through taxes and non-tax revenues, suggests A K Bhattacharya.
Withdrawals from EPF and NPS to have same tax rates.
The USIBC has encouraged a streamlined implementation of the GST.
Top management of firms should be summoned for a few specified reasons and after written justification at a senior level.
The shortfall in the Centre's GST collections has raised concerns over it meeting the fiscal deficit target of 3.3 per cent of GDP, reports Ishan Bakshi.
Inching towards rolling out of GST, the GST Council on Saturday approved a law to compensate states for any loss of revenue from the implementation of the new national sales tax but deferred approval for enabling laws to next meeting.
The GST Council, headed by Jaitley and comprising representatives of all the states, is scheduled to meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying at least 10 indirect taxes into the Goods and Services Tax.
PHD Chamber of Commerce and Industry on Thursday asked the government to revamp tax structure and extend tax holidays for the high-cost and risky research and development sector
India Inc is encouraged by a determined Budget.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances