'The international community is moving away from harmful tax practices.'
It will be in Modi's interest to reinvent his party, read the writing on the wall that voters wrote, and move ahead. He has little choice now. The country is watching, asserts Ramesh Menon.
The Planning Commission has favoured the early introduction of nationwide value-added tax regime to augment revenues of the states and further restructuring of their costly debt to reduce their interest burden.
The 48-year-old Indian Income Tax Act is set to be replaced by a new Direct Tax Code from April 1, 2011.
Chief statistician T C A Anant says growth figure might go up once indirect tax data is fully in, however, he agrees that private expenditure is yet to pick up
The prices of essential commodities like flour and vegetables have flared by 18-20 per cent in Delhi as wholesale trade has slumped to a third ever since the state switched to the value-added tax regime on April 1.
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
A day before the announcement of the Union Budget for 2004-05, the Economic Survey called for "overhauling" the tax exemption regime saying low Tax:GDP ratio was a prime concern and it was coming in the way of improving government finances.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
A nationwide value added tax regime from April 1 may have come under a cloud with Kerala joining Delhi in deferring its scheduled implementation, one thing is, however, sure: VAT will not lead to a huge increase in retail prices.\n\n\n\n
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
Implementation of GST is expected to increase the gross domestic product of the country.
The government said on Thursday that it will try to compensate states for the first three years for any loss of revenue they might suffer due to introduction of Value Added Tax regime next fiscal.
These builders had collected the taxes from prospective buyers but had failed to deposit them.
rediffGURU Hemant Bokil answers your personal finance queries
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.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
In focus are the assembly polls in 2026. From a BJP perspective, their attack on the ruling DMK, using the 'Hindutva' card, and Annamalai's targeting of both Dravidian majors on corruption has not worked, points out N Sathiya Moorthy.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
The Supreme Court on Friday said there should be a robust mechanism to ensure that the interests of Indian investors are protected in the stock market and sought views of the Centre and market regulator SEBI on PILs alleging exploitation of innocent investors and "artificial crashing" of the Adani group's stock value.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
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.
The government will notify categories of employees who will be excluded from the controversial tax proposal on provident fund withdrawals.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
5 commodities namely crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) were kept out of GST's purview given the revenue dependence of state governments on these sectors.
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.
CBDT on Thursday put out a special and detailed 10-point mannual, which includes several annexures to ensure a speedy disposal of litigations.
Lack of visibility on rates makes companies apprehensive.
Sectors throw up a wishlist for the Finance Minister.
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.
There have been demands from a section of stakeholders that the long-term capital gains tax on equities be reimposed.
The government last year introduced the Insolvency and Bankruptcy Code.
The aspirations, energy, enterprise and skills of the youth will be the force for India's economic transformation
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
India has received over USD 20 billion in FDI amid the coronavirus pandemic, Foreign Secretary Harsh Vardhan Shringla said on Tuesday, showcasing the country as one of the most attractive destinations for investment globally.
