Customs and excise duty rates have been amended mainly to promote Make in India.
By any economic theory or doctrine, this is no Budget that supports economic recovery, whether through supporting aggregate demand, or through expansionary stimulus, declares Rathin Roy.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries
The shortfall in GST compensation payable to states in the current fiscal is estimated at Rs 2.69 lakh crore, of which Rs 1.58 lakh crore would have to be borrowed this year. The Centre expects to collect over Rs 1.11 lakh crore through cess on luxury, demerit and sin goods which will be given to the states to compensate them for the shortfall in revenue arising out of GST implementation. The remaining Rs 1.58 lakh crore would have to be borrowed to meet the promised compensation to states under the Goods and Services Tax (GST) regime.
Petrol price on Thursday was cut by Rs 6.07 per litre and diesel price by Rs 11.75 in Delhi as oil companies passed on a record reduction in excise duty rates to consumers. Buckling under pressure, the government had on Wednesday cut excise duty on petrol by Rs 5 per litre and that on diesel by Rs 10 a litre to give reprieve to consumers battered by record high retail fuel prices. Since states charge local sales tax or VAT not just on the base price but also on the excise duty levied by the centre, the total incidence of price reduction is higher.
The tax department will remain a source of endless nightmares for citizens and 'transparent taxation' will remain an empty slogan and a cruel joke, observes Debashis Basu.
The US launched an investigation, focusing on whether the tax in India and other countries discriminated against American companies, were retroactive, and reflected unreasonable tax policy.
The Gujarati's intolerance for diversity can be seen in India's hard nationalism which is showing itself in Kashmir and the North East, observes Aakar Patel.
Changes in I-T rules kick in today; to help govt track taxpayers' income, reports Dilasha Seth.
The Centre is against giving any shock in the first year of the rollout by bringing in new services.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
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