It said the sleuths have recovered Rs 14.6 crore of "unaccounted" cash and seized diaries and computer files of suspect payments made between Madhya Pradesh and Delhi.
The GST Council in its next meeting may look at raising the lowest tax slab to 8 per cent, from 5 per cent, and prune the exemption list in the Goods and Services Tax regime as it looks to increase revenues and do away with states' dependence on Centre for compensation, sources said on Sunday. A panel of state finance ministers is likely to submit its report by this month end to the Council suggesting various steps to raise revenue, including hiking the lowest slab and rationalising the slab. Currently, GST is a four-tier structure attracting a tax rate of 5, 12, 18 and 28 per cent.
In a major relief to Indian information technology (IT) companies operating in Australia, Canberra has agreed to amend its domestic laws to stop taxing offshore income of such Indian companies, as part of the free trade deal inked. This may lead to savings up to $200 million each year for over 100 Indian IT companies operating in Australia. "The Government of Australia has agreed to amend the domestic taxation law to stop the taxation of offshore income of Indian firms providing technical services to Australia. "This will resolve the issue that the Indian government has raised about the double taxation avoidance agreement (DTAA) between the two governments for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income," said a commerce ministry official.
For the first time in the history of Budget-making in India, a single Budget will touch 65 crore Indians, says Shailesh Haribhakti.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
The notice, the sources said, was issued on Tuesday to Anita Singhvi and that she was asked to explain how much she had paid in cash and through cheque to purchase the valuables and jewellery a few years back. It is understood that the I-T feels that about Rs 1.5 crore was paid by cheque for the purchase of the jewellery, while about Rs 4.8 crore was paid in cash by Anita Singhvi.
The GST collection in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance and recovery in business activity, the Finance Ministry said on Sunday. During the month, 1.06 crore GST returns from GSTR-3B were filed, of which 97 lakh pertained to March 2022. The gross GST revenue collected in April is Rs 1,67,540 crore, of which CGST is Rs 33,159 crore, SGST Rs 41,793 crore, IGST Rs 81,939 crore (including Rs 36,705 crore collected on import of goods) and cess Rs 10,649 crore (including Rs 857 crore collected on import of goods), the ministry said.
Belgian-born Rich, whose trading group eventually became the global commodities powerhouse Glencore Xstrata, died in hospital from a stroke.
CM Siddaramaiah called it a 'politically motivated' move.
US prosecutors say Burzaco, 50, along with Hugo Jinkis, 70, and his son Mariano Jinkis, 40, conspired to win and keep lucrative media rights contracts from regional football federations by paying tens of millions of dollars in bribes.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Indore-based textiles firm Neo Corp is the latest in a series of Indian names that have been published in the official gazette of the Swiss govt.
Funds parked by Indian individuals and firms in Swiss banks, including through India-based branches and other financial institutions, declined by 11 per cent in 2022 to 3.42 billion Swiss francs (nearly Rs 30,000 crore), annual data from Switzerland's central bank showed on Thursday.
Dept to focus on real estate, infra, mining and manufacturing to detect evasion.
Experts of both the countries will meet by mid-September 2016 to further discuss the modalities for the reciprocal bilateral implementation of AEOI between India and Switzerland with a view to reaching an agreement at the earliest, possibly by the end of the year
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
Former CBI Director A P Singh, who ran into rough weather over his purported links with controversial meat exporter Moin Qureshi, has resigned as UPSC member after a special court in Mumbai termed charges levelled against BJP President Amit Shah in fake encounter cases as being "politically" motivated.
Any bank account suspected to have been "misused" for money laundering or shell company operations won't be exempted from probe under 'Operation Clean Money' despite having low deposits, the CBDT said on Tuesday.
India has got the second set of Swiss bank account details of its nationals and entities under the automatic exchange of information pact with Switzerland, marking a key milestone in the government's fight against black money allegedly stashed abroad.
he government will allow holders of black money abroad to declare their wealth.
Kalanithi Maran and another top company official have been summoned as accused by a Delhi court in two tax evasion cases.
K V Chowdary, who is set to take over as the new Chief Vigilance Commissioner on Tuesday said he has full respect for both Prashant Bhushan and Ram Jethmalani, who have opposed his appointment to the top post in the country's apex anti-corruption watchdog.
The amendments were adopted with a significant margin, with the difference of votes ranging between 27 and 34 votes.
They said Rajeev Shamsher Bahadur Saxena wanted in the Rs 3,600 crore AgustaWestland VVIP choppers money laundering case and lobbyist Deepak Talwar wanted by the Enforcement Directorate and the Central Bureau of Investigation in a case of misusing over Rs 90 crore taken through the foreign funding route, were brought in a special plane to Delhi around 1:30 am.
Rajiv Saxena, an accused in AgustaWestland chopper deal scam, was extradited from Dubai, UAE, to India .
The I-T department has been probing 240 HSBC cases where it is suspected that Indians have stashed their illicit funds abroad.
The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods), informed the ministry of finance on Saturday. The government has settled Rs 25,568 crore to CGST and Rs 21,102 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states in the month of December 2021 after settlements is Rs 48,146 crore for CGST and Rs 49,760 crore for the SGST.
Money sent abroad rises sharply in July; maintenance of close relatives, education expenses top the chart
'We expect growth to increase in 2017, after this brief period associated with the change in notes.'
Images from Thursday's action in the Europa League Europa League - Round of 16 Second Leg - matches.
In the wake of the latest findings of the McLaren report, FIFA president Gianni Infantino has ruled out taking the 2018 World Cup from Russia.
Shivakumar's lawyers Abhishek Manu Singhvi and Dayan Krishnan opposed the ED's plea for custodial interrogation saying that he had joined the probe and never absconded.
Apart from making your purchases on these platforms expensive, it will also mean sellers will have to face the brunt of reduced cash flows amid already low margins for some. Experts said the proposal, which will take effect on April 1, 2020, and will be inserted as a new section in the Income Tax Act, is expected to affect the working capital of e-commerce companies and reduce cash flows for e-sellers.
Shivakumar, arrested on September 3 by the ED, was produced before the court on the expiry of his 9-day custodial interrogation by the agency.
'How can you ask the common man alone to suffer when the rich is not doing any sacrifice?' 'To take out 10% of black money, you are punishing 90% of the public who have genuine white money.'
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
Argentina's Lionel Messi has unfinished business going into the Centenary Copa America that is being staged in the United States with the Barcelona star keen to help his nation capture a first major title in 23 years.
The seizure occurred during raids at eight premises of a group engaged in sand mining in Tamil Nadu.
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
The sources said the taxman has initiated a country-wide operation to identify suspect bank accounts where huge cash deposits have been made post November 8.
