Theoretically, the currency with the public should expand in sync with the nominal income, which again moves in relation to the nominal growth rate of the economy. But the correlation breaks easily when other factors come into play, says Anup Roy.
"If the government wishes to target me, they should do so directly, not harass friends of my son who carry on their own businesses and have nothing to do with politics," he said in a statement shortly after reports of IT and ED searches on some premises connected with Karti's friends.
His remark comes hours after the government disclosed before the Supreme Court eight more names, including that of Pradip Burman, one of Dabur India promoters, a bullion trader and a Goa miner against whom it has started prosecution for allegedly stashing black money in foreign banks.
The Swiss Finance Ministry spokesperson further said the treaty states that "such persons or authorities shall use the information 'only' for such purposes.
Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that includes 36 lakh quarterly returns, the finance ministry said. January is the fourth straight month when Goods and Services Tax collection has crossed Rs 1.30 lakh crore.
According to a senior official, Sebi has written to various stakeholders under its jurisdiction with regard to the requirement of FIs to report under CRS.
China also had the largest illicit outflows of any country in 2013.
In a hard-hitting editorial, the US daily further stated that while 'many Indians have said that they are willing to tolerate some pain, their patience won't last if the cash crunch continues'.
The GST bill's draft says tax would be levied on Maximum Retail Price
United States President-elect Donald Trump on Wednesday refuted reports of infighting among his advisers over key Cabinet appointments and a shakeup in his transition team, saying a very organised process is taking place to select the finalists.
The I-T dept has issued 87 notices under section 24 of the said Act
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
ED has submitted a chart of total $60.54 million received by the firms directly or indirectly owned by Talwar between April 23, 2008 to February 6, 2009.
Imran called on Modi not to talk about stopping water and surgical strikes, saying Pakistan is united and standing behind its army against any aggression.
"To begin with, people could face some difficulties because any changeover has its own problems. But it will settle down and the country will benefit from the new indirect tax regime," Jaitley said at an event organised by ABP News.
The case against Balaji and his aides pertains to his tenure as the state transport minister in the All India Anna Dravida Munnetra Kazhagam government during 2011-15.
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
Black money Bill: Govt may widen disclosure window to 3-6 months.
The project is expected to be activated by the end of this month.
Pakistan Prime Minister Nawaz Sharif has vowed to have the name of his three children cleared in the 'Panama Papers' issue.
The court had on July 21 issued summons to the firm, Maran and Natrajhen and directed them to appear today after taking cognizance of two I-T complaints filed against them.
'If such inflows materialise, what will be the effect on the rupee's value -- and therefore on exports growth, the only sustainable path to recovery?', asks Mihir S Sharma.
Sentiment was hurt after market regulator Sebi directed bourses to initiate action against 331 suspected shell companies.
The government notified the compliance window under the Act.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
Cohen, 52, was sentenced to 36 months in prison by the US District Court for the Southern District of New York.
In a major crackdown on domestic shell companies, the government on Friday decided to take "harsh punitive" action, including freezing of their bank accounts used to launder money or evade taxes.
The letter was written on February 20, two weeks after the Cabinet Committee of Economic Affairs had approved the 100 per cent ownership proposal of Vodafone Plc in Vodafone India, at a proposed investment of Rs 10,141 crore (Rs 101.41 billion).
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Central Bureau of Investigation Director Ranjit Sinha on Monday said "collusive corruption" in which there is a willing bribe-giver is emerging as a "formidable" challenge for institutions fighting corruption.
With a staff crunch, it seems the I-T department would now target only the big fish rather than go after small assessees.
Formula One boss Bernie Ecclestone will stand trial on bribery charges in Munich, according to a statement from a German court.
Formula One boss Bernie Ecclestone said he would fight a $400 million damages claim that German bank BayernLB is planning to file in London over the sale of the motor racing business in 2005.
US prosecutors on Monday made public their 2013 plea agreement with Chuck Blazer, revealing that the former FIFA executive committee member had been secretly providing authorities information for nearly two years before he admitted guilt.
If GDP growth in Q2FY18 remains below 7%, the outlook for Samvat 2074 would remain uncertain at best, says Nitin Desai.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
The European Commission urged Greece to stick to commitments it has made to reform its economy as Prime Minister Alexis Tsipras called a snap election within hours of new EU bailout cash arriving in Athens.
There are lessons for the Congress to learn from the Karnataka elections of how burying the hatchet among top leaders and not washing dirty linen in public can help, says Ramesh Menon.
The Congress unit described Ramesh's suicide an outcome of "targeted harassment" of their rank and cadre to keep them away from the party.
Capital markets regulator, I-T department suspect tax evasion and market manipulation
