Companies are paying much less than the peak incidence of corporation tax. According to the expanded revenue foregone statement in this Budget, the effective tax rate for corporate India stood at 20.60 per cent in 2006-07, marginally higher than the 19.26 per cent clocked in 2005-06, but substantially lower than the statutory tax rate of 33.66 per cent.
If foreigners need reasonable taxes, why offer citizens something else? If foreign businessmen look for assurance on the rule of law, so do citizens, argues T N Ninan.
Excise duty hike for cigarettes could be lower.
Broadly stagnant sales causes the first drop in business activity in over a year.
Experts, however, said that it is a very nominal benefit to the salaried class.
Response to Rahul yatras in Gujarat forced GST cuts, says Congress. It reflects Modi's willingness to listen, says BJP.
Prime Minister Narendra Modi on Wednesday said the government has no business to be in business and his administration is committed to privatising all PSUs barring the bare minimum in four strategic sectors. "It is government's duty to support enterprises and businesses. But it is not essential that it should own and run enterprises," he said. Modi also said the Centre's policy is to either monetise or modernise public sector enterprises, with the intent that the government has "no business to be in business".
Any judgement on whether the March numbers reflect sustainable growth in GST collection should ideally await the numbers that will be out in May, points out A K Bhattacharya.
T N C Rajagopalan on the new year and new worries.
'As regard to specific reference to high net worth individual, the moment we finish the 75th anniversary of India's independence, we shall review and take a call,' Finance Minister Nirmala Sitharaman said.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Assets worth only Rs 4,000 cr declared till mid-August; govt expects pick-up in last 2 weeks
A few companies continue to pay taxes at 15-20%.
Mercedes-Benz India, BMW India and Audi India have lined up over 50 new model launches as they seek to recoup previous year's loss in volumes, reports Shally Seth Mohile.
Industry representatives have said from the second half of the year, they hope to see revival because the rural economy is looking up and the projects the government has announced.
As President Biden moves ahead with a new 'strategic concept' for China and Russia, the going is bound to get rough for the US and its G7 partners, notes Ambassador T P Sreenivasan.
The Central Board of Excise and Customs on Tuesday said that tax rates under the proposed Goods and Services Tax regime in India is likely to be between 16 per cent and 20 per cent.
Arun Jaitley had proposed in the Budget to double the rate of capital gains tax on debt MFs to 20%.
The tax proposals are expected to mobilise an additional revenue of Rs. 1,000 crore.
But their trajectory and direction have been largely influenced by politics and the political leadership's understanding of how the economy needs to be managed, explains A K Bhattacharya.
Moody's said fiscal measures undertaken by the government -- such as corporate tax rate cuts, bank recapitalisation, infrastructure spending plans, support for the auto sector and others -- do not directly address widespread weakness in consumption demand, which has been the chief driver of the economy. In addition, interest rate cuts by the Reserve Bank of India are not being adequately transmitted to lending rates because of the credit squeeze caused by disruption in the non-bank financial sector, it said.
Duty structure on oil will undergo changes, given the high prices and the significant quantities of imports.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
He said, clothing, footwear and electronic sectors are large job creators and need big reforms.
The broader NSE Nifty reclaimed the 11,600 level, zooming 326 points or 2.9 per cent to settle at 11,600.20. Top gainers in the Sensex pack included Bajaj Finance, L&T, Asian Paints, ITC, Axis Bank, Kotak Bank, ICICI Bank, HDFC twins, Maruti and SBI, rallying up to 8.70 per cent.
Experts pointed out the move will only help taxpayers temporarily, as the tax liability remained the same and the date for advance tax has not been extended.
The opposition party also claimed that the Modi 2.0 dispensation has turned out to be an "economic and political disaster" and "constant rollbacks" of economic decisions will lead to worsening of the economic situation.
The S&P BSE Sensex ended down 284 points at 27,698 and the Nifty50 slipped 78 points to settle at 8,545.
'If global growth continues to be sluggish, India instead could potentially take a bigger piece of a shrinking pie,' says Prachi Mishra, managing director, Global Macro Research, and India chief economist, Goldman Sachs.
The balance sheet of the Reserve Bank plays a critical role in the functioning of the country's economy.
The revised draft DTC, released earlier this month, has dropped the contentious issues of the first discussion paper.
With real estate -- NRIs's favourite investment vehicle in the past -- unlikely to do well in the near future, there is a strong case for NRIs to shift to equity and debt mutual funds, says Prateek Mehta.
Assessment of the 427 account holders associated with HSBC list will be completed by March 21, 2015.
The Centre is grappling with the question of its fiscal roadmap not only for this year but for 2018-19
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
Effective tax rate is the portion of profits which companies pay as corporate tax after seeking exemptions, as against the statutory tax rate of 33.9 per cent.
In absolute terms, revenue receipts stood at Rs 9.07 lakh crore at the end of October. For the entire 2019-20, the revenue receipts have been pegged at Rs 19.62 lakh crore.
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 next meeting of the GST Council will be held on September 28-29 in Goa.
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