We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
The Singapore Minister applauded Prime Minister Modi's effort to make India the manufacturing hub of the world.
Responding to the price rise debate in Lok Sabha, Mukherjee said that it should be tackled by leaders across all the political parties.
Premised on the 'best-case scenario' in terms of growth and revenue, the Budget seems unprepared for a possible slowdown.
Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform.
Financial services company Morgan Stanley's Asia chief Stephen Roach is more bullish on Indian economy than China.
There is a need to bring in legal/constitutional changes, reforms in central tax system and state tax systems, said M Govinda Rao, director, National Institute of Public Finance and Policy.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
A collapse in global oil prices has unleashed a wave of monetary easing.
The GST Council's agenda includes trimming the number of items in the 28 per cent slab by 75 per cent, easier compliance for assessees and small taxpayers, and a presentation on bringing real estate under GST.
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
He says a Budget is supposed to be about tax and expenditure. "I think he (Finance Minister Pranab Mukherjee) has outlined significant tax reforms, which will be implemented over the next three to six months."
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
With economic growth slowing to a six-year low, IMF Chief Economist Gita Gopinath says the government should undertake structural reforms such as bank clean-up and labour reforms to address the slowdown in domestic demand. She rooted for government policies focusing on managing a slowdown in domestic demand, and on boosting productivity growth and supporting employment creation in the medium term.
The Sensex posted its biggest single-day jump in over a decade at 1,921 points and investors' wealth soared by a staggering Rs 6.8 lakh crore after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates on Friday.
In a pre-Budget wishlist, Vinod Juneja, managing director, Braj Binani Group, said, "I expect the finance minister to target the GDP growth of at least 8% or higher for the next 3 financial years."
Dismayed by the BJP's decision to say no to FDI in multi-brand retail in its election manifesto, India Inc has urged the party to reconsider its stand, saying the move may send a wrong signal to overseas investors.
While Congress and the states ruled by non-NDA parties pushed for the Centre meeting its statutory obligation of covering the deficit, the Union government cited a legal opinion to say it had no such obligation if there was a shortfall in tax collections. The Centre as well as BJP-JD-U-ruled Bihar were of the opinion that the states should borrow to make up for the shortfall in the tax revenues that have been compounded by the COVID-19 crisis, sources said.
Two-page Saral-II form for individual salaried taxpayers for coming assessment year.
The government on Wednesday released a brand new direct taxes code that will replace the 1961 Income Tax and other direct tax laws, saying it will provide a simple tax structure for better compliance.
This is a moment when the leaders at the Centre and states must show true leadership for the sake of the country. And it is the top political leaders, not attorney generals or bureaucrats, who should be sitting together and settling this thorny issue of compensation, says Arvind Subramanian, former Chief Economic Adviser to the Government of India.
India Inc on Monday welcomed the focus on reviving economic growth to nine per cent as also the indications for bold tax reforms, but expressed regret that the Minimum Alternate Tax was raised and Security Transaction Tax was let to continue.
In the video, Bachchan explains GST as an unifying force just like the three colours in the national flag.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
'The Indian economy is in slowdown and growth may stay slow,' notes Devangshu Datta.
Khan stressed on taking austerity measures, working on tax reforms instead of taking loans, rooting out corruption.
Trump paid an effective tax rate of 24 per cent and saved millions of dollars in additional taxes by claiming the losses, according to the document, the first two pages of which were obtained by Pulitzer Prize-winning journalist David Cay Johnston and first shared on "The Rachel Maddow Show.
The government is likely to increase the number of transactions that require reporting from seven to tighten scrutiny and check evasion.
The NSE 50-share after moving between 10,309.85 and 10,261.50 on alternate bouts of selling and buying, finished at 10,298.75, with paltry gains of 15.15 points, or 0.15 per cent.
The broader 50-issue NSE Nifty dropped 38.35 points, or 0.38 per cent, to close at 10,186.60
The introduction of GST would constitute India's biggest reform.
A progressive tax system (in which the rich pay more than the poor) is one in which direct taxes account for more revenue than indirect taxes (which are on goods and services). In that respect, India's period of supposedly extortionate tax rates produced a most undesirable result because the Centre's next direct tax revenue was barely a fifth of its net indirect tax revenue.
They also stressed the need to increase allocation for improving the quality of education and improving infrastructure in rural areas.
Industrial output rose to nearly three-year high of 6.4% in August.
A key milestone towards indirect tax reform in the country was achieved on Wednesday when state governments approved the introduction of a nationwide dual Goods and Service Tax (GST) from April 1, 2010.
GST will yield 'better value for money' for car buyers, increasing automobile industry demand, says Sandip Neogi.
It proposes to bring down the corporate tax from the current 35 per cent to 15 per cent, significantly lower individual tax rates, and eliminate several tax rates like the death tax.
C Rangarajan, chairman of the economic advisory council to the prime minister, has called for revisiting subsidies, dividend distribution tax and tax exemptions.
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