Tax administration could be improved to reduce discretion and improve accountability
The government last year introduced the Insolvency and Bankruptcy Code.
Stung by the low 4.4 per cent growth projection for this fiscal, the pre-Budget Economic Survey on Thursday endorsed Kelkar Panel recommendations on tax reforms besides a cut in subsidies and interest rates to deal with mounting and worrying fiscal d
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
The Union Budget is also likely to cut corporate tax and capital gains tax.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
On Wednesday, the rupee had dropped by 26 paise.
Terming Kelkar panel's proposals as "radical", Finance Minister P Chidambaram on Saturday said a comprehensive tax reform will be implemented in the next Budget after a consensus from all sections.
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
From filing 37 returns a year when the Goods and Sales Tax was first introduced in July last year, the process has undergone major changes as the GST Council considered and implemented various models to ease the pain for assessees. Here's a recap of how the process has changed in 10 months.
ICRIER has suggested that the government hasten tax reforms by lowering peak customs duties to ensure export competitiveness of domestic industry.
"Tax exemptions granted to dedicated export units located in EPZs, SEZs and EoUs should continue up to 2010."
"In rural India, even minimal infrastructural facilities are not available for farmers. It is unthinkable to impose a tax on agricultural income, says Rajnath Singh
The government was hoping to roll out the GST regime from April 2016.
Stung by widespread criticism within the ruling Bharatiya Janata Party, Kelkar Committee on tax reforms is expected to submit watered down final reports on direct tax and indirect taxe
The Rupee is seen weakening further against the dollar.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Planning Commission, on Thursday, expressed reservations on Kelkar Committee proposal to bring processed foods under excise duty net saying it will badly affect growth in the sector.
For the second straight week, the Sensex rose, notching up a significant gain of 528.34 points, or 1.59 per cent. The Nifty was up 129.45 points, or 1.25 per cent, during the week.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
Vijay Kelkar panel on tax reforms on Friday proposed doubling of the tax exemption limit on personal incomes to Rs 1,00,000.
Professional ballet dancer Misty Copeland, and wrestler turned-actor Dwayne 'The Rock' Johnson joined National Basketball Association star Stephen Curry in opposing comments made by the chief executive of their sponsor Under Armour supporting US President Donald Trump.
The government should have mentioned clearly the specific structural reforms that were responsible for the deviation from the fiscal deficit target by half a percentage point, says A K Bhattacharya.
United States President Trump has been nominated along side his arch nemesis dictator Kim Jong-un.
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
Fiscal deficit, the gap between government's expenditure and revenue, stood at 4.5 per cent in FY14, lower than 4.9 per cent in FY13.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
Simpler GST structure will be key poll plank, Congress sources tell Archis Mohan.
Early GST rollout to help create more jobs, boost output, says IMF.
The positive effects of demonetisation will be visible from April and the completion of remonetisation process will drive consumption going forward, Economic Affairs Secretary Shaktikanta Das said on Tuesday.
In many ways, the 68th Republic Day parade was unique.
After tabling the Survey, Jaitley told reporters that fiscal deficit for the current year will be 4.5 per cent which needs to go down further in the next two years.
The previous United Progressive Alliance government had undertaken some decisions, like introduction of retrospective tax amendments and GAAR, which had dented investor sentiments.
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