Analysts warn against overshooting fiscal deficit goal, but advise well-targeted capital expenditure on medium & small enterprises, roads, railways and urban development
The lower-than-expected GDP growth followed large-scale destocking undertaken by manufacturers ahead of the goods and services tax rollout and the lingering impact of demonetisation.
With the scheme floundering, the Centre is now planning to shift focus to district-level schemes to yield better results in the short-term for its skilling initiative.
The CBEC in its instruction said that the Supreme Court allows SLP only when there is a substantial question of law of general or public importance or there is manifest injustice resulting from the impugned order or judgment.
Slow processing, popping up of incorrect data in the error report and portal's inability to take a large amount of data in GSTR-1 in one go are some of the issues still being faced by those filing returns
Officials from Centre and states also monitoring high level of GST credit claims
Panama Papers case, HSBC probe among the 11 ‘high priority’ issues discussed
The Council decided to levy an additional cess of 2 per cent on mid-sized cars, 5 per cent on large cars, and 7 per cent on SUVs, along with lowering tax rates on 40 items, including idli/dosa batter etc.
Traders from Agricultural Produce Market Committee of Kolhapur, Sangli and Solapur also demanded removal of the commission on turmeric fingers, coriander, raisin and dried red chillies, saying they are purely “agricultural products”.
At present, most agricultural commodities are exempt under the GST regime except the processed agricultural commodities.
During his term India signed Memorandum of Understanding (MoU) with Qatar for cooperation in Skill Development and recognition of qualifications to facilitate workforce mobility, skill development and placement of youth in overseas jobs in Qatar.
"As of now, for industrial units employing more than 10 workers, they need state governments’ permission to close down a factory. Legislative changes through Factories Act have been pending. It needs to be fast tracked,” an expert at FICCI said.
Construction and financial services sectors recorded a slowdown in growth with the GVA for “financial, insurance, real estate and professional services” sector growing at 6.4 per cent, down from 9.4 per cent last year. GVA growth for the construction sector also declined to 2.0 per cent in April-June from 3.1 per cent last year.
In line with the new dates for GST inflows, the finance ministry has asked other ministries/departments to ensure that big releases of Rs 200-2,000 crore are kept between 21st and 25th of a month to “take advantage of GST inflows”.
Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
“A 25.3 per cent increase in ITR filings by individuals is a proof of rise in tax compliance following the steps taken by the tax department after demonetisation. The fact is going to be highlighted by the Prime Minister in his speech,” an official aware of the development said.
For the year 2015-16, the RBI board had approved the transfer of surplus amounting to Rs 65,876 crore to the government. In the previous year, the Central bank had paid Rs 65,896 crore to the government, which came as a boon to the government in covering the deficit.
The next meeting of the task force on shell companies is likely to take place this month. “Sebi does not seem to have followed due diligence in ordering restriction of trading of all 331 companies.
The Department of Economic Affairs secretary Subhash Chandra Garg, Central Board of Direct Taxes chairman Sushil Chandra, EC’s director-general Dilip Sharma along with other officials met for a preliminary discussion on the structure of electoral bonds
I-T demand of tax on $150 million investment in NDTV
In June, NDTV, in a statement on its website, had said, “There is absolutely no undisclosed income. None at all. NBC, one of America’s largest and oldest TV networks (and a subsidiary of General Electric or GE at that time) invested $150 million in NDTV in 2008.
US President Donald Trump had, in the recent past, been vocal about his support for Harley-Davidson — the motorcycle manufacturer viewed as a flag bearer of the American manufacturing story and is only one of two US motorcycle makers that have survived the Great Depression.
Asked about issues of transparency raised by the outgoing Chief Election Commissioner Nasim Zaidi, another government official said that the bond’s norms have been drafted keeping in view the concerns pertaining to transparency and money laundering.
Revenue Secretary Hasmukh Adhia corroborated this, saying the mechanism is working smoothly at their end. The feedback, he told The Indian Express, is “so far, so good’’.
The process of migration of 84 lakh VAT, excise and service tax assessees to the GSTN had started in November last year, with a phased enrolment plan for each state.
The ramification could be more pronounced as traders will not be able to avail input tax credit for supplies of taxable goods and services from other states to J&K.
The CGST and SGST will be levied simultaneously on every transaction of supply of goods and services except exempted goods and services, goods which are outside the purview of GST, and transactions which are below the prescribed thresholds.
If the supply of goods or services or both is exempt under GST, then the recipient is not liable to pay tax under the reverse charge mechanism. The CGST law mandates registration for those who are required to pay tax under reverse charge, even if their turnover is less than the threshold limit of Rs 20 lakh.
With three days left for GST rollout, most computer hardware traders in Nehru Place, the hub of the IT hardware business in south Delhi, are bogged down by several concerns.
A flat 1 per cent tax rate will be charged for traders, 2 per cent for manufacturers and 5 per cent for restaurants under the composition scheme of GST. A taxpayer availing of it will be required to file summarised returns on a quarterly basis, instead of three-monthly returns.
On June 3, the GST Council fixed the tax rate on gold at 3 per cent for now
There was a fear of return of a raid raj, spirit of the provision was primarily to help in the transition to the new regime
“The objective was to maintain equivalence to the existing taxation level and, in some cases, the fitment committee’s recommendation went beyond the equivalence principle. So, after considering the recommendations, the GST Council has reduced the tax levels in 66 out of 133 cases.” Arun Jaitley said
States unwilling to share Merchant Discount Rate charges for GST payments up to Rs 1 lakh using debit cards
Adhia’s office to be followed by GST Implementation Committee, 8 standing panels
The Council, with representatives of states and Centre, also agreed on the July 1 rollout for the indirect tax regime. West Bengal was the exception — its Finance Minister Amit Mitra said the rollout of GST from July 1 would have “serious problems”