The process of migration of more than 80 lakh VAT, excise and service tax assessees to the GST network started in November, with a phased enrolment plan for each state.
Revenue dept had 123 commissioner-level vacancies in last three years
Prime Minister Narendra Modi also asks tax officials about action plan for second phase of ‘Operation Clean Money’.
Achievements under the government’s initiatives against black money, Operation Clean Money and the recently concluded PMGKY, will be discussed in the meeting, officials said.
‘States insisted on keeping revenue growth assumption higher than 12%’
He, however, said that fitment of goods and services in the tax slabs under GST will hold the key to partly compensate for imperfections in the Bills.
In an interview to The Indian Express, the former finance minister said that a rush to roll out the new tax regime from July 1 could be detrimental.
The tax department is considering giving some additional time for making the deposits for those who paid taxes under PMGKY, after having extended the deadline for declarations recently.
The department is employing what it calls a “360 degree profiling” of taxpayers
In February, the Finance Ministry had sought clarifications from the Labour Ministry, mainly pertaining to the EPFO’s ability to pay an interest rate of 8.65 per cent and the payouts to be made in case of inoperative accounts.
Rs 12,700 cr collected in two instalments of tax and penalties in FY17 under IDS-I
The Centre has reiterated that rates will be closer to existing tax incidence, but industry says early knowledge of structure will help it undertake pricing of products commensurate with new taxation system
Declaring the rates in advance could provide an opportunity for arbitrage, the revenue secretary said.
The CGST Bill has also introduced a ‘reverse charge’ to be paid by the recipient of a taxable good or service in case the supplier is unregistered.
Centre’s move to bring in 40 amendments as part of the Finance Bill, like quoting Aadhaar to file ITR and removal of cap for firms for contributions to political parties, among others, has come under Opposition fire.
Among the eight key sectors — manufacturing, construction, trade, transport, education, health, accommodation and restaurant, and IT&BPO — that showed a decline in employment during October-December
The portal was launched by the EPFO on December 23, 2016.
The department also alleged that Jain used his knowledge in making investment in land, and was trying to influence government decisions to regularise unauthorised colonies.
Jaitley expressed optimism about being able to meet the intended July 1 deadline for rollout of the indirect tax regime.
On the credibility of quarterly data releases, Anant underlined “it is a careful statistical exercise” and that in many areas, “more complete information would be available in many ways by next year”.
In an interview to The Indian Express, Anant emphasised that additional data will help in getting a better picture of October-December, the quarter of demonetisation, and it will be reflected in revised estimates next year.
As per the methodology, since no direct data of expenditure is used, most of the GDP data is calculated based on output data
Apprehensions regarding the abuse of information by the assessees appear to be the main reason behind the tax department's move to seek changes to the Income Tax Act
The Budget division official in another set of internal communication said that they do not intend to print any additional copies this year.
Was he in loop on note ban? Subramanian quotes Buddhist maxim: ‘Speak only when you can improve upon the silence’
Kumar responded to an e-mail query sent by The Indian Express saying: “GSTN is registered under Service Tax.
Revenue secretary, while appearing before a Parliamentary panel, has clarified the government’s stand on the fresh provisions introduced in the Budget.
Clashes between Centre and states over minutes of previous meet
Concession over & above 90:10 division of taxpayers below Rs 1.5-cr threshold.
The Finance Ministry has also sought details from Labour Ministry on the number of inoperative accounts.
The online responses received from some of these individuals have revealed this discrepancy, which is expected to be removed in the second phase of the data mining operation.
Finance Secretary Ashok Lavasa, told The Indian Express that both the department and the government do not want such a situation and they are working towards reducing human interface through the use of technology.
On the proposed electoral bonds, Das, in an interview with the Indian Express, said that a limited time window for electoral bonds will help avoid the danger of them becoming a parallel currency.
The CBDT chairman assured industry that genuine investors, IPO, FPO, placement, ESOPs, will not be affected by this amendment.
Over two-thirds of the demonetised currency deposited in banks has come in the form of deposits over Rs 2 lakh — totalling around Rs 10.38 lakh crore.
Revenue Secretary Hasmukh Adhia speaks to The Indian Express.