Aanchal Magazine

Profile

GST: Hasmukh Adhia warns industry against hiking prices arbitrarily
Sat, May 20, 2017

The GST council has fitted the goods and services in tax bracket of 5, 12, 18 and 28 per cent. Tax experts said that a rise in tax rate for telecom and financial services is likely to hit consumers.

GST Council unveils 4-slab rates for services, exempts healthcare, education, non-AC travel
Sat, May 20, 2017

Luxury hotels, gambling, race-club betting and cinema services will attract a levy of 28 per cent.

GST rules in place, first list of goods and rates is out
Fri, May 19, 2017

Coming down hard on tobacco, cigarettes and cars, the Council decided on the cess rates for demerit and luxury items.

Rates for 6 items to be finalised; no levy on milk, bread, cereals
Fri, May 19, 2017

Finance Minister Arun Jaitley said that if rates for all items is not decided in this fourteenth meeting of the Council, then another meeting will be called soon to complete the fitment exercise.

Measuring Capital Goods’ Production: ‘Work in progress’, but may not end volatility
Tue, May 16, 2017

Even though the revision in IIP and WPI may not result in an immediate removal of volatility in industrial output, it will certainly help in reducing it and improve the quality of data in GDP.

Draft Labour Code on Wages may be introduced in Monsoon Session
Fri, May 12, 2017

Intra-ministerial talks will kickstart by end of this month

GSTN enrolment shut for now, reopening soon: CBEC
Tue, May 09, 2017

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.

GST preparation: FinMin recommends ad-hoc promotion for 116 IRS officers
Fri, May 05, 2017

Revenue dept had 123 commissioner-level vacancies in last three years

PM Modi to tax dept: How do you plan to use info against evaders, non-filers?
Wed, May 03, 2017

Prime Minister Narendra Modi also asks tax officials about action plan for second phase of ‘Operation Clean Money’.

PMO-revenue dept meeting next week: Initiatives against black money to be discussed
Thu, Apr 27, 2017

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.

Revenue growth for states: 14% projection may push GST rates higher for most items
Mon, Apr 17, 2017

‘States insisted on keeping revenue growth assumption higher than 12%’

Push GST rollout to Oct 1, fitment in tax slabs will be key: P Chidambaram
Mon, Apr 10, 2017

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.

Interview with P Chidambaram: ‘Push GST rollout to Oct 1, most items need to come under 18 per cent modal rate’
Mon, Apr 10, 2017

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.

Pradhan Mantri Garib Kalyan Yojana: Declarants who paid taxes but did not deposit 25 per cent may get breather
Sat, Apr 08, 2017

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.

1.37 crore who don’t file returns are now on Income Tax radar
Fri, Apr 07, 2017

The department is employing what it calls a “360 degree profiling” of taxpayers

EPFO rate must be cut upward of 50 points, Finance tells Labour
Thu, Apr 06, 2017

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.

PMGKY: Centre collects only Rs 2,300 crore as tax penalty
Thu, Apr 06, 2017

Rs 12,700 cr collected in two instalments of tax and penalties in FY17 under IDS-I

Industry on GST rate structure: ‘Timely’ call on rates to help in smoother transition
Tue, Apr 04, 2017

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

Fitment in GST slabs: Announcement of details could go beyond May, says Hasmukh Adhia
Sun, Apr 02, 2017

Declaring the rates in advance could provide an opportunity for arbitrage, the revenue secretary said.

Proposed Goods and Services Tax regime: Land sale out of ambit; Consular services, ‘reverse charge’ included
Wed, Mar 29, 2017

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.

Finance Bill: Going beyond the ‘only-tax’ provisions
Tue, Mar 28, 2017

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.

Job growth in key sectors fell sharply in December quarter: Quarterly Employment Survey
Fri, Mar 24, 2017

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

EPFO portal functional, but glitches continue
Tue, Mar 21, 2017

The portal was launched by the EPFO on December 23, 2016.

Delhi: I-T department attaches land linked to Satyendar Jain
Mon, Mar 06, 2017

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.

Key step cleared, July rollout likely for GST, says Arun Jaitley
Sun, Mar 05, 2017

Jaitley expressed optimism about being able to meet the intended July 1 deadline for rollout of the indirect tax regime.

Database limited, more complete information by next year: Chief Statistician TCA Anant
Fri, Mar 03, 2017

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”.

I’m constrained by public data; GDP not based on anecdotes, says Chief Statistician TCA Anant
Fri, Mar 03, 2017

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.

Consumption mystery could be traced to piling up of inventories
Thu, Mar 02, 2017

As per the methodology, since no direct data of expenditure is used, most of the GDP data is calculated based on output data

Additional powers to taxmen: Amendment to I-T Act sought to plug misuse
Tue, Feb 28, 2017

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

Budget 2017-18: Over 4K copies printed after ‘shortage’ last year
Sat, Feb 25, 2017

The Budget division official in another set of internal communication said that they do not intend to print any additional copies this year.

NPA a hard problem… many years we had extended pretence, says Arvind Subramanian
Fri, Feb 24, 2017

Was he in loop on note ban? Subramanian quotes Buddhist maxim: ‘Speak only when you can improve upon the silence’

Lack of clarity on GSTN’s service tax liability: Experts
Tue, Feb 21, 2017

Kumar responded to an e-mail query sent by The Indian Express saying: “GSTN is registered under Service Tax.

Additional power to taxmen: Govt to reveal reason for searches before Constitutional courts
Tue, Feb 21, 2017

Revenue secretary, while appearing before a Parliamentary panel, has clarified the government’s stand on the fresh provisions introduced in the Budget.

Tenth GST council meet: Bill for compensating states gets nod; CGST, IGST hang in balance
Sun, Feb 19, 2017

Clashes between Centre and states over minutes of previous meet

GST Council meeting: States allowed to tweak taxpayer division after consulting Centre
Fri, Feb 17, 2017

Concession over & above 90:10 division of taxpayers below Rs 1.5-cr threshold.

Finance seeks Labour reply: Is 8.65% EPF interest rate sustainable?
Thu, Feb 16, 2017

The Finance Ministry has also sought details from Labour Ministry on the number of inoperative accounts.