GST refunds, unless expedited, would be an additional dampener for exporters to sail through in 2018-19 and sustain the almost double-digit growth achieved in the last fiscal.
The cash seizure comes at a time when other parts of the country are reeling under a cash crunch. “When the people are finding it difficult to withdraw the money from the banks/ATMs, seizure of these high denominations is raising eyebrows,” the statement said.
The Income Tax filing season for salaried class taxpayers has just begun with the Central Board of Direct Taxes (CBDT), that frames policy for the department, recently notifying the new ITRs.
India had first mooted the idea of having such an agency for the BRICS (Brazil, Russia, India, China, South Africa) grouping to can solve impediments for the emerging market economies posed by the present credit rating agency market that is dominated by S&P, Moody's and Fitch.
Earlier this month, RBI raised the debt investment limits for FPIs across all segments, including G-secs, allowing cumulative increase of over Rs 1 lakh crore through FY19.
The Central Processing Centre (CPC) of the department in Bengaluru, that receives and processes the Income Tax Returns (ITRs), has issued an advisory specifying such taxpayers should not "fall prey" to unscrupulous tax advisors or planners who help them in preparing wrong claims to get tax benefits.
India will again emerge as the world’s fastest-growing major economy at least for the next two years, the IMF said. India’s growth will rise steadily to 7.4 per cent for 2018-19 and 7.8 per cent for 2019-20, against 6.7 per cent in 2017-18, the multilateral body said.
Electronic way or e-way bill for inter-state movement of goods was launched on April 1, with Karnataka being the sole state to start intra-state e-way bill on the same day.
The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, had last month discussed two models of GST returns and suggested that the GoM would discuss further simplification.
The International Monetary Fund (IMF) in the latest World Economic Outlook (WEO) has projected India to grow at 7.4 per cent in 2018 and 7.8 per cent in 2019.
Arun Jaitley's comments come in the wake of people from at least six states, including Gujarat, Maharashtra, Madhya Pradesh, complaining that the ATMs have run dry.
Reverse Charge Mechanism, which had earlier been kept on hold till June 30, is expected to be the next anti-evasion measure after the introduction of e-way bill this month.
Also, the non-tax revenues which states generate on their own are expected to rise at a much faster 18.7 per cent in 2018-19 compared with an increase of 9.2 per cent in 2017-18.
Garg said that for the 15th FC to identify the rightful needs for the states for allocating resources, the population base of 2011 is a fair one.
According to a study by HR consultancy Aon, firms have either made changes or are planning to make changes to their performance management systems to retain top talent.
The revelations come just days after the investigating agency had registered a case amounting to Rs 19.03 crore sanctioned by the bank to 18 fake borrowers under various home and property loan schemes with concessional interest rates in 2013 and 2016.
Instructs officials to submit reports within 3 days of intercepting conveyances.
Revenue from operations for the fourth quarter rose by 5.6 per cent to Rs 18,083 crore as against Rs 17,120 crore a year ago. Infosys said it would stick to its policy of returning up to 70 per cent of its free cash, adding that it had identified up to Rs 13000 crore which would be paid to shareholders including a special dividend payout worth Rs 2,600 crore.
In its guidelines for govt CISOs, IT ministry highlights 8 best practices
The Indian economy grew 6.6 per cent in the last fiscal due to lingering effects of demonetisation in 2016, businesses adjusting to goods and services tax (GST) in 2017, and a subdued agriculture.