250 references given to other countries in Panama Papers cases, investigation progressing at good pace: Jaitley
Arun Jaitley added that the Consolidated Fund of India would get the collected black money and it will be used for social security purposes.
The Prime Minister complimented Finance Minister Arun Jaitley and his team at the Finance Ministry for the "hard work" resulting in the successful outcome of IDS-2016.
Tax collection at `2.8L crores, which is 26.6% of full-year estimate.
Though active trading was held in check due to simmering tensions in the aftermath of 'surgical strikes' alongside RBI's fourth bi-monthly policy statement scheduled to be announced on October 4.
The fiscal deficit was 66.5 percent of the full-year target during the same period a year ago. Net tax receipts in the first five months of 2016/17 fiscal year were 2.8 trillion rupees.
In the opening remarks at the Fourth Meeting of Parliamentary Consultative Committee meeting, Jaitley said the government so far is following the road map for implementation of GST "as per the schedule".
Experts feel that the Indian economy is on a sound trajectory and the impact may not be much on the economy.
PHD Chamber of Commerce and Industry President Mahesh Gupta said there will be no impact on India's trade and economy, adding that the volatility in the financial markets will also be short lived.
Implementation of the Goods and Services Tax (GST) from April 1, 2017 would further improve India’s competitiveness and ease of doing business ranking, finance minister Arun Jaitley said. The finance minister’s remarks come after the World Economic Forum released the Global Competitiveness Index, according to which India climbed 16 places to the 39th spot in the […]
The stock exchanges have subsequently been monitoring scrips for unusual price movements to stop flow of black money into stock markets.
The Indian economy has stabilised and now boasts of the highest growth among the G-20 countries, the report underlined.
WEF ranking: "India's competitiveness has improved across the board, in particular in goods market efficiency, business sophistication, and innovation".
The stakeholders have been given time till Wednesday to give their comments on the two draft rules.
The growth projections for India are similarly unchanged for both years, providing the main resistance to global headwinds.
Declarations can be made online as well in printed copies of the prescribed form up to midnight on 30th September, 2016.
To prepare the groundwork for a smooth rollout of the Goods and Services Tax (GST), the tax department on Monday released three sets of draft rules and their formats relating to registration, invoice and payments under the new indirect tax regime. The Central Board of Excise and Customs (CBEC) has invited comments on draft rules by […]
As the GST Council readies to meet again on Friday, Centre and states will be required to walk the extra mile to sort out issues like list of exemptions, framework for draft rules and industry incentives.
This year, rains arrived late and the monsoon activity has stretched into the September. Gujarat currently has a 18 percent rainfall deficit, after it registered an average rainfall of 652 mm.
"We intend to have these rules approved by the GST council in its meeting on September 30 so that business systems can be modified by all," Revenue Secretary Hasmukh Adhia tweeted.
Tripura: No legislators from Left Front, Trinamool Congress (TMC) or Indian National Congress raised any question on the GST Bill.
The US Energy Information Administration (EIA) projects total liquid fuels consumption in the Asia Pacific to rise by 0.9 million barrels per day (bpd) in 2017 to 33.3 million bpd.
This will be the first monetary policy review after appointment of Patel as head of the 81-year-old central bank earlier this month. He took over from Raghuram Rajan on September 4.
The figure was 7.9 per cent in January-March. Last year, Indian economy expanded by 7.5 per cent in the April-June quarter.
The APA scheme, introduced in the Income Tax Act in 2012, is aimed at providing certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance.
Allegations include sanction of funds to entity listed by RBI as ‘wilful defaulters’.
The fourth Indo-Chinese Strategic Economic Dialogue (SED) will be held in October.
Under the IDS, people with undeclared wealth can disclose it in the four month window that ends on September 30 and escape prosecution.
Exemption limit for Northeastern states and smaller states fixed at Rs 10 lakh
At the end of the first meeting, the Council headed by Finance Minister Arun Jaitley decided that the state authorities will have jurisdiction over assessees with annual turnover of less than Rs 1.5 crore.
There will also be clarity regarding the selection of base year for purpose of calculation of compensation to states for loss suffered due to GST.
While their demand was overruled, consensus also eluded first day of the meeting over the issue of exemption to dealers from the Goods and Services Tax (GST).
GST issues are causing "much risk and uncertainty" in the market.
The government had set up the Rs 40,000-crore fund in December last year as an investment vehicle for funding commercially viable greenfield, brownfield and stalled projects.
The two-day meet of the GST Council is likely to iron out issues between the Centre and states for rolling out the new indirect tax regime from April 1, 2017.
Similarly, e-commerce players such as Flipkart and Amazon will have to seek registration under GST irrespective of the value of supply made by them.