Says by 2030, no petrol or diesel car should be sold in India
Advocates greater use of the Enforcement Directorate’s penalising powers
Jaitley said that ED needs to expeditiously use its penalising power for increased compliance.
Arun Jaitleyt said the revenue department and the ED have a key role to play to catch offenders.
According to Adhia, trade based money laundering is also getting prominent these days as was witnessed in the Rs 6,000-crore Bank of Baroda case.
In the final stages of doing away with FIPB, finance minister tells India Inc.
The GST laws approved by Parliament have incorporated an anti-profiteering provision to ensure that the reduction of tax incidence is passed on to the consumers.
Maharashtra chief minister Devendra Fadnavis assured the delegation that his administration will provide all necessary assistance.
The ministry also proposes to come out with the mid-year review of FTP, a few months ahead of the schedule, before the GST rollout
For listed fund flows to emerging markets, India is followed by Taiwan and Brazil.
In its 3-year draft action agenda, it has also stressed upon the need for reforms in taxation, agriculture and governance for accelerating all-round development of the country
They will not be "significantly different" from current levels, he said.
Bad loans, restructured debt and advances to companies that can't service their debt have risen to about 16.6 percent of total loans, government data show.
Observing that India is the "fastest growing emerging market economy", Zhang said the IMF believes that India is going to continue to grow at a fast pace.
Meanwhile, the income tax department found two chartered accountants facilitating illegal conversion of black money into white to the tune Rs 110 crore, government sources said.
On the personal tax front, the report noted that only 3.65 crore of the population files income tax returns.
Consumers can also request for their gold to be delivered at their homes in the form of minted coins or sell it back online to MMTC-PAMP.
With Jharkhand being a producer state, concerns remained about the state losing out on revenue as the new system provides for tax being collected in the consumer state
Patel had appeared before the House panel on January 18 and had faced a barrage of questions on the issue. He is scheduled to appear before it again on May 25.
Finance minister Arun Jaitley also issued a statement saying, “I have read the paragraph in Niti Aayog report entitled ‘Income tax on agriculture income’. "
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.
India's public finances are notoriously precarious, with the International Monetary Fund estimating that tax revenues are equivalent to just 17.7 percent of gross domestic product
Overall, the trust will be raising around Rs 5,035 crore as part of this first public offering which includes fresh issue of Rs 4,300 crore, offer for sale and over subscription.
Addressing the GST Conclave organised by the Ministry of Finance, Adhia reiterated the July 1 deadline for GST rollout, asking industry to not remain complacent and complete their preparatory work in time.
A GST compliance rating somewhat mirrors the credit score that CIBIL provides based on the credit history of a borrower.
Farm loan waiver: Subramanian said actions like this pose a big challenge to the Centre's effort towards fiscal consolidation.
The reference rate of the rupee is 64.4757 against the US dollar and 69.9884 for the euro, as per the RBI.
India will be joining 160 countries that have a value-added tax, including Poland, Canada and Japan. At the top rate, India’s GST will be among the highest.
Prime Minister Modi delivered the opening and closing remarks at the Niti Aayog’s Governing Council meeting, held at Rashtrapati Bhavan, which was attended by several chief ministers and Cabinet ministers.
Central and state expenditure expected to rise by `92 lakh cr to `130 lakh cr
The MPs had expressed apprehension that some people could use the portal for making quick money thus causing loss of crores to the exchequer.
Our base GDP is large. If we grow at an 8 per cent average rate for the next 15 years, our GDP will be Rs 469 lakh crore by 2030: Niti Aayog Vice Chairman
Arvind Panagariya gave an outline of the draft action agenda circulated at the meeting. This had been prepared with inputs from the states.
The Prime Minister was delivering his opening remarks at the third meeting of the Governing Council of Niti Aayog.
The government wants these issues to be in place as it would help provide a conducive investment climate to investors.
Expected after FM returns from his visit to the US and Russia later next week