With the Indian economy expected to grow only marginally higher this fiscal, the government has set a realistic target for Goods and Services Tax (GST) and anti-evasion measures will be taken to increase the efficiency of revenue collections, Revenue Secretary Ajay Bhushan Pandey said Saturday.
Finance Minister Nirmala Sitharaman said the new surcharge rate will increase effective tax rate by 3 per cent and 7 per cent for those earning between Rs 2 crore and Rs 5 crore, and those earning above Rs 5 crore, respectively.
The change in definition of the assessee is expected to provide power to tax authorities to take action against those who were residents at the time of acquisition of the undisclosed asset and then turned into non-residents.
Out of the total 1,19,743 cases of reversal of transactions recorded for eight states, Uttar Pradesh topped with reversal of 86,314 transactions, followed by Maharashtra with reversal of 32,897 transactions.
Union Budget 2019 Date, 5 July 2019: Expected to outline the economic trajectory of the new NDA govt, the Budget, come July 5, will be watched as much for any big ideas to kickstart growth as the government’s patchy record on fiscal prudence. The Indian Express does the maths
Government says reduced contribution rates will bring relief to workers, encourage more to join formal sector, besides making establishments more viable. Unions say employers benefit more, deal was for smaller cut.
Arvind Subramanian, in a recent research paper published at Harvard University that formed the basis of his piece in The Indian Express Tuesday, concluded that the country’s growth has been overestimated by around 2.5 percentage points between 2011-12 and 2016-17.
Sitharaman would draw upon her experience of serving the previous Narendra Modi government, as a Minister of State for Finance, then Corporate Affairs and later as a Minister of State (Independent charge) for Commerce and Industry.
As Arun Jaitley underwent a surgery in the US in January for a reported soft tissue cancer in his left leg, the Modi government’s sixth and final budget of its current term was presented by Railway and Coal Minister Piyush Goyal, who was the stand-in finance minister.
The order states that the proposed NSO would be headed by Secretary (Statistics and Programme Implementation), but skips any mention of National Statistical Commission (NSC), which has been the overseeing body for all the statistical work done in the country.
The next phase of reforms roadmap is expected in the backdrop of a cyclical downturn. Gross Domestic Product (GDP) growth figures for January-March, to be released on May 31, are expected to depict a loss of momentum in India’s growth.