Govt expected to receive over Rs 39,500 cr under Sabka Vishwas Scheme; realisation a big booster amid revenue shortfall concerns
The Sabka Vishwas Scheme, which became operational on 1 September 2019, provides a one-time window to eligible persons to declare their tax dues and pay the same in accordance with the provisions.
Amid concerns that the government may fall short of tax collection target in a slowing economy, the Centre has set an ambitious Rs 1.1 lakh crore monthly GST target for the remaining four months of the current fiscal and asked taxmen to step up efforts to achieve the goal
In perhaps the first instance, the finance ministry has kicked off the exercise to formulate the next budget by seeking suggestions on changes in direct and indirect taxes from industry and trade associations
indirect tax is collected by one entity in the supply chain and paid to the government
Economic Survey 2018-19: Gross tax to GDP ratio dips to 10.9% in FY19 on shortfall in indirect tax revenues
The gross tax to GDP ratio declined to 10.9 percent in 2018-19 as indirect tax revenues fell short of budget estimates by about 16 percent, due to shortfall in Goods and Services Tax (GST) mop up, the Economic Survey said
The government said GST has integrated India into a single common market by breaking barriers to inter-state trade and commerce
Union Budget 2019: Indirect taxes imposed by govt to generate revenue; levied equally upon all taxpayers
Indirect taxes can be defined as taxation on an individual or entity, which is ultimately paid for by another person.
Union Budget 2019: Direct taxes form about 50% of govt's revenue; help curb inflation, maintain socio-economic balance
Direct taxes are considered to be very productive, the reason being, as the working population and community grow, so do the returns from direct taxation.
Budget 2019: Six ways new Finance Minister Nirmala Sitharaman can overhaul India's tricky direct tax system
With central excise and local sales tax accounting for roughly 50 percent of the petrol bunk prices, its migration to the GST regime brooks no delay
GST collections in March indicate that the revenue growth has been picking up despite various rate rationalisation measures
Loan waiver, income scheme for farmers attractive from political outlook, but will damage economy in long-term
In April 2017, Uttar Pradesh announced a farm loan waiver for small and marginal farmers costing Rs 36,400 crore.
Government's fiscal deficit touched 114.8% of the full-year estimates at the end of November
During April-November of the ongoing fiscal, the total net indirect tax collection (inclusive of CGST, IGST and GST-Compensation Cess) is Rs 6,12,653.47 crore, Minister of State for Finance Shiv Pratap Shukla said in a written reply in the Lok Sabha.
Deregistered companies decline to claim Rs 37,500 cr: Revelation is first tangible outcome of demonetisation
The Narendra Modi government functionaries and its sympathisers have been taking enormous pains from the date of demonetisation of high-value notes of Rs 500 and Rs 100 to underscore the point that the fruits of demonetisation would be available in the medium to long-term
India will not be able to narrow fiscal deficit to targeted 3.3% for 2018-19 due to revenue shortfall: Fitch
Fiscal deficit, a key factor determining the macroeconomic health, will come at 3.5 percent of GDP for FY19
The Karnataka High Court has ordered the high-handed and willfully defiant service tax official to cough up a hefty Rs 1 lakh as fine from out of his personal sources i.e. without burdening the department.
Truckers strike continues for 8th day; auto makers feel the heat due to disruption in components supply
All India Motor Transport Congress (AIMTC), which claims support of 93 lakh truckers, said its core team in an emergency meeting on Thursday resolved to suspend all operations voluntarily
GST anniversary: Narendra Modi rules out single rate under scheme, says Mercedes and milk cannot have same tax
Prime Minister Narendra Modi on Sunday ruled out a single tax rate under the Goods and Services Tax (GST) and said a Mercedes car and milk cannot be taxed at the same rate.
GST anniversary: Arun Jaitley makes first public address in two months, says best of scheme yet to come
Union minister Arun Jaitley made his first public appearance in two months via video conference on Sunday when he addressed the first anniversary of implementation of the Goods and Services Tax (GST), India's biggest economic reform since independence.
One year of GST: Council now needs to bridge existing gaps to improve ease of doing business countrywide
From the fiscal perspective, GST is expected to expand the tax net in the long run, resulting in increased tax revenue.