Tax laws need to be simplified, so as to disincentivise taxmen from litigating and continuing to litigate at the drop of a hat.
India economy: Govt indicates it will not cut expenditure in the wake of higher fiscal deficit numbers
Fiscal deficit has touched Rs 6.77 lakh crore at the end of January 2018, 113.7 percent of the target for the year, on account of higher expenditure.
GDP growth at 7.2%: December quarter figures look okay but few questions remain on full-year numbers
There has to be revival of private sector demand both in the form of consumption and investment for growth to really be self-sustaining
GST Network crash: Will e-way bills system bring back border check posts and Inspector Raj in new form?
GST Council finalised e-way bills rules in August, but a planned rollout in October was deferred after GSTN portal had crashed last year.
Maharashtra records GST-backed surge in revenues, state’s indirect tax collections rise 29% in April-June 2017
With arrival of GST, a number of indirect taxes levied by local bodies like octroi, local body tax, luxury tax etc were abrogated to make way for new indirect tax regime
As per Economic Survey analysis, new filers reported an average income, in many cases, close to income tax threshold of Rs 2.5 lakh
Assocham urges govt to reissue 10% customs duty on paper imports from ASEAN nations to cushion local industry
Current demand for paper and paperboards in Indian market in 14.4 mtps constitutes about 3.6 percent of global demand
It was highly expected that GST Council would decide the fate of petroleum products under GST to remove cascading effect but unfortunately no decision has been taken yet.
Foreign trade policy review: India should address problems of competitiveness urgently, set an export target
A review of foreign trade policy without setting an export target is a bit like a finance minister working on a budget without targeting a short-term or long-term GDP growth rate.
GST impact: Smartphones, medical devices, cement to cost less; rates beneficial to consumer, govt insists
A smartphone currently attracts 2 percent central excise duty and VAT, which vary from state to state (5 percent to 15 percent).
Any index is created based on a basket of goods which exists at a point of time, which is taken to be the base year, and then is tracked either in quantity terms (IIP) or prices (WPI) over a period of time.
Tax rate for tems that would be decided today include gold, footwear, branded items, bidi and, of course, services
Belying fears of slowdown due to demonetisation, indirect tax collection grew at a decent 16.9 percent in January buoyed mainly by excise, reflecting an uptick in manufacturing.
More than demonetization’s ability to recover vast quantum of black money in the short span, its ability to increase the base for in-direct taxes in future is more appealing.
Mukherjee said India has firmly established itself as the fastest growing large economy with a GDP growth rate of 7.3 percent in calendar year 2015.
India Inc is keenly awaiting its passage. Many hail it as a tremendous reform and the biggest since liberalization in 1991
For the first time in five years, the government is likely to meet Rs 14.49-lakh crore budgetary tax collection target for 2015-16 with robust indirect tax mop up making up for the shortfall in direct levies.
Nasscom pointed that e-commerce has emerged as a powerful instrument encouraging people to transact online, offering traceability and transparency.