There are as many as eight slabs of income tax with the highest effective tax rate exceeding 40 percent.
While unveiling the Budget proposals for 2018-19, Finance Minister Arun Jaitley also proposed to introduce 10 percent tax on long-term capital gains from stock markets, exceeding Rs 1 lakh.
There has been positive news in the form of improvement in ease of doing business rankings, Moody’s upgrade of India’s rating and the massive recapitalisation plan for banks
Unaccounted income so assessed in scrutiny assessment is liable to be taxed at a higher rate without any set off losses, expenses
The GST Council, headed by Finance Minister Arun Jaitley and comprising representatives of all states, has agreed to keep the upper band of the rate in the law at 20 percent.
Arun Jaitley hopes tax compliance to increase giving elbow room for the government to cut rates across indirect and direct taxes
Big win for the NDA government as GST Council resolves most contentious issue in the biggest tax reform
GST is an historical opportunity for the government to curb the usage of tobacco
At its previous meeting last month, the GST Council, which has all state finance ministers as members, had finalised area-based exemptions and how 11 states
Given the tax rate and penalty of 45 percent now, this can potentially fetch the government a little under Rs 30,000 crore.
The big question at this stage is can the Modi-government, especially finance minister Arun Jaitley, offer a convincing reply to Chidambaram’s demands to proceed in the GST consensus path
In Japan opposition parties hope to submit a no-confidence motion against Prime Minister Shinzo Abe over his proposal to delay the consumption tax hike.