The intelligence arm of the finance ministry detected service tax and excise duty evasion worth Rs 15,047 crore in the last fiscal, as against Rs 12,112 crore in 2015-16.
Approximately 65,000 firms, out of around one lakh, in Mumbai zone have already migrated to the GST so far, a senior Service Tax department official said.
As banks gear up to face the challenges around the new taxation regime, Arundhati Bhattacharya, Chairman of the country's largest bank, listed out the issues the industry will face before the rollout.
The commerce ministry may have to make certain changes in the export related schemes due to the implementation of the Goods and Services Tax (GST), a senior official today said.
GST promises to stitch together a common national market by replacing a string of central and local levies such as excise, value added tax, octroy, service tax into a single unified levy.
Service tax arrears more than tripled to Rs 71,257 crore in 2014-15 within a couple of years, apex auditor CAG said today, expressing concern that the recovery is not being given due importance.
The largest public sector lender State Bank of India (SBI) is re-instating its policy of charging customers for not maintaining the monthly average balance (MAB) in their savings bank account, according to a report in Business Standard.
The finance minister's Budget speech is a highly watched event. The annual Budget can augment or cut people's incomes.
For India's cash-reliant economy, Prime Minister Narendra Modi's decision in November to outlaw old 500 and 1,000 rupee banknotes came as a big shock.
As a consultant you are required to pay a flat 10 per cent tax on income while an employee is taxed as per applicable slab, the highest being 30 per cent along with surcharge.
"The central government has clarified that there is no proposal in the Union Budget 2017-18 to levy 5 percent service tax on healthcare services, as reported in certain social media circles," a Finance Ministry statement said.
Siddharth Chopra, a resident of Mumbai, was glued to the television news channels, during the live telecast of the Union Budget 2017-18. Like many, he was expecting a bonanza for middle-class affordable home buyers. R
While the real estate fraternity has largely welcomed the announcements in the Union Budget 2017-18, certain sections in this sector, apart from the affordable housing segment, as well as buyers, are still trying to R
Currently, the government is paying six percent implicit subsidy on gold after imposing ten percent import duty on the shiny metal. Subsidy paid to middle class on gold was second highest paid subsidy at Rs 10,800 crore, after LPG at RS. 28,219 crore.
The life insurance penetration is still tumbling in India, which currently is at 2.72% for the year 2015 dipping from 3.4% in the year 2011.
Annuity received out of maturity of pension fund under the pension or annuity policy should be exempt from tax under Section 10(10A). Annuity purchased after maturity of pension policies of life insurance companies should be exempt from service tax.
The real estate sector has been plagued by many challenges, including delays in projects owing to funding issues, complicated government diktats, unclear records and land titles and delays in obtaining approvals. The passage of R
Finance Minister Arun Jaitley may hike service tax rate to 16-18 per cent from the current 15 per cent in the Budget, due on Wednesday, as a precursor to the Goods and Services Tax (GST) rollout.
It‘s quite disappointing that out of the 1600 applicants only 8 startups have been approved for availing the tax benefits.
Long term capital gain tax rules may change and dividends may become taxable.
The number of people who avail some quality cover under personal insurance is very low and revenue collection of government is no way going to get affected materially by extending some tax benefit as non-life penetration still stands at a low of 0.7% of GDP and personal insurance would be hardly measurable.
1. More clarity on REITs Easing the guidelines for real estate investment trusts (REITs), will open the way for the realty sector to get easy funding and ensure timely completion of projects, say developers. R
Demonetisation is behind and Digital is ahead; Budget is an event to reward the honest tax payer.
A higher service tax will prevent a greater price shock after GST kicks-in from July 1, 2017; it will also help the Centre partially offset the revenue loss from foregoing exclusive rights over service tax that accounts for 14% of total central revenues currently
Finance Minister Arun Jaitley today reiterated that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1 if all pending issues are sorted out.