Republicans hope to push the first tax overhaul in three decades through Congress by year's end, an ambitious goal that would fulfill multiple campaign promises but could run aground over any number of disputes. Failure could cost the GOP dearly in next year's midterm elections.
A window has been hosted on the main page of the department's website -- www.incometaxindia.gov.in/ -- with a prominent icon stating 'Live Chat Online- ask your query'.
The administration announced that the value added tax (VAT) on diesel or high speed diesel will be reduced from 16.40 per cent to 11.40 per cent.
In first public appearance at the IMF headquarters here after his arrival in the city, Jaitley echoed International Monetary Fund Managing Director Christine Lagarde and World Bank President Jim Yong Kim, who have said that the world is experiencing a strong economic recovery.
"At present, the negative effects of GST among the small businessmen outweigh the positive vibes. We hope that the norms and guidelines will be simplified further to help these entities to file returns and claim input tax credit," MD of Bengaluru-based Tally Solutions, Bharat Goenka, told reporters here today.
In a circular, the home ministry said the revised cash management system, formulated by the Ministry of Finance, has to be followed in view of the changes in tax receipt under the GST regime.
The GST law provides for constitution of anti- profiteering authority. "A mechanism has been put in place in Haryana to check any unauthorised profiteering committed by taxpayers in the name of GST," he further said.
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts as members, had on Friday last cut rates on 27 items. These included lowering rates on man-made yarn to 12 per cent from 18 per cent as well as zari job work to 5 per cent from the 12 per cent earlier.
The GST Council on Friday hiked the threshold turnover for the composition scheme that allows SMEs to pay 1-5 per cent tax without going through tedious formalities.
Under the GST regime, hotels with room rent exceeding Rs 7,500 attract tax rate of 28 per cent, while accommodation in any hotel, including 5-star hotels, with tariff of less than Rs 7,500 per day is to be taxed at 18 per cent.
Aimed at targeting the middle-class families, which constitutes the core of nation's vote bank, Trump has proposed to reduce the current seven tax brackets to just three of 10, 25 and 35 per cent; double the standard deductions and provide relief for families with child and dependent care expenses.
The move comes after Securities and Exchange Board of India (Sebi) earlier this month revoked ban on more than 500 entities in four separate cases.
To get gratuity payment, an employee has to be in continuous service in a company for not less than 5 years.
Earlier this month, Sebi had revoked ban on 421 entities in three separate cases. These are Pine Animation case, First Financial as well as in the matter of dealing in shares of Eco Friendly Food Processing Park, Esteem Bio Organic Food Processing, Channel Nine Entertainment and HPC Biosciences.
This is the second month of return filing under the Goods and Services Tax (GST) regime and similar to last month, businesses thronged the GST Network portal on the last day to pay taxes.
Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily foregone actionable claim or enforceable right on brands, a finance ministry statement said.
The government, in its budget announcement in 2017 said that company promoters that hold shares via private trusts will be imposed a 10 percent tax on dividend income exceeding Rs 10 lakh.
"Where any outstanding liability, inclusive of any accrued interest is waived in accordance with the approved Resolution Plan, such waiver/write-back should not be subject to tax under both normal and Minimum Alternate Tax (MAT) provisions of the Income-tax Act, 1961," Assocham said in a letter to Central Board of Direct Taxes (CBDT).
Thomson Reuters data, based on the latest annual earnings reports, shows India's corporate debt rose to a seven-year high at the end of March. More than a fifth of large companies did not earn enough to pay interest on their loans and the pace of new loans fell to the lowest in more than six decades.
So far this year, companies have bought back shares worth Rs 23,500 crore through 20 buybacks
A key to achieving the target is putting in place a permanent mechanism of almost real-time data exchange between the departments that handle direct tax - income and corporate - and the one which handles indirect levies like customs and Goods and Services Tax (GST).
The Confederation of All India Traders (CAIT) said to achieve goals like cashless economy and reaching 2,500 crore digital transactions, the government needs to set up a regulatory authority for digital payment systems.
August's Nikkei/IHS Markit Services Purchasing Managers' Index rose to 47.5, up from July's 45.9 but still below the 50 mark that separates expansion from contraction.
In the Xiamen Declaration issued at the end of the BRICS Summit's plenary session, the influential grouping -- comprising Brazil, Russia, India, China and South Africa -- reaffirmed their commitment to "achieving a fair and modern global tax system".