Beyond his roles in economic governance, Mr. Bajaj chaired the National Investment and Infrastructure Fund and served as a Director on the Central Board of the Reserve Bank of India and the Board of the Securities and Exchange Board of India (SEBI).
Bajaj said the government has received several proposals to simplify the capital gains tax structure, and it is for the policy makers to decide if they want to implement the changes in the Budget for 2023-24.
"As a policymaker at North Block, I will say windfall gains tax going is good for the economy," Tarun Bajaj said.
Speaking on government's GST revenue, Bajaj added that close to about Rs 1.50 lakh crore GST collections on a monthly basis should be the run rate in the coming months
The vacancy created by Malhotra's move to the Department of Revenue will be filled by Vivek Joshi, currently in the home ministry, the government said
The additional duty comes just months after Bajaj got additional charge of Economic Affairs Secretary till August 12.
The additional charge has been assigned to Tarun Bajaj as incumbent Economic Affairs Secretary Ajay Seth will be on leave.
The revenue secretary said it would be easier, yet challenging, for the country to first transition the five percent, 12 percent, and 18 percent GST rates into two slabs.
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue.
The quantum of duties will be reviewed every 15 days to see how the international prices have moved, based on which action will be taken
“I think on the GST front, we are doing better and on the direct taxes front also we are doing good,” the revenue secretary said.
The recommendations of the GST Council, as per the Constitutional amendment, were always a guidance and never a mandatory compliance, Tarun Bajaj said.
Revenue Secretary Tarun Bajaj after inaugurating SANKALP — an annual conference of principal chief commissioners, principal director generals of Goods and Services Tax and Customs, on Thursday praised CBIC for doing an exemplary work during the COVID-19 pandemic period.
The central government’s tax collections for FY22 have exceeded the revised estimate by 7.6 percent.
The finance ministry said the tax collection numbers for FY22 are "tentative" and "some upside" is expected.
Revenue Secretary Tarun Bajaj said that the government had adopted a loose fiscal policy on the backdrop of increased capital expenditure
Under the Income Tax Act, gains from sale of capital assets, both movable and immovable, are subject to 'capital gains tax'. The Act, however, excludes movable personal assets such as cars, apparels, furniture from this tax.
Revenue Secretary Tarun Bajaj explained that if the exemption limit is raised from Rs 5 lakh per annum to Rs 6 lakh, more people would begin to file returns with their incomes changed to qualify for the exemption and eventually end up not paying any tax.
The government will from April 1 charge a 30 per cent tax plus cess and surcharges, on such transactions in the same manner as it treats winnings from horse races or other speculative transactions.
Finance Minister Nirmala Sitharaman will present her third budget and will be assisted by a team of advisers and secretaries with a mission to boost economy in these outbreak times. Sitharaman has promised that the upcoming Budget will be of a kind never seen before, one where fiscal concerns will be kept aside and there could be record public spending, with an objective of boosting demand and creating jobs.
Finance Minister Nirmala Sitharaman is being assisted by a team of advisers and secretaries in making Union Budget 2022-23. Take a look at FM Sitharaman and her budget-making team.
According to Bajaj, direct overseas listing for companies "will need some issues to be sorted out for it to be a success".
"Management themselves need, I think, to curtail the kind of expenditures on themselves personally. Recent shareholder action seems to suggest why a section of shareholders share this view and are voting on these lines and I think that's a good development for the whole of industry," Bhargava said.
Nearly Rs 15,900 crore of non-adjusted gross revenue (AGR) spectrum dues became payable from April 2022.
Speaking to Moneycontrol in an exclusive interview, Tarun Bajaj said that the Centre had waited for Vodafone and Cairn legal cases to reach their conclusion before making the move to repeal retrospective tax, and that getting rid of it does not take away the Sovereign’s right to tax.