Search Result for : Goods Services Tax

The Dollar Business Bureau  The GST council has approved a ceiling for cess that can be charged on demerit goods and other luxury items to compensate states for any loss in tax revenue in the first five years.  The cap on cess for luxury cars and aerated drinks has been set at 15%, which will be charged over and above GST. The maximum limit is not indicative of the actual cess that will be imposed, as the government has left a margin for future contingencies.  The cess percentage taxed on luxury goods will be such that the commodity's price stays relatively unchanged from what it was before the implementation of GST. For instance, for a luxury item which is taxed at 40% under the current indirect taxation system, there will be a tax of 28% GST and 12% cess to maintain pricing at the same level as before.  While cess on ...

The Dollar Business Bureau Industry body Confederation of Indian Industry (CII) in partnership with US-India Business Council (USIBC) hosted Arun Jaitley, Minister of Finance for a high level luncheon meeting with top US multinationals on  June 22 in San Francisco. Companies such as Microsoft, Applied Materials, Amazon, Oracle, Hewitt, Visa, Google, Cisco and Blackberry among others were present for the meeting. Jaitley while highlighting the improved economic and investment conditions in India mentioned that the improvement in monsoon prediction and prospects of the agriculture sector doing better would further scale up economic growth prospects. He also spoke about the manufacturing sector having a better run now after a long period of slowdown. He also highlighted that micro attention is being ...

Source: PIB, Government of India. Finance Minister has approved the formation of two Committees for facilitating implementation of Goods and Services Tax from April 1, 2016. A Steering Committee been formed under the co-chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs, Goods and Services Tax Network (GSTN) and representatives of State Governments. This Committee shall monitor the progress of IT preparedness of GSTN/CBEC/Tax authorities, finalisation of reports of all the sub-committees constituted on different aspects relating to the mechanics of GST and drafting of CGST, IGST and SGST laws/rules. The Committee shall also monitor the progress on consultations with ...

 The Dollar Business Bureau The government in the coming years will increase spending in irrigation and rural infrastructure. The above statement was made by Finance Minister, Arun Jaitley at a press conference to mark the occasion of completion of one year of the present NDA Government, said a PIB release. The Finance Minister highlighting the government’s performance said, “We are in the process of creating history by bringing about the most important Indirect tax Reform through the implementation of GST. The government has been able to contain the fiscal deficit at 4% as against the target of 4.1% for 2014-15. The Government raised Rs 24,277 crore through disinvestment during 2014-15. Laws to squeeze black money have been introduced in ...

The Dollar Business Bureau It seems the stage is set for the introduction of Goods and Services Tax (GST) by the next financial year. As the Union Finance Minister, Arun Jaitley said that there is a consensus among state governments on the issue, those involved in manufacturing and exports of goods and services are upbeat that the new regime will boost global trade. According to experts, the comprehensive tax regime - aimed at replacing central excise, VAT, entertainment tax, octroi and purchase tax on goods and services - is expected to boost the country’s economic growth up to 2% by removing restrictions at state level on various transactions. The Finance Minister on Wednesday said that a constitution amendment bill for the ...

The Dollar Business Bureau The Foreign Institutional Investors (FIIs) may have to face an Rs 40,000 crore tax demand by the Government of India, after having lost a case against tax payment on capital gains. “The government will press ahead with Rs 40,000 crore tax demand on FIIs, as they have lost a case against levy of tax on capital gains they made,” stated the Union Finance Minister Arun Jaitley on Tuesday, according to the reports. The Union Finance Minister was quoted to have informed that the FIIs have gone to the tribunal called ‘Authority for Advance Rulings’ against the levy of 20% Minimum Alternate Tax (MAT) on capital gains and the ruling came against them. “The amount involved in the case ...

 The Dollar Business Bureau The Prime Minister of India, Narendra Modi, on April 12, 2015, said that the Indian Government is building a tax regime that is predictable, stable and competitive. Wooing the global participants at the inaugural session of Hannover Messe 2015, Narendra Modi reiterated India’s commitment towards providing a stable economic environment for the investors. “Germany is a valued partner and an enduring symbol of technology, innovation, quality and productivity,” said Modi and sought Germany’s partnership in opening up India’s economic potential. Stating that India is also ready to embrace the world, Modi said that the Indian industry would transform into a manufacturing hub for the world and an engine for employment at home. For this purpose, ...

The Dollar Business Bureau The Minister of State for Finance, Jayant Sinha, on Monday, said, India needs to turn into a US$ 4-5 trillion economy for accelerating and achieving a sustainable growth over the next decade, according to a Confederation of Indian Industry (CII) release. Stating that India’s present ‘tax to GDP ratio’ is the lowest among BRICS and OECD countries, Sinha called for an increase in the ratio from the current 15-16% to 20-25%. There is also a need for encouraging the private sources of finance to help the country in achieving a sustained and high GDP growth, he added. In this regard, Sinha stressed upon the need for creating private equity and venture capital market in India, while ...