Search Result for : Tax

The Dollar Business Bureau  With cement coming under the 28% tax rate structure under Goods and Services Tax (GST), the industry is not happy with the government slotting it under the highest tax structure as the sector is already struggling with low demand. The Government has failed to take an advantage to spur growth in the already struggling housing and cement sector by placing the commodity in the uppermost tax bracket of 28% under the GST, the industry body Cement Manufacturers Association (CMA) said reacting to the announcement. The industry body has also lamented that the taxation on cement, the highest in the Asia Pacific region, has impacted the health of the sector that is seeing just 70% of its capacity utilisation because of low demand.  “On a 50 kg bag ...

PTI President Pranab Mukherjee has given his assent to the Finance Bill 2017 to give effect to provisions like bar on cash transactions above Rs 2 lakh and compulsory quoting of Aadhaar for filing tax returns. "The President was kind enough to give his assent to the Finance Bill before he left for official visit to Assam yesterday," Revenue Secretary Hasmukh Adhia told PTI here. With this, the provisions of the Finance Bill come into effect from today, he said. This is the first-time ever the annual Budget together with taxation proposals have come into effect from the first day of the financial year. Scrapping a colonial-era tradition of presenting the Budget at the end of February, ...

The Dollar Business Bureau With stepping up capital expenditure, proposing a better synergy among railways, roads, waterways and civil aviation, and putting a sharp focus on rural infrastructure development and with many more announcements in the Union Budget 2017, the government has reiterated its commitment to economic growth and development. These moves have been welcomed by business and trade associations. “The government has provided a balanced and growth-oriented budget. The tax benefits to small taxpayers, MSMEs and Infra status to affordable housing are encouraging and would pave the way for a higher growth trajectory in the coming times,” says Gopal Jiwarajka, President, PHD Chamber of Commerce and Industry. Another key takeaway from this year’s budget is the government’s renewed focus on agriculture. The ...

Not just US companies, Indian companies are also voicing similar concerns, US Ambassador Richard Verma said Source: PTI In 2005, the two-way trade between the countries was about $35 billion, which exceeded to $105 billion last year   Problems related to ease of doing business such as taxation, regulatory burdens and legal issues can deter American investors from investing in India, US Ambassador Richard Verma said on Thursday even as he hoped that the $500 billion bilateral trade target would be achieved. On the trade and investment front, we have been taking up the ease of doing business factors that sometimes can deter the US companies and investors such as tax and legal certainty and easing regulatory burdens. I think we are making progress in ...

Source : PIB 638 number of declarations have been received under the compliance window declaring undisclosed foreign assets amounting to Rs. 3770 crore under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (the Act). These figures are subject to final reconciliation. The officer designated to receive the declarations worked till midnight on September 30, 2015. The e-filing portal was also open till midnight to receive the declarations. The compliance window closed thereafter. Tax at the rate of 30% and penalty at the rate of 30% is to be paid by December 31, 2015. The compliance window opened on July 1, 2015 and closed on September 30, 2015. The Black Money (Undisclosed Foreign Income and Assets) and ...

Source: PTI Prime Minister Narendra Modi with the leading Fortune 500 CEOs, at a special event in New York on September 24, 2015.   Top American CEOs have sought “additional steps” to speed up economic reforms in India, to which Indian Prime Minister Narendra Modi promised to fast-track the decision-making process as he asked them to take advantage of the huge opportunities of investing in the country. “Please continue to do more what you are doing. May be slightly faster,” the 42 CEOs of American companies with collective net worth of $4.5 trillion, told the Prime Minister. “By and large the mood was very upbeat. There is general consensus that the Prime Minister is effecting change in India. The only thing ...

The Dollar Business Bureau Simplifying investment norms and setting up a separate income tax cell to deal with foreign investors are keys to make India an attractive destination, overseas investors told Finance Minister Arun Jaitley. On Monday, the Finance Minister met foreign institutional investors in Hong Kong. During the meeting, investors sought to know various initiatives to be taken by the Indian government to promote long-term investments and the execution of policy announcements. “The investors raised issues relating to private equity and their taxation; the need to further simplifying procedural requirements for FPIs (Foreign Portfolio Investors) and suggested that an income tax cell may be set-up to deal with foreign investors,” the Ministry said in a statement. The Finance Minister visited ...

Source: PIB, Government of India A high level delegation led by Revenue Secretary Shri Shaktikanta Das had a meeting with the State Secretary Johannes Geismann and other senior officers of the Federal Ministry of Finance, Germany in Berlin on August, 17. During the meeting, issues relating to exchange of tax related information, BEPS Project, DTAA negotiations etc. were discussed. Three important outcomes of the visit of the delegation as agreed between the two sides are as follows: It was agreed that India and Germany will continue to exchange tax related information spontaneously on the basis of the existing agreements. It was also agreed to explore other possibilities of enhancing exchange of information. As signatories to the Multilateral Competent Authority Agreement regarding automatic ...