Jaitley, FinMin officials present GST blueprint to ministers
PTI Finance Minister Arun Jaitley and his ministry officials on Wednesday presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will be implemented and the challenges before it is rolled out. The biggest tax reform since Independence, GST has been in the works for more than a decade. It will transform the $2 trillion economy and market of 1.3 billion people into a single economic zone with a single national sales tax. GST will subsume central taxes ...
Modis tax reforms are ambitious and efficient, Turnbull
The Dollar Business Bureau Australian Prime Minister Malcolm Turnbull in his maiden visit to India has struck bonhomie with the country, especially with Indian PM Narendra Modi in ways not many of his predecessors or diplomats would have been able to do. The diplomat on his 3 day visit not only visited the political capital, but also made a halt at the financial capital- Mumbai, before heading home. During his visit Turnbull referred to Indian Prime Minister Narendra Modi’s tax reforms as ambitious and efficient. He additionally averred that Modi-regime’s tax efficiency has deregulated the economy and created effective duty structures. The visiting PM boarded a metro with NaMo to visit the Akshardham Temple and on the third day of his tour, was ...
Trump wants to slash regulations tax by 75% or 'maybe more'
The Dollar Business Bureau US President Donald Trump told business leaders on Monday he would impose a heavy tariff on companies that move operations outside the US and slash regulation tax by as much as 75%. Praising the executives as “great people”, Trump said, "What we're doing is we are going to be cutting taxes massively for both the middle class and for companies, and that's massively. We think we can cut regulations by 75%, maybe more, but by 75%. "A bigger thing, and that surprised me, is the fact that we're going to be cutting regulation massively," he added. The President met CEOs at the White House, where he continued his promises of providing better economic opportunities for them as well as the ...
Cash economy contracted by 40%: Anil Bokil on demonetisation
Sneha Gilada A social security scheme that ensures a minimum grant to everybody living under poverty line A tax-lesseconomy that removes all motivation to evade tax A limit on cash transactions beyond which only bank transactions will have legal protection Withdrawal of all high value currency notes leaving onlyup to Rs 50 of notes in the cash economy Astandard 2% transaction cost levied by the government on all banking transactions uniformly. These tenets form the crux of radical financial reform proposed by NGO Arthakranti Sansthan, which has recently come into limelight as the think-tank behind the idea of demonetisation. Anil Bokil, speaking on behalf of Arthakranti Sansthan, said that the cleansing of the economy is a long process which has just begun with the demonetisation drive. "This is not a development model meant to boost growth. It is a ...
'Cold chains must be linked to farm clusters'
Sai Nikesh | The Dollar Business India has cold storage capacity of up to 31.8 million tonnes and the gap in the country’s cold chain is much due to lack of connectivity between storage facilities and farm clusters, a report has said. The report— All India Cold-chain Capacity Assessment (Status & Gaps) – prepared by the National Centre for Cold-chain Development (NCCD) highlights the need of modern pack-houses and refrigerated transport to ensure the growth of the country’s food processing industry. “The lack of pack-houses and transport connectivity results in a breach in the integrity of cold-chain. This also results in most of the cold storage capacity being used to store only crops like potato, dried chillies, pulses, etc. which do ...
