Economy

Time for India to be tax-compliant: Jaitley

Time for India to be tax-compliant: Jaitley

New Delhi [India], Apr 29 : Introspecting the non-compliance of tax havens with currency and fiscal reforms, Union Finance Minister Arun Jaitley on Saturday asserted that it is important for the Indian economy to move from a non-compliant to a highly-compliant state.

Delivering the inaugural address at the Enforcement Day celebrations of the Enforcement Directorate (ED) here, the Finance Minister, while highlighting the importance of tax compliance urged the ED to exercise their power of penalising those who violate the law.

"The ED should extensively use its power to bring offenders to the forefront. Fear of the law will ensure automatic compliance with the norms," he said.

Profiteering not a bad word, 'unfair enrichment' is: Jaitley

Profiteering not a bad word, 'unfair enrichment' is: Jaitley

New Delhi [India], Apr 28 : Union Finance Minister Arun Jaitley has asserted that in order to ensure consumers avail all benefits of the Goods and Services Tax (GST), it is important to take crucial decisions to make India an 'increasingly tax compliant society'.

Speaking at the annual session of the Confederation of Indian Industry ( CII) here on Friday, Jaitley while highlighting the importance of the GST, stated that the Constitution amendment Bill for the same was passed unanimously in Parliament.

"In the 14 meetings of the GST Council held till date, we have not gone for vote once. All decisions were taken unanimously," he said.

Govt. has two years to 're-energise' economy: Deutsche Bank report

Govt. has two years to 're-energise' economy: Deutsche Bank report

New Delhi [India], Apr 28 : According to a report published by the Deutsche Bank, the government has two more years to're-energise' the economy, re-start the investment cycle and accelerate job growth.

May 25, 2017 marks the completion of three years of governance under Prime Minister Narendra Modi, but despite several new policies, investment growth in the country continues to be stagnant, leaving a similar impact on economic growth and job creation in the country.

"With urban employment growth stalling over the past few quarters due to slowing investments in e-commerce/internet startups and Indian IT services demand, job creation is likely to take on critical status on the government's economic agenda as the government enters the last two years of its term," says the report.

No plans to impose tax on agriculture income: Jaitley

No plans to impose tax on agriculture income: Jaitley

New Delhi [India], Apr 26 : Union Finance Minister Arun Jaitley on Wednesday asserted that that the Centre has no plans to impose any tax on agriculture income, while acknowledging that as per the Constitutional Allocation of Powers, the central government has no jurisdiction to impose tax on agricultural income.

"I have read the paragraph in Niti Ayog Report entitled 'Income tax on agriculture income'. To obviate any confusion on the subject, I categorically state that the Central Government has no plan to impose any tax on agriculture income," said Jaitley.

However, NITI Aayog member Bibek Debroy made strong case for taxing agriculture income, an opinion contrary to the government's stated position.

RBI penalises two authorised dealer banks over violation of instructions

RBI penalises two authorised dealer banks over violation of instructions

New Delhi [India], Apr 26 : The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. and the Kotak Mahindra Bank for violation of instructions on reporting requirements of FEMA 1999.

The central bank penalised The Hongkong and Shanghai Banking Corporation Ltd. for Rs. 70,000 and the Kotak Mahindra Bank for Rs. 10,000 in exercise of powers vested in the RBI.

As per the provisions under section 11(3) of FEMA 1999, the bank is required to take into account the violations of the instructions/directions/guidelines issued by the RBI.

The RBI had issued a show cause notice to the banks, in response to which the banks submitted a written reply and also made oral submissions thereon.

Indian rupee breaches 64 mark; witnesses highest level since Aug 2015

Indian rupee breaches 64 mark; witnesses highest level since Aug 2015

New Delhi [India], Apr 26 : The market on Wednesday witnessed a surge in the Indian rupee in its initial gains and breached the 64 mark against the US dollar.

The rupee was trading at 63.99 a dollar, the highest level since August 10, 2015.

Earlier, it opened higher by seven paise at 64.19 per dollar today versus 64.26 Tuesday.

As per the market analysts, the rupee can breach the stiff resistance of 64.20/dollar and may head higher. Expectations are high that the spot of USD-INR pair will trade in a range of 64-64.40/dollar in the days' trade. (ANI)

CBDT signifies achievements towards eliminating domestic Black Money

CBDT signifies achievements towards eliminating domestic Black Money

New Delhi [India], Apr 7 : The Central Board of Direct Taxes on Friday signified the concerted and coordinated actions of Law Enforcement Agencies (LEAs) under the Department of Revenue who have achieved phenomenal success in fighting the menace of black money during the last three years.

RBI holds repo rate but hikes reverse repo at 6 percent; projects inflation at 4.5 pct

RBI holds repo rate but hikes reverse repo at 6 percent; projects inflation at 4

New Delhi [India], Apr 6 : The Reserve Bank of India (RBI) on Thursday kept its repo rate unchanged at 6.25 percent, but made changes in the reverse repo rate at 6 percent after all the six members of the monetary policy committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, voted in favour of the decision.

"For 2017-18, inflation is projected to average 4.5 percent in the first half of the year and 5 percent in the second half," said Reserve Bank of India (RBI) Governor Urjit Patel.

He said that the MPC believes that the inflation developments have to be closely and continuously monitored, with food price pressures kept in check so that inflation expectations can be re-anchored.

Patel further added that there is scope for transmission of rates.

PayU India launches online deferral payment facility 'LazyPay'

PayU India launches online deferral payment facility 'LazyPay'

New Delhi [India], Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.

The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.

It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.

GST bill to be tabled in Rajya Sabha today

GST bill to be tabled in Rajya Sabha today

New Delhi [India], Apr. 5 : The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.

The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.

The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.

The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.

CBDT accomplishes Direct Taxes collection target for FY 2016-17

CBDT accomplishes Direct Taxes collection target for FY 2016-17

New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.

As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.

With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.

Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.

Provisional tax collection for fiscal 2016-17 shows net growth of 18 pct: Adhia

Provisional tax collection for fiscal 2016-17 shows net growth of 18 pct: Adhia

New Delhi [India], Apr.4 : Union Revenue Secretary Hasmukh Adhia on Tuesday revealed that the provisional tax collection for fiscal 2016-17 shows net growth of 18 percent.

Addressing media in the national capital, Adhia said that the government would shortly be issuing a detailed report on provisional tax collection.

In a tweet, he said, "Provisional tax collection figures for 16-17 released. Total net tax revenue grows at 18% to 17.10 lac cr, highest in last 6 years. Direct tax growth rate is 14.2% and indirect tax growth rate is 22%."

He said that direct tax collections upto March 2017 stood at Rs. 8.457 lakh crore, while indirect tax collections (Central Excise, Service Tax and Customs) for fiscal 2016-17 stood at Rs.8.63 lakh crore

Ola integrates UPI, simplifies digital payment options for customers

Ola integrates UPI, simplifies digital payment options for customers

New Delhi [India], Apr 3 : Taxi aggregator Ola on Monday announced its effort to promote digital economy across the country as it integrated with Unified Payment Interface (UPI) to further simplify digital payment options for millions of customers.

The integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform. UPI integration will lead to one of the fastest mode of payment for millions of Ola users.

As the country has made significant stride towards cashless economy, UPI itself has seen great acceptance, with the value of transaction through the interface reaching to more than 1300 crore, according to recent RBI report.

For a nation that is looking to migrate completely onto a digital medium,

CBDT's APA Program crosses the 150 mark

CBDT's APA Program crosses the 150 mark

New Delhi [India], Apr. 1 : The Central Board of Direct Taxes (CBDT) entered into nine new Advance Pricing Agreements (APAs) during the last two days of the current financial year, thus crossing the 150 mark.

Revolutionary GST bill will ensure free movement of goods across the country: Jaitley

Revolutionary GST bill will ensure free movement of goods across the country

New Delhi [India], Mar 29 : Union Finance Minister Arun Jaitley on Wednesday called the Goods and Services Tax (GST) Bill revolutionary, saying it will benefit all with the free movement of goods across the country.

"We are keeping two standard rates of 12 percent and 18 percent and provided for a cess for five years to fund compensation," said Jaitley while announcing usage of a cess on luxury, sin goods for GST compensation.

"Aim of GST Council is to decide everything with consensus," said Jaitley.

" CGST Law shall apply to the whole of India except the State of Jammu and Kashmir," he said while mentioning that the GST Council met 12 times till date.

He further said that GST will ensure one single tax and will ensure free movement of goods across country.

Jaitley tables Central GST Bill in LS

Jaitley tables Central GST Bill in LS

New Delhi (India), Mar. 27 : Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.

Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament.

Kumar told the media here that all parties have been consulted on the GST.

"Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session," he added.

The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.

Cabinet approves draft GST bills

Cabinet approves draft GST bills

New Delhi [India], Mar. 20 : The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services Tax (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.

The aforementioned legislations are reported to be taken up for discussion in the Parliament later this week.

The meeting held earlier today was chaired by Prime Minister Narendra Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the GST to be rolled out as per schedule on July 1, 2017.

The Central, State, Union Territory and Integrated GSTs were earlier approved by the GST Council after multiple discussion over 12 meetings of the Council held in the last six months.

Very little volatility in Indian market post Fed rate hike: Arvind Subramanian

Very little volatility in Indian market post Fed rate hike: Arvind Subramanian

New Delhi [India], Mar 16 : Hailing the decision of the US Fed to overnight increase the funds rate to a target range of 0.75 percent to one percent, Chief Economic Adviser Arvind Subramanian on Thursday said that it was anticipated with a probability of 100 percent and added that this move should not be seen as a surprise.

Talking about the affect of the rate hike on the Indian market, Subramanian said there is very little volatility in the market, adding there is, however, pressure on the rupee to strengthen in the coming weeks.

"There is very little impact on India and Indian rupee in terms of capital outflows because export numbers have been good so far," added Subramanian.

US Fed raises rates at March meeting with high expectations of economy boost

US Fed raises rates at March meeting with high expectations of economy boost

New Delhi [India], Mar 16 : The Federal Reserve on Wednesday increased its benchmark interest rate a quarter point amid rising confidence that the economy is on the path of robust growth.

It for the second time in three months that the Fed has increased its interest rates, which is widely anticipated by the financial markets as it has taken the overnight funds rate to a target range of 0.75 percent to one percent and set the Fed on a likely path of regular hikes ahead.

"The market was bracing for a much more hawkish tone from the Fed. The early reaction looks to be one of relief, that the market's worst fears were averted," said Michael Arone, the chief investment strategist at State Street Global Advisors.

GST implementation: Govt. announces compensation to states for five years

GST implementation: Govt. announces compensation to states for five years

New Delhi [India], Mar 16 : The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Thursday announced the panels' consensus on significant issues including fixing the threshold limit for registration and full compensation for five years to the states for losses on account of the GST implementation.

The GST Council is expected to endorse the remaining two crucial bills including the State GST (SGST) and Union Territory GST (UTGST) here today.

The Council's nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1.




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