Grains, non-mineral water might be on the list; biscuits, butter and cheese might attract GST
The government will assess how cash deposits after the demonetisation could be brought under the tax net, says Revenue Secretary Hasmukh Adhia.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
If receipts from disinvestment, tax buoyancy and black money scheme offset shortfall in spectrum sale, higher expenditure due to pay commission's recommendations and capital expenditure, then the government would be able to meet the target of controlling fiscal deficit at 3.5 per cent of GDP this financial year.
Middle class constituted about 49 per cent of the total tax payees in financial year 2011-12
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
The states have unanimously pitched for sole administrative powers to carry out assessment, scrutiny and enforcement for entities up to an annual turnover of Rs 1.5 crore.
In the first tranche, the department will send out letters in 100,000 cases where the money spent is at least Rs 1 crore (Rs 10 million) each a year.
If the new regime is introduced in 2017, the govt may lose out on cess, surcharge
Those evading taxes could soon find tax officials at their doorstep, with a rather insightful account of their big purchases.
Indradhanush-II is likely to chart out the process for resolution of non-performing assets.
The 0.5 per cent Krishi Kalyan Cess (KKC) on all services increases the total tax chargeable on services to 15 per cent, making it expensive to dine out or travel.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
In the previous Budget, the government had come out with a similar scheme.
The cumulative loss of 20 state-run lenders stood at Rs 14,000 crore during Q4
Declarations made will remain confidential as in the case of return of income filed by an assessee
The note guides taxman to avoid seeking voluminous details.
RBI governor also spoke on the ill effects of cutting interest rates too much
The action has been taken against officials harassing tax assesses.
© 2025 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances