Latest Tax News & Updates

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Fiscal Deficit target looks closer on high GST mop-up

Goods And Services Tax - 03-Apr-2019

The goods and services tax (GST) and savings on expenditure may have saved the day for the government, taking it within kissing distance of the fiscal deficit target of 3.4% of GDP, offsetting shortfall in direct tax collections. GST collections touched their highest since the single levy was launched in July 2017, coming in at Rs 1.07 lakh crore in March, data released by the government on Monday showed. Annual GST collections are seen at Rs 11.77 lakh crore, ahead of the revised...

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A fair assessment of Goods and Services Tax

Goods And Services Tax - 03-Apr-2019

An assessment was made by Kapil Patidar & Arvind Subramanian in June 2018. This showed that in the first year of implementation of GST, revenues grew by 11.9% and the buoyancy was 1.20. A buoyancy ratio over 1shows progressiveness in the revenue growth and opens up the prospect of a rising tax-to-GDP ratio.  This is a significant improvement over the pre-GST period when the buoyancy ratios for state value added tax (VAT) and central indirect taxes like central excise and service...

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Reflections On Current Policy Issues Facing Indian Economy

Fema/RBI - 03-Apr-2019

India in recent years has emerged as one of the most vibrant economies in the world. Not only has India survived many global shocks successfully in recent years, it also tops the list of fastest growing emerging market economies (EMEs) in the world. According to the IMF’s database, India’s contribution to world growth has risen from 7.6 per cent during 2000-2008 to 14.5 per cent in 2018. Multilateral agencies are further optimistic on this as far as the medium-term outlook is...

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FDI Policy on E-Commerce effective from February-2019

Fema/RBI - 03-Apr-2019

Press Information Bureau Government of India Ministry of Commerce & Industry Dated: 04-February-2019 FDI Policy on E-Commerce In order to ensure due compliance of the FDI policy on e-Commerce,Press Note 2 (2018) has been issued. It puts in place certain conditions. These conditions include: i. An entity having equity participation by e-commerce marketplace entity or its group companies, or having control on its inventory by e-commerce marketplace entity or its group...

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Cabinet approves Promulgations of Companies (Second Amendment)

Company Law - 03-Apr-2019

The Union Cabinet chaired by Prime Minister Narendra Modi has approved the Promulgation of the Companies (Second Amendment) Ordinance 2019 and for replacement of the said Ordinance in Parliament by a replacement Bill. It is based on the recommendations of the Committee to review offences under the Companies Act, 2013, so as to fill critical gaps in the corporate governance & compliance framework as enshrined in the Companies Act 2013, while simultaneously extending greater Ease of...

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