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Determined by Fitch Solutions, India’s fiscal deficit forecast has increased to 3.6% of the GDP for this FY from 3.4% mentioned earlier. This hike is because of the week revenue collections which is again due to dismal economic growth and government’s widening corporate tax rate cut. “We at Fitch Solutions are revising the fiscal forecast […]
The current scenario showcases the worst economic phase ever-witnessed in the last 20 years. The demand is adversely affected not only in the urban areas but also in rural areas to an extent never expected, while the economic recuperation is anticipated to happen in the year 2021. According to the report by Centrum brokerage firm, […]
The state of Jammu & Kashmir has been bifurcated into two Union Territories – Union territory of Jammu and Kashmir and Union territory of Ladakh. According to the Table II, in column (3), in serial number 51, of the concerned notification by the government of India, dated 19th July, 2019, the words “State of Jammu […]
Uttar Pradesh has presented its expenditure plan for the next five fiscal years to the 15th Finance commission. The plan estimates a loss of Rs 13,500 crore when revenue also did not remain untouched. Losses germinating since the implementation of Goods and Services Tax (GST) will ripe itself to approx Rs 13,500 crore in 2022-2023. […]
Experts have recommended the unification of multiple tax rate slabs under the indirect taxation system in India, quoting the example of Singapore – an island city-state which has one tax rate under GST. Multiple tax rates in India leads to ambiguity and upsets the compliance whereas one tax rate simplifies the adherence to the tax-related […]
Government of India is striving for Oil & Gas related infrastructure to have a City Gas distribution network that will cover 70% of the inhabitants of the city. This will certainly resolve the availability problem with natural gas consumption but affordability issue will still be there. However, bringing oil & gas under the purview of […]
The Directorate of Revenue Intelligence (DRI) is likely to re-send notices to exporters who are found guilty of availing inapt GST exemptions on exports preceded imports. The credit goes to the Supreme Court who put a stay on the order by the Gujarat High Court which earlier favoured the exporters by suppressing the notification allowing […]
Biggest reformation ever since the GST regime has started is anticipated to be introduced by the government to upsurge the GST collection and seal the tax evasions. Contrary to the GST collection target of 13% set by the government at the start of 2019, the GST collection rate has remained below 5% in the first […]
Listed out by legal authorities are some renowned Indian clusters and foreign banks suspected of allowing Indian entities or subsidiaries operating in India to use their brand names and logos for free. The Tax department on this has commanded (via legal notices) such entities to put a valuation on brand names and logos owned by […]
