- 18 Jul 2024 05:28 PM
- New
Casual dining sector faces 'cloud landlord', inflation and other mounting cost challenges
New Delhi: India's casual dining industry has been leading the organized food services market, capturing nearly 50% of the share until FY24, while quick service restaurants accounted for another 27%. However, the sector faces several challenges and anticipates clarity with the upcoming Union budget. The National Restaurant Association of India (NRAI), which advocates for the interests of numerous restaurants across the country, hopes that the sector, which is the third-largest employer providing 8.5 million jobs until FY24, will receive favourable.
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- 18 Jul 2024 05:41 PM
- New
Tax reforms: India’s agricultural income exemption needs a rejig
Next week will see the first budget of the new government being presented. As is traditional for this time, newspapers and opinion columns are full of suggestions on what the Union Budget should focus on. It comes at a very interesting time for the government.
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- 17 Jul 2024 06:22 PM
- New
Montek Singh Ahluwalia: How to pack for India's journey to 2047
With the new government in place, attention will naturally shift to how it proposes to deliver on the promise of achieving Viksit Bharat by 2047. The vision has gone down well as an aspirational objective. Since the transition will extend over two decades, the list of reforms needed is bound to be long, covering both the economy and also society. Today’s Mint presents several articles that identify some of the areas where changes are needed. Each will involve a combination of policies and programmes, and the details can only evolve over time.
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- 16 Jul 2024 05:58 PM
Budget 2024: Nirmal Bang Equities expect some push back on bringing products like Oil & Gas, Alcohol under GST regime
Budget 2024: With some deterioration in state Finances during FY24, Nirmal Bang Institutional Equities remains watchful on state finances. Expect some push back on bringing products like Oil & Gas and Alcohol under the GST regime. Capex & infra focus likely to stay and private capex push likely
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- 16 Jul 2024 05:54 PM
Gujarat tops in GST filing compliance at 95%, HP, Tamil Nadu, UP, others also lead, while Arunachal, Manipur lag behind
Gujarat, Tamil Nadu, UP, Punjab, Haryana and Delhi, among others, emerged as the top states with the highest tax returns filing in the current fiscal up to the end of May. But north-eastern states like Arunachal Pradesh and Manipur lagged behind due to low digital connectivity.
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- 15 Jul 2024 05:59 PM
CBI Arrests CGST Superintendent and Inspector for Bribery
Source: https://taxguru.in/goods-and-service-tax/cbi-arrests-cgst-superintendent-inspector-bribery.html
The Central Bureau of Investigation (CBI) has recently made arrests in a significant case involving corruption within the Central Goods & Services Tax (CGST) department. A Superintendent and an Inspector from the CGST office in Solan, Himachal Pradesh, have been apprehended on charges related to bribery.
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- 13 Jul 2024 06:22 PM
CBI Arrests Superintendent for Accepting Rs. 15,000 Bribe in GST Refund Case
The Central Bureau of Investigation (CBI) has recently made headlines with the arrest of a Superintendent of Central GST & Central Excise in Berhampur, Odisha. The officer was apprehended while allegedly accepting a bribe of Rs. 15,000 from a complainant, related to the processing of GST refunds.
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- 11 Jul 2024 06:55 PM
Rajasthan Budget 2024-25 Tax Proposals
Source: https://taxguru.in/goods-and-service-tax/rajasthan-budget-2024-25-tax-proposals.html
In the Budget for the financial year 2024-25, significant tax proposals and initiatives were introduced aimed at bolstering the financial system and providing relief to various sectors in the state. Notable measures include the reduction of VAT rates on petrol and diesel to ensure uniform pricing across the state, marking a pioneering effort in India. The abolition of land tax and mandi tax on sugar and jaggery further aimed at easing the tax burden on trade and business. The government emphasized its commitment to enhancing revenue functions while providing exemptions and reductions in stamp duty rates across various categories, including agreements for electricity connections, mortgage deeds for farmers, and transactions among family members. Other initiatives underlined in the budget include new investment policies, incentives for energy-intensive industries, and reforms in the transport and excise departments to streamline operations and promote sectoral growth. The amnesty schemes introduced provide relief to dealers and individuals, encouraging compliance through waivers on interest and penalties for overdue amounts across multiple sectors. Institutional strengthening measures across revenue-earning departments, including the introduction of e-Panjiyan 3.0 for online transactions and the establishment of an Integrated Excise Preventive & Enforcement Force, aim to enhance efficiency and transparency in administrative processes.
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- 11 Jul 2024 06:18 PM
Space industry seeks boost from govt to target global markets
New Delhi: India’s fledgling space economy, valued at around $8 billion by the Department of Space as of December last year, is seeking budget allocations to boost creation of domestic demand and capacity—for the private sector to help quadruple India’s global space economy share to 8%. This, industry stakeholders said, will be key to India’s space economy growing more than 5x in the next eight years, in order to reach a projected domestic space sector value of $44 billion by 2033.
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- 11 Jul 2024 06:49 PM
Data please: Government figures shrouded in secrecy entail economic risks
An important person in the government requested me to write about how the subsidy from Union budgets for second-class AC train seats in India has grown since 2014, given that these fares haven’t been adjusted for rising fuel costs.
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