- 13 Jul 2024 06:22 PM
- New
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
- New
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
- New
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 06:34 PM
Revive India’s unorganized sector to raise incomes and tackle unemployment
The release of the Annual Survey of Unincorporated Sector Enterprises (ASUSE) by the National Statistical Office (NSO) fills an important data gap in our understanding of what is happening in the unorganized sector. The NSO released two reports of the ASUSE: for 2021-22 and 2022-23.
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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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- 10 Jul 2024 05:36 PM
Mint Quick Edit | UP’s hybrid fee cut is tech agnostic
Summary
In a welcome move, the Uttar Pradesh government announced a waiver on registration fee for hybrid vehicles. Why not all-India GST relief for hybrids next? The north star should be our net-zero aim.
- 10 Jul 2024 05:42 PM
Shrinking informal economy rings alarm bells for jobs in India
In the past few years, a lot has been written about the struggles of India’s informal sector, which forms the backbone of the livelihood for millions in the country. A new government survey confirms some of the fears expressed by economists: the non-farm informal sector shrank—both in terms of output and workforce—in the seven years ended 2022-23.
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- 09 Jul 2024 06:20 PM
Ideal taxation: At least assure investors of tax stability as a principle
Last checked, US-based Tesla had not taken the bait of India’s policy package unveiled in March to attract global makers of electric vehicles (EVs), though Vietnam’s VinFast may qualify for its benefits—which include low-tariff imports of EVs worth under $35,000 apiece for five years—and Germany’s famous Mercedes-Benz has it under consideration.
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- 09 Jul 2024 06:15 PM
Xiaomi aims to double shipments of devices in India by 2034
The company aims for 55% localization of smartphone parts in India, over the next two years.
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- 08 Jul 2024 06:56 PM
Income tax cuts in Budget: A half-hearted recipe to fix India’s consumption woes
If media speculation is to be believed, income taxpayers could be in for some relief when finance minister Nirmala Sitharaman presents the Union Budget for 2024-25 in two weeks. There was none in the interim Budget in February—but the context has changed, courtesy of the ruling party's electoral disappointment and a windfall dividend transfer from the Reserve Bank of India (RBI), along with the growing anxiety over weak consumption.
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