Any product that you buy from the market has anMRP (Maximum Retail Price)printed on it. This MRP includes all the taxes to be levied on the product. Have you ever wondered why local taxes, on the same product, are levied at different rates across different states in India?
The reason is that in India taxation is very complex. There are countless Central and State taxes for different categories of goods and
The nation has still not forgotten Mumbai’s famous ADARSH building scandal where influential people including some politicians had bought ‘benami’ flats in the name of the others.
After successfully closing the demonetization exercise, the government is all set toprohibit benami property and stop any such future transactions. In his last Mann Ki Baat address to the nation, Prime Minister Shri Narendra Modi clearly stated that government is very serious and keen
In the year 2007, Vodafone entered the Indian telecom market by buying Hutchinson Essar. This deal was signed in Cayman Islands, a tax haven, and the Indian tax authorities claimed a loss of $2Billion to the exchequer. Similarly, in the past tax authorities have scrutinized and reported numerous instanceswhere individuals or corporates have flaunted loopholes in tax rules to avoid being taxed. In many such instances, tax havens such as Mauritius, Cayman IslandsandSingapore, where tax
The North-East Region (NER) of India that covers a staggering 2.62 lakh sq. kms or 7.9% of total geographical area of India can easily be termed as the unexplored gold mine. The region comprises eight states – Arunachal Pradesh, Assam, Manipur, Meghalaya, Mizoram, Nagaland, Tripura, and Sikkim is endowed with rich culture and tradition, resources such as minerals, forest, wildlife, water-resources and agro-biodiversity. The NER is home to approximately 166 most pristine tribes
This year’s Union budget 2017, presented by the honourable finance minister of India Arun Jaitley can be easily termed as one-of-its-kind landmark budget. Apart from many first milestones such as the bold step of moving away from norms by pulling up the date to 1st February from 28th February (pre-colonization era legacy being carried year after year) and shifting paradigm by combining railway budget with the finance budget.
This year’s budget
On January 31, 2017, The President of India, Shri Pranab Mukherjee by addressing both the houses of Parliament commenced the start of the Budget Session. One of the first key events at the start of the Budget Session is the presentation of the flagship Economic Survey by the Ministry of Finance. This is an annual exercise which provides astatistical macro-economic & sectoral overviewof the various economic activities in the country over the last 12
Union budget, presented every year in February, is a unique event in the fiscal calendar of India. Everyone, from poor to rich earmarks the day to hear the Finance Minister’sspeech. Before, during, and after the budget is presented, the entire nation is engrossed in debates with their own expectations and understanding. While salaried class expects changes in tax slab, the industrialists expect ease in policies for their respective sectors. Similarly, people in villages
Prime Minister Narendra Modi, while announcing the demonetization of higher value currency (Rs. 500 & 1000) on 08th November, 2016 had categorically established this fact that in India majority or 68% of the business transactions by value and 98% by volume (source: PWC, 2015) happen through cash (source: CLSA). Let us take a holistic view of the expanse of cash dependence in our financial system and how less-cash economy will do wonders for
There is a lot of hue and cry about the recent demonetization of large value currency (500 & 1000) by the government. The opinion of economic pundits worldwide is split on the merit of the move with some calling it a brave, progressive, and futuristic move while other are taking a more pessimistic – wait and watch approach. While the government is of the firm view, that demonetization will weed out black money