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Corporate tax cut not likely in Budget 2010-11 NEW DELHI: The government may not tinker with the corporate tax rates in the Budget 2010-11 despite pressure from India Inc to slash rates or atleast do away with surcharge and cess 2010-02-08 19:22:47
No tax on foreign cos if arm's length basis followed: ITAT MUMBAI: The Income Tax Appellate Tribunal (ITAT) has held that a foreign company is not liable to pay tax to Indian authorities if its domestic agent is paid on an arm’s length basis. ITAT given the order in an appeal filed by UK-based BBC Worldwide 2010-02-08 19:11:53
GST to be levied at 16%, goods to cost less for consumers The long-awaited reform of India's indirect taxes system is set to get a major fillip, with a broad consensus forming within the finance ministry on a rate of 16% for the proposed Goods and Services Tax (GST) for both Centre and states combined. To be levied on all companies and traders with an annual turnover of Rs 10 lakh and above, this would provide a tax base of 40-45 lakh assessees and ensure that neither the Centre nor the states suffer any revenue loss. 2010-02-08 05:46:31
GST roll out likely to be deferred to 1 April 2011 The UPA government's proposed comprehensive indirect tax reform, goods and services tax (GST), will likely not roll out from 1April due to a temporary setback to the creation of a unified national market for goods and services in the country. However, according to experts, this would offer more time to the centre and states to prepare a more robust framework. 2010-01-31 00:57:16
GST not feasible for J As New Delhi prepares to introduce Goods and Services Tax (GST) regime in India, traders here are averse to its implementation in the State and blame the government of not consulting them. Traders said that the state government should take them on board for extensive deliberation before deciding about the acceptance of the new tax regime. 2010-01-31 00:56:39
Centre, states differ on GST rate structure Differences have emerged between states and the Centre over the GST rates structure, further strengthening apprehensions that the new tax regime would miss April 1 implementation target. 2010-01-28 00:39:41
Excise duty hike on the cards The government is considering an across-the-board increase in excise duty in Budget 2010-11, as it faces pressure to withdraw fiscal stimulus measures in the wake of a 16-year high fiscal deficit of 6.8% in the current financial year. 2010-01-24 20:52:11
Pranab sees signs of turnaround The Finance Minister, Mr Pranab Mukherjee, said on Monday that the current macro-economic situation confirms signs of a turnaround in the economy. He also told the Parliamentary consultative committee attached to the Finance Ministry that the timely and proactive monetary and fiscal measures had ensured that the growth process remained intact despite the global financial crisis. 2010-01-19 20:58:23
Impose duty on imported capital goods: FICCI The government should impose duty on imports of capital goods as the domestic industry is facing cost disadvantage of 11-22 per cent, a FICCI study said. Exemptions from import duties for various projects have led to over five times increase in India’s imports from USD 6.5 billion in 2003-04 to USD 30 billion in 2008-09, it said. 2010-01-18 04:19:08