Due to persistent moderate to high inflation since then, the value of the same has been progressively eroded in Purchasing Power Parity (PPP) terms. Simultaneously, disposable income levels and GDP also continued to grow. This factor along with rising requirement for banknotes was the reason for introduction of banknote of Rs. 2000 denomination which was done following provisions of RBI Act, 1934
Representations were received from the Confederation of Indian Textile Industry (CITI) and from the Federation of India Art Silk Weaving Industry (FIASWI), inter alia, to increase customs duty on import of fabrics, in general, from 10% to 20%.
(a) whether the Government has received any representation seeking imposition of higher import duty on steel imports; (b) if so, the details thereof and the reasons therefor; and (c) the action taken by the Government thereon?
According to Central Soil Water Conservation Research and Training Institute, Dehradun, India is losing 5,334 million tonnes of soil every year due to soil erosion because of indiscreet and excess use of fertilisers, insecticides and pesticides over the years.
India economy has been the pride of world. It has been showcased as the only growing economy – a proud moment for Indians particularly under Prime Minister Narendra Modi. However a section of media and political parties differ. There have been some stories in the foreign media also sceptical of the decision. Has the worldview changed? Is that correct?
Today, GST is most prominent subject in India. Government has prescribed revised Model GST Law after adding or deleting some topics. Till time, Government has achieved some major milestone in this journey. Although, some milestones are yet to achieve. Here we are providing analysis of some important definitions provided under Model GST Law for your ready reference.
According to Article 366(12A) of Constitution of India, Goods and Service Tax means a tax on supply of goods or services, or both, except taxes on supply of the alcoholic liquor for human consumption. The concept of supply is the essence of GST law. GST is a multi-stage tax levied on supply of goods and / or services, collected at each stage of the production and distribution
The decision to disclose the borrowers details including publishing the details in newspapers is taken by the banks as provided in various statutes and Loan Agreement.
There are limits on deposits on “Small Account” under Pradhan Mantri Jan Dhan Yojana (PMJDY). Government is not proposing to increase this limit.
Apprehension of retrospective amendment in the Income Tax Act was anticipated by almost all the tax professionals as 200% penalty was not possible in the present framework of law.
