The Bombay Stock Exchange will start a separate platform for the small and medium-size (SME) enterprises by the year-end, a top bourse official said today. “We are awaiting Sebi approval. I am hopeful that in 3-6 months we will start the SME exchange,” BSE Deputy CEO Ashish Chauhan told PTI.
Foreign lender Royal Bank of Scotland on Thursday said RBI is likely to hike its policy rates by up to one percentage point this year even as the headline inflation is likely to fall to 6-7 per cent on the back of a good monsoon. According to RBS managing director and head of markets Ramit Bhasin, the apex bank is likely to hike its overnight lending rates (repo) by 0.5 per cent to 6 per cent and the reverse repo, at which it accepts deposits from banks by 1 per cent to 5 per cent in 2010.
FM Wants New Tax Regime Which is Simple and Broad Based Leading to Lowering of Tax Rates, Better Tax Compliance and Reduced Litigation: Looking forward to Constructive Suggestions from Empowered Committee of State FMS on GST to set-up an Innovative & Cooperative Fiscal Federalism
Members are requested to wear the Royal Blue Colour Blazer /Navy Blue Colour Blazer respectively and female members may wear saree / business suit while attending the Convocation and receiving the membership certificate. A tie and a lapel pin, saree pin in case of female members will be presented by the Institute at the convocation.
The commerce department has sought a ‘middle of the road’ solution to the taxation problems thrown up by the draft direct taxes code for special economic zone that enjoy substantial tax concession. In a letter to the revenue department, the department has suggested ways in which the finance ministry could implement the new tax dispensation so that the investments already made in the zones continue to get the incentives promised under the current rules.
Finance Minister Pranab Mukherjee today proposed a three-rate structure for the Goods and Services Tax -which will simplify the indirect tax regime – under which goods will attract 20 per cent levy, services 16 per cent and essential items a concessional 12 per cent. Mukherjee proposed these rates to the state finance ministers at a meeting here today to evolve consensus over GST that is planned to be implemented from April 1, next year.
Mumbai could lose at least Rs 5 crore a day for the next few days because there will be no Income Tax (I-T) raids and surveys, during which a large chunk of tax is collected. Nearly 90 per cent of the I-T department’s staff across the country has decided to not to take part in surveys and raids from Tuesday as a mark of protest.
The government on Tuesday said the direct taxes code (DTC) Bill and a constitutional amendment bill to implement the goods and services tax (GST ) are likely to be introduced in the Monsoon session beginning next week. “It is our expectation that both the constitutional amendment bill and DTC Bill would be introduced in the Monsoon session,” revenue secretary Sunil Mitra told reporters on the sidelines of a CII seminar in New Delhi today.
The revised discussion paper on the Direct Tax Code (DTC), which would overhaul the Income Tax Act, proposes tax exemptions only for the existing SEZ units. “In case no income tax benefit is provided to the new SEZ units, no entrepreneur would like to set up a unit in the SEZ,” EPCES Chairman R K Sonthalia said.
As for specific issues, let me begin with the issue of exemption threshold under GST. In this regard, it was the suggestion of the Empowered Committee that the Centre should consider retaining the exemption threshold of Rs.1.5 crore (presently available under Central Excise) for goods while the CGST threshold for services and the SGST threshold for both goods and services would be Rs.10 lakh. It is fundamental to a dual GST that every transaction constituting a supply of goods and services receive similar treatment under CGST and SGST.
