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The exchange came as Lok Sabha debated the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill 2020, which was eventually passed Saturday.
In an interview to Bloomberg this week, a top official of Toyota’s local unit said taxes in India were too high, making car purchases expensive for buyers and impacting business.
Finance ministry says Maharashtra, Karnataka, UP, Gujarat, Tamil Nadu reported largest shortfall in GST collections. Three BJP-ruled states agreed to borrow to meet the shortfall.
The monthly outlook report for August says the uncertainty on account of the pandemic still persists and only a vaccine will restart discretionary spending.
The decision has been taken given as using technological innovations for planning, scheduling & forecasting is known to be economical, efficient and effective, an official memo said.
Modi govt says revenues are under strain and expenditure is increasing due to the pandemic and needs of national security to counter states' demand that it should borrow.
The process, which started in early 2017, took nearly 2 years to reach the 10-crore mark. But this more than doubled over the last 17 months to touch 25 crore now.
I-T dept will analyse expenditure patterns through collected data to look for evasion. But honest taxpayers won’t be impacted, stresses the government.
Finance ministry said that in June, a large number of people paid taxes pertaining to February, March & April on account of the relief provided due to Covid-19.
Finance ministry plans to ask people with unaccounted holdings of gold to declare it to tax authorities and pay levies and penalty.