A panel of state and central government officials, set up to suggest measures for revenue augmentation, has also backed rejig in the GST rate structure to shore up revenues besides a tighter administrative hand to improve compliance.
This year we are around 5% and next year 6-6.5%, the PMEAC chairman said about the country's GDP growth.
Move comes against the backdrop of states complaining about Centre delaying compensation payments.
The journey wasn’t easy and faced obstacles, including legal challenges that went up to the Supreme Court.
The ETF will have bonds of some central public sector units as underlying.
Refunds have remained stuck because of unclear laws, making for a serious issue for the entire industry.
The proposed legislation seeks to set up a monitoring body to ensure that recycling centres are in compliance with the Hong Kong Convention. It will be set up under the chairmanship of the director-general of shipping, he said, adding that India had already done lot of work towards raising standards followed at the ship-breaking yards.
The government had last month asked top two e-commerce firms Flipkart and Amazon to share details of their top five sellers and total business quantum for each seller, variations of commission agreements they have with various sellers, and how investments from their parents are disbursed.
The proposed exercise is aimed at consistency, simplification & low compliance burden to cuty costs.
The amendment comes after industry sought clarity on whether software development could be treated as manufacturing and be eligible for the reduced tax rate. On September 20, FM Sitharaman slashed the corporate tax rate to 22% for companies that do not seek exemptions or incentives, and to 15% — from the current 25% — for new manufacturing companies.
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