Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)
Report on the Revenue Neutral Rate and Structure of Rates for the Goods and
Services Tax (GST)
Full Report on the Revenue Neutral Rate and
Structure of Rates for the Goods and Services Tax (GST) by the Committee headed
by the Chief Economic Adviser (CEA), Dr Arvind Subramanian is attached here
with and is also available on the Ministry of Finance web-site : finmin.nic.in.
*****
India and South Korea signs a New Memorandum of Understanding (MoU) on
suspension of collection of taxes during pendency of Mutual Agreement Procedure
(MAP); MoU to relieve the burden of double taxation for the taxpayer in both
the countries during the pendency of MAP proceedings
A New Memorandum of Understanding (MoU) on
suspension of collection of taxes during pendency of Mutual Agreement Procedure
(MAP) was signed here today between India and South Korea. This MoU will
relieve the burden of double taxation for the taxpayer in both the countries
during the pendency of MAP proceedings.
Earlier a meeting was held here today between Indian and South Korean delegations headed by Revenue Secretary, Government of India and Commissioner, National Tax Service, South Korea under the Memorandum of Understanding (MoU) for Mutual Co-operation between the countries. The New MoU was also signed in the said Meeting. Further, both sides noted that transfer pricing dispute cases will be taken-up for MAP under the revised DTAA between India and South Korea. This is a step towards ease of doing business in India for Korean companies as it will relieve economic double taxation and promote cross-border trade and investment.
Earlier a meeting was held here today between Indian and South Korean delegations headed by Revenue Secretary, Government of India and Commissioner, National Tax Service, South Korea under the Memorandum of Understanding (MoU) for Mutual Co-operation between the countries. The New MoU was also signed in the said Meeting. Further, both sides noted that transfer pricing dispute cases will be taken-up for MAP under the revised DTAA between India and South Korea. This is a step towards ease of doing business in India for Korean companies as it will relieve economic double taxation and promote cross-border trade and investment.
*****
Indirect Tax Revenue (Provisional) Collections Increase from Rs. 44,475
Crore in November 2014 to Rs. 55,297 Crore During November 2015;
An Increase of 24.3% Registered During November 2015 over the Corresponding Period in the Previous Year; Central Excise Collections Increase by 58.3%, Service Tax Collections Increase by 16.1 % While Customs Collections Increase by 1.7 % During the Same Period
An Increase of 24.3% Registered During November 2015 over the Corresponding Period in the Previous Year; Central Excise Collections Increase by 58.3%, Service Tax Collections Increase by 16.1 % While Customs Collections Increase by 1.7 % During the Same Period
Details of
Indirect Tax revenue (provisional) collections during the month November 2015,
along with growth rate compared to the corresponding period in the previous
year.
For the month November 2015
(Rs. in crores)
Tax Head
|
|
For November
|
Upto November
|
% of BE achievement
|
||||
|
B.E.
2015-16
|
2014-15
|
2015-16
|
% Growth
|
2014-15
|
2015-16
|
% Growth
|
|
Customs
|
208336
|
17185
|
17475
|
1.7
|
122016
|
139923
|
14.7
|
67.2
|
Central Excise*
|
228157
|
14551
|
23033
|
58.3
|
102139
|
170693
|
67.1
|
74.8
|
Service Tax
|
209774
|
12739
|
14789
|
16.1
|
102118
|
127675
|
25.0
|
60.9
|
Total
|
646267
|
44475
|
55297
|
24.3
|
326273
|
438291
|
34.3
|
67.8
|
*Exclusive of cess administered by other departments.
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