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The Rajya Sabha passed these Bills on 6 April 2017 which were then enacted as Acts on 12 April 2017. Thereafter, State Legislatures of different States have passed respective State Goods and Services Tax Bills. After the enactment of various GST laws, Goods and Services Tax was launched all over India with effect from 1 July 2017. [18]
According to a report by SBI, as of 2020, only 4 percent of Indian citizens pay income tax, yet they contribute to 41 percent of the total private consumption expenditure in the country. The Finance Minister in 2020 stated implementation of New Tax Regime would have a loss of ₹40,000 crore per annum to the exchequer. [21]
The Central Board of Direct Taxes (CBDT) is a statutory body under the Department of Revenue, Ministry of Finance, Government of India.It oversees the administration of direct taxes, including income tax and corporate tax, through the Income Tax Department.
The Central Board of Indirect Taxes & Customs (CBIC) is headed by a chairperson and consists of six members. [1]Chairperson - Sanjay Agarwal, IRS; Member (Customs) - Rajiv Talwar, IRS (C & IT 1988) [2]
In the 2017-2018 financial year (i.e. 1 April 2017 to 31 March 2018), the IRS (IT) received 5,87,13,458 returns [8] and collected direct taxes amounting to ₹11.37 trillion, [9] spending ₹ 60,000 (equivalent to ₹ 91,000 or US$1,000 in 2023) for every ₹ 1,000 (equivalent to ₹ 1,500 or US$17 in 2023) it collected. [10]
The repatriation was due for February, but was delayed due to technical issues and Malaysia's ongoing political crisis. Economic impact of the COVID-19 pandemic, impact of the COVID-19 pandemic on tourism. Airbnb secures a US$1 billion loan to stay afloat as the pandemic causes worldwide demand for its services to drop. This follows a separate ...
On 9 April 2020, a Long March 3B launcher failed after lifting off from the Xichang Satellite Launch Center in the southwestern Sichuan province at 11:46 UTC during the launch of an Indonesian communications satellite, Palapa-N1 (Nusantara Dua) of a mass of 5500 kg and was expected to enter service in geostationary orbit at 113.0° East ...
Type 3 diabetes is a proposed pathological linkage between Alzheimer's disease and certain features of type 1 and type 2 diabetes. [1] Specifically, the term refers to a set of common biochemical and metabolic features seen in the brain in Alzheimer's disease, and in other tissues in diabetes; [1] [2] it may thus be considered a "brain-specific type of diabetes."