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Budget 2020: What's in store and what are the challenges?

Business | February 01, 2020 2:05 IST

Union Budget 2020: Finance Minister Nirmala Sitharaman has quite a task ahead of her as she prepares to present Union Budget 2020 in the Lok Sabha on Saturday (February 1). The economy is not in the best of shapes. International Monetary Fund (IMF) has already slashed India's growth forecast from 6.1 per cent to 4.8 per cent. Prices of goods are high and the common man is looking at Budget 2020 just as he is at his own pocket.

Govt says no proposal to reduce taxes on petrol, diesel

Business | December 02, 2019 13:35 IST

The council, chaired by the Union Finance Minister, has ministers in-charge of finance or taxation from all states as members. "At present, there is no proposal to reduce taxes on petrol and diesel," Sitharaman said in response to a question on whether the government proposes to reduce taxes so thatprices of petrol and diesel would come down.

22 tax officials retires on graft charges

India | August 26, 2019 17:07 IST

The Central Board of Indirect Taxes and Customs (CBIC) - the agency that overseas GST and import tax collections - compulsorily retired 22 superintendent rank officers under Fundamental Rule 56(J) on corruption and other charges, official sources said.

For every rupee in government kitty, 68 paise come from taxes

India | July 05, 2019 15:00 IST

For every rupee in the government coffer, 68 paise will come from direct and indirect taxes while states' share of taxes and duties is the single-largest expense head accounting for 23 per cent of total spending, budget documents showed.

CBDT releases new I-T compounding guidelines; no relief in criminal black money cases

Business | June 17, 2019 17:50 IST

The new directives make it clear that compounding of offences is "not a matter of right" and the department can extend such a relief only in certain cases keeping in view factors like "conduct of the person, the nature and magnitude of the offence on the context of the facts and circumstances of each case."