Best printers for Home

Best Mixer Grinder

Best wired Earphones

Best 43 Inch TV in India

Best Wi Fi Routers

Best Home Theatre in India

Smart Watch under 5000

Best Laptops for Education

Best Laptop for Students

The government has officially announced October 1, 2024, as the starting date for <keyword id="23245808" type="General" weightage="100" keywordseo="Vivad-Se-Vishwas-2-0" source="keywords">Vivad Se Vishwas 2.0</keyword>, the direct tax dispute resolution scheme. If you're involved in a tax dispute, this scheme might be your chance to resolve it efficiently. Originally introduced during the 2024-25 Union Budget, the scheme is designed to handle <keyword id="22518437" type="General" weightage="20" keywordseo="income-tax-disputes" source="keywords">income tax disputes</keyword> that are currently tied up in appeals. Confirming the news, the <keyword id="19900485" type="General" weightage="20" keywordseo="Finance-Ministry" source="keywords" meta.keywordsubtype="org" meta.entityname="Finance Ministry" meta.hostid="261" meta.entityid="Finance Ministry">finance ministry</keyword> said in its notification: "The central government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force." <h2>The scope of the disputes</h2>To give you an idea of the scale, about 2.7 crore direct tax demands are currently being contested, amounting to a staggering Rs 35 lakh crore. These disputes are scattered across various legal forums, and Vivad Se Vishwas 2.0 aims to help clear this backlog. <div type="Article" hostid="261" msid="113444994" title="In the long run, rate cut by Fed will be favourable for most US banks: Moody&amp;#39;s" mstype="2" mssubtype="0"></div>In her Budget speech, <keyword id="19912360" type="General" weightage="20" keywordseo="Finance-Minister-Nirmala-Sitharaman" source="keywords">Finance Minister Nirmala Sitharaman</keyword> highlighted the government’s dedication to simplifying taxes and minimising litigation. She said, "The government will continue its efforts to simplify taxes, improve <keyword id="20404572" type="General" weightage="20" keywordseo="taxpayer-services" source="keywords">taxpayer services</keyword>, provide tax certainty and reduce litigation while enhancing revenues." <h2>Who can avail the scheme?</h2>If you have any pending disputes or appeals, including writs and special leave petitions, whether filed by you or the tax authorities, as of July 22, 2024, you are eligible to take advantage of this scheme. The list of eligible cases includes those pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals). It also covers cases before the Dispute Resolution Panel (DRP) and revision petitions awaiting a decision from the Commissioner of Income Tax. <div type="Article" hostid="261" msid="113417255" title="Individuals earning over Rs 10 cr rise by 63% in India; financial assets of high net worth individuals to nearly double by 2028" mstype="2" mssubtype="0"></div>However, the window to decide whether or not to participate in the scheme is limited. As Karishma R. Phatarphekar, Partner at <keyword id="20006170" type="General" weightage="20" keywordseo="Deloitte-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Deloitte India" meta.hostid="261" meta.entityid="Deloitte India">Deloitte India</keyword>, said: "Given the limited time window, an informed decision on opting for the scheme should be made promptly." The rules and forms for the scheme are expected to be published "imminently in the coming week." <h2>Success of the original Vivad Se Vishwas</h2>For those who are wondering about the potential impact, the first Vivad Se Vishwas scheme, introduced in 2020, resolved a significant number of cases. More than 1 lakh taxpayers participated, and the government collected about Rs 75,000 crore in taxes. With this track record, the expectations from Vivad Se Vishwas 2.0 are high. With October 1 just around the corner, now is the time to prepare if you are considering resolving your tax dispute through Vivad Se Vishwas 2.0. As the rules and forms are expected shortly, it’s wise to consult your <keyword id="23245810" type="General" weightage="20" keywordseo="tax-advisor" source="keywords">tax advisor</keyword> and make a decision soon. This scheme could provide the relief you’ve been waiting for while contributing to a more efficient tax system for all. (With inputs from PTI)

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

<ul class="summary-list"><li>Traffic, pollution, and a struggling mass transit system have all become increasingly urgent issues in New York City. </li><li>Gov. Kathy Hochul's plan to levy a new toll on drivers in Manhattan is being celebrated by environmentalists. </li></ul>Long gone are the days of eerily deserted Manhattan streets as New York City ground to a near-halt during the height of the COVID-19 pandemic.Traffic is back in <a href="https://nypost.com/2023/03/13/nyc-drivers-travel-just-12-mph-during-rush-hour/">the most congested city</a> in the country — and it's worse than ever before.Delivery trucks are a big part of the surge, as the pandemic rapidly accelerated <a href="https://gothamist.com/news/too-many-trucks-on-nyc-streets-city-launches-a-pilot-program-to-tackle-congestion" target="_blank" rel="noopener">New Yorkers' demand for online shopping</a>. Driving speeds, including for public buses, <a href="https://new.mta.info/document/92756" target="_blank" rel="noopener">are way down</a>.At the same time, the shift to remote work means <a href="https://nypost.com/2023/01/28/93-of-nyc-subway-stations-have-fewer-riders-than-pre-pandemic/" target="_blank" rel="noopener">way fewer people are riding</a> New York's subways and other public transit systems — a gut punch for the struggling Metropolitan Transportation Authority. To reduce traffic and pollution and boost funding for the city's subways, buses, and commuter rail, New York Gov. Kathy Hochul is championing a policy known as congestion pricing. The policy would impose a toll between $9 and $23 on drivers who enter Manhattan south of 60th Street and use the revenue to fund the MTA. It aims to reduce the 700,000 trucks, cars, and taxis that drive into the Manhattan zone by at least 10%, while simultaneously generating about $1 billion in proceeds per year to fund mass transit. The details of <a href="https://new.mta.info/project/CBDTP" target="_blank" rel="noopener">the so-called Central Business District Tolling Program</a> still need to be ironed out. But this week, the Federal Highway Administration <a href="https://new.mta.info/press-release/icymi-governor-hochul-announces-first-nation-congestion-pricing-will-move-forward" target="_blank" rel="noopener">granted the MTA final approval</a> to move forward with the policy. The next step is for a small panel appointed by the governor and mayor to decide what the toll prices would be and which drivers could be exempt.While many New Yorkers, transportation experts, and city planners celebrated this week, critics — including Democrats across the river in New Jersey — say they'll do everything in their power to stop the plan. The situation has laid bare tensions between the commuters who regularly drive in the city, and those who are more concerned about the environmental impact of traffic and the possibility of reinvesting in transit infrastructure."New York's anti-environment, anti-commuter, and anti-business Congestion Tax is a cash grab to bail out the terribly mismanaged MTA," Democratic Rep. Gottheimer said in a statement to Insider.New Jersey Sen. Bob Menendez said in a statement to Insider that he would "not stop fighting until we defeat this plan and ensure New York is not allowed to balance its budget on the backs of hard-working New Jersey families."New Jersey's Democratic governor, Phil Murphy, is <a href="https://www.northjersey.com/story/news/transportation/2023/06/26/murphy-hires-lawyers-as-nyc-congestion-pricing-clears-hurdle-mta/70358110007/" target="_blank" rel="noopener">threatening to sue</a> over the plan, which he and his allies say unfairly hits suburban commuters and burdens his state's mass transit system.Even some of the staunchest congestion pricing advocates say some of the criticism is fair and there's a compromise to be found with New York's neighbors. <div type="image" title="Cars fill Midtown amid the coronavirus pandemic on March 19, 2021 in New York City." height="640" width="1280" msid="101434338" hostid="261" sizebytes="179644"></div><h2>Why supporters say it's a win-win for New York</h2>Supporters of the first-in-the-nation congestion pricing policy say it would be a major victory for New York and serve as a model for other cities dealing with similar issues.Charles Komanoff, a transportation analyst whose <a href="https://nurturenature.org/pages/balanced-transportation-analyzer" target="_blank" rel="noopener">modeling</a> was used to craft New York congestion pricing legislation <a href="https://www.nytimes.com/2021/08/16/nyregion/new-york-congestion-pricing.html" target="_blank" rel="noopener">in 2019</a>, called it "the most exciting actual specific public policy idea that's in play and within reach for New York City and really any city in the country."It also makes economic sense, Komanoff said. Driving, particularly in one of the busiest urban areas in the world, has major societal costs, ranging from pollution to traffic casualties."It is a policy of making prices tell the truth about costs and about resource constraints," Komanoff said. Congestion pricing is a win-win, Komanoff told Insider. If more drivers stay on the roads than expected, the city will rake in more revenue. If the toll keeps more drivers out of New York's business district than anticipated, there will be even less traffic and pollution than expected. New York's successful implementation of the toll, which could go into effect as early as next spring, could help embolden cities across the country and the world to follow suit, much as <a href="https://www.nydailynews.com/new-york/ny-metro-congestion-pricing-other-countries-20190314-story.html">successful congestion pricing</a> in London, Stockholm, and Singapore paved the way for New York."New York alone isn't going to solve our greenhouse gas problem, but multiply it by Toronto doing it and Mexico City doing it — Seattle, Los Angeles, Chicago, Boston, so many other places will now feel that they could get it through," Sam Schwartz, a former New York City traffic commissioner, told Insider. "If you can do it in New York, you can do it anywhere. If you can't do it in New York, you won't be able to do it anywhere."<div type="image" title="The Empire State Building and Tourist District are seen while Traffic jam is reported along the route to New York City on August 17, 2022, in Jersey City, New Jersey." height="640" width="1280" msid="101434340" hostid="261" sizebytes="103420"></div><h2>Outrage and opposition in New Jersey</h2>Last year, the MTA released an in-depth assessment of <a href="https://www.northjersey.com/story/news/transportation/2022/08/10/nyc-congestion-pricing-options-charge-nj-drivers-extra/65396022007/" target="_blank" rel="noopener">seven versions</a> of the congestion pricing plan. Multiple scenarios involved charging the full toll for drivers who enter lower Manhattan from New Jersey by crossing the Hudson River through the Holland and Lincoln Tunnels and the George Washington Bridge, all of which already levy their own tolls. New Jersey lawmakers seized on this double tax as a central sticking point, with Sen. Menendez, and Reps. Gottheimer and Bill Pascrell saying in a joint statement this week that these drivers should be exempt from the congestion tax. Komanoff said most congestion pricing advocates agree — they don't want drivers who enter lower Manhattan through the tunnels to pay the full congestion toll. He and Schwartz would like to see the tunnel toll deducted from the congestion fee. Komanoff blames the MTA for a "bungled" policy roll-out that has stoked a massive, avoidable outcry, particularly from New Jersey politicians. He also argued that the MTA significantly undercounted the number of cars that will leave the roads, thus exaggerating the amount of diverted traffic and pollution New Jersey and the outer boroughs will face. "The whole thing would have been so much less virulent and less vituperative," he said, calling the double fees on tunnel drivers "really poor public policy" and "a basic fairness thing." Schwartz also said he's open to New Jersey getting a cut of the congestion toll revenue proportionate to their contribution."If Gov. Hochul and Murphy got in a room, they could iron it out," Schwartz said.Still, congestion pricing advocates say New Jersey politicians are taking their criticism too far and those who consider themselves environmentalists should use the opportunity to improve mass transit and get their residents out of cars. "New Jersey recently released an ambitious set of climate goals — reducing car usage is a key component to climate action, and congestion pricing in New York City will encourage New Jersey residents to leave their cars at home, benefiting their home state as well," Sarah Kaufman, interim director of New York University's Rudin Center for Transportation, told Insider. <div type="image" title="New York Rep. Ritchie Torres, a Democrat from the Bronx, supports congestion pricing after extracting key environmental wins for his district." height="853" width="1280" msid="101434341" hostid="261" sizebytes="47336"></div><h2>Disagreement over exemptions</h2>Schwartz argued that it's hypocritical of New Jersey to demand exemptions from other states' tolls, when the Garden State charges a slew of fees on drivers passing through the state. "These elected officials in New Jersey tout what great environmentalists they are. They claim that double-tolling is anti-American, whereas no place has more double- and triple-tolling than New Jersey," Schwartz said. "If they're looking for some exemptions, I think New Yorkers should get exemptions in New Jersey."Taxi and for-hire drivers are also <a href="https://nyc.streetsblog.org/2023/06/21/will-congestion-pricing-properly-toll-taxis-and-ubers" target="_blank" rel="noopener">staunchly opposed</a> to any congestion fee. Many congestion pricing advocates, including Komanoff and Schwartz, want exemptions for both taxi and ride-hail drivers, with yellow cab drivers paying nominal or no additional tolls. Critics have also raised concerns about the policy potentially increasing traffic and pollution outside Manhattan, particularly in marginalized communities in the Bronx. Komanoff suggested that New Jersey lawmakers take a page out of Democratic Rep. Ritchie Torres' book. Torres, who represents parts of the Bronx, <a href="https://www.amny.com/transit/torres-slams-congestion-pricing-cross-bronx/" target="_blank" rel="noopener">condemned the policy last year</a> after an MTA environmental assessment showed it could <a href="https://www.nytimes.com/2022/09/12/nyregion/nyc-congestion-pricing-manhattan-bronx.html" target="_blank" rel="noopener">divert traffic into the Bronx, increasing pollution</a> in an area already struggling with poor air quality and high rates of asthma. But since then, he's <a href="https://nyc.streetsblog.org/2023/03/27/exclusive-secret-mta-memo-offers-funding-for-bronx-clean-up-to-get-congestion-pricing-over-the-line" target="_blank" rel="noopener">extracted big environmental wins</a> for his district, including tens of millions of dollars to electrify diesel-powered refrigeration trucks, install air filtration systems for schools, and upgrade parks, among other measures. This spring, Torres came out <a href="https://ritchietorres.house.gov/posts/u-s-rep-ritchie-torres-issues-statement-on-tentative-approval-of-mtas-final-environmental-assessment-report-for-nyc-congestion-pricing" target="_blank" rel="noopener">in support of the policy</a> and spoke at Hochul's announcement ceremony on Tuesday. "He bargained hard and he got from the MTA and the governor what looks like an ironclad promise," Komanoff said. "He is helping to deliver congestion pricing for the city — and which will benefit his district — and he's delivering these remediations that his district needed and deserved anyway. So it's just effing brilliant." But congestion pricing still has a long way to go, particularly as long as New Jersey leaders stand in the way. "I'm not breaking out the champagne yet," Schwartz said.

Inside the furious debate over New York City's new tax on drivers, which New Jersey Democrats are fighting against tooth and nail

Chandigarh, Dec 2 () The Punjab Goods and Services Tax (Amendment) Act, 2017 will be suitably amended, in line with the Central GST Act, to further promote ease of business in the state.
The state cabinet, at its meeting chaired by Chief Minister Amarinder Singh, on Monday approved the Punjab Goods and Services Tax Ordinance, 2019, to make amendments in accordance with those made to the Central Goods and Services Tax Act, 2017, a state government release said here.
The GST Council, in its 35th meeting held on June, 21, 2019, had recommended various amendments in the provisions of Central Goods and Services Tax Act, 2017. 
The same were incorporated in the Finance (No. 2) Bill, 2019, and received the Presidential Assent on August 1, 2019. 
Similar amendments need to be carried out in the Punjab Goods and Services Tax Act, 2017, in order to safeguard the interests of taxpayers and promote hassle-free business.
The ordinance approved on Monday by the state cabinet provides for an alternative composition scheme for supplier of services or mixed suppliers (not eligible for the earlier composition scheme), having an annual turnover in preceding financial year up to Rs 50 lakh.
It further provides for higher threshold exemption limit from Rs 25 lakh, to such an amount not exceeding Rs 40 lakhs, in case of a supplier who is engaged exclusively in the supply of goods, release said.
It also provides for furnishing of annual returns and for quarterly payment of tax by taxpayer who opts for composition levy, as well as mandatory Aadhaar submission or authentication for persons who intend to take or have taken registration.
The amendment will also empower the PGST Commissioner to extend the due date for furnishing annual return and reconciliation statement. 
It will give taxpayers the facility to transfer an amount from one head to another in the electronic cash ledger, among other benefits, the statement said. CHS VSD MKJ

Punjab GST to be amended in line with Central GST Act

<ul class="summary-list"><li>Tory MP Sir Geoffrey Cox represented the British Virgin Islands government in a corruption inquiry.</li><li>Cox discussed the BVI's register of interests, drawing parallels to the UK Parliament's register.</li></ul>Video shows Tory MP Sir Geoffrey Cox bemoaning the "real drawbacks" of public registers of interests for legislators in a submission to a corruption inquiry in the British Virgin Islands (BVI), representing the tax haven's government.Cox's work for the BVI government has come under scrutiny as part of a wider backlash over MPs' second jobs and outside interests.These are published in the House of Commons's register of members' financial interests, which is meant to prevent MPs concealing conflicts of interest or income from sources other than their MP salary.On June 21 2021, the inquiry was looking into BVI legislators' registration of interests, which is not made public in the territory.Cox, a former UK Attorney General, told the inquiry: "Let me be quite candid. There are real drawbacks to open registers. It becomes a political tool for every - many, many frivolous complaints are made."It is a profound invasion into a legislator's private life because what happens is, as you can imagine, stories get written, minor infractions are written up to be morally shameful or even impute dishonesty."I accept the need for registers - of course I do; every legislator must - but there are perfectly understandable reticence to invite that kind of onslaught that that can sometimes mean."Cox appears to have taken part in the inquiry remotely while using his Parliamentary office, <a href="https://www.thetimes.co.uk/article/brazen-geoffrey-cox-accused-of-flouting-commons-rules-8d8m22kkl">The Times of London reported,</a> an apparent breach of the rules.Opposition politicians said Cox's comments were "no surprise".Angela Rayner MP, Labour's deputy leader, told Insider: "It is no surprise that Geoffrey Cox is critical of registers of interests for MPs given the fact that he has himself appeared to have broken the rules in such an egregious, brazen manner."These comments are a further insult to the British public who will rightly be wondering why Geoffrey Cox thinks the rules don't apply to him."This is not about party <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword> as this is not a 'minor infraction'. This is about a Conservative MP using a taxpayer funded office in Parliament to work for a tax haven facing allegations of corruption, in breach of the rules that all MPs must follow.""The Parliamentary Commissioner for Standards must investigate this, and the Prime Minister needs to explain why he has an MP in his parliamentary party that treats Parliament like a co-working space allowing him to get on with all of his other jobs instead of representing his constituents."You can be an MP serving your constituents or a barrister working for a tax haven - you can't be both and Boris Johnson needs to make his mind up as to which one Geoffrey Cox will be."Rayner has asked the Parliamentary Commissioner for Standards, who government ministers have suggested should resign, to investigate the potential breach.Cox later told the inquiry he had "occasion to have fallen down" on the obligations to register interests, obliquely referring to two times the Standards Committee found that he made late declarations.Cox was 13 months late in registering a financial interest in a property, <a href="https://publications.parliament.uk/pa/cm201719/cmselect/cmstandards/2591/259103.htm#_idTextAnchor000">the committee found in 2019.</a><a href="https://publications.parliament.uk/pa/cm201516/cmselect/cmstandards/803/803.pdf">He also did not declare payments</a> worth more than £400,000 between January 2014 and August 2015 until September 2015.<h2>'The purpose of elected office is to serve the public'</h2>In comments first reported by <a href="https://twitter.com/SamCoatesSky/status/1458184554045394951">Sky News</a>, Cox spoke on behalf of "those I represent" that those in elected office should serve the public, and not seek to enrich themselves.Cox has more outside earnings than any other British MP, registering £999,999.79 (excluding VAT) since the beginning of 2021.Cox told the inquiry that "it is central to the democratic idea that the purpose of elected office is to serve the public, it is not to enrich the office-holder, and it is not to enrich the office-holder's personal connections."And Members should not use their position, plainly, to influence the legislative process for their own advantage or for someone to whom they are connected."The BVI is a British overseas territory in the Caribbean, more than 4,000 miles from London.Cox's office did not immediately respond to a request for comment.

Video shows Geoffrey Cox telling tax haven officials there are 'drawbacks' to MPs declaring outside earnings because people might criticise them

A three-month <keyword id="45210" type="ORGANIZATION" weightage="20" keywordseo="extension">extension</keyword> in deadlines for tax payment and filing of returns notwithstanding, the Income-Tax Department has asked field formations to contact large taxpayers over phone or email to follow up on pending collections. <keyword id="331683" type="PERSON" weightage="20" keywordseo="Rakesh-Gupta">Rakesh Gupta</keyword>, Commissioner of <keyword id="47201" type="COMPANY" weightage="20" keywordseo="income">Income</keyword> Tax (Coordination &amp; Systems), Central Board of Direct Tax (CBDT), last week asked field formations to submit a daily report on follow-ups on pending tax collections from large taxpayers. While most tax officers working from home in view of the lockdown announced to check the spread of Covid-19, it is possible to continue working in today's connected world, the message to officials said. "While the ITBA (Income Tax Business Application) platform is not available to the officers for discharging statutory functions, it is still possible to follow up the pending collection matters by contacting large taxpayers telephonically/electronically," Gupta wrote. The message came within days of Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announcing three months extension in the deadline for filing of income tax returns as well as payment of delayed advanced tax, self-assessment tax, regular tax, tax deducted at source, tax collected source, and securities transaction tax. The directive from CIT (C&amp;S) has not gone down well with officers with their association writing to CBDT Chairman against it. The joint body of Income Tax Employees <keyword id="22143" type="COMPANY" weightage="20" keywordseo="federation">Federation</keyword> &amp; Income Tax Gazetted Officers' Association in the letter expressed surprise at the direction "to pressurize the assesses/defaulters to pay taxes when the Finance Minister has recently announced various extensions of the statutory compliances including the extension of the last date for the (dispute resolution scheme) Vivad se Vishvash scheme and also reduced the penal interest rates." "The people's backlash in the wake of such pressures to pay taxes in the present scenario is very much evident," the convenor Ravi Shankar wrote. The association said it was not possible for assessing officers (AOs) to furnish a daily report for daily collection of current/arrear demand or applications received under the Vivad se Vishvash Scheme as the contact information of assessees/defaulters was not available at homes of the officers.Also, the officers did not have access to the ITBA platform. It asked the chairman to direct the authorities below him "to remain positive, sensitive towards the present situation, adopt a humane approach and avoid pressing the panic button within the department". The Finance Minister had on March 24 announced an extension in last for filing income tax returns for 2018-19 fiscal to June 30 as well as linking of income tax PAN with biometric ID Aadhaar by a similar three months. Also, a three-month extension in the deadline was announced for those opting for the tax dispute resolution scheme 'Vivad se Vishwas' scheme by paying the principal amount. Previously the deadline for payment of such amount was March 31 and any payment after that was to be charged with an additional 10 per cent. Now, no additional 10 per cent amount requires to be paid if payment made by June 30, 2020. Similarly, "due dates for issue of notice, intimation, notification, approval order, sanction order, filing of appeal, furnishing of return, statements, applications, reports, any other documents and time limit for completion of proceedings by the authority and any compliance by the taxpayer including investment in saving instruments or investments for rollover benefit of capital gains under Income Tax Act, Wealth Tax Act, Prohibition of Benami Property Transaction Act, Black Money Act, STT law, CTT Law, Equalization Levy law, Vivad Se Vishwas law where the time limit is expiring between March 20, 2020, to June 29, 2020, shall be extended to June 30, 2020," an official statement issued on March 24 had said. For delayed payments of advanced tax, self-assessment tax, regular tax, TDS, TCS, equalization levy, STT, CTT made between March 20, 2020 and June 30, 2020, the reduced interest rate at 9 per cent instead of 12/18 per cent per annum will be charged for this period, it had said adding no late fee/penalty would be charged for the delay. ANZ MKJ

Tax department asks officers to chase 'large dues' as they work from home

<keyword id="2974268" type="UNKNOWN" weightage="80" keywordseo="Illicit-market">Illicit market</keyword>, with respect to seven sectors of the <a href="http://www.businessinsider.in/searchresult.cms?query=manufacturing">manufacturing</a> industry, had led to a loss of Rs 32,239 crore to the exchequer during 2014, according to a report released by <a href="http://www.businessinsider.in/searchresult.cms?query=FICCI">FICCI</a>. 
 The <keyword id="6355001" type="CITY" weightage="80" keywordseo="FICCI">FICCI</keyword> report prepared by its Committee Against Smuggling and Counterfeiting Activities Destroying the <keyword id="34412" type="ORGANIZATION" weightage="80" keywordseo="economy">Economy</keyword> and titled “Illicit Market: A Threat to Our National Interest” released said the loss was inclusive of both indirect and <a href="http://www.businessinsider.in/searchresult.cms?query=direct+taxes+">direct taxes</a> -- Rs 34,020 crore and Rs 5,218 crore, respectively. 
 
According to the report, there was a loss of Rs 26,190 crore in 2012. 
 FICCI released its nine sector report titled 'Illicit Market: A Threat to Our National Interest' in Guwahati on Tuesday. This is a quantitative study evaluating the impact of illicit markets on various economic aspects of the <keyword id="6362048" type="ORGANIZATION" weightage="80" keywordseo="Manufacturing">manufacturing</keyword> industry, including sectors like <a href="http://www.businessinsider.in/searchresult.cms?query=FMCG">FMCG</a>, packaged foods and personal goods, computer hardware, automobiles, mobile phones, tobacco &amp; alcohol, and media and entertainment industry. 
 
The study found that the revenue loss to the <a href="http://www.businessinsider.in/searchresult.cms?query=central+government+">central government</a> due to illicit trade increased 49.8% to Rs 13,049 crore from 2011-12 to 2013-14. 
 
Amongst the various sectors, the maximum revenue loss was from counterfeiting and illicit trade is tobacco products—23% and Rs 9,139 crore. 
 When it comes to states, <keyword id="6354915" type="CITY" weightage="100" keywordseo="Assam">Assam</keyword> saw a significant growth in illicit trade in these sectors in the last couple of years. It was one of the fastest growing markets for illegal cigarettes and alcohol in the country. 
 
In 2014, illegal cigarettes accounted for more than 25% of the total cigarette market in the state. 
 
Assam's illegal market for alcohol too grew significantly in value terms, especially for IMFL and imported liquor. 
 "During the last twenty years, the volume of the counterfeiting activity has increased 100 times and the size of trade in counterfeited goods is 10% of the legal <keyword id="35028" type="ORGANIZATION" weightage="80" keywordseo="international-trade">international trade</keyword> (around 2% of the world's overall economic output)," said PC Jha, adviser, <keyword id="2974267" type="PERSON" weightage="60" keywordseo="FICCI-CASCADE">FICCI CASCADE</keyword>, and former chairman of the <keyword id="514301" type="ORGANIZATION" weightage="80" keywordseo="Central-Board-of-Excise-Customs">Central Board of Excise &amp; Customs</keyword>. 
 
Deep Chand, advisor to FICCI CASCADE and former Special Commissioner of Police, New Delhi, said: "In the past few decades, leading intelligence and law-enforcement agencies around the world have found conclusive evidence of the increasing involvement of terrorist organizations in counterfeiting, piracy and smuggling activities to fund their activities…The need of the hour is tangible actions to increase enforcement and to impose increased punishments." 
 
The study said that high state-level taxes like VAT and imposition of health cess on the legal cigarette industry is resulting in high prices for legal cigarettes, and this is the key reason for such an alarming growth of illegal cigarette industry in the state. 
 
Most of the manufacturers of such illegal <a href="http://www.businessinsider.in/searchresult.cms?query=cigarettes+">cigarettes</a> (mostly based in the surrounding states and in some northern states) evade the high central <keyword id="6356916" type="UNKNOWN" weightage="80" keywordseo="excise-duty">excise duty</keyword> and state taxes/cess and thus are able to offer their products to consumers at rock-bottom prices. Price of an illegal cigarette pack in Assam is a fifth of the price of a legal packet. 
 
According to the study, smuggled international contraband cigarettes contribute significantly to the alarming growth of the illegal cigarette industry in Assam. Assam shares a porous international border with Bangladesh. In addition, other states in the north-east also share a similar border with Myanmar, Bangladesh and China. Therefore, there is a sizeable influx of cheap king-sized smuggled cigarettes from across the border into Assam. 
 
These smuggled cigarettes are transported from Assam and other north eastern states to the rest of the country by air, bus and train, the report said. 
 
"Such illegal cigarettes defeat the tobacco control objectives of the government as they neither bear any health warnings required as per Indian laws nor have other mandatory declarations like MRP, date of manufacture or place of Manufacture. High VAT compared to the rest of the country and the recent imposition of health cess on cigarettes have also resulted in large-scale diversion of the cigarettes trade into the state," the report pointed out. 
 
(Image: Indiatimes)

Over Rs 39, 000 crore loss to exchequer in 2014 all thanks to illicit trade!

New Delhi, Feb 5 () With over Rs 9 lakh crore worth direct taxes locked up in litigation, the government on Wednesday introduced a Bill in Parliament which seeks to provide an option to taxpayers to pay only the disputed tax by March 31 and get complete waiver of interest and penalty. Finance Minister Nirmala Sitharaman on Wednesday introduced 'The Direct Tax Vivad se Vishwas Bill, 2020' in the Lok Sabha.Taxpayers willing to settle disputes under the scheme shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute up to March 31, 2020, after which 10 per cent additional disputed tax shall have to be paid over and above the tax liability.Further where the tax arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty/interest shall have to be paid only if the payment is made by March 31, 2020, beyond which the same shall be enhanced to 30 per cent.The scheme would remain open till June 30, 2020.In a meeting with the senior officers of the Central Board of Direct Taxes (CBDT) and Revenue Secretary Ajay Bhushan Pandey, it was decided that the members of the apex income tax body will take weekly video conferencing to monitor performance at the ground level.Besides, each income tax officer would be required to approach, convince and facilitate the litigant taxpayers under his jurisdiction to avail the scheme and the performance of the officers would be rated on the basis of their success in executing the scheme, an official said.About 5 lakh cases are pending at various levels with disputed tax arrears amounting to Rs 9.32 lakh crore as on November 30, 2019. "Over the years, the pendency of appeals filed by taxpayers as well as government has increased due to the fact that the number of appeals that are filed is much higher than the number of appeals that are disposed. As a result, a huge amount of disputed tax arrears is locked up in these appeals," said the statement of objects and reasons of the Bill. Taxpayers whose appeals are pending with Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court as on the January 31, 2020 can seek resolution under the scheme.Appeals against disputed tax, interest or penalty in relation to assessment or reassessment order or against disputed interest or fee where there is no disputed tax, and disputes related to defaults in respect of Tax deducted at source or tax collection at source are covered under the scheme.The scheme shall not apply where tax in arrears related to assessments in the nature of search and requisition. Declaration cannot be made in respect of disputed tax of an assessment year in respect of which prosecution has been instituted on or before the date of filing declaration. Further, tax in arrears relating to undisclosed foreign income/asset, assessment or reassessment made on the basis of information received under DTAA can also not be declared. A person in respect of whom prosecution for any offence under the Indian Penal Code/ Prevention of Money Laundering Act/ Prohibition of Benami Property Transactions Act has been instituted or a person who has been convicted under the Acts can also not avail the scheme. Giving the rationale behind the scheme, Sitharaman said it will reduce the litigation expenditure for the government and at the same may help in generating some revenue.Nangia Andersen Consulting Chairman Rakesh Nangia said: "This can be a very beneficial scheme for settlement for cases such as additions of unexplained cash deposited during demonetisation period, additions for penny stocks, etc. where factually the Taxpayers have high exposures." Shardul Amarchand Mangaldas &amp; Co Partner Abhay Sharma said "the exclusion from its ambit of cases involving either undisclosed foreign income or based on exchange of information with foreign tax authorities deserves a re-look, given the challenges typically faced in enforcement of tax demands in such cases". JD JTRMKJ

'Direct Tax Vivad se Vishwas Bill" introduced in Lok Sabha

<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div><ul class="summary-list"><li>Daryl Morey, the general manager of the Houston Rockets basketball team, tweeted a graphic in support of the Hong Kong protests last week.</li><li>The Rockets and the NBA attempted to distance themselves from the tweet immediately afterwards.</li><li>However, on Monday, NBA Commissioner Adam Silver defended Morey's freedom to express his political opinions. </li><li>China's state-run broadcaster CCTV responded by halting all broadcasts of NBA preseason games, adding: "Any speech challenging a country's national sovereignty and social stability is not within the scope of freedom of speech."</li><li>Basketball is hugely popular in China, and the NBA stands to lose hundreds of millions of dollars if it loses its Chinese sponsors.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories.</a></li></ul>China has suspended its broadcasts of the NBA after the league's commissioner defended Houston Rockets General Manager Daryl Morey's freedom to express support for the Hong Kong protests.In a tweet posted last Friday, Morey posted a graphic containing the logo of Stand With Hong Kong, an activist group that has <a href="https://www.businessinsider.com/hong-kong-protests-petition-for-foreign-action-against-china-2019-7">called for foreign intervention in the city</a>.Morey has since deleted the tweet, and clarified that his views do not reflect those of the Rockets or the NBA - but the damage had already been done.Several of the team's Chinese sponsors and partners - including state broadcaster China Central Television (CCTV) and livestreaming platform Tencent Sports - immediately said they would stop broadcasting Rockets games.CCTV went even further Tuesday, <a href="https://s.weibo.com/weibo/%25E5%25A4%25AE%25E8%25A7%2586%25E4%25BD%2593%25E8%2582%25B2%25E6%259A%2582%25E5%2581%259CNBA%25E8%25BD%25AC%25E6%2592%25AD?topnav=1&amp;wvr=6&amp;Refer=top_hot">issuing a statement on Weibo</a> noting its "strong dissatisfaction and opposition" to comments made by NBA Commissioner Adam Silver defending Morey's freedom of expression, and announcing it would stop broadcasting NBA preseason games in the country."We believe that any speech challenging a country's national sovereignty and social stability is not within the scope of freedom of speech," CCTV added.It's not clear if Tencent Video will make a similar decision to CCTV. The company has not responded to Business Insider's request for comment on its next steps.Basketball is hugely popular in China, with the country boasting nearly 500 million viewers of NBA games last season on Tencent alone. In June, the NBA signed a five-year partnership with Tencent worth about $1.5 billion, <a href="https://news.cgtn.com/news/2019-07-29/Tencent-NBA-extend-partnership-for-five-more-years-in-1-5-bln-deal-IJ0UB34uxq/index.html">the state-run CGTN news reported</a>.<a href="https://www.si.com/nba/2019/10/07/daryl-morey-rockets-china-hong-kong-basketball"></a><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>Soon after Morey's tweet the Rockets and the NBA scrambled to distance themselves from it, with the league saying in a <a href="https://twitter.com/globaltimesnews/status/1181027042596249601/photo/1">Sunday statement</a> that Morey's comments "deeply offended many of our friends and fans in China, which is regrettable."The NBA's Chinese-language statement went further to say that Morey's comments were "inappropriate."NBA spokesman <a href="https://twitter.com/SopanDeb/status/1181074199227572224">Mike Bass later claimed</a> there were "various interpretations" of the Chinese version, and stood by the league's English-language statement.Read more: <a href="https://www.businessinsider.com/us-lawmakers-criticize-nba-over-hong-kong-protest-tweet-2019-10">Lawmakers slammed the NBA after it failed to defend Houston Rockets GM Daryl Morey from Chinese outrage when he backed the Hong Kong protests</a><div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The NBA has since been in hot water for distancing itself from Morey's tweet, with <a href="https://www.businessinsider.com/nba-china-daryl-morey-tweet-response-criticism-2019-10">critics pointing out the league's previous support for players making political statements</a>.But on Monday, NBA Commissioner Adam Silver hit out at those critics, <a href="https://english.kyodonews.net/news/2019/10/7acd550c6e14-basketball-nba-boss-silver-addresses-morey-tweet-controversy-in-tokyo.html">telling Japan's Kyodo News</a>: "I think as a values-based organization that I want to make it clear ... that Daryl Morey is supported in terms of his ability to exercise his freedom of expression.""There is no doubt, the economic impact is already clear," he added."There have already been fairly dramatic consequences from that tweet, and I have read some of the media suggesting that we are not supporting Daryl Morey, but in fact we have."<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The Chinese Communist Party has long argued that any political issues within its state borders - be it protests in Hong Kong or <a href="https://www.businessinsider.com/category/xinjiang">oppression and surveillance in Xinjiang</a> - are a matter of national sovereignty that is none of the business of foreigners.The country also regularly censors online content that has the potential to destabilize the Communist Party's grip on power.<div class="KonaFilter image-container display-table"><div><div class="image on-image"></div></div></div>The NBA has not yet responded to Business Insider's request for comment on CCTV's decision.On Tuesday morning, Silver issued a new statement standing by his support for league members to express their political views. He added, however, that it was "not the role of the NBA to adjudicate" people's differences in opinion."One of the enduring strengths of the NBA is our diversity," he said. "It is inevitable that people around the world - including from America and China - will have different viewpoints over different issues. It is not the role of the NBA to adjudicate those differences.""However, the NBA will not put itself in a position of regulating what players, employees and team owners say or will not say on these issues. We simply could not operate that way."The <a href="https://www.businessinsider.com/category/hong-kong">protests in Hong Kong</a> continue to rage into their 18th week, with demonstrations becoming increasingly violent. Last week police <a href="https://www.insider.com/hk-protests-darken-acid-live-gunfire-china-national-day-2019-10">shot a 18-year-old in the chest</a> in their first use of live ammunition since June, and demonstrators threw acid at officers.Read more: <a href="https://www.businessinsider.com/photos-inside-hong-kong-protests-police-clash-tear-gas-2019-10">Barricades, human chains, and battling tear gas: We followed Hong Kong activists through the city's most turbulent protests yet</a>Carrie Lam, the city's leader, <a href="https://apnews.com/ec4972c4c35a486e89acb12586cb62ef%20">said on Tuesday</a> that while she still wants demonstrations to end peacefully, the Chinese military could step in if the uprising "becomes so bad."<div></div><div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/nfl-biggest-secrets-mob-football-2016-1">5 things about the NFL that football fans may not know</a></h3> <div> </div> </div>

You Searched For "commissioner adjudication central tax" and got 8 results

New Vivad Se Vishwas 2.0 tax resolution scheme to start on Oct 1 — what you need to know

BI India Bureau

Inside the furious debate over New York City's new tax on drivers, which New Jersey Democrats are fighting against tooth and nail

Eliza Relman

Punjab GST to be amended in line with Central GST Act

PTI

Video shows Geoffrey Cox telling tax haven officials there are 'drawbacks' to MPs declaring outside earnings because people might criticise them

Henry Dyer

Tax department asks officers to chase 'large dues' as they work from home

PTI

Over Rs 39, 000 crore loss to exchequer in 2014 all thanks to illicit trade!

BI India Bureau

'Direct Tax Vivad se Vishwas Bill" introduced in Lok Sabha

PTI

China said it will stop broadcasting NBA games after Commissioner Adam Silver defended Daryl Morey's freedom to support Hong Kong protests

Alexandra Ma

Popular Keywords

Buying Guides