Income Tax Department

Notice of income tax department to 2 lakh companies

After the GST, the Modi government has started screwing up the companies that are into whitening the money. While taking action in this connection, the Income Tax Department has sent notices to 2 lakh companies.

The information sought for IT returns from these companies has been sought by sending notice. All these companies are under investigation. On the day of launch of GST, PM Modi had disclosed that about 2 lakh companies are on the target of income tax, after which income tax department has taken action on it. 

GST Council Cuts GST Rate On Fertilizers To 5

GST Council cuts GST rate on fertilizers to 5%

New Delhi: The government has reduced the GST rate on fertilisers from 12 per cent to 5 per cent. The decision was taken by GST Council at its meeting in New Delhi today which was chaired by Finance Minister Arun Jaitley.

Briefing media after the meeting, Jaitley said, the government has received several representations for reducing the tax rate on fertlisers. He said, it was felt that the previous rate could have overburdened farmers.

Arun

GST Roll Out: Entire opposition to skip the ceremony except for Nitish Kumar, Jaitley urges opposition to rethink

On the eve of the GST roll out ceremony on the midnight of 30th June, Congress backed out and declared that it won’t be attending the ceremony calling it a “publicity gimmick” and “tamasha”. Earlier this week, Trinamool Congress was the first one to state its boycott of the ceremony and was followed by Samajwadi party, Rashtriya Janata Dal and other left parties.

Anil Ambani Reliance

'India's economic freedom is GST'

Anil Ambani, owner of Reliance ADAG Group, has called the goods and services tax (GST) being implemented from July 1 as the economic freedom of the country. He said, "This is not just another improvement and change, but our economic imagination is the liberalization and economic freedom." As Ambani, GST will be the country's most independent and democratic market in history.

Air India

Cabinet’s in-principle nod for Air India disinvestment

The Union Cabinet on Wednesday gave its approval for divesting stakes in national carrier Air India.

“The Cabinet gave its in-principle approval for Air India disinvestment,” Finance Minister Arun Jaitley said in a press briefing.

A group under Mr. Jaitley has been framed to choose the modalities of Air India’s stake sale. “It will now take a decision on the quantum of stake sale and take a call on Air India’s assets, debts and its hotel subsidiary,” Mr. Jaitley said.