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Hyderabad, Mumbai, Delhi Tops in Black Money Declaration under IDS

IDS details are furnished to public by the Indian union finance minister Arun Jaitley. As per Jaitley’s press conference, a total of 64,275 volunteer declarations have been made worth Rs. 65,250 crore. The date has ended by Sep 30th. He also stated that some of the disclosures are still under tabulation.

The income that will be generated from the declared undisclosed money would be Rs.29, 362.50 crore in the form of taxes and penalties.

A chance is given by the government for the declarants to pay their taxes or penalties in two installments. This fiscal year the government will receive nearly Rs.14, 681.25 crore and the next half in the coming fiscal year.

Bahamas Leak Trembles 475 Indian Black Money Holders After Panama Papers Tsunami

As per the IDS, by paying a tax and penalty of total 45% (30% tax + 7.5% penalty + 7.5% surcharge) of their undisclosed income, the black money holders can come out clean. Utilizing this many were expected, but only 15% of the black money holders came as volunteers and the 85% came due to the information and data collected by the Income Tax department. Hyderabad, Mumbai, Delhi cities topped the list of declerations.

Jaitley assured that International Consortium of Investigative Journalists (ICIJ) stated names in the Panama Papers as well as the HSBC list are also under the scanner. Around 250 references have been given to other countries and steps are being taken to investigate them too.

In 1997 a total tax of Rs.9,760 crore was collected with the introduction of Voluntary Disclosure of Income Scheme (VIDS). The finance minister P Chidambaram has announced the scheme.

SEBI to allow mutual funds purchases via digital wallet

Arun Jaitley also warned the undisclosed holders that a stringent action would be taken against them when caught. A total of 85% would be collected which constitutes 30% tax with an additional penalty of 50% from the hidden wealth.

Between the years 1951 to 1997, 10 amnesty schemes were announced to declare unaccounted money. They were misused mostly and did not fetch any fruitful results for the central government.

As far as the analysts think, this is the only third scheme that is successful in attaining the unaccounted money to a certain extent.

GST Bill to Create Millions of Jobs: Applauded by Private sector CEOs

Indian Inc has finally succeeded in passing the GST amendment in Rajya Sabha yesterday. This step taken by the Union government has been backed by the private sector and was considered a laudable attempt by the BJP government in passing the bill.

GST bill is introduced to eliminate multiple forms of indirect taxes and impose single goods and service tax. It is said that this kind of taxation will reduce the manufacturing cost and boost the economic growth.

GST Bill Passed in Rajya Sabha: Positives and Negatives to look out

Since the manufacturing sector is going to see 0% tax for interstate goods sales and purchases, this encourages a number of industries to come up. This further can create many jobs in the manufacturing sector. Corporate giants reacted to the long debate in the parliament about the GST bill, and most of them welcomed the decision of the GST.

On the other hand P. Chidambaram, the ex-finance minister from Congress, said that the GST bill can be regressive. This statement was opposed Rajya Sabha MP Rajeev Chandrasekhar who said that GST would create more jobs, wider product choice and less corruption.

Here are some worth mentioning by the private sector giants:

E-commerce giant and co-founder of Flipkart  Sachin Bansal mentioned that millions of jobs could be created by the implementation of GST bill.

Sajjan Jindal, chairman and managing director of JSW Steel congratulated all the political parties for the landmark event.

Kerala man invented plant to extract petrol from waste plastic

Mahindra & Mahindra’s chairman Anand Mahindra tweeted that India cannot harness its market without GST.

Executive vice chairman, CEO of Kotak Mahindra Bank, Uday Kotak mentioned  “ache din” which was the slogan of BJP during elections.

GST will help consumers n common folk said the pharma giant Kiran Mazumdar-Shaw, chairman and managing director of Biocon