During the Budget presentation in February, then Finance Minister Arun Jaitley had projected the fiscal deficit target at 3.3 per cent of GDP for the financial year 2018-19.
Before he became Prime Minister, Narendra Modi vowed to bring all illicit money stashed away in foreign countries, and promised that poor people in the country would get Rs 15 lakh each.
Black money is known as illicit financial flows (IFFs) internationally, which are defined as a cross-border movement of funds that have been illegally or unethically earned, transferred or utilised
Almost all experts and commentators including Finance Minister Arun Jaitley believe that India cannot have a single rate GST, but six GST rates - 0%, 3%, 5%, 12%, 18% and 28% -- is nowhere near the kind of GST this government set out to implement.
The fresh CBDT order has come against the backdrop of the Supreme Court earlier this year directing extension of the March 31, 2018 deadline for linking Aadhaar card with various other services.
In a blog, titled 'The Impact of the Government Policies on Direct Tax Collections', on his Facebook page today, the minister said the first 67 years after Independence from 1947 to 2014 saw a total number of 3.82 crores assesses filing tax returns.
Switzerland has taken significant efforts to get out of the image of being a tax haven and a non-compliant State, Jaitley said
: One can argue that institutions, and not individuals, are important. But, the absence of a chief statistician and a CEA will worry economists, especially in an election year
“This is the best job I have ever had and probably ever will,” he told the reporters, adding that the last date for his role as the CEA is yet to be fixed.
Now a person can get a reward of upto Rs 1 crore for giving specific information about benami properties. Even a foreigner is eligible for reward under the Benami Transactions Informants Reward Scheme, 2018.
Taxing gifts, wealth, large estates, and not petrol or diesel, could be a part of the Narendra Modi government's 'long-term solution',
Finance Minister Arun Jaitley said that the ten years of the UPA rule had unquestionably witnessed the most corrupt government since Independence.