The document provides an overview and summary of key economic and tax proposals in the Indian Union Budget for 2015. Some of the major highlights include plans for GDP growth of 8-8.5%, monetary policy reforms, boosting infrastructure development, reducing corporate tax rates, implementing the Goods and Services Tax, increasing excise and customs duties on certain products, and reforms to taxation of individuals and companies.
Good and services tax is likely to be implemented from 1st April 2017. In this presentation, an attempt is made to understand the benefits of the GST over the present indirect tax system
Good and services tax is likely to be implemented from 1st April 2017. In this presentation, an attempt is made to understand the benefits of the GST over the present indirect tax system
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
Mazars - India Budget (Presentation at IFCCI event on 12 March 2015)Nicolas Ribollet
Under the patronage of H.E. François Richier, Ambassador of France to India,
the Indo-French Chamber of Commerce & Industry (IFCCI) organised a seminar on “India Budget 2015-2016” following the announcement by Finance Minister Arun Jaitley of his first full-fledged Union Budget on 28th February 2015. The French Embassy and Mazars gave insights on this very important budget. The presentation attached has been prepared by Mazars in that context.
The speakers to the event were :
- Welcome address by H.E. Mr. François Richier, Ambassador of France to India
- Economic overview by Mr. Jean-Rene Cougard, Minister Counsellor, Head of the Regional Economic Department and Mr. Daniel Villet, Financial Counsellor
- Presentation on the new initiatives of the Government, impacts and opportunities
by Mr. Nicolas Ribollet, Partner & National Leader, French Desk, Mazars India
with Mr. Agarwal, Direct Tax Partner & Mr. Manish Mishra, Indirect Tax Partner, Mazars India
Hello Friends ,
This slides contains
1) Service Tax Amendments Finance Act 2016
2) CENVAT Rules Amendments Fiance Act 2016
3) Case Laws-
a) No Service Tax on FLats where value of land is included.
b) No Service Tax Audit by Departmental Person
BN is a reputed Virtual CFO & financial controller service provider. It offers outsourced CFO services at affordable prices in US and UKVirtual CFO Services, Virtual CFO Service, virtual financial controller
U.S. Gandhi Budget 2015 - 2016 AnalysisKunal Gandhi
Rarely has there been a budget as highly anticipated as this one.
Coming on the heels of the defeat of the ruling BJP in the recent Delhi elections, there were expectations that the original ‘Maximum governance, minimum government’ model would give place to a more populist agenda.
India Inc on the other hand expected improving the ease of doing business and a more rational tax regime.
While Corporate tax was lowered and Wealth tax was abolished, a major theme in the budget was creating a social security framework. Targeting a GDP growth rate of 8 – 8.5%, the budget plans to keep the deficit to within 3.9% of GDP by laying special emphasis on infrastructure development with a major spend budgeted on Road building.
All in all, though there were no big bang reforms, the budget 2015 was a good mix of Pragmatism and Populism. We are optimistic about growth and believe a lot more reforms are expected in the coming 3 years.
The Hon’ble Finance Minister presented the NDA Government’s first full-year budget before the lower house of the Parliament. With expectations rocketing sky high on the new Government and with the mandate the Government possesses, it has come up with earnest to unclog the process and put in place a strong foundation for the all new Indian Economy.
In the document attached, we have provided a glimpse of the tax proposals announced in the budget for your reference.
India: Recommendations from GST Council in 25th meeting Alex Baulf
The GST council in its 25th council meeting held on 18 January 2018 in New Delhi, recommended various changes to the GST law. The changes, inter alia, include revision of rates applicable to certain goods/services, introduction of exemptions, and rationalisation of various existing exemptions etc.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
1. R Venkatakrishnan& AssociatesR Venkatakrishnan& AssociatesR Venkatakrishnan& AssociatesR Venkatakrishnan& Associates
Chartered Accountants
Offices at
Chennai Bangalore Hyderabad Salem
Devanahalli
www.rvkassociates.com
3. Economic Highlights
• GDP growth in 2015-16 projected 8 to 8.5%
• Real GDP growth to be 7.4%
• Monetary policy framework with RBI
• MUDRA Bank to finance small & Medium entrepreneurs
• GAAR implementation deferred – to apply prospectively on or after
1.4.2017
• Jan dhan, Aadhar and Mobile (JAM) for direct benefit transfer
• Move to amend the RBI act this year and provide monetary policy
committee.
• To allow foreign investment in alternative investment funds
4. Economic Highlights… cont’d
• To establish an autonomous bank board bureau to improve
management of public sector banks
• To launch national skills mission soon to enhance employability in
rural youth
• Plans to revamp direct tax regime to make it internationally
competitive with rate cuts and sans exemption
• Tax-free infrastructure bonds for projects in roads, rail and
irrigation projects
• Employees PF contributions to be made optional. However
employer’s contribution to the PF to continue
• To do away with different types of foreign investment and replace
them with composite caps
• Govt to make Indian Gold Coins to reduce demand of foreign
coins
6. General
• Direct Tax Code is not going to be implemented as most of
the aspects are covered n the current Income Tax act itself
• Benami Transactions (Prohibition) Bill to be introduced
later.
• Wealth tax abolished (for all types of assessees)
• PAN to be made mandatory for purchase of immovable
property above Rs.1 lakh. Advance or return of advance by
cash above Rs.20,000 for purchase of immovable property
prohibited.
• Carrying on Yoga activity is included as an object of general
public utility for charitable purposes.
• Ceiling on receipts from trading activities to be 20% of total
receipts instead of Rs.25 lakhs for charitable organisations
7. Individuals, HUF… Tax
• No change in rate of personal tax slabs. Surcharge increased to
12% in case income exceeds Rs.1 Crore. 3% Cess to continue.
• Health insurance premium (80D) increased from Rs.15000 to
Rs.25000 , for senior citizens it is increased from Rs.20000 to
Rs.30000
• Seniors citizens above the age of 80 yrs who are not / could not be
covered by health insurance be allowed a deduction of Rs.30000
towards medical expenditures. (80D)
• Transport allowance increased from Rs.800 to 1600 per month
• Additional deduction of Rs.25000/- for differently abled persons.
8. Individuals, HUF Tax… cont’d
• Contribution to pension fund and new pension scheme increased from
Rs.1 lakhs to Rs.1.5 lakhs
• Non disclosure / Evasion of tax in relation to foreign assets to have
punishment of rigorous Imprisonment upto 10 yrs , penalty 300% & non-
compoundable offence.
• Non-filing of returns/filing of returns with inadequate disclosure – 7 yrs
imprisonment.
• Voluntary Disclosure Scheme expected in 3 months time for disclosure of
foreign Assets
• 100% tax deduction for donation to clean ganga Yojan and Swatch
Bharath Yogan (for all assessees)
9. Corporate Tax
• Rate of corporate tax rate to be reduced from 30% to 25% over
next 4 years.
• Provision to tackle splitting of reportable transactions
• Additional investment allowance (15%) & Additional Depreciation
(35%) for new units in AP& Telengana
• Rate of Income tax on Royalty & fees for technical services paid to
non residents reduced to 10% from 25%
10. Corporate Tax… cont’d
• Domestic Transfer pricing limit increased to Rs.20 Cr from 5 Cr
• Confidence is given that no retrospective taxation as far as
possible
• Donation to NFCDA to be eligible for 100% deduction u/s 80G
• Mere presence of Fund Manager of Offshore Funds shall not
constitute of Permanent Establishment
12. Goods & Service Tax (GST)
As promised, GST to come into effect
from 01.04.2016
13. Service Tax
• Service Tax Rates Increased to 14% from 12.36% (No more Education Cess &
SHE Cess)
• Enabling provision to levy Swachh Bharat Cess at 2% of the value of taxable
service is empowered
• Time limit for taking CENVAT Credit on inputs and input services is being
increased from six months to one year
• Service Tax to be levied on service by way of admission to entertainment
event of concerts, non-recognized sporting events, pageants, music concerts,
award functions, if the amount charged is more than Rs 500 for right to
admission to such an event
• Service tax on Services provided by amusement facilities, water parks etc is
removed from Negative List. These services will be taxable now
14. Service Tax… cont’d
• Support Services provided by the Government or local authority to a
business entity will be taxable now
• Uniform abatement for transport of Goods by Rail, Road & Vessel. Servicetax
shall be payable on 30% wherein CENVAT Credit on Inputs, Capital Goods
and Services will not be available (w.e.f 1.4.15)
• As per the Negative list, ST is not levied on any process amounting to
manufacture or production of goods. However, now Service Tax will be
levied on contract manufacturing /job work for production of potable liquor
for a consideration.
• Provision for issuing digitally signed invoices are being added along with the
option of presentation of records in electronic form.
• Due to increase in ST Rate from 12.36% to 14%, ST on air travel agent,
insurance service and service provided by lottery distributor and selling
agent will increase proportionately
15. Service Tax… cont’d
• Service tax under Reverse Charge Mechanism (RCM) for supply of Manpower to
be taxed at 100% instead of 75%
• RCM is applicable on Service tax on Mutual fund agents and lottery distributors
• Abatement on Service tax on Air travel other than economy class will be reduced
from 60% to 40% (w.e.f 1.4.15)
• Condition of availing CENVAT Credit on RCM only after making payment to the
service provider is deleted. Accordingly, CENVAT Credit can be claimed on
accrual basis.
• Service-tax exemption to construction, erection, commissioning or installation of
original works pertaining to an airport or port withdrawn
• Transportation of agricultural produce to remain exempt from Service-tax
• Penalty provisions under Section 73 & Section 76 & Section 78 has been
amended to bring in more clarity
16. Excise Duty
• Online Central Excise/Service Tax Registration within two working days
• Ad Valorem Duty of Excise Increased to 12.50% from 12% (Education Cess
& SHE Cess is no more applicable)
• Excise duty on leather footwear, of Retail Sale Price of more than Rs.1000
per pair is being reduced from 12% to 6%.
• Duty of Excise on Mineral water and aerated waters, containing sugar or
other sweetening matter or flavoured increased form 12% to 18%
• Duty of excise on cigarettes is being increased by 25% for cigarettes of
length not exceeding 65 mm and by 15% for cigarettes of other lengths.
Increase in duty rates is also proposed on cigars, cheroots and cigarillos
• Excise duty on cut tobacco is being increased from Rs 60 per kg to Rs 70
per kg
17. Excise Duty… cont’d
• Additional Duty of Excise (commonly known as Road Cess) levied on Petrol
and High Speed Diesel Oil is being increased from Rs 2 per litre to Rs 8 per
litre
• Excise duty on wafers for manufacture of integrated circuit (IC) modules
for smart cards is being reduced from 12% to 6%,
• Excise duty structure for mobiles phones is being changed from 1%
without CENVAT credit or 6% with credit to 1% without credit or 12.5%
with credit
• Excise duty on Tablet Computers 2% without CENVAT credit or 12.5% with
credit
18. Excise Duty… cont’d
• Excise duty structure of NIL without CENVAT credit or 12.5% with credit is
being prescribed for solar water heater and system
• Excise duty on sacks and bags of polymers of ethylene, other than for
industrial use, is being increased to 15%.
• Artificial heart exempt from basic custom duty of 5% and CVD.
• Inputs for use in the manufacture of LED drivers and MCPCB for LED lights,
fixtures and LED lamps from 12% to 6%
• Concessional customs and excise duty rates on specified parts of
Electrically Operated Vehicles and Hybrid Vehicles, presently available
upto 31.03.2015, is being extended upto 31.03.2016
• Excise duty on chassis for ambulances is being reduced from 24% to 12.5%
19. Customs Duty
• Motor vehicle for transport of ten or more person including vehicle for transport
goods, including driver increased from 10% to 40%
• Motor vehicle for transport of ten or more person including vehicle for transport
goods, including driver increased from 10% to 20%
• The tariff rate of basic customs duty on goods that is iron and steel and articles of
iron or steel, is being increased from 10% to 15%
• The tariff rate of Basic Customs Duty on Commercial Vehicles is being increased
from 10% to 40%
• Basic Customs Duty and CVD is being fully exempted on artificial heart (left
ventricular assist device)
• Improving the quality of life and public health through Swachh Bharat Initiatives.
• The Schedule rate of Clean Energy Cess levied on coal, lignite and peat is being
increased from Rs. 100 per tonne to Rs. 300 per tonne. The effect rate of Clean
Energy Cess is being increased from Rs. 100/- tonne to 200/tonne
21. Prevention of Money
Laundering Act
• Definition of “proceeds of crime” to include property
taken or held outside India
• Limit specified under Part B for Scheduled offences
increased from Rs.30 lakhs or more to Rs.100 lakhs or
more
• False declaration, false documents, etc. under section
132 of Customs Act, 1962 have been included as Part B
of Scheduled offence
23. Disclaimer
This information contained herein is of general nature and is
not an exhaustive analysis of the topics covered. Further,
contents of this document are subject to approval of Finance
Bill by the Parliament and its assent by the President of India.
This document is prepared only as guiding tool reflecting
highlights of Union Budget 2015. While every care has been
taken in the preparation of this document, it may contain
inadvertent errors for which we shall not be held responsible.
No one should act on such information without appropriate
professional advice. We accept no responsibility for loss arising
from any action taken or not taken by anyone using this
material and information.