'Highest' tax rate in India still lower than US, China: Finance Ministry : Bulletin: Business Today
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'Highest' tax rate in India still lower than US, China: Finance Ministry

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July 8, 2019

Budget 2019: Visa, Mastercard, other credit card firms stare at losses as govt pushes for e-payments

Multinational electronic payments companies like Visa and Mastercard are likely to face losses after the recent Budget announcement regarding low-cost electronic payments. Finance Minister Nirmala Sitharaman in her Budget speech had proposed that a new section would be inserted into the Income Tax Act, under which business enterprises with an annual turnover of over Rs 50 crore would be required to provide a facility for "prescribed low-cost electronic modes of payment". Retail credit card companies, which make a decent profit on business from retailers, will now be affected as these large retailers will be inclined to provide other e-payment options

Nirmala Sitharaman to address post-budget RBI board meet on Monday

Finance Minister Nirmala Sitharaman is scheduled to address the post-budget meeting of the RBI's central board on Monday and highlight the key points of the Budget, including the fiscal consolidation roadmap. The government has lowered the fiscal deficit target to 3.3 per cent of the GDP as it is expecting net additional revenue of Rs 6,000 crore over the interim Budget estimates.

Deficient monsoon hits Kharif crops, acreage down 27% so far: Govt

Area sown under kharif crops was down by 27 per cent at 234.33 lakh hectare amid deficient monsoon rainfall last month, according to the latest government data. However, the sowing operation is expected to pick-up in the coming days as the Indian Metereological Department (IMD) has projected good rains in July and August. Besides, the government has announced significant hike in the minimum support price of 14 notified kharif crops.
 
Flights between India, Europe to increase by over 25% from winters: Air France-KLM

Air France-KLM will increase its passenger-carrying capacity between India and Europe by more than 25 per cent from this winter even as profitability remains one of the biggest challenges for its flights on this route, a senior executive of the airline said. KLM had announced in May that it will start thrice-weekly flights on Bengaluru-Amsterdam route from October 31.

Budget on books: Publishers not delighted; GST, rising paper costs bigger concern for industry

The government's decision to levy 5 per cent customs duty on imported books has not found much favour with the publishing industry, which feels ease in claiming GST-related benefits and availability of cheaper paper would have rather helped Indian publishers. Finance Minister Nirmala Sitharaman had on Friday announced the duty hike on foreign-made books from nil to 5 per cent during her Budget speech
 
'Highest' tax rate in India still lower than US, China: Finance Ministry

Justifying raising of tax incidence on super rich, the finance ministry said the highest tax rate in India was still lower than many countries, including the US and China, and it was a worldwide phenomenon to ask the super rich to pay extra tax. Revenue Secretary Ajay Bhushan Pandey sought to justify the Budget proposal to increase surcharge on super-rich saying that the highest tax individual tax rate is 45 per cent in China and South Africa, and 50.3 per cent in the US.

 


 



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