While the Finance Ministry is targeting monthly GST collections at Rs 1 lakh crore for this fiscal on the back of anti-tax evasion measures like the e-way bill, the actual mop up has fallen short of the target month after month.

As many as 44 shareholders of Flipkart, including significant ones like SoftBank, Naspers, venture fund Accel Partners and eBay, had sold their holdings to Walmart.

The government is determined to keep fiscal deficit at 3.3 per cent of GDP on the back of buoyant tax revenues and expectations of surpassing the disinvestment target.

According to The Economic Times, the proposal envisages setting up 14 national employment zones in the coastal states under the special purpose vehicle route, and is expected to be rolled out ahead of general elections next year, when employment generation is sure to emerge as a key issue. The plans are currently being shaped by the shipping ministry in consultation with think-tank  NITI Aayog.

The Centre paid Rs 14,930 crore to compensate states for revenue loss incurred in June and July, a nearly four-fold jump compared to Rs 3,899 crore paid for the months of April and May.

Now details such as sales, purchases and input tax credit (ITC) benefits given to them in FY18 have to be provided in a consolidated manner, which would make it easier for the tax authorities to match invoices.

Vanaja Sarna successfully oversaw the biggest tax overhaul in the country.

As per the provisions of the I-T law, Walmart has to deduct withholding tax on payments made to sellers and deposit it with the Indian authorities on the seventh day of the subsequent month, which falls on September 7.

The buzz is that the Income Tax department stands to make a whopping $2 billion from the $16 billion Walmart-Flipkart deal.

The RBI said its balance sheet size increased by 9.49 per cent for the year ended June 30, 2018, which helped shape the monetary and financial conditions during the year.

Such analysis was not possible before as the government did not have the data organised in a manner that could allow such comparisons.

Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.

The Walmart-Flipkart deal is expected to help the government rake in up to Rs 13,700 crore.

Whatever be the source of tax - whether an MNC, a local homegrown company or an individual, the pivot for any successful tax compliance and collection is ensuring a sound set of data and an insight into the taxpayers' journey.

The GST Council on Saturday cleared a proposal to offer cash backs to consumers on trial basis for digital payments through Rupay cards, BHIM app and UPI system to promote cashless transactions in rural and semi-urban areas.

Last month, the GST Council brought down the tax rates on several general-used items like TV (below 26 inch), washing machines and refrigerators from 28 to 18 per cent. The industry was demanding a lower GST rate on white goods ever since the GST was rolled out.

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.

The industry, which had enjoyed various concessions under the previous tax regime, fears that the levy of 18 per cent GST on installation would render projects unviable.

The introduction of the GST and enactment of Insolvency and Bankruptcy Code are considered to be the two key parameters where India made significant progress during 2017/18, say commerce ministry officials.

With around 93 per cent of the registered taxpayers set to benefit from the GST Council's decision to allow quarterly return filing for businesses with turnover of up to Rs 5 crore, India Inc not only foresees increased compliance but also improved ease of doing business.