India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.

Prime Minister Narendra Modi's government was targeting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 - a 17 per cent increase over the prior fiscal year.

But a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5 per cent&nbsp;growth for this fiscal year - the slowest in 11 years.

The tax department had managed to collect only 7.3 trillion rupees as of January&nbsp;23, more than 5.5 per cent below the amount collected by the same point last year, said a senior tax official.

After collecting taxes from companies in advance for the first three quarters, officials typically garner about 30-35 per cent of annual direct taxes in the final three months, data from the past three years shows.

But eight senior tax officials interviewed by Reuters said despite their best efforts, direct tax collections this financial year were likely to fall below the 11.5 trillion collected in 2018-19.

"Forget the target. This will be the first time that we'll see a fall in direct tax collection ever," said a tax official in New Delhi.

He estimates that direct tax collections for this year could end up roughly 10 per cent below fiscal 2019.

The finance ministry did not immediately respond to requests for comment.

Direct taxes typically account for about 80 per cent of the government's projections for annual revenue, and the shortfall may leave the government needing to boost borrowing to meet expenditure commitments.

The tax officials also say that a surprise cut in the headline corporate tax rate last year aimed at wooing manufacturers and boosting investment in Asia's third-biggest economy is another reason behind the sluggish tax collections.

"We'll be very happy if we can even break even with what we collected last year," said another senior tax official in the financial capital, Mumbai, the biggest tax generator, accounting for about a third of revenues from direct taxes. "But given the state of the economy, I'm not too hopeful."

'Go all out'

The concerns are exacerbated by a gaping shortfall in the goods and services tax (GST) that is expected to further hurt total collections.

The total tax collection shortfall for the current fiscal year could be about 3 trillion rupees - the highest shortfall ever recorded.

"With revenue sources stretched, we're not assuming any rise in the capex bill in FY21," Pranjul Bhandari, chief economist at HSBC in India, said in a note, adding she expects the government to resort to higher borrowing from the market.

The government is likely to keep the fiscal deficit under 3.8 per cent of gross domestic product, sources told Reuters earlier this month, while letting it slip from its earlier set target of 3.3 per cent for the year.

Tax officials have been stuck between the increasing number of complaints of harassment from Indian businesses, dubbed "tax terrorism" by Indian media, and the government's push to meet the target.

The government asked its officials at a meeting on December 20 to identify and initiate stern action against wilful tax evaders, sources said.

"The message from the top is very clear - go all out and collect," said a senior tax official in the eastern city of Kolkata.

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates.

India's corporate and income tax collection for the current year is likely to fall for the first time in at least two decades, several senior tax officials told Reuters, amid a sharp fall in economic growth and cut in corporate tax rates. Prime Minister Narendra Modi's government was targeting direct tax collection of 13.5 trillion rupees ($189 billion) for the year ending March 31 - a 17 per cent increase over the prior fiscal year. But a sharp decline in demand has stung businesses, forcing companies to cut investment and jobs, denting tax collections and prompting the government to forecast 5 per cent growth for this fiscal year - the slowest in 11 years. The tax department had managed to collect only 7.3 trillion rupees as of January 23, more than 5.5 per cent below the amount collected by the same point last year, said a senior tax official. After collecting taxes from companies in advance for the first three quarters, officials typically garner about 30-35 per cent of annual direct taxes in the final three months, data from the past three years shows. But eight senior tax officials interviewed by Reuters said despite their best efforts, direct tax collections this financial year were likely to fall below the 11.5 trillion collected in 2018-19. "Forget the target. This will be the first time that we'll see a fall in direct tax collection ever," said a tax official in New Delhi. He estimates that direct tax collections for this year could end up roughly 10 per cent below fiscal 2019. The finance ministry did not immediately respond to requests for comment. Direct taxes typically account for about 80 per cent of the government's projections for annual revenue, and the shortfall may leave the government needing to boost borrowing to meet expenditure commitments. The tax officials also say that a surprise cut in the headline corporate tax rate last year aimed at wooing manufacturers and boosting investment in Asia's third-biggest economy is another reason behind the sluggish tax collections. "We'll be very happy if we can even break even with what we collected last year," said another senior tax official in the financial capital, Mumbai, the biggest tax generator, accounting for about a third of revenues from direct taxes. "But given the state of the economy, I'm not too hopeful." 'Go all out' The concerns are exacerbated by a gaping shortfall in the goods and services tax (GST) that is expected to further hurt total collections. The total tax collection shortfall for the current fiscal year could be about 3 trillion rupees - the highest shortfall ever recorded. "With revenue sources stretched, we're not assuming any rise in the capex bill in FY21," Pranjul Bhandari, chief economist at HSBC in India, said in a note, adding she expects the government to resort to higher borrowing from the market. The government is likely to keep the fiscal deficit under 3.8 per cent of gross domestic product, sources told Reuters earlier this month, while letting it slip from its earlier set target of 3.3 per cent for the year. Tax officials have been stuck between the increasing number of complaints of harassment from Indian businesses, dubbed "tax terrorism" by Indian media, and the government's push to meet the target. The government asked its officials at a meeting on December 20 to identify and initiate stern action against wilful tax evaders, sources said. "The message from the top is very clear - go all out and collect," said a senior tax official in the eastern city of Kolkata.

India faces first fall in direct taxes in at least two decades

Polish teenager Franciszek Filipowski has just signed on for his first job at a vegetarian restaurant in Warsaw and thanks to a <a href="https://www.wionews.com/world/poland-scraps-income-tax-for-young-workers-239679">new government measure</a>, he will not be paying taxes.

"The current party in power has scrapped taxes for those under the age of 26," the 19-year-old told AFP.&nbsp;

"That way, they appear sympathetic towards young voters," he said, suggesting it could be a calculated political move ahead of a general election in October.

The tax break, which came into effect on August 1, could benefit around two million youths in the country of 38 million people, as it only applies to employees, not young entrepreneurs, according to Deputy Finance Minister Leszek Skiba.

He told AFP he hopes the legislation will encourage young people to quickly join the labour market, which is increasingly lacking in workers.&nbsp;

The under-26 workforce will now receive fatter paychecks since their employers no longer have to hold back 18 per cent of the salary to hand over to tax authorities.&nbsp;

'Magic wand'

The government is also hoping the measure will discourage young people from emigrating in search of higher wages.

"It's impossible to predict everything... but we think that any young people who are debating whether to stay or go work abroad will see that the gap between their net salary here and abroad is diminishing and that will motivate them to stay in Poland," Skiba said.&nbsp;

In addition, "some of those who are already in Western Europe -- in Germany, Britain, France or Ireland -- will see a reason to consider a return home," he said.&nbsp;

Skiba said the state could see around 2.5 billion zloty (580 million euros, $650 million) less in revenue, half of which would have gone to government coffers and half to local authorities.&nbsp;

'Populism'

Another young man interviewed by AFP, 23-year-old Jan Piotrowski, said he is sceptical regarding the whole initiative.&nbsp;

"The idea was floated just before the EU elections, so there's an element of populism," said Piotrowski, who had previously worked in commerce and at a bank and is now looking for a job in the logistics sector.&nbsp;

"I don't expect to receive a windfall. More something along the lines of an extra 100 to 200 zloty (23-46 euros, $26-52)" per month, he said.&nbsp;

There are no statistics for the average monthly wage specifically for young people, only for the working population as a whole, where it is a net 3,700 zloty (860 euros).&nbsp;

But to provide an idea of how marginal the increase in a young person's take-home pay might be: a burger costs around 25 zloty.

Piotrowski said he has been "considering moving abroad for work over the last couple years" and such a small amount extra will not sway him.&nbsp;

"I don't like the current government's policies and I don't expect them to change. A lot of my friends have the same view," he told AFP.

"Polish salaries won't skyrocket. Housing is expensive, the price of food is going up as well, slowly but surely,"

Some economists are also not convinced by the government plan.&nbsp;

"Eliminating this tax won't make much of a difference for the economy," said Andrzej Sadowski, president of the Adam Smith Centre, a Polish think-tank espousing free market views.

"For an employer, it's not the 18 per cent tax on income that's expensive, it's the social security charges of just over 40 per cent," he told AFP.&nbsp;

Employees pay about 24 per cent of their gross salary in social security contributions in Poland and employers around 18 per cent.

Like Sweden

Still, he believes that it is employers who will benefit the most from the programme.

"Now when they hire a young person, they'll be able to offer a salary on which they won't have to pay 18 per cent in taxes," he said.&nbsp;

Sadowski does not discount an electoral motivation for the legislation, saying that "in Poland, like in France, the government often gives voters gifts ahead of the election."

"In this particular case, the measure favouring youths is meant to offset the negative effect of higher social security charges for small businesses," which are to come into effect in January, he said.&nbsp;

Supporters of the new tax break see a precedent in Sweden, where in 2007 the centre-right government slashed employer charges in half for people under 26 years of age to ease their access to the job market.

The following centre-left administration scrapped the move in 2016, saying it was ineffective.&nbsp; 
&nbsp;

Polish teenager Franciszek Filipowski has just signed on for his first job at a vegetarian restaurant in Warsaw and thanks to a new government measure, he will not be paying taxes.

Polish teenager Franciszek Filipowski has just signed on for his first job at a vegetarian restaurant in Warsaw and thanks to a new government measure, he will not be paying taxes. "The current party in power has scrapped taxes for those under the age of 26," the 19-year-old told AFP. "That way, they appear sympathetic towards young voters," he said, suggesting it could be a calculated political move ahead of a general election in October. The tax break, which came into effect on August 1, could benefit around two million youths in the country of 38 million people, as it only applies to employees, not young entrepreneurs, according to Deputy Finance Minister Leszek Skiba. He told AFP he hopes the legislation will encourage young people to quickly join the labour market, which is increasingly lacking in workers. The under-26 workforce will now receive fatter paychecks since their employers no longer have to hold back 18 per cent of the salary to hand over to tax authorities. 'Magic wand' The government is also hoping the measure will discourage young people from emigrating in search of higher wages. "It's impossible to predict everything... but we think that any young people who are debating whether to stay or go work abroad will see that the gap between their net salary here and abroad is diminishing and that will motivate them to stay in Poland," Skiba said. In addition, "some of those who are already in Western Europe -- in Germany, Britain, France or Ireland -- will see a reason to consider a return home," he said. Skiba said the state could see around 2.5 billion zloty (580 million euros, $650 million) less in revenue, half of which would have gone to government coffers and half to local authorities. 'Populism' Another young man interviewed by AFP, 23-year-old Jan Piotrowski, said he is sceptical regarding the whole initiative. "The idea was floated just before the EU elections, so there's an element of populism," said Piotrowski, who had previously worked in commerce and at a bank and is now looking for a job in the logistics sector. "I don't expect to receive a windfall. More something along the lines of an extra 100 to 200 zloty (23-46 euros, $26-52)" per month, he said. There are no statistics for the average monthly wage specifically for young people, only for the working population as a whole, where it is a net 3,700 zloty (860 euros). But to provide an idea of how marginal the increase in a young person's take-home pay might be: a burger costs around 25 zloty. Piotrowski said he has been "considering moving abroad for work over the last couple years" and such a small amount extra will not sway him. "I don't like the current government's policies and I don't expect them to change. A lot of my friends have the same view," he told AFP. "Polish salaries won't skyrocket. Housing is expensive, the price of food is going up as well, slowly but surely," Some economists are also not convinced by the government plan. "Eliminating this tax won't make much of a difference for the economy," said Andrzej Sadowski, president of the Adam Smith Centre, a Polish think-tank espousing free market views. "For an employer, it's not the 18 per cent tax on income that's expensive, it's the social security charges of just over 40 per cent," he told AFP. Employees pay about 24 per cent of their gross salary in social security contributions in Poland and employers around 18 per cent. Like Sweden Still, he believes that it is employers who will benefit the most from the programme. "Now when they hire a young person, they'll be able to offer a salary on which they won't have to pay 18 per cent in taxes," he said. Sadowski does not discount an electoral motivation for the legislation, saying that "in Poland, like in France, the government often gives voters gifts ahead of the election." "In this particular case, the measure favouring youths is meant to offset the negative effect of higher social security charges for small businesses," which are to come into effect in January, he said. Supporters of the new tax break see a precedent in Sweden, where in 2007 the centre-right government slashed employer charges in half for people under 26 years of age to ease their access to the job market. The following centre-left administration scrapped the move in 2016, saying it was ineffective.

Poland scraps taxes for young adults to curb emigration

Former Prime Minister Manmohan Singh on Saturday broke his silence on Congress' poll promise of NYAY, stressing that no new taxes will be required to implement this scheme successfully in the ground

Ex-PM Manmohan Singh backs NYAY, says no need for new taxes to finance the scheme

The middle class has always suffered under Congress rule, Prime Minister Narendra Modi said in Tripura on Sunday. Modi is on another one of his campaign blitzkriegs, <a href="https://www.wionews.com/india-news/didi-supporting-those-who-want-two-prime-ministers-pm-modi-208494">having </a><a href="https://www.wionews.com/india-news/didi-supporting-those-who-want-two-prime-ministers-pm-modi-208494">spoke</a><a href="https://www.wionews.com/india-news/didi-supporting-those-who-want-two-prime-ministers-pm-modi-208494">n in Bengal earlier in the day</a>, and being scheduled to speak later in Manipur.&nbsp;

"The middle-class has always suffered under the Congress government, the party has said that more taxes should be levied on the middle class," Modi said on Sunday.&nbsp;

He also referred to the Congress's recently-released election manifesto which contains a large dose of what is referred to as "welfarism". Modi called it a "dhakosla patra" (hypocricy document).&nbsp;&nbsp;

The Congress has, among other things, said in its manifesto that it will invest 6% of GDP in health and education, and that it will strengthen government hospitals and provide high-quality healthcare access to the poor if voted to power.

The party has also promised to enact the Right to Healthcare Act and guarantee every citizen free diagnostics, out-patient care, free medicines and hospitalisation, through a network of public hospitals and enlisted private hospitals.&nbsp;

Then of course there is its NYAY (Nyuntam Aay Yojana) scheme which envisages the giving of Rs 72,000 a year to 20% or 5 crore of India's poorest families.&nbsp;

"Congress released their manifesto, their 'dhakosla patra' three days ago, not even once 'dhakosla patra' mentions middle class, such hatred towards middle class," Modi said.&nbsp;

"They think middle class has made Modi win and that's why they're adamant on punishing middle class," he added.&nbsp;

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PM Modi in Udaipur, Tripura: Congress released their manifesto, their 'dhakosla patra' 3 days ago,not even once 'dhakosla patra' mentions middle class,such hatred towards middle class.They think middle class has made Modi win &amp; that's why they're adamant on punishing middle class <a href="https://t.co/TnqVg7DIp3">pic.twitter.com/TnqVg7DIp3</a>
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Modi also added Sunday that "the Congress and the Left are working to oust Modi, even if that means they have to support the interests of Pakistan".&nbsp;

"The Congress and the Left are working together to oust Modi. They have stooped too low, singing paeans to Pakistan even when the NDA government was taking on the terrorists on the soil of the neighbouring country," Modi said.&nbsp;

"Am I not doing the right thing by giving a befitting reply to the enemies of the country?" he asked.

Modi meanwhile heaped praise on Chief Minister Biplab Deb, saying the state government had improved the law and order situation and developed infrastructure in only one year.

Election to two Lok Sabha seats in Tripura will be held on April 11 and 18.&nbsp;

(With inputs from PTI)

The middle class has always suffered under Congress rule, Prime Minister Narendra Modi said in Tripura on Sunday. Modi is on another one of his campaign blitzkriegs, having spoken in Bengal earlier in the day, and being scheduled to speak later in Manipur.

The middle class has always suffered under Congress rule, Prime Minister Narendra Modi said in Tripura on Sunday. Modi is on another one of his campaign blitzkriegs, having spoken in Bengal earlier in the day, and being scheduled to speak later in Manipur. "The middle-class has always suffered under the Congress government, the party has said that more taxes should be levied on the middle class," Modi said on Sunday. He also referred to the Congress's recently-released election manifesto which contains a large dose of what is referred to as "welfarism". Modi called it a "dhakosla patra" (hypocricy document). The Congress has, among other things, said in its manifesto that it will invest 6% of GDP in health and education, and that it will strengthen government hospitals and provide high-quality healthcare access to the poor if voted to power. The party has also promised to enact the Right to Healthcare Act and guarantee every citizen free diagnostics, out-patient care, free medicines and hospitalisation, through a network of public hospitals and enlisted private hospitals. Then of course there is its NYAY (Nyuntam Aay Yojana) scheme which envisages the giving of Rs 72,000 a year to 20% or 5 crore of India's poorest families. "Congress released their manifesto, their 'dhakosla patra' three days ago, not even once 'dhakosla patra' mentions middle class, such hatred towards middle class," Modi said. "They think middle class has made Modi win and that's why they're adamant on punishing middle class," he added. PM Modi in Udaipur, Tripura: Congress released their manifesto, their 'dhakosla patra' 3 days ago,not even once 'dhakosla patra' mentions middle class,such hatred towards middle class.They think middle class has made Modi win & that's why they're adamant on punishing middle class pic.twitter.com/TnqVg7DIp3 — ANI (@ANI) April 7, 2019 × Modi also added Sunday that "the Congress and the Left are working to oust Modi, even if that means they have to support the interests of Pakistan". "The Congress and the Left are working together to oust Modi. They have stooped too low, singing paeans to Pakistan even when the NDA government was taking on the terrorists on the soil of the neighbouring country," Modi said. "Am I not doing the right thing by giving a befitting reply to the enemies of the country?" he asked. Modi meanwhile heaped praise on Chief Minister Biplab Deb, saying the state government had improved the law and order situation and developed infrastructure in only one year. Election to two Lok Sabha seats in Tripura will be held on April 11 and 18. (With inputs from PTI)

Middle class has always suffered under Congress rule: PM Modi in Tripura

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year.

"Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequently, in terms of Section 139AA of Income Tax Act, 1961 and order dated June 30, 2018 of the Central Board of Direct Taxes, Aadhaar-PAN linking is mandatory now which has to be completed till March 31, 2019 by PAN holders requiring filing of ITR," the CBDT said in an advisory Thursday.

The Supreme Court on February 6 had confirmed that linkage of PAN with Aadhaar is mandatory for filing of ITRs.&nbsp;

This reiteration of the September order of the apex court came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, to file their ITRs for 2018-19 without linking their Aadhaar and PAN numbers.

A bench comprising Justices A K Sikri and S Abdul Nazeer said the top court has already decided the matter and upheld the section 139AA of the Income Tax Act.

The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions.

Former CBDT Chairman Sushil Chandra, early this month at an event, had said that just 23 crore PAN card holders-- over half of the total PAN card holders -- have so far linked their cards with biometric ID Aadhaar.

He had said the I-T Department has so far issued 42 crore permanent account numbers (PAN), of which 23 crore have been linked with Aadhaar.

Chandra said that once Aadhaar is linked with PAN and PAN is linked with bank account, the I-T department can find out spending pattern and other details of the assessee.

Also since many agencies are linked with Aadhaar, it would be easier to gauge whether the benefits of welfare schemes are availed by eligible persons, he said.

Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities.&nbsp;

While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity.&nbsp;

The CBDT formulates policy for the tax department.&nbsp;

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year.

The Central Board of Direct Taxes has stressed that Aadhaar-PAN linking is "mandatory" for those filing an Income Tax Return (ITR) and this procedure has to be "completed" by March 31 this year. "Constitutional validity of Aadhaar has been upheld by the Supreme Court of India in September, 2018. Consequently, in terms of Section 139AA of Income Tax Act, 1961 and order dated June 30, 2018 of the Central Board of Direct Taxes, Aadhaar-PAN linking is mandatory now which has to be completed till March 31, 2019 by PAN holders requiring filing of ITR," the CBDT said in an advisory Thursday. The Supreme Court on February 6 had confirmed that linkage of PAN with Aadhaar is mandatory for filing of ITRs. This reiteration of the September order of the apex court came on an appeal filed by the Centre against a Delhi High Court order allowing two persons, to file their ITRs for 2018-19 without linking their Aadhaar and PAN numbers. A bench comprising Justices A K Sikri and S Abdul Nazeer said the top court has already decided the matter and upheld the section 139AA of the Income Tax Act. The apex court on September 26 last year had declared the Centre's flagship Aadhaar scheme as constitutionally valid but struck down some of its provisions including its linking with bank accounts, mobile phones and school admissions. Former CBDT Chairman Sushil Chandra, early this month at an event, had said that just 23 crore PAN card holders-- over half of the total PAN card holders -- have so far linked their cards with biometric ID Aadhaar. He had said the I-T Department has so far issued 42 crore permanent account numbers (PAN), of which 23 crore have been linked with Aadhaar. Chandra said that once Aadhaar is linked with PAN and PAN is linked with bank account, the I-T department can find out spending pattern and other details of the assessee. Also since many agencies are linked with Aadhaar, it would be easier to gauge whether the benefits of welfare schemes are availed by eligible persons, he said. Section 139 AA (2) of the Income Tax Act says that every person having PAN as on July 1, 2017, and eligible to obtain Aadhaar, must intimate his Aadhaar number to tax authorities. While Aadhaar is issued by the Unique Identification Authority of India (UIDAI) to a resident of India, PAN is a 10-digit alphanumeric number allotted by the IT Department to a person, firm or entity. The CBDT formulates policy for the tax department.

Linking Aadhaar-PAN to be completed by March 31: Central Board of Direct Taxes

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. &nbsp;

Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.&nbsp;

"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;

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Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. <a href="https://t.co/s0agEgE113">pic.twitter.com/s0agEgE113</a>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076426839751442432?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow.&nbsp;

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Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% <a href="https://t.co/BpOmhTj7Kj">pic.twitter.com/BpOmhTj7Kj</a>
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"States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted.&nbsp;

In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.

The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.

The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.

The new tax rates will come into effect from January 1, 2019.&nbsp;

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V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods. (1/2) <a href="https://t.co/fs6MqhFJDb">pic.twitter.com/fs6MqhFJDb</a>
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Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods.&nbsp;

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FM: There are 28 items left in the 28% bracket if we include luxury &amp; sin items. 13 items are from automobile parts &amp; 1 is cement. Cement’s revenue is 13000 crore &amp; automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore <a href="https://t.co/EWaUBOd5tp">https://t.co/EWaUBOd5tp</a>
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"The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% &amp; below," Narayanasamy stated.

 
&nbsp;

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed. Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. pic.twitter.com/s0agEgE113 — ANI (@ANI) December 22, 2018 × Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow. Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% pic.twitter.com/BpOmhTj7Kj — ANI (@ANI) December 22, 2018 × "States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted. In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. (1/2) pic.twitter.com/fs6MqhFJDb — ANI (@ANI) December 22, 2018 × Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. FM: There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore https://t.co/EWaUBOd5tp — ANI (@ANI) December 22, 2018 × "The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% & below," Narayanasamy stated.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper

A motorist accidentally hit and killed a protester taking part in a campaign of road blockades across France on Saturday, as thousands gathered on motorways in a backlash against higher fuel taxes.

The demonstrators, part of a grassroots movement dubbed the "yellow vests", caused logjams on highways and blocked roundabouts as they railed against the fuel tax hikes introduced by President Emmanuel Macron.

The protests, largely orchestrated on social media and which aimed to prevent road access to some fuel depots and airports, have also drawn broader support from some voters dissatisfied with Macron's economic reforms and his governing style.

At a blockade on a road in the southeastern department of Savoie, a driver panicked when protesters surrounded her car and she accelerated, hitting and killing a woman demonstrator, French Interior Minister Christophe Castaner said in televised comments.

Sixteen people were lightly injured in other accidents across the country, and a person run over by a car in northern France was in a critical state, according to the interior ministry, which estimated some 50,000 demonstrators were participating in Saturday's protests.

Some incidents occurred as drivers not taking part tried to get around the blockades, police sources said.

FLASHPOINTS

Protesters gathered at sensitive flashpoints including the entry to a tunnel under the Mont-Blanc mountain in the Alps, and traffic was backed up on several highways.

Demonstrators were also on the march in cities, including Marseille where around 100 people, wearing the high visibility vests drivers keep in their cars, blocked roads around its port.

The backlash is the latest confrontation between Macron and voters, mostly based in the countryside and provincial towns and cities, who view the former investment banker as the representative of a remote urban elite.

During his 18 months in power, Macron, 40, has often pushed through reforms, including an overhaul of indebted state rail operator SNCF, in the face of opposition from labour unions.

But the "yellow vest" movement has snowballed swiftly over the past month, catching Macron and even opposition parties off guard. It has already prompted a rare concession from the government, which announced last Wednesday fresh funds to help motorists on the lowest incomes.

The higher fuel taxes were approved in late 2017 but started to bite as oil prices surged in October, even though they have since eased off somewhat.

The diesel tax increases are designed to encourage drivers to switch to more environmentally-friendly cars.

A motorist accidentally hit and killed a protester taking part in a campaign of road blockades across France on Saturday, as thousands gathered on motorways in a backlash against higher fuel taxes.

A motorist accidentally hit and killed a protester taking part in a campaign of road blockades across France on Saturday, as thousands gathered on motorways in a backlash against higher fuel taxes. The demonstrators, part of a grassroots movement dubbed the "yellow vests", caused logjams on highways and blocked roundabouts as they railed against the fuel tax hikes introduced by President Emmanuel Macron. The protests, largely orchestrated on social media and which aimed to prevent road access to some fuel depots and airports, have also drawn broader support from some voters dissatisfied with Macron's economic reforms and his governing style. At a blockade on a road in the southeastern department of Savoie, a driver panicked when protesters surrounded her car and she accelerated, hitting and killing a woman demonstrator, French Interior Minister Christophe Castaner said in televised comments. Sixteen people were lightly injured in other accidents across the country, and a person run over by a car in northern France was in a critical state, according to the interior ministry, which estimated some 50,000 demonstrators were participating in Saturday's protests. Some incidents occurred as drivers not taking part tried to get around the blockades, police sources said. FLASHPOINTS Protesters gathered at sensitive flashpoints including the entry to a tunnel under the Mont-Blanc mountain in the Alps, and traffic was backed up on several highways. Demonstrators were also on the march in cities, including Marseille where around 100 people, wearing the high visibility vests drivers keep in their cars, blocked roads around its port. The backlash is the latest confrontation between Macron and voters, mostly based in the countryside and provincial towns and cities, who view the former investment banker as the representative of a remote urban elite. During his 18 months in power, Macron, 40, has often pushed through reforms, including an overhaul of indebted state rail operator SNCF, in the face of opposition from labour unions. But the "yellow vest" movement has snowballed swiftly over the past month, catching Macron and even opposition parties off guard. It has already prompted a rare concession from the government, which announced last Wednesday fresh funds to help motorists on the lowest incomes. The higher fuel taxes were approved in late 2017 but started to bite as oil prices surged in October, even though they have since eased off somewhat. The diesel tax increases are designed to encourage drivers to switch to more environmentally-friendly cars.

French protesters block roads over higher fuel taxes, one dead in accident

Jared Kushner, President Donald Trump's son-in-law and a senior White House adviser, likely paid little or no federal income taxes between 2009 and 2016, the New York Times reported on Saturday, citing confidential financial documents.

The documents were created with Kushner's cooperation as part of a review of his finances by an institution that was considering lending him money, the Times reported. The Times said that Kushner's tax bills reflected the use of a tax benefit known as depreciation that lets real estate investors deduct part of the cost of their properties from their taxable income.

The Times report said that nothing in the documents reviewed "suggests Mr. Kushner or his company broke the law."

Peter Mirijanian, a spokesman for Kushner’s lawyer Abbe Lowell, told Reuters on Saturday that he would not respond to the newspaper's assumptions, which he said were "taken from incomplete documents obtained in violation of the law and standard business confidentiality agreements."

He added, "Always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations."

The records reviewed by The New York Times did not expressly state how much Kushner paid in taxes, but included estimates for how much he owed called “income taxes payable” — and how much Kushner paid in expectation of forecasted taxes known as “prepaid taxes." The paper said that for most of the years covered, both were listed as zero, but in 2013 Kushner reported income taxes payable of $1.1 million.

Kushner Cos, the family company for which Kushner previously served as chief executive, has been profitable in recent years, the Times said, citing the analysis. Kushner sold his interests in the company to a family trust last year.

The White House and Kushner Cos did not immediately comment Saturday.

The newspaper noted that the 2017 tax rewrite signed by Trump includes provisions that benefit real estate investors.

Mirijanian said that on tax reform efforts, Kushner "followed his approved ethics agreement and has avoided work that would pose any conflict of interest."

In December, a group of Democratic lawmakers wrote to Kushner, asking whether in his talks with foreign officials he had ever discussed financing for a deeply indebted property in midtown Manhattan, citing concern he was using his position for financial gain.

Kushner Cos said previously it had more than $2.5 billion in transactions 2017 and has 12 million square feet under development in New York and New Jersey.

Documents released by the White House in June showed Kushner held assets worth at least $181 million, the Associated Press reported. The disclosures also show that Kushner and his wife, Ivanka Trump, received at least $82 million in outside income in 2017.

Jared Kushner, President Donald Trump's son-in-law and a senior White House adviser, likely paid little or no federal income taxes between 2009 and 2016, the New York Times reported on Saturday, citing confidential financial documents.

Jared Kushner, President Donald Trump's son-in-law and a senior White House adviser, likely paid little or no federal income taxes between 2009 and 2016, the New York Times reported on Saturday, citing confidential financial documents. The documents were created with Kushner's cooperation as part of a review of his finances by an institution that was considering lending him money, the Times reported. The Times said that Kushner's tax bills reflected the use of a tax benefit known as depreciation that lets real estate investors deduct part of the cost of their properties from their taxable income. The Times report said that nothing in the documents reviewed "suggests Mr. Kushner or his company broke the law." Peter Mirijanian, a spokesman for Kushner’s lawyer Abbe Lowell, told Reuters on Saturday that he would not respond to the newspaper's assumptions, which he said were "taken from incomplete documents obtained in violation of the law and standard business confidentiality agreements." He added, "Always following the advice of numerous attorneys and accountants, Mr. Kushner properly filed and paid all taxes due under the law and regulations." The records reviewed by The New York Times did not expressly state how much Kushner paid in taxes, but included estimates for how much he owed called “income taxes payable” — and how much Kushner paid in expectation of forecasted taxes known as “prepaid taxes." The paper said that for most of the years covered, both were listed as zero, but in 2013 Kushner reported income taxes payable of $1.1 million. Kushner Cos, the family company for which Kushner previously served as chief executive, has been profitable in recent years, the Times said, citing the analysis. Kushner sold his interests in the company to a family trust last year. The White House and Kushner Cos did not immediately comment Saturday. The newspaper noted that the 2017 tax rewrite signed by Trump includes provisions that benefit real estate investors. Mirijanian said that on tax reform efforts, Kushner "followed his approved ethics agreement and has avoided work that would pose any conflict of interest." In December, a group of Democratic lawmakers wrote to Kushner, asking whether in his talks with foreign officials he had ever discussed financing for a deeply indebted property in midtown Manhattan, citing concern he was using his position for financial gain. Kushner Cos said previously it had more than $2.5 billion in transactions 2017 and has 12 million square feet under development in New York and New Jersey. Documents released by the White House in June showed Kushner held assets worth at least $181 million, the Associated Press reported. The disclosures also show that Kushner and his wife, Ivanka Trump, received at least $82 million in outside income in 2017.

Jared Kushner 'likely' paid little or no income taxes for years: NYT

US President Donald Trump took aim Wednesday at Amazon, claiming the US online giant pays too little in taxes and hurts other retailers.

"I have stated my concerns with Amazon long before the Election," Trump tweeted.

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I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business!
— Donald J. Trump (@realDonaldTrump) <a href="https://twitter.com/realDonaldTrump/status/979326715272065024?ref_src=twsrc%5Etfw">March 29, 2018</a></blockquote>
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"Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the US), and are putting many thousands of retailers out of business!"

The comments came a day after a report by the news site Axios that Trump was "obsessed" with Amazon, believing the tech giant fails to pay enough taxes and gets preferential treatment from the US Postal Service.

The report said Trump's wealthy friends complain that Amazon is killing shopping malls and brick-and-mortar retailers.

Trump has long been at odds with Amazon founder Jeff Bezos, a vocal opponent of the Republican in the 2016 election campaign.

Bezos is also the owner of the Washington Post, a frequent target of Trump over its news coverage.

On Tuesday, a White House official declined to comment specifically on the report but commented that the president "has said he`s always looking to create a level playing field for all businesses."

US President Donald Trump took aim Wednesday at Amazon, claiming the US online giant pays too little in taxes and hurts other retailers

US President Donald Trump took aim Wednesday at Amazon, claiming the US online giant pays too little in taxes and hurts other retailers. "I have stated my concerns with Amazon long before the Election," Trump tweeted. I have stated my concerns with Amazon long before the Election. Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the U.S.), and are putting many thousands of retailers out of business! — Donald J. Trump (@realDonaldTrump) March 29, 2018 × "Unlike others, they pay little or no taxes to state & local governments, use our Postal System as their Delivery Boy (causing tremendous loss to the US), and are putting many thousands of retailers out of business!" The comments came a day after a report by the news site Axios that Trump was "obsessed" with Amazon, believing the tech giant fails to pay enough taxes and gets preferential treatment from the US Postal Service. The report said Trump's wealthy friends complain that Amazon is killing shopping malls and brick-and-mortar retailers. Trump has long been at odds with Amazon founder Jeff Bezos, a vocal opponent of the Republican in the 2016 election campaign. Bezos is also the owner of the Washington Post, a frequent target of Trump over its news coverage. On Tuesday, a White House official declined to comment specifically on the report but commented that the president "has said he`s always looking to create a level playing field for all businesses."

Trump assails Amazon on taxes, retail competition

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income.&nbsp;

He said that action will be taken against them if they do not pay their tax.&nbsp;

CBDT chief said &quot; Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them&quot;.&nbsp;

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Those who have earned from <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a>, would have to give tax. Their source of income would also be asked and if they don&#39;t pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) <a href="https://t.co/q5BVDSAIY6">pic.twitter.com/q5BVDSAIY6</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/960789777997017088?ref_src=twsrc%5Etfw">February 6, 2018</a></blockquote>
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CBDT chief said 'Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them'

The chief of Central Board of Direct Taxes (CBDT) Sushil Chandra said that those who have earned from Bitcoin will have to pay taxes and they will also have to declare their source of income. He said that action will be taken against them if they do not pay their tax. CBDT chief said " Those who have earned from Bitcoin would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them". Those who have earned from #Bitcoin, would have to give tax. Their source of income would also be asked and if they don't pay tax, action will be taken against them: CBDT Chief Sushil Chandra (File Pic) pic.twitter.com/q5BVDSAIY6 — ANI (@ANI) February 6, 2018 ×

Earnings from Bitcoin will be taxed: CBDT chief

When Saurabh Ahuja tried to import a $600 3D printer for manufacturing drones in his Delhi workshop, he ended up spending another $900 in taxes and bribes and waited three months for it to clear customs.

&quot;We lack in technology and industry to make the smallest things, so we have to import,&quot; Ahuja said as he listed the frustrations entrepreneurs still encounter since the government launched its &quot;Make In India&quot; project.

&quot;If my business grows, the country grows with me. But the government won&#39;t let me grow.&quot;

Since coming to power in 2014, Narendra Modi has been looking to overhaul India&#39;s image as an awkward country in which to do business and instead emulate China by becoming a global manufacturing hub.

In September that year, the right-wing premier unveiled &quot;Make in India&quot; as a flagship initiative which would have an &quot;unprecedented overhaul of out-dated processes and policies&quot; at its core.

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<h5>If my business grows, the country grows with me. But the government won&#39;t let me grow,&#39; says Saurabh Ahuja, director, Nuts and Boltz</h5>
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The government has tried to woo investors by promising to simplify the tax regime and liberalise rules on foreign direct investment (FDI).

But in the World Bank&#39;s most recent chart ranking countries for their ease of doing business, India came 130th out of 190.

While much of the focus has been on the travails of foreign firms, local entrepreneurs who should be the poster boys of Indian manufacturing are also struggling.

The printer that Ahuja did eventually manage to import from China to build everything from drones to robots had nearly 300 parts.&nbsp;

He first had to submit a sheaf of documents, including details of the exporter and the product catalogue to officials at Delhi airport.

He was then told each part would have to be tested before being let through. Three months and 150,000 rupees ($2,250) in warehouse charges later, he got his consignment only after he coughed up a bribe, he said.

Officials at the airport did not respond to an emailed query for comment.

Ahuja, 29, launched his company Nuts and Boltz six years ago from a basement in northwest Delhi to provide other budding entrepreneurs a place to experiment with product ideas.

For an hourly rental fee, clients have access to equipment such as 3D printers and circuit boards.

But while the prototypes can be crafted in India, nearly all the manufacturing ends up being outsourced overseas.

&#39;Mad in India&#39; 
&quot;Maker spaces are great because you can quickly launch a prototype and get credibility,&quot; said Navi Radjou, co-author of the book &quot;Frugal Innovation&quot;.

&quot;But then you open a Pandora&#39;s Box because if a customer asks for 2,000 units of your product, you&#39;re screwed since you can&#39;t make it at that scale and that leads to a lot of frustration.&quot;

While India&#39;s big business houses are among Modi&#39;s loudest cheerleaders, economist Sunil Sinha said making things at home remains a fraught process for smaller firms.

&quot;It&#39;s one thing to say we want to focus on manufacturing and that&#39;s why we have liberalised FDI and that&#39;s why we&#39;re trying to improve the ease of doing business,&quot; Sinha, principal economist at Fitch India, told AFP.

&quot;But the crucial component is what&#39;s happening at the state level, at the local level.

&quot;Anyone setting up a factory or business needs water and electricity connections and various permissions and annual regulatory filings to different government watchdogs. Those are the major stumbling blocks and there are no significant changes at that level.

&quot;Many of the large companies ... have special access to the corridors of powers, but for the small guy no one will even answer his call so he has to strike a deal with whoever is the hurdle.&quot;

Ahuja was reminded of how onerous it was to manufacture at scale when the government last year banned the imports of lithium polymer batteries, needed to power the drones.

He now buys the batteries from Mumbai from someone who smuggles them in and then charges $300 a go, double the actual cost.

&quot;Since the parts are not easily available, we&#39;ve put on hold our classes to teach people how to make drones,&quot; Ahuja said.

His complaints find echoes among large-scale manufacturers such as Rajiv Bajaj, head of the Bajaj Auto conglomerate.

A long-established motorbike manufacturer, Bajaj wants to introduce a quadricycle but has encountered multiple obstacles.

&quot;If your innovation in the country depends on government approval or the judicial process, it will not be a case of &#39;Made in India&#39;, but &#39;Mad in India&#39;,&quot; Bajaj said in a speech this year, using a twist on the government&#39;s campaign slogan.&nbsp;

(AFP)

In the World Bank's most recent chart ranking countries for their ease of doing business, India came 130th out of 190

When Saurabh Ahuja tried to import a $600 3D printer for manufacturing drones in his Delhi workshop, he ended up spending another $900 in taxes and bribes and waited three months for it to clear customs. "We lack in technology and industry to make the smallest things, so we have to import," Ahuja said as he listed the frustrations entrepreneurs still encounter since the government launched its "Make In India" project. "If my business grows, the country grows with me. But the government won't let me grow." Since coming to power in 2014, Narendra Modi has been looking to overhaul India's image as an awkward country in which to do business and instead emulate China by becoming a global manufacturing hub. In September that year, the right-wing premier unveiled "Make in India" as a flagship initiative which would have an "unprecedented overhaul of out-dated processes and policies" at its core. If my business grows, the country grows with me. But the government won't let me grow,' says Saurabh Ahuja, director, Nuts and Boltz × The government has tried to woo investors by promising to simplify the tax regime and liberalise rules on foreign direct investment (FDI). But in the World Bank's most recent chart ranking countries for their ease of doing business, India came 130th out of 190. While much of the focus has been on the travails of foreign firms, local entrepreneurs who should be the poster boys of Indian manufacturing are also struggling. The printer that Ahuja did eventually manage to import from China to build everything from drones to robots had nearly 300 parts. He first had to submit a sheaf of documents, including details of the exporter and the product catalogue to officials at Delhi airport. He was then told each part would have to be tested before being let through. Three months and 150,000 rupees ($2,250) in warehouse charges later, he got his consignment only after he coughed up a bribe, he said. Officials at the airport did not respond to an emailed query for comment. Ahuja, 29, launched his company Nuts and Boltz six years ago from a basement in northwest Delhi to provide other budding entrepreneurs a place to experiment with product ideas. For an hourly rental fee, clients have access to equipment such as 3D printers and circuit boards. But while the prototypes can be crafted in India, nearly all the manufacturing ends up being outsourced overseas. 'Mad in India' "Maker spaces are great because you can quickly launch a prototype and get credibility," said Navi Radjou, co-author of the book "Frugal Innovation". "But then you open a Pandora's Box because if a customer asks for 2,000 units of your product, you're screwed since you can't make it at that scale and that leads to a lot of frustration." While India's big business houses are among Modi's loudest cheerleaders, economist Sunil Sinha said making things at home remains a fraught process for smaller firms. "It's one thing to say we want to focus on manufacturing and that's why we have liberalised FDI and that's why we're trying to improve the ease of doing business," Sinha, principal economist at Fitch India, told AFP. "But the crucial component is what's happening at the state level, at the local level. "Anyone setting up a factory or business needs water and electricity connections and various permissions and annual regulatory filings to different government watchdogs. Those are the major stumbling blocks and there are no significant changes at that level. "Many of the large companies ... have special access to the corridors of powers, but for the small guy no one will even answer his call so he has to strike a deal with whoever is the hurdle." Ahuja was reminded of how onerous it was to manufacture at scale when the government last year banned the imports of lithium polymer batteries, needed to power the drones. He now buys the batteries from Mumbai from someone who smuggles them in and then charges $300 a go, double the actual cost. "Since the parts are not easily available, we've put on hold our classes to teach people how to make drones," Ahuja said. His complaints find echoes among large-scale manufacturers such as Rajiv Bajaj, head of the Bajaj Auto conglomerate. A long-established motorbike manufacturer, Bajaj wants to introduce a quadricycle but has encountered multiple obstacles. "If your innovation in the country depends on government approval or the judicial process, it will not be a case of 'Made in India', but 'Mad in India'," Bajaj said in a speech this year, using a twist on the government's campaign slogan. (AFP)

'Make In India' being hobbled by red tape, taxes, and bribes

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country.

Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home.

He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters.

Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership.

The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important.

&quot;We think we can cut regulations by 75 per cent. Maybe more,&quot; Trump told business leaders.

&quot;When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special &ndash; you&#39;re going to have your approvals really fast,&rdquo; Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room.

The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said.

Fields said he was encouraged by the tone.

&quot;I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that,&quot; he said.

Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price.

&quot;We are going to be imposing a very major border tax on the product when it comes in,&quot; Trump said.

&quot;A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States - that&rsquo;s not going to happen,&quot; he said.

Liveris said the CEOs discussed the border tax &quot;quite a bit&quot; with Trump, explaining &quot;the sorts of industry that might be helped or hurt by that.&quot;

&quot;Look: I would take the president at his word here. He&#39;s not going to do anything to harm competitiveness. He&#39;s going to actually make us all more competitive,&quot; Liveris said.

Trump was scheduled to hold a meeting later on Monday with labor leaders and US&nbsp;workers, the White House said.

Between winning the presidential election in November and taking office, Trump hosted a number of US&nbsp;CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO.

Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about &quot;rusted-out factories scattered like tombstones across the landscape of our nation&quot; and vowing to boost US industries over foreign ones.

(Reuters)

Trump told CEOs that he would like to cut corporate taxes by between 15-20% and regulations by 75%, or 'maybe more'

US President Donald Trump met with a dozen American manufacturers at the White House on Monday, pledging to slash regulations and cut corporate taxes, but warning them he would impose taxes on imports if they move production outside the country. Trump, who took office on Friday, promised to bring manufacturing plants back to the United States - an issue he said helped him win the November 8 election - and has not hesitated to call out by name companies that he thinks should bring outsourced production back home. He asked the group of chief executives from companies including Ford, Dell Technologies, Tesla and others to make recommendations in 30 days to stimulate manufacturing, Dow Chemical CEO Andrew Liveris told reporters. Trump, a Republican who took over from former Democratic President Barack Obama, was expected to sign executive orders later on Monday to renegotiate the free trade agreement between the United States, Canada and Mexico, and to formally withdraw the United States from the 12-nation Trans-Pacific Partnership. The new president told the CEOs that he would like to cut corporate taxes to the 15 per cent to 20 per cent range, down from current statutory levels of 35 per cent - a pledge that will require cooperation from the Republican-led US Congress. But he said business leaders have told him that reducing regulations is even more important. "We think we can cut regulations by 75 per cent. Maybe more," Trump told business leaders. "When you want to expand your plant, or when Mark wants to come in and build a big massive plant, or when Dell wants to come in and do something monstrous and special – you're going to have your approvals really fast,” Trump said, referring to Mark Fields, CEO of Ford, who sat around the boardroom-style table in the Roosevelt Room. The meeting ran longer than expected. Trump left briefly to attend to a phone call, and then reconvened the CEOs in the Oval Office, Liveris said. Fields said he was encouraged by the tone. "I know I come out with a lot of confidence that the president is very, very serious on making sure that the United States economy is going to be strong and have policies - tax, regulatory or trade - to drive that," he said. Trump told the executives that companies were welcome to negotiate with governors to move production between states, but said those businesses that choose to move factories outside the country would pay a price. "We are going to be imposing a very major border tax on the product when it comes in," Trump said. "A company that wants to fire all of its people in the United States, and build some factory someplace else, and then thinks that that product is going to just flow across the border into the United States - that’s not going to happen," he said. Liveris said the CEOs discussed the border tax "quite a bit" with Trump, explaining "the sorts of industry that might be helped or hurt by that." "Look: I would take the president at his word here. He's not going to do anything to harm competitiveness. He's going to actually make us all more competitive," Liveris said. Trump was scheduled to hold a meeting later on Monday with labor leaders and US workers, the White House said. Between winning the presidential election in November and taking office, Trump hosted a number of US CEOs in meetings in New York, including business leaders from defense, technology and other sectors. He also met with leaders of several labor unions, including the AFL-CIO. Trump, a real estate developer who had never previously held elected office, has particularly focused on manufacturing, lamenting during his inaugural address on Friday about "rusted-out factories scattered like tombstones across the landscape of our nation" and vowing to boost US industries over foreign ones. (Reuters)

Trump ready to cut corporate tax, slash regulations

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an&nbsp;uptick in economic activity including manufacturing.

He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal.

&quot;Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year,&quot;&nbsp;he said.

During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down.

&quot;Tax collection data is real and not an estimation,&quot; Jaitley said, while dismissing apprehensions of a&nbsp;slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said.

&quot;Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant,&quot; Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. &quot;In my opinion, all well administered states have seen rise in VAT collection even in November,&quot; he said. 
 
(WION with inputs from agencies)

Arun Jaitley releases tax collection figures asserting an increase of 25% in April-December period.

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an uptick in economic activity including manufacturing. He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal. "Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year," he said. During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down. "Tax collection data is real and not an estimation," Jaitley said, while dismissing apprehensions of a slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said. "Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant," Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. "In my opinion, all well administered states have seen rise in VAT collection even in November," he said. (WION with inputs from agencies)

Robust growth in tax collection, says India's finance minister Arun Jaitley

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