The monitoring and investigation into the cases of 500 Indians being named in the leaked 'Panama Papers' will be conducted under the stringent provisions of the new law to combat the menace of black money generated by Indians in foreign shores.
Expecting an early passage of GST bill by Parliament, Economic Affair Secretary Shaktikanta Das Monday said administrative machinery is ready to implement the new indirect tax regime, which will be a key component in improving ease of doing business.
The comments came on a day when Jaitley announced a multi-agency probe into a new expose by ICIJ (International Consortium of Investigative Journalists) about offshore tax haven holdings of Indians and other nationals.
India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, industry sources familiar with the matter said.
The Special Investigation Team (SIT) on black money Monday said it will investigate thoroughly the reported secret list of about 500 prominent Indians including actors, politicians and businessmen who have allegedly stashed money in offshore entities in tax haven Panama.
Union Finance Minister Arun Jaitley on Monday said Delhi Chief Minister Arvind Kejriwal`s `zero tax` budget that aims to rationalise the Value Added Tax (VAT) structure and keep luxury items out of the proposed GST, will automatically lead to the standard rate of GST going .
India's manufacturing growth rose to an eight-month high in March driven by strong rise in business orders, leading firms to scale up output, while the build-up in inflationary pressures may result in RBI hitting the pause button, says a Nikkei survey.
More than 11 million documents from the secret files of the Panama-based law firm Mossack Fonesca reveal details of more than 500 Indians including Amitabh Bachchan, Aishwarya Rai, and big corporates, who have parked money in the tax haven.