Nine advisory committees to suggest sector-wise solutions.
While the Confederation of All India Traders is organising nationwide protests tomorrow, others like Bhartiya Udyog Vyapar Mandal plan similar movements next month.
This at a time companies have asked the revenue department to increase the rate in view of higher bank rates.
Finance ministry officials said they were scrutinising many deals, but the actual tax liability would depend on many factors, including the kind of payment (royalty, interest, stake sale) and the Double Tax Avoidance Agreement with the country where the foreign company was based.
The accounting system of the central and state governments may change considerably, with a high-level committee suggesting sweeping changes in how expenditure is classified in Budget documents.
However, the finance ministry is hopeful of keeping its fiscal deficit under control.
Black money is difficult to deal with.
Black money is difficult to deal with.
Officials said Mukherjee had proposed the name of Modi for the post, as an experienced person like him could have helped convince BJP-ruled states to move ahead on the Goods & Services Tax (GST).
This may benefit high net-worth individuals who use the services of portfolio managers to sell and buy securities.
The ministry is awaiting some more data in the next few days to arrive at a precise number.
Reservations expressed by the Reserve Bank of India (RBI) notwithstanding, North Block, the finance ministry headquarters, is going ahead with its plans to set up a full-fledged Debt Management Office (DMO) to manage the government debt.
Finance ministry officials said the issue had been raised several times before, but this time it was serious in the wake of huge differential between the two fuel options.
With the finance ministry facing the risk of missing its tax collection target this year, it has turned down a proposal to reduce duties on petroleum products to reduce the impact of rising crude prices on profitability of oil companies.
With the setting up of the watchdog Competition Commission of India (CCI) and introduction of new legislation like the Direct Taxes Code and the Goods & Services Tax scheduled next year, private companies and consultancies are looking at the government pool of civil servants to meet their requirements.
After getting periodic extensions, the 14-year-old tax-refund scheme is finally coming to an end in June.
The victory of the Congress and its allies in three out of five states may make it easier for the United Progressive Alliance government to move forward on the Goods and Services Tax.
To better track generation of black money in the system, the finance ministry is planning to streamline third-party information provided on high-value transactions.
The finance ministry is also collating the data on entire food supply chain to identify the bottlenecks in the process.
In its drive against tax evasion, the finance ministry is planning to add to the list of high-value transactions required to be reported to the revenue department in annual information returns (AIRs).
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