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).
The report, submitted to the government last week, says the slow pace of field development is the reason production has fallen to 50 million standard cubic metres a day (mscmd) from a peak of 60 mscmd last year.
IEA has forecast that in 2011 demand will grow by 1.4 million bpd to 89.4 million bpd.
Ministry wants to take views of industry on the issue, before giving its opinion to the Securities & Exchange Board of India.
Started in 1857, Alstom is one of the grand old companies of Europe.
French auction was tried for two issues - NTPC Ltd and Rural Electrification Corporation - in 2009-10.
Says it is worried a general pardon will send wrong signal
RIL is insisting on a more relaxed contract for committing more gas to NTPC.
With RIL's KG-D6 output playing truant, steps need to be taken to stabilise the country's natural gas production.
It is now clear that the revised takeover code and the Bimal Jalan committee report will not be implemented soon and in the same form, since the finance ministry wants to seek industry views on these two sets of recommendations this month, before the market regulator could take a decision.
In the Budget for 2011-12, the government revised the tax mop-up target for 2010-11 to Rs. 4.46 lakh crore for direct taxes and Rs. 3.36 lakh crore for indirect taxes.
Finance ministry has halved the tax rate on foreign dividend from 30 per cent to 15 per cent, but the rebate is allowed only for the financial year 2011-12.
The Bill's 2007 version covered only MFIs not regulated by the Reserve Bank of India.
Economic Affairs Secretary R Gopalan, who retains charge of financial services, has shown an ability to grasp ground realities in pushing critical reforms.
Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
"There is a lot of opposition from the garment industry, but we are not in favour of a complete rollback of the duty. We understand their concerns and will try to address these. We may simplify some procedures for them," said a finance ministry official.
As a step towards the proposed Goods and Services Tax (GST), the finance ministry plans to come up with a discussion paper on a negative list for services by the end of the next month.
When people get used to something, they want more of it. But gas will always be short in India. All estimates of gas demand are hugely pessimistic.
The government will reserve the right to decide on the cost recoverability of royalty from Cairn India's block in Barmer while clearing Cairn Energy's sale of its Indian subsidiary to Vedanta Resources.
The new limits for filing appeals by the Income Tax department before the Income Tax Appellate Tribunal (ITAT), high courts and the Supreme Court have been revised to Rs 3 lakh, Rs 10 lakh and Rs 25 lakh, respectively, from Rs 2 lakh, Rs 4 lakh and Rs 10 lakh.
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