The Bill - to centrally regulate microfinance institutions (MFIs) - may also cap the rates charged by these institutions or limit margins, that is, the difference between the rate charged from the borrower and the lender's cost of funds.
The government had in July 2010 imposed a cess on coal at an effective rate of Rs 50 a tonne.
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
There was a time when gas was offered to India at a cheaper price but we could not close those deals.
Government will get an additional tax of Rs. 2,110 crore from proposed changes.
The National Stock Exchange and the Bombay Stock Exchange have given their in-principle approvals for collecting stamp duty.
The company is also looking to expand the supply of gas by roads and is evaluating creation of small storage hubs along the highways.
There will be capital gains tax of 20 per cent with indexation.
A finance ministry official said since the service tax was capped at Rs 100 for domestic and Rs 500 for international travel, in many cases, the credit of tax paid on inputs used to provide services was more than the service tax paid by the airline.
G-20, the grouping of developed and emerging market economies, will focus on food security but issues concerning India like rising prices of vegetables may not come up for discussions at a meeting in Paris next week.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
The Gurgaon-based company, which is in negotiations with Chinese banks, expects to clinch the loans by September.
Finance Minister Pranab Mukherjee and other finance ministry officials have reached the last leg of pre-Budget consultations.
After increasing the direct tax collections target in 2010-11 by Rs 20,000 crore (Rs 200 billion), the finance ministry now plans to raise the indirect tax receipts by at least Rs 10,000 crore to Rs 3,25,000 crore (Rs 100 to Rs 3,250 billion) for the same period.
The move is aimed at freeing up about Rs 3 lakh crore (Rs 3 trillion) in tax value locked up in appeal.
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
Parliament's Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these.
If a foreign company pays interest on loan for carrying out operations in India it will be allowed tax exemption under the Income Tax Act, 1961, a tax tribunal has ruled.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
Rollout likely to be pushed to next financial year.
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