This at a time companies have asked the revenue department to increase the rate in view of higher bank rates.
The committee of secretaries (CoS) looking into the issue of allowing foreign direct investment (FDI) in the multi-brand retail segment is likely to meet this Friday to try for more agreement on the issue.
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.
Says allow companies with up to 49% FDI to invest in restricted sectors.
Meeting is on June 24-25 on stalled pact, agreement likely by year-end.
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.
Even as the debate around whether the Doha Round of global trade talks would be concluded by the year-end or not gain momentum, a cohort of developing countries, specifically India, has refused to accept the April 21 texts which call for mandatory sectoral tariff cuts as the basis of negotiations, despite US pressure.
Trade between India and Pakistan reached $1.85 billion in 2010-11, compared to $3 billion with Sri Lanka.
At present, a maximum of 26 per cent is allowed in the defence sector.
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.
Political leaders, industrialists and businessmen are increasingly looking to tap the resource-rich countries of the world's second largest continent even as two-way trade between India and Africa is poised to reach $70 billion by 2015 from $46 billion at present.
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.
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