This is not the first time that industry has been slow in responding. The finance ministry had to send repeated reminders to industry captains to get feedback on quite a few discussion papers in recent times.
Industry's wait for new bank licences may get a bit longer as the Reserve Bank of India's (RBI's) suggestions to amend the Banking Regulation Act will not be incorporated in the report of the Standing Committee on Finance in the Banking Laws (Amendment) Bill, 2011.
At present, India is only a member of various committees of the 34-member organisation.
Move aimed at speeding up process, checking corruption in funds' transfer.
Nine advisory committees to suggest sector-wise solutions.
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.
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