Budget documents in the future may give a preview of the government's finances for the next few years. The finance ministry is considering moving to a multi-year approach in budgeting to utilise resources better and bring in more transparency in accounting, according to official sources.
With the government preparing to restrict the number of subsidised cooking cylinders, oil marketing companies have launched a 'transparency' portal that allows customers to keep an eye on the number of cylinders sold in their account by the dealer.
E-filing through the Centre's online tax payment application Automation of Central Excise and Service Tax will be a must not only for returns due after October 1, but also for returns of past periods which have not been filed yet or are to be revised.
Following decontrol of its price, the consumption of petrol is rising at a much slower rate than used to be the case.
Proposed scheme will not provide immunity to tax defaulters.
The sale of branded petrol and diesel, considered to be more efficient, has dipped by 27 and 50 per cent, respectively, in 2010-11 over the previous year (see chart), despite OMCs selling the products at a thin margin of less than a rupee.
The four-day tour, beginning September 21, includes World Bank-International Monetary Fund meetings, as well as interactions with investors.
Top ministers from about 20 states and some officials from the finance ministry are leaving for a 10-day trip to Europe next week.
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.
The sugar industry is gearing up to offer the entire quantity for the tenders, which will close on September 2.
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.
Global product prices have declined on apprehension of a fall in consumption in the US after a rating downgrade recently.
Nine advisory committees to suggest sector-wise solutions.
An Iranian delegation is expected to visit India this weekend to discuss an arrangement under which Union Bank will make payments to Halk Bank in Turkey.
Oil marketing companies to lose 10 paise on petrol and Rs 6 per litre on diesel from 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.
Oil companies begin pilot testing work on direct LPG subsidy.
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