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.
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.
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.
After prospects of a higher subsidy outgo on food and fertilisers, the government is faced with the spectre of a higher petroleum subsidy. Rising crude oil prices and its inability to increase fuel prices is all set to spoil the government's subsidy calculations. The country meets 80 per cent of its crude oil demand through imports.
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.
Indian companies with exposure to Egypt are keeping their fingers crossed as the Arab Republic is faced with a massive unrest.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
A series of rises in petrol price following its decontrol on June 25 last year has increased the state governments' earnings from value added tax on petrol by around 21 per cent.
Finance Minister Pranab Mukherjee and other finance ministry officials have reached the last leg of pre-Budget consultations.
Reliance Industries Ltd (RIL) has opposed the proposal of a new pipeline from Kakinada to Srikakulam floated by Andhra Pradesh Gas Infrastructure Corporation (APGIC). RIL has argued that gas availability for the pipeline is uncertain and will not contribute to the development of a national gas grid.
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.
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