Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
"There is a lot of opposition from the garment industry, but we are not in favour of a complete rollback of the duty. We understand their concerns and will try to address these. We may simplify some procedures for them," said a finance ministry official.
As a step towards the proposed Goods and Services Tax (GST), the finance ministry plans to come up with a discussion paper on a negative list for services by the end of the next month.
Plans to outsource record-keeping to private entities.
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.
This scheme would help salaried people, especially those working in far-flung and remote areas with armed forces and para-military forces.
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.
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.
Ussue will be raised at the meeting of the Central Board of Trustees of the Employees Provident Fund Organisation on Tuesday.
The president and CEO of Devas, Ramachandran Viswan-athan said, "It is puzzling to hear about such a decision, especially as we have not been intimated. We have not received any communication from any quarter, government, Space Commission or Isro."
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.
Election Commission is considering an overhaul of the accounting practices of parties.
The ministry of corporate affairs - under new minister Murli Deora - has reopened for further investigation the cases of two companies allegedly involved in the unravelling 2G scam. A senior official said that the ministry was currently probing Swan Telecom and Loop Telecom.
The Central Bureau of Investigation (CBI) is looking into the funding and transactions of Datacom Services (now Videocon Mobile), which was among the firms awarded a 2G telecom licence in January 2008.
Budget 2011-12 is likely to announce significant measures to deepen the corporate bond market. Among the several measures on the government's agenda is allowing banks to provide guarantees for bonds issued by companies.
The government may have to wait a little longer to get a trail of illegal money stashed by Indians in Liechtenstein.
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