He slammed those trying to stall passage of the Bill in Parliament saying they were attempting to 'stop progress of the country
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
Jaitley said the government has created transparent environment.
The implication of a slowdown in the financial services sector are very different (eg, likely to affect fewer people directly, and even that affecting those at the top of the income distribution) from that of a slowdown in construction, one of the most employment intensive sectors in the Indian economy (that will affect aggregate demand much more).'
The issues around trade gaps, especially around steel and aluminium tariffs imposed by the US, will be addressed separately.
The BJP leadership is understandably mulling all options on the roll-out of the GST.
The government is expected to dole out some populist policies, especially for the rural / farm sector while presenting the interim budget, given that the country is heading towards general elections over the next few months.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
The GST bill was earlier planned to be introduced from April 1.
The government was hoping to roll out the GST regime from April 2016.
'In a nation where safety standards are the lowest in the world, why make compliance expensive?' asks Aakar Patel.
The consensus was reached after the Centre agreed to the demand of states to go in for horizontal split
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
As the government plans to take sector-specific steps to tackle the slump, Finance minister Nirmala Sitharaman will soon hold talks with representatives from various sectors to get and take steps so that the confidence of those sectors can be restored.
There is mutual invoice matching which ensures reason why GST was brought in first place, says Adhia.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
The indirect tax department on Thursday hinted that Vijay Mallya, owner of the grounded Kingfisher Airlines, may face prosecution in a service tax evasion case.
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In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.
Modi said that in the last four years the government has worked for creating a New India by 2022.
If the surge in tax collections is sustainable, the finance minister has the elbow room to shoot for a fiscal deficit
Finance Minister Arun Jaitley on Monday said the NDA government has done more work to fish out black money than any other previous government in a short span of two years and all efforts are afoot to book those who have not taken advantage of the disclosure scheme.
Several exemptions have been given to reduce the cost of raw materials.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Keen to salvage its engagement with Washington DC that has gone southbound ever since the Trump administration came in, India has called for a final set of meetings with US trade officials, soon, reports Subhayan Chakraborty.
The increases, which follow similar hikes in mid-November, seek to take advantage of a slump in world oil prices to shore up government revenues without stoking inflation.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
The Union government will gain close to Rs 1.6 lakh crore in additional revenues this fiscal from a record hike in excise duty on petrol and diesel that has pushed the total incidence of taxation on auto fuels to 70 per cent of the price. Late on Tuesday evening, the government hiked excise duty on petrol by Rs 10 per litre and that on diesel by Rs 13 a litre to mop up gains arising from international oil prices falling to a two-decade low.
The question on who should borrow from the market and whether the borrowing will be under two buckets should be decided by the GST Council, and not by the Centre. If there is no consensus, there has to be a vote, says A K Bhattacharya.
In a paper, EAC-PM accused Subramanian of "cherry-picking high-frequency indicators" to express his skepticism about the growth rates after 2011-12.
This will violate the time-honoured convention that a government elected for a five-year tenure presents only five full Budgets, but the NDA government will no doubt present it as yet another initiative of Mr Modi.
He said the Indian economy in the last few years has become very open, it is integrated globally, it invites investments in most sectors and has made its procedures for investment extremely simple.
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
For his first Budget in July 2014, Jaitley inherited a fiscal deficit target of 4.1 per cent of GDP. From 4.1 per cent, the fiscal deficit came down to 3.4 per cent by 2018-19, with two slippages from the budgeted targets, in 2017-18 and 2018-19, the former due to introduction of the GST, says Arup Roychoudhury.
To shed more light on how GST will affect the individual as well as the nation, Rediff Chat has lined up experts to field your queries.
Finance Minister Nirmala Sitharaman will present her second Budget a little more than a month from now. Like any other FM, Sitharaman will depend on her team of bureaucrats and advisors to frame and present the Budget.
Passage of the long-pending Goods and Services Tax bill and a unanimous resolution on Kashmir were the highlights of the "highly productive" Monsoon session of Parliament which was adjourned sine die on Friday after 20 sittings.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
Moody's expects tax to be lower than the multitude of taxes such as sales tax, excise duties, local taxes, and value-added taxes the automobile sector currently pays
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
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