Finance Minister keen to ease business policies in India.
'Being a Delhi girl, I challenge you to fight the last two phases on the issues of demonetisation, GST, women security and the false promises you made to the people of the country'
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
The fiscal deficit was 4.9 per cent of GDP in 2012-13.
'I would want people to have food on their tables and their wages to rise.' 'Will that happen or not is the question that we need to ask and answer.'
With the industrial production dragging the overall growth down, it said the government must also focus on the manufacturing sector by reducing the "infrastructure deficit".
Direct tax collections totalled Rs 4.29 lakh crore (Rs 4.29 trillion) during the April-December period in 2012-13.
The government has spent a little less than one-third of the Budget estimate of capital expenditure, it can still spend about Rs 20,000 crore this year without disturbing its fiscal deficit target.
The July-September quarter GDP numbers are due on November 30.
The GST, an indirect tax regime, is to be rolled out from April 2016.
He underwent a renal transplant on May 14 and on the same day, his ministerial charges were given to Piyush Goyal on an interim basis.
'Day by day, the queues will shorten.'
India opened up its economy to the private sector in 1991.
Jaitley further said the country would eventually move to a two-tier GST, however, this depends on the revenue position of the government.
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
"If the money is legitimate which had been previously withdrawn from bank or earned legally and saved and had been disclosed, there is nothing to worry about," Jaitley said.
They are evaluating realignment of warehouses and supply chains, besides exploring locations to set up hubs and shutting down some distribution centres
The challenge of achieving fiscal deficit targets for the next two years seems daunting.
GST rates would depend upon whether the commodity is used by a rich person or a common man
The positive effects of demonetisation will be visible from April and the completion of remonetisation process will drive consumption going forward, Economic Affairs Secretary Shaktikanta Das said on Tuesday.
Finance Secretary Hasmukh Adhia vacates his post on November 30 and Expenditure Secretary Ajay Narayan Jha, the second seniormost bureaucrat in the finance ministry, retires on January 31, the day before Jaitley presents the 2019-20 interim budget.
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
Customs and excise duty rates have been amended mainly to promote Make in India.
The proposals before the ministry is to hike the tax exemption limit from the existing Rs 250,000 per annum to at least Rs 300,000 if not 500,000.
Since December 2018, monetary policy has been eased substantially by RBI with policy rates being cut by 75 bps and policy outlook being changed to 'accommodative'.
The government on Tuesday said PPF will not be taxed on withdrawal and only the interest accrued on contributions to employee provident fund made after April 1 will be taxed.
ADB, however, has cut its growth forecast for developing Asia to 6.1 per cent from the earlier 6.3 per cent in view of subdued economic activity in the US and China.
Across 10 prominent services, revenue to the government reduced by 20 per cent in the first year of GST compared to the last year of the service tax regime. This happened despite tax liability against these services growing by 50 per cent in one year.
'Whoever whispered in his ears that go for demonetisation, misled him completely' and the PM lacked the sagacity to know that it would not work, Yashwant Sinha tells Archis Mohan.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
If the industrial sector expanded, growth rate is likely to rise in the remaining quarters to reach 7.6-7.8 per cent for 2017-18.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
Economy showing mixed signals, outlook challenging: FinMin
Jaitley says govt is open to scrapping 1% additional tax on GST
The final rate will be worked out by the GST Council, Finance Minister Arun Jaitley said on Wednesday.
Government gets Rs 17.1 lakh crore in its kitty
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
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