Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
The minister said the entire policy of the new government would be spelled out in the next few days.
Arvind Panagariya explains why his suggestion of the fiscal deficit at 4.5% of GDP differs from P Chidambaram's 4.1% in the interim Budget.
The United Progressive Alliance government in 2011 introduced a Constitution Amendment Bill in the Lok Sabha to pave the way for the GST regime which aims at subsuming most of the indirect taxes at the central as well as the state levels.
Change will have to begin with Mr Modi, who by all accounts has shown little active interest in macro-economic issues, preferring instead to focus on the effective implementation of projects and programmes, points out T N Ninan.
The repo rate, at which the central bank lends to the system, will come down to 5.75 per cent after the cut.
''I have been saying for the last 25 years, to no avail naturally, that the only government asset that is politically unproblematic is land,' says T C A Srinivasa Raghavan.
The company feels dynamics of used car space was changing fast in India owing to various financing options available to customers.
Railway Budget will be presented on July 8.
RBI governor and new FM could hog all the limelight.
Under new government, tax office to explore ways to reduce disputes.
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Stating that pushing GDP growth, which has slipped to 5-year low of 6.8 per cent in 2018-19, is the top priority, President Ramnath Kovind said Modi govt will bring more reforms and raise farm investments to boost growth.
Government has been able to push through economic reforms, especially allowing foreign investment in multi-brand retail.
FII investments made after Aug 2010 to come under GAAR even if these have been routed through DTAA.
Expressing hope that new Finance Minister P Chidambaram will "set right" things at the earliest, business leader NR Narayana Murthy on Friday said the government and the opposition should declare that they would never do anything on "retrospective basis".
He has also directed a review of tax provisions that have a retrospective effect in order to find a fair and reasonable solutions to pending as well as likely disputes between the tax department and assessees concerned.
Presenting some of the best PHOTOGRAPHS from around the globe in the last 24 hours
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
Rahul Gandhi, who is scheduled to again visit poll-bound Gujarat from Saturday, said the government can't break the back of small and medium businesses, crush the informal sector and destroy millions of jobs.
Tamal Bandyopadhyay offers some unsolicited advice for a government wh,ich came to power, with brute majority and the nation's pragmatic chief money man.
The way the present government has dealt with appointments of civil servants remains to be a cause for concern.
'Is this the only way for India to become a $5 trillion economy?' 'When you have unused foreign exchange here, why borrow more dollars?'
BRICS countries, including India, on Thursday voiced concern over the "fragile recovery" of global growth and the potential spillover effects from the "unconventional monetary policies" of the developed countries.
Amarinder would hold the portfolios of General Administration, Personnel, Home Affairs and Justice, Vigilance and other departments not assigned to any other minister.
Prime Minister Narendra Modi has been voted as the seventh most popular leader in the world in a new poll topped by US President Barack Obama.
The scheme is in the lines of Nabard's self-help group bank linkage programme, which is recognised as one of the largest microfinance programmes in the country.
The Union Budget just a week away. While economists and analysts are busy making predictions about the biggest annual financial event in the country, common people are no less interested either.
'Significantly, Foreign Secretary Gokhale was received at very high level in Beijing.' 'It only shows China's keenness to move forward and put the relationship on a 'win-win' footing,' says Ambassador M K Bhadrakumar.
Government sources said on Wednesday that the prime minister has informed presiding officers of both Lok Sabha and Rajya Sabha about the arrangement. The session of Parliament which began this morning is a 10-day affair.
Some of the tax proposals made by Finance Minister Pranab Mukherjee like marginal increase in in exemption limits or abolition of FBT will not have the desired effect and could hurt economic growth over time.
The Chinese leader is today facing some open, or less subtle, criticism from within the party and from liberal intellectuals who are increasingly concerned by the concentration of power in his hands and the increasing authoritarianism of the regime, says Claude Smadja.
Congress President Sonia Gandhi had a meeting with Prime Minister Manmohan Singh on Wednesday. The meeting comes amid speculation in party circles that an expansion-cum-reshuffle of the Union Cabinet could be carried out soon.
If Jaitley is finalised for the First Citizen's post, Modi will have scored two strategic goals, reports Rajeev Sharma.
Central bank steps up dollar purchases to check rupee gains
Duvvuri Subbarao on Monday joined as secretary, department of economic affairs, Ministry of Finance. He belongs to the 1972 batch of the Indian Administrative Service (Andhra Pradesh cadre).
The government has proposed to implement GST from April 1, 2016, and the new Finance Commission may be set up ahead of its schedule to look into the issues related to the new indirect tax regime.
Major portfolios like home, finance and education were on Tuesday allocated to People's Democratic Party ministers by Jammu and Kashmir Chief Minister Mufti Mohammed Sayeed who will himself hold the charge of home ministry.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances