India has demanded resumption of export benefits to certain domestic products under GSP, and greater market access for its products from sectors like agriculture, automobile, auto components and engineering. On the other hand, the US wants greater market access for its farm and manufacturing products, dairy items and medical devices, data localisation, and import duties cut on some ICT products.
Marking a key milestone in the Indian government's fight against black money allegedly stashed abroad, India will get this month the complete information on flats, apartments and condominiums owned by Indians in Switzerland as also on earnings made from such properties to help it look into tax liabilities associated with those assets.
Will Indian democracy benefit from the potential that Shashi Tharoor stores in his mind, spirit and intellect? Or will it be the saga of another leader who promised much but delivered too little, asks Dr Sudhir Bisht.
There is no shortage of uranium on the planet.
In its effort to unearth black money stashed away abroad, India has received data on over 24,000 instances of alleged tax evasion and dubious funds which has been detected in foreign shores in the last financial year.
India has been ranked 134th among 189 countries in the World Bank's Doing Business 2014 report.
The bulk of the erosion in terms of value took place in India's most-valued firms. For instance, Mukesh Ambani-led Reliance Industries alone has lost Rs 3.8 trillion in m-cap, followed by HDFC Bank, which has seen its value erode by Rs 2.45 trillion and Tata Consultancy Services (TCS), which has lost Rs 1.85 trillion to stand at Rs 6.24 trillion, making it India's most-valued.
For the current fiscal which ends on March 31, it put the real GDP estimate at 5 per cent. It estimated a 7 per cent growth in 2022-23 and 2023-24 fiscal years. The inflation rate was seen moderating to 4.4 per cent in the next fiscal from 4.7 per cent in the current.
Though the countries are lowering international trade restrictions, there is still fear that they may resort to policies that discriminate foreign investors due to weak economic recovery.
The biggest challenge for workers across the world is to find a perfect balance between work and life.
India has ratified an international convention on taxation which will help the country in bringing back illegal funds stashed abroad, the finance ministry said on Friday.
Differing with International Monetary Fund's growth forecast of 4.9 per cent for India during 2012, Planning Commission Deputy Chairman Montek Singh Ahluwalia said it has a statistical problem.
RBI said aggregate demand during the year so far suggests that the shock to consumption is severe, and it will take quite some time to mend and regain the pre-COVID-19 momentum.
Amid growing fears of another global recession looming large, President Pratibha Patil today exuded confidence that India with its "strong fundamentals and resilience" will continue to grow economically.
While the ratio determines the extent to which the government is able to finance its expenditure, it is also an indicator of tax compliance. Developed countries have a higher contribution of tax to their GDP.
According to the Organisation for Economic Cooperation and Development's latest Economic Outlook, India's growth rate is likely to slow to 7.1 per cent in 2012 from 7.3 per cent in 2011, but would inch up to 7.7 per cent in 2013.
Recalling the steps taken by the government to deal with the issue, Mukherjee said, "Our efforts to tackle this menace have been increasing (and) we are committed to the goal of achieving zero tolerance against corruption."
The global agricultural production growth is expected to be low at 1.7 per cent annually during 2011-20 as compared to 2.6 per cent in the previous decade, due to lower growth in oilseeds and cereals, an agri survey said.
Dismissing fears of a slowdown, Finance Minister Pranab Mukherjee on Monday said India's growth drivers are intact and the Centre is committed to policy reforms.
Latest data from the Paris-based OECD, a grouping of mostly developed nations, showed that jobless rate in the region slipped to 8.2 per cent in February - the fourth consecutive monthly decline.
As the reform years have gone by, China's bottom-up entrepreneurialism has given way to a crony-capitalist nexus between provinces and property developers that can no longer be restrained by Beijing.
India will become the largest single source of global oil demand growth after 2020, the International Energy Agency said.
Amid raging debate on Indians having black money in overseas tax havens, these statistics show that more nations, especially tax havens, are willing to share details on tax-related issues.
The 14-year old scheme is the most popular among exporters, especially in the engineering including automobiles sector. India's exports went up by 37.55 per cent year-on-year to $ 245.86 billion during 2010-11.
Delhi Police ask for 45 documents for opening a restaurant, only 19 for a gun: Survey
At the world level, electricity consumption fell by 1.5 per cent.
India and Switzerland on Monday signed the revised Double Taxation Avoidance Agreement, a move that will help the government seek details about illicit wealth allegedly stashed away by Indians in Swiss banks.
The increase in energy consumption was driven by renewables and natural gas, which together contributed three quarters of the expansion.
The income tax department on Monday released rules for equalisation levy - a tax on online advertisements that would come into effect from June 1.
This activity will allow us to identify those jurisdictions where either the legal framework is not good enough or practices are not good enough and, therefore, information is not flowing.
This comes in the backdrop of the circulation of new draft negotiating texts last week by the WTO on agriculture, industrial goods and sectorals.
The Indian State has low operational capabilities. Individuals will have concerns about material that flows through the government, on questions of purity, perfection of the cold chain, and correctness of procedures at the frontline. Even if a government programme is able to solve all these problems, it will be limited in scale-up. The passion, management capabilities, and response to local conditions, which will be found with tens of thousands of ground-level initiatives, Individuals will have concerns about material that flows through the government, on questions of purity, perfection of the cold chain, and correctness of procedures. Even if a government programme is able to solve all these problems, it will be limited in scale-up, argues Ajay Shah.
Indian tech firms like TCS, Wipro and Infosys have seen slower recruitment since the first quarter of 2008.
'The corporate tax cuts will obviously result in lower tax payments by companies,' says Central Board of Direct Taxes member Akhilesh Ranjan who retires after 37 years in government service.
The negotiations are expected to take place in the wake of the issue of black money stashed away in Swiss banks.
The company is accused of overlooking local community's interests.
Switzerland only provided information on tax fraud that led to criminal activity. But the Swiss definition of tax fraud is quite narrow, which means that a false invoice is not a crime. Now, any tax abuse will be covered.
The industrialised world must work fast.
The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.
The Swiss authorities have never considered tax evasion a reason for breaking banking secrecy on an account; what they have acknowledged now is that they will cooperate in cases of tax fraud, which has a tighter definition.
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