As the issue remained deadlocked with both sides sticking to their respective positions, Prime Minister Narendra Modi, while laying the foundation stone for a new Parliament building, invoked Guru Nanak to underscore the importance of dialogue and noted that the Sikh Guru had said that interaction should continue till eternity.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
'On the tax front, most of the Budget proposals are sensible'.
Rising rural distress due to back-to-back droughts have put pressure on FM to spend more on social schemes; no change in tax slabs likely
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
Auto sector has nothing to look forward to in the Budget.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
We should work in unison to boost growth: FM
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
As India emerges from the COVID-19 crisis, the ninth budget under the Modi government, including an interim one, is widely expected to focus on boosting spending on job creation and rural development, generous allocations for development schemes, putting more money in the hands of the average taxpayer and easing rules to attract foreign investments.
'A broad-based revival of private sector investment was likely in 2018-19 after businesses had successfully made the switch to the GST.'
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
'Modi is still immensely popular and, therefore, he can sustain any number of policy failures.' 'Modi himself has worn multiple faces so it would be naive to think that the Modi of 2021 will be the same Modi that will be campaigning for re-election in 2024.'
The biggest disappointment was the compromise on the promised corporate tax reduction path.
The most experienced administrator in the country seems to have sat back and allowed bureaucrats and policemen to manage the lockdown, observes Jyoti Punwani.
A time has thus come when state encouragement for rural students led to empowerment of the socio-economically marginalised sections of the population. It included women. Today, with greater exposure and consequent enlightenment, it has gone beyond 'empowerment' to become 'entitlement', says N Sathiya Moorthy.
GST rates would depend upon whether the commodity is used by a rich person or a common man
Slight recovery in growth is expected only in July-September.
'The middle class stood by the BJP, especially after demonetisation, and they expected something in return.' 'Some section of the BJP believes the middle class is condemned to vote for the BJP as they have no other choice.' 'They think they can treat them any way, still the middle class will run to vote for it.' 'That's what the Budget seems to convey.'
The 50-share NSE Nifty was trading lower by 24 points.
An estimated 223 people have lost their lives since August 8 in Kerala's worst floods in decades that has caused damage worth more than Rs 20,000 crore.
The GST has been a great achievement, but it does suffer from weaknesses, says Chief Economic Adviser Arvind Subramanian.
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
Foreign Trade Policy: More incentives for exports, focus on ease of trading
Economy to grow by 7.2-7.5 per cent in second half of current fiscal, says FM.
2015 is going to witness new agreements on climate change.
The failure to reform has meant that there is no buzz about job opportunities, or about urban opportunities enticing young people off the farms. And it is this failure that has contributed to the widespread disappointment that threatens to make the next general elections closer than expected, says Mihir S Sharma.
Indian economy about to take-off
'The Ganga must be kept above all divisive politics,' says Uma Bharti.
Here's what celebrities had to say about Arun Jaitley's Budget.
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
India's indigenous paper manufacturers are forced to use a variety of raw materials.
Low oil prices also means effectively transfer of wealth from the producing nations to the consuming nations
Hailing the Congress manifesto as a visionary document promising to shape a better future for Punjab, Dr Singh said the Parkash Singh Badal-led government mismanaged the state and failed to harness its full potential.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
'Swachh Bharat Cess imposed last year should be made broad-based.' 'Budget should be predominantly economy/ business-oriented and problem-solving rather than political consideration-based.'
"Reform is not an end in itself. Reform for me is just a way station on the long journey to the destination. The destination is the transformation of India," he said.
