The government will reduce taxes levied on various transactions in the securities market, a move that will help in bringing down the overall cost for investors.
In a bid to boost scientific innovations that can improve the life of the common man, the government today announced setting up of a Rs 2,000-crore fund to help encourage and finance such products.
According to officials in the know, the government might cut the fertiliser subsidy in the next financial year. The international spot and contract prices of di-ammonium phosphate and muriate of potash (MOP) have come down in recent months.
Finance Minister P Chidambaram increased the sports allocation to Rs 162.01 crore for the next financial year.
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It is normal practice for Indian governments to go to parliament for spending not included in the annual budget.
The petroleum ministry's call for an immediate Re 1 cut in excise duty on diesel has been rejected by Finance Minister P Chidambaram.
From defending the shock announcement of demonetisation to spearheading the remonetisation drive that included the cumbersome process of printing and supplying new Rs 500 and Rs 2,000 notes, his calm composure brought a sense of serenity to an otherwise chaotic situation.
The dollar index, a gauge of six major currencies, was down by 0.13 per cent as it lost ground against the euro following a better-than-expected survey of German sentiment.
The Finance Minister, however, left the current income tax slabs unchanged.
The Committee, in an earlier report on the Direct Taxes Code (DTC) Bill, had favoured abolition of STT.
The proposals, to be based on the recommendations of the Shome panel, are likely to be introduced in the Finance Bill to be presented by Finance Minister P Chidambaram in the Budget for 2012-13.
When crony capitalism flourishes, investor sentiment is bound to take a hit.
Chidambaram was talking to reporters after addressing the customary post-budget meeting of RBI board in New Delhi.
At present there are 12 major ports in India.
Sources in the Prime Minister's Office said Dr Manmohan Singh's meeting with the finance ministry team, led by Finance Minister P Chidambaram, has been deliberately fixed for two days after the results of the assembly elections in five states are declared (for Jammu and Kashmir, the counting is on December 28), as the Congress leadership as well as the United Progressive Alliance members would have by then decided on the timing of the Lok Sabha polls
The drop in growth rate is subsequent to the corporate sector cutting investments by nearly Rs 90,000 crore (Rs 900 billion) in 2011-12 compared to 2010-11, according to the pre-Budget Economic Survey tabled by Finance Minister P Chidambaram in Parliament on Wednesday.
The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. Finance minister P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1. The uncertainty over the implementation of the new tax continues as the Finance Bill has not been passed by the Parliament. P Chidambaram had announced in his Budget proposal that the levy would come into effect from April 1.
Even as experts were debating pros and cons of the waiver, came the first-ever announcement in the history of commodity markets anywhere in the world the introduction of Commodity Transaction Tax and this, coupled with service tax imposed on commodity exchanges, was a blow to the nascent commodity Futures industry in the country.
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
Ratings agency Crisil on Monday cut its FY14 growth forecast for India to six per cent from the earlier 6.4 per cent citing a variety of reasons, including the high lending rates, weaker pick-up in consumption and issues around mining and project clearances.
Excise duty on small cars, motorcycles and SUVs was reduced.
Given that the public is no longer willing to tolerate lack of transparency, politicians will see they have no alternative but to change, feels Raghuram Rajan, economic advisor to the prime minister. Interestingly, Professor Rajan made this hard-hitting speech at an event to release a book in Prime Minister Manmohan Singh's honour.
Seeking to dispel fears over the state of economy, Finance Minister P Chidambaram on Thursday said the country will return to high growth of 7 per cent in two years and promised adequate public spending to stimulate it.
Aviation Minister Praful Patel has requested FM to rationalise taxes on aviation fuel in Budget 2008-09.
Aap ka paisa, aap ke haath (direct cash transfer). This is the new slogan with which the Congress hopes to woo back the aam admi, the poor, the marginalised and the weaker sections as the government has launched an ambitious direct cash transfer scheme with Union Finance Minister P Chidambaram calling it a 'game changer'.
The finance ministry is not in favour of a deferral beyond April 2014. A final decision will be taken by the Prime Minister.
The government on Friday said it would be able to meet the budgeted target of earning Rs 40,000 crore from the telecom sector this financial year, even as the response to the recently concluded auction of 1,800-MHz band spectrum was lukewarm.
As per Budget 2013-14, presented by Finance Minister P Chidambaram in Parliament on Thursday, Central Plans expense will see a slight decline at 21 paise out of the total expenditure, from the provision of 22 paise in 2012-13.
Excise duty raised to 6 per cent.
Finance Minister P Chidambaram announced a slew of taxation proposals in the Union Budget on Thursday.
Balance the corporate expectations while at the same time being populist, says Milan Parekh.
An equitable tax regime makes more sense than debates over whether the rich should pay more.
Economic Survey which was tabled in the Parliament on Wednesday projects 6.1 to 6.7 per cent growth rate for 2013-14.
Claiming that the "downturn is more or less over", the pre-Budget Economic Survey today projected an optimistic 6.1 to 6.7 per cent growth in the next fiscal and made a strong call for cutting subsidises.
In a survey by BS reporters across India, a majority of the 25 CEOs who responded said they expected the FM to introduce amendments to the I-T Act which would reduce litigation in tax disputes between firms and the revenue authorities.
If you take a 15-year period, the tax rates have increased at a higher rate than inflation.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
