The finance minister defended the change in the tax rates.
BJP-ruled Maharashtra levies 46.52 per cent VAT (47.64 per cent in Mumbai) on petrol, the highest in the country.
A SFIO probe into Saradha scam and 'chit fund' operations of 62 other entities has found serious financial mismanagement and siphoning off the funds by their promoters, who took advantage of regulatory gaps.
Honest tax payers need not worry about the new black money law, says finance minister Arun Jaitley.
'Our first great challenge is to create 12 million new jobs each year, to make the demographic dividend an economic dividend.' 'We are nowhere near that,' points out Mohan Guruswamy.
The idea of the payment banks is to provide access to banking for people, especially in rural areas.
Softening the demonetisation blow, the Budget for 2017-18 on Wednesday halved the tax to 5 per cent on incomes up to Rs 500,000 but proposed a new surcharge of 10 per cent on incomes between Rs 50 lakh and Rs 1 crore and raised duties on cigarettes and pan masala while stepping up allocations for infrastructure, rural, agriculture and social sectors.
The very design of the GST will bring in revenue buoyancy.
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Some initial reactions to Prime Minister Narendra Modi's announcement of demonetisation of Rs 1,000 and Rs 500 notes with effect from midnight.
Khan stressed on taking austerity measures, working on tax reforms instead of taking loans, rooting out corruption.
Premiumisation, improving demand aid realisation growth at most large firms
'We are doing away with human interface in metering, billing, and collection.' 'That in itself will bring down losses by 50 to 60 per cent.'
'No government should be viewed as authoritarian, rather as a collective institution of people,' says Pinarayi Vijayan.
The government has at last commenced important structural reforms.
The move, amid a rise in slippages from restructured assets, is aimed at resolving stress in the banking system.
The Indian stock markets may turn bearish after the US Fed decides to raise interest rates.
Assessing the shape of the Indian economy just a couple of days ahead of the Union Budget for 2016-17, Saugata Bhatacharya, senior vice president and chief economist, Axis Bank, speaks about his budget wishlist and suggests measures that can help finance minister Arun Jaitley achieve the targeted fiscal deficit of 3.5 per cent of India's gross domestic product.
The new 10 per cent dividend tax will be payable only on dividend income over and above Rs 10 lakh threshold in a year, according to an amendment to the Finance Bill 2016 approved by Lok Sabha.
Budget 2016 may hold some answers to start-up cooncerns.
The Budget is remarkably coherent.
The president outlined the government's agenda in the coming financial year in his customary address to the joint sitting of both the Houses of Parliament.
By region, Thiruvananthapuram leads with 247 defaulters, followed by Kolkata with 173 and Bhubaneswar with 115
Government on Monday formed a multi-agency group to monitor exposes in this regard and vowed to take action against all "unlawful" accounts held abroad.
Criticised for lack of planning, the National Rifle Association of India (NRAI) decided to accept the recommendations of Abhinav Bindra-led review committee, which looked into Indian shooters' flop show in Rio Olympics, in 'toto' and said it will form a separate panel to ensure the implementation of the suggestions.
According to a new subsidy sharing formula, the payout of upstream oil producers like ONGC is to be reduced to the extent of Rs 4,500 per tonne oil development cess they pay to the government, sources privy to the development said.
Indian economy about to take-off
Pensioners, India Inc may get tax breaks in Budget
Instead of a consumption stimulus the government must address the NPA issue with a war footing and invest in infrastructure, affordable housing and exports, says Sanjeev Nayyar.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
If Jatin Singh is right in the long run and his morphed business can help reduce farmer distress, Skymet will provide a service of far more value from where it began
There are a couple of proposals, however, whose goals are not easily achievable.
If you looked back at 2018 and had to give it a name, the Year of Limitations might be the most accurate.
Tista Sengupta catches up with five emerging designers from North East India -- Daniel Syiem, Atsu Sekhose, Meghna Rai Medhi, Dhiraj Deka and Sanjukta Dutta -- who, in their own way, are fighting to keep their traditional art of weaving alive.
Chief Economic Advisor Arvind Subramanian's interview.
It is far from clear that this GST will have the silver bullet effect that the "pure" GST would have provided, says Mihir S Sharma.
If the Cauvery water-sharing dispute between Karnataka and Tamil Nadu -- dating back to 1892 between the erstwhile Madras Presidency under the British Raj and the princely Mysore state -- has exploded again into a war, the discord between Karnataka and Goa over dividing the water of the Mahadayi river simmers under the surface.
'We have the political will to take this to the very end.' 'But what eventually happens depends on the effectiveness, honesty and missionary zeal of the officialdom in the frontline of the battle against corruption,' says S Muralidharan.
Sources said many individual investors were interested in applying for the NFO, due to additional benefits being offered such as upfront discounts and loyalty bonuses.
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