It is the season for submitting 'wish lists' to the finance minister. Let me make only one point today, which is to simplify the duty rate structure.
The finance ministry seems to be at loggerheads with the Planning Commission on funding of at least 60 centrally sponsored schemes
India's economy is capable of absorbing $50 billion in foreign direct investment per year, feels FM.
The Ministry of Finance or Commerce would certainly need a larger hospitality budget than the Ministry of Agriculture.
The government, however, amended the tax laws with retrospective effect to undo the Supreme Court judgement and claim taxes.
Leaving behind apprehensions of a rise in interest rates and petro duty cut impacting budget numbers, the officials are now confident of keeping the fiscal deficit within the targeted 4.6 per cent of the gross domestic product.
This at a time companies have asked the revenue department to increase the rate in view of higher bank rates.
Indian economy is expected to expand at 8.5-9 per cent over 10-15 year time frame once the structural issues hampering growth are addressed by the government.
The move is believed to be coming after Directorate General of Central Excise Intelligence slapped a notice demanding Rs 252 crore (Rs 2.52 billion) that was allegedly evaded by the chocolate maker for its new unit in Baddi, Himachal Pradesh even before it came into existence, official sources said.
Vodafone's long-pending tax dispute with the government might be heading for a resolution, with the finance ministry considering changing the Income-Tax Act's retrospective amendment and taxing indirect transfer of assets prospectively from 2012, the year the law was clarified.
Given the ongoing economic turmoil, the DEA has raised concerns that the government may not be able to get the right value for its stake. TCIL has been seeking an exit route for over two years. It first wanted to get the company listed so that it could exit. However, the proposal was turned down by Bharti Airtel, which has 70 per cent stake.
The ad hoc exemption was given to Ratnagiri Gas and Power Private Ltd to import as well as re-import components, parts and materials required for revival of its Power block I under 'Adhoc Exemption Order 24/2007' issued on May 5, 2007. The finance ministry has not accepted the request of power ministry for considering extension of ad hoc exemption.
Amid the growing chorus against black money and the government's efforts to pull the plug, Union Law Minster M Veerappa Moily has suggested Finance Minister Pranab Mukherjee to completely overhaul the tax administration.
The ministry is awaiting some more data in the next few days to arrive at a precise number.
Tells RBI this is not the time to consider such a foray, especially given the lack of funds to spare for such a venture.
Ministry wants to abolish 2.5 per cent customer duty on petrol and diesel.
Banks recovered Rs 18,933 crore (Rs 189.33 billion) worth of bad loans during the April-December period.
India Inc has welcomed Prime Minister Manmohan Singh taking control of the finance portfolio after P Chidambaram was named as the home minister, saying the country will stand to benefit at this crucial juncture.
P Chidambaram's appointment as India's Home Minister and his finance portfolio going to Prime Minister Manmohan Singh will boost investors' confidence and stock markets will take it positively, bankers, analysts, investors said on Sunday.
Tax shortfall: Finmin asks banks to deposit March TDS by month end.
Finance Ministry has rejected the requests of Punjab, Kerala and West Bengal for relief on their mounting debt.
The Finance Ministry said on Thursday it is holding consultations with the Reserve Bank f India and will approve the draft guidelines for granting new banking licences within 15 to 20 days.
The finance ministry is looking into the Lahiri Committee report on revamping of petroleum duties, chief economic adviser Ashok Lahiri said on Tuesday.
FinMin added the Capital Adequacy Ratio of each bank is above 10 per cent, well above the regulatory requirement of nine per cent.
In a surprise move, the finance ministry has asked public sector companies to stop inviting competitive bids from banks for parking their surplus funds and directed them to give such business to state-run banks on nomination basis.
The government, which currently holds 29.5 per cent stake in HZL and 49 per cent stake in Balco, is looking at exiting from the two firms in which Anil Agarwal-led Vedanta Group holds majority stake.
It will be headed by Secretary, Department of Financial Services.
A memorandum of understanding between the defence and telecom ministries for vacation of spectrum was signed two years ago.
Top sources in the Union finance ministry said on Wednesday that the government does not see any payment related problems in the Indian capital market because of the financial turbulence in the United States and other markets.
Delhi Chief Minister Sheila Dikshit told reporters problems faced by people in opening bank account using the unique identity card Aadhaar was raised by most of the chief ministers in the meeting.
A finance ministry official said since the service tax was capped at Rs 100 for domestic and Rs 500 for international travel, in many cases, the credit of tax paid on inputs used to provide services was more than the service tax paid by the airline.
It is believed that ministry of external affairs in its earlier letter to the finance ministry had raised the issue of apparent contradictions in this regard. At present, a foreign individual cannot become an FII, and as such a Pakistani individual citizen also cannot become an FII, the communication said.
The government allows the oil companies to sell only a quarter of the total quantum of bonds they hold at any time during a quarter, so as to ensure that the market is not flooded with oil bonds. It has not yet decided on how the subsidy burden will be shared across stakeholders, how much of the subsidy from the government account will be given in cash and how much in the form of bonds, says an official.
The Finance Ministry said it has followed standard practice and has not violated any Constitutional provision by not showing interest on tax refund as separate expenditure in the Budget.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
Jayalalithaa had accused Finance Minister P Chidambaram of having a vested interest in jeopardising India's security and sponsoring economic terrorism in India, who was turning a blind eye towards the inflow of terror funds through participatory notes. She also said that 'dirty' money was finding its way into the country through PNs while demanding invoking of provisions of the Benami Transactions (Prohibition) Act to find out the genuineness of these p-notes.
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