The prime minister witnessed the protests when he travelled to the Raj Bhavan in Guwahati, where he will spend the night, from Lokopriya Gopinath Bordoloi International Airport.
This is the Upper House's third best productive session in the last 14 sessions since the Monsoon Session (243rd Session) of 2017, the Rajya Sabha officials said.
The Bill's 2007 version covered only MFIs not regulated by the Reserve Bank of India.
New Year resolutions often focus on lofty ambitions, say, shedding 20 kg within six months, without considering processes. What we may be lacking is a concrete plan, observes Kumar Abishek.
The sector faces many challenges and calls for prompt corrective action.
FDI cap may remain intact at 26% as Cabinet takes up legislation this week.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
Parliament passes Budget for 2007-08 with Rajya Sabha returning the Appropriation Bill and the Finance Bill by voice vote.
The government on October 12 announced the LTC cash voucher scheme under which central government employees can purchase any goods or services with GST rate of 12 per cent or above to avail the benefit.
Tax experts said as a result of the amendments, companies operating from countries with which India didn't have DTAAs, would try to shift to countries with which India had such agreements, including Mauritius.
The government promised on Friday to remove distortions in excise duty on branded and packed refined oils, which analysts said allowed companies to avoid the levy.
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The GST will subsume most of the indirect taxes like excise duty and service tax
The main responsibility for producing the Budget rests with the Budget Division of the Department of Economic Affairs in the finance ministry
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
Business subsidies may attract tax
The session started on January 29 and was originally slated to end on April 8 but several members had urged Speaker Om Birla to end the session earlier as they focus on electioneering for the five assemblies.
Terror financing and counterfeit currency have been a constant headache for Indian security agencies. Rediff.com's Vicky Nanjappa lokks at the latest developments in India's fight against this "dirty money."
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
Finance Minister Piyush Goyal said the instances of people running away and evading the legal process was increasing and this needed to be stopped, as the current laws do not allow fully dealing with the severity of the problem.
The CBI on Friday told the Supreme Court that RJD supremo Lalu Prasad was playing badminton after being enlarged on bail in a fodder scam case on medical grounds, as it sought cancellation of the relief granted to the former Bihar chief minister.
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
The proposed bill seeks to raise FDI cap in the sector to 49% from the present 26.5%
After capping anonymous cash donations to political parties at Rs 2,000, the government is amending law to make it mandatory for them to file returns on income by December every year or risk losing tax exemption status.
Says Finance Ministry is working on tax structures as suggested by the Parliamentary committee
Opposition on Thursday forced deferment of consideration of the contentious Mines and Minerals Bill in Rajya Sabha till on Friday.
Rajya Sabha returns Finance Bill to Lok Sabha; budgetary process over in both Houses, President nod needed now.
However, BJP has not given any assurance of support and conveyed to the Finance Minister that the matter will be discussed within the party and take a call, sources said.
Moody's currently assigns 'Baa3' rating on India, with a stable outlook. 'Baa3' means medium grade with moderate credit risk.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
After securing Congress support for a rise in the foreign investment cap in the insurance Bill, this is another key reform Bill where the Centre has managed a broad consensus.
Managing your money in January will set the trend for rest of the year, says Adhil Shetty.
The BJP, which has two MLAs in the MDA government, backed the Cabinet decision.
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
The Sensex closed the day at 27,490, higher by 479 points.
Amid the Reserve Bank expressing reservations over the Unit Linked Insurance Products (ULIPs) ordinance, the Finance Ministry on Tuesday said a bill to replace the ordinance would be placed in the forthcoming session of Parliament beginning July 26.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
The Bill neither plans to make the Aadhar mandatory or limit its issuance to citizens.
Delhi Chief Minister Arvind Kejriwal on Thursday said that his office has been kept under the purview of the Jan Lokpal Bill, whose broad contours have been finalised, and the bill will be taken up in the cabinet early next week.
'I wonder how people who come to power through democratic means turn out this way.' 'But people of India are strong, and those who think they can hoodwink people, are mistaken.' 'You can fool some people for some time, but not all people, all the time.'
The bills were passed by voice vote.
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