At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
The government plans to borrow a record Rs 15.4 lakh crore from dated securities in FY24 to meet its expenditure requirement to prop up the economy.
To enable widen the fiscal deficit beyond the permissible limit under the present legislation, the government may have to propose amendment to the FRBM Act in the Finance Bill.
Government on Friday ruled out replacing its Lokpal Bill with another, saying it will be better to have amendments to the one already introduced.
An all-party meeting on Monday failed to hammer out a consensus over the controversial Insurance Bill, which was scheduled to be taken up in Rajya Sabha.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
GST collections in June witnessed a 56 per cent year-on-year increase to over Rs 1.44 lakh crore on economic recovery and better anti-evasion measures, the finance ministry said on Friday. Goods and Services Tax (GST) collections in June, 2021 stood at Rs 92,800 crore. Speaking at the GST Day celebrations, Finance Minister Nirmala Sitharaman said Rs 1.4 lakh crore is the "rough bottom line" for monthly GST revenue collections.
The Centre needs to have dialogue with the Opposition instead of letting politics come in the way; it needs to stoop to conquer, says Aditi Phadnis.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
The government on Monday introduced a bill in Lok Sabha aimed at discouraging borrowers to postpone repayment of their dues and enable the secured creditor to speedily recover their debts including through security or other measures.
17 MLAs of the TDP were suspended from the assembly for disrupting CM Jagan Mohan Reddy's address on the Andhra Pradesh Decentralisation and Inclusive Development of All Regions Bill, 2020.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee said on Monday.
The Congress and the Left parties might move court to challenge LS speaker's ruling on Aadhaar as money Bill.
Most of the Budget work is done; only some "final touches" remain. For those, he will soon sit with Prime Minister Manmohan Singh--who was governor of the Reserve Bank during Mukherjee's stint in North Block in the 80s--before his draft speech goes to print.
Those who consider the rupee as a proxy for virility have started thumping their chests and dreaming of dethroning the dollar from its coveted position, observes Tamal Bandyopadhyay.
For the banking system a new cycle starts in FY2024. It's fraught with fresh challenges on asset quality and profitability, warns Tamal Bandyopadhyay.
The apex court had permitted only voluntary use of Aadhaar for welfare programmes including MGNREGA, all pension schemes, provident fund and Pradhan Mantri Jan Dhan Yojna.
Amid a stalemate between the government and the Opposition over the issue, the House failed to transact any significant business and was adjourned for the day.
Tax consultants and chartered accountants have started receiving a flurry of calls from their clients - both corporate and individuals - seeking clarity over changes in the reassessment regime made during the recently concluded Budget Session of Parliament. Tax experts apprehend the amendments may lead to the income-tax (I-T) department sending out more notices. The new provisions, effective from April 1, have extended the scope for tax sleuths to reopen the past assessments.
The development came even as Uttarakhand is set to have a vote of confidence on Tuesday to determine whether Congress leader Harish Rawat has enough numbers to retain power in the state that is currently under the President's Rule.
Parliament's standing committee on finance, headed by Bharatiya Janata Party leader Yashwant Sinha, on Thursday finalised its report on the Companies Bill, 2011.
Parliament on Monday approved the Industrial Development Bank of India Repeal Bill to enable its conversion into a universal bank
The system envisaged under the FRDI Bill, if implemented properly, would help improve the efficiency of capital allocation without harming consumers, and without risking the stability of financial firms, says Ajay Shah.
Lok Sabha passes Finance Bill; Will introduce a white paper on black money in current session: FM
Moving the Finance Bill, 2012 for consideration and passage in the Lok Sabha, Mukherjee halved the capital gains tax for private equity investors to 10 per cent and relaxed the norms for arrest of persons involved in violation of Customs Act.
Unless ratified by eight states, a Constitutional amendment cannot be signed by the President of India.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
There will be higher charges for bank account-holders.
Banks may become more cautious in extending loans, as more and more farmers may take loans, relying on the assurance that a debt relief commission will back them in the event of default.
'The message is not clear whether we are wanted.' 'All this could adversely impact our strategy in India and also investments.'
With the Finance Bill 2010-11 proposing payment of 10.3 per cent service tax by hospitals on cashless settlements, it may be a double whammy for policyholders: Higher premiums as well as soaring hospital bills.
The government will find it difficult to pass the Bill without the Congress's help
The deadline set by anti-corruption crusader Anna Hazare for passing the Lokpal Bill is inching closer, but the government seems to be in no hurry. Sources in the government said that the Union Cabinet is unlikely to discuss the Lokpal Bill on Sunday.
Crucial financial sector reforms are again stuck, despite Finance Minister Pranab Mukherjee's appealing to political parties to help pass the legislations in this regard.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances