The controversial proposal to amend the Income Tax Act with retrospective effect to bring into tax net Vodafone-type deals is expected to yield to the exchequer Rs 35,000 to Rs 40,000 crore, the government said.
The retraction was preceded by a shouting match between Finance Minister Pranab Mukherjee and Railway Minister Mamata Banerji, who had threatened to walk out of a Cabinet meeting protesting some provisions in the Bill earlier this month.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee on Monday proposed to exempt them from filing tax returns unless they have other sources of income.
The bill to amend the 49-year-old law to guard against claims of succession or transfer of properties left by people who migrated to Pakistan and China was passed amid a walkout by the entire Opposition.
Rejecting Rajya Sabha's five amendments and opposition's appeal not to make "haste", the Lok Sabha on Wednesday passed the legislation that aims at better targeting of subsidies through the Aadhaar unique identity number within hours of the Upper Housing returning it.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
Finance Minister Pranab Mukherjee on Wednesday justified legislative changes in taxation law with retrospective effect, saying this was required in order to protect "the interests of the (tax) department".
Sluggish corporate earnings, lacklustre global markets, FPI and slowdown concerns have played spoilsport for the markets.
The minister recalled the steps taken by the government to deal with general inflation, which was in the negative zone in June-August, 2009, and had since risen to 9.9 per cent in March, 2010.
Taking exception to the government's 'comparative' analysis of the two drafts of the Lokpal Bill, Anna Hazare team on Monday asked Finance Minister Pranab Mukherjee to treat both its versions as the joint drafting committee's outcome enjoying 'equal weightage'.
Faced with a deadlock over the Pension Fund Regulatory and Development Authority Bill due to stiff opposition from the Left parties, the government is contemplating to bring a separate Bill on pension funds for private sector employees.
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.
Offering an olive branch to the Opposition to get the GST bill passed, Finance Minister Arun Jaitley on Thursday said that Prime Minister Narendra Modi is willing to speak to everyone to get the landmark indirect tax law through.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
Finance Minister Pranab Mukherjee said this while presenting the Union Budget for 2010-11 in the Parliament on Friday.
The code, which will replace the existing Income Tax Act 1961, aims to rationalise tax rates to bring more people and companies under the tax net.
The government on Monday tabled the much-awaited Direct Taxes Code Bill in the Lok Sabha which proposed to raise the exemption limit on income tax from the current Rs 1,60,000 to Rs 200,000.
Dutch subsidiary Vodafone International Holdings BV on Tuesday severed a notice of dispute on the Indian government regarding proposals in the Finance Bill 2012 which it claimed violated the international legal protections granted Vodafone and other international investors in India.
Compliance window for those with undisclosed income abroad to come clean by paying 30 per cent tax and 30 per cent penalty
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 government introduced the 122nd Constitution amendment Bill.
The CPI (M) members seemed determined to thwart the bill, aimed at increasing the FDI limit in the insurance sector. As Minister of State for Finance P K Bansal rose to introduce the Insurance Laws (Amendment) Bill, 2008, CPI (M) member T K Rangarajan tried to grab the copy of the bill from him. An agitated-looking external affairs minister Pranab Mukherjee pushed Rangarajan to protect Bansal. Another minister Meira Kumar rushed to shield Bansal, who introduced the bill.
The SBI (Subsidiary Banks Laws) Amendment Bill 2009, introduced by minister of state for finance P K Bansal, was necessitated as these powers were vested with the Reserve Bank of India from whom the ownership of these banks were transferred to the Centre few years ago. Once passed, the bill would empower the Centre to increase or reduce the authorised capital of a subsidiary bank.
The new Companies Bill, which was first introduced in the Lok Sabha in 2008, seeks to give a fillip to the cause of corporate social responsibility and corporate governance.
Jaitley's concerns are unlikely to cut much ice with the Congress.
Facing stiff opposition over the Nuclear Liability Bill, the government on Friday said it will consult all political parties before tabling the draft legislation in Parliament. "
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.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
A courier company owner was arrested for allegedly evading service tax of about Rs 70 lakh
Finance Minister Arun Jaitley appealed to parties to rise above partisan considerations to support it.
The legislation was passed by 125 votes in favour and 61 against.
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.
A Bill to restrict voting rights of brokers as shareholders and their participation on governing boards of stock exchanges was on Monday passed in Lok Sabha without discussion and by a voice vote.
Hope floats for higher trading volumes; warehousing and cold chain facilities get tax incentives.
Crude prices touched 30-months high of $120 per barrel last month following unrest in Egypt and Tunisia.
The finance minister is "reasonably confident" that when it comes to the crunch, "it would be extremely difficult even for the Congress party to take a contrarian view" on the GST Bill.
