The last date for bidding is being pushed back from April 25 to May 9 to allow Finance Minister P Chidambaram to clear the air on the seven-year income tax holiday for oil and gas production, when he replies to Finance Bill in Parliament in next couple of week, officials said. "There is no formal decision yet, but this is the line of thinking and an announcement is likely soon," an official said.
The finance minister said the early signs of improvement in the Indian economy are seen despite no big recovery visible in the global economy.
Whatever may be their flaws and the adverse impact on industry or the Centre's finances, the food security and land acquisition Bills are likely to be seen by voters as people-friendly initiatives
Fuel cess, TDS on large cash payouts bid to destroy truckers and get foreign players in, says an industry body.
Thirty-five Union ministers on Friday huddled in a strategy meeting for an image make-over for the government on a day when Congress began its foot march against the land bill from the symbolical Bhatta Parsaul village.
Union Finance Minister Pranab Mukherjee on Sunday said that the United Progressive Alliance government was ready to bring in and get the Lokpal Bill passed in the next session of Parliament if the Opposition cooperated with it.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next year.
Jaitley said the Congress may be upset with the government for 'political reasons'
The Jan Lokpal Bill is likely to be approved by the Delhi Cabinet on Tuesday as its draft has almost been finalised by a panel headed by chief secretary.
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
The government is targeting export of goods and services worth $2 trillion by 2030.
The government on Monday said it was willing to discuss every issue under rules during the Budget session of Parliament and sought the support of the Opposition in running the proceedings smoothly.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
Remember, the obligation lies with YOU. Not the credit card company.
Drabu said the GST regime will roll out in the state at midnight on Friday, making Jammu and Kashmir the last state to join the new tax regime.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge on Wednesday claimed he was 'insulted' as his mic was turned off while he was speaking in the House the previous day.
The new law would boost home buyer confidence as well as investment in the realty sector.
The important economic agenda for the Winter Session of Parliament beginning on November 22 includes amendment to the Insurance Bill to raise FDI cap from 26 to 49 per cent, Banking Regulation Amendment Bill and Direct Taxes Code.
With organisations like the Bharatiya Mazdoor Sangh, which is a front of the Rashtriya Swayamsevak Sangh, telling Finance Minister Nirmala Sitharaman they want OPS back, the government is in a bind, report Shiva Rajora and Aditi Phadnis.
The long-awaited Pension Bill to set up a regulator and manage the new pension scheme for government employees is likely to come up before Parliament in the forthcoming session beginning May 10.
The Telangana Bill will not come up in the Rajya Sabha on Tuesday with the House secretariat on Monday seeking clarifications from the Union law ministry over whether or not it is a money bill.
The government is likely to extend fiscal incentives for production of toys, bicycles and leather and footwear in the forthcoming budget as it looks to expand production linked incentive (PLI) scheme to cover more high-employment potential sectors, sources said. The government has already rolled out the scheme with an outlay of about Rs 2 lakh crore for as many as 14 sectors, including automobiles and auto components, white goods, pharma, textiles, food products, high efficiency solar PV modules, advance chemistry cell and speciality steel. The scheme aims to make domestic manufacturing globally competitive and create global champions in manufacturing, and it is yielding solid results, sources said.
Rural populations will get will get employment in the industrial corridors following amendments to the land acquisition bill.
Chidambaram eases duty on Cement, export of iron ore.
The bill, known as the Justice Against Sponsors of Terrorism Act, would prevent Saudi Arabia and other countries with alleged ties to terrorist groups from invoking their legal immunity in US courts.
Mukherjee, however, did not roll back the hike in excise and customs duty on petrol and diesel.
Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
In the wake of market crash on Thursday following the finance minister's proposal to levy a 0.15% turnover tax on securities transactions, Sebi said there was no need to panic as the proposal will be applicable only after the Finance Bill is passed.
The Parliamentary panel examining the nuclear liability bill on Wednesday decided to seek an extension for submitting its report on the controversial legislation. The decision to seek an extension came after top Bharatiya Janata Party leaders including L K Advani, Sushma Swaraj and Arun Jaitley had a meeting with Finance Minister Pranab Mukherjee."The committee cannot hustle through the proceedings," said BJP leader Jaswant Singh.
He has spoken to the party's heads in the Lok Sabha and the Rajya Sabha, Sushma Swaraj and Arun Jaitley, respectively , to seek support for the two items of proposed legislation. He got no assurance.
The political crisis faced by the Digambe Kamat-led government in Goa has blown over with the Congress leadership managing to convince the Nationalist Congress Party, protesting alleged irresponsible utterances against it by some Congress MLAs, to vote for the finance bill in the state assembly.
While the motives of the Bill are of course laudable, there is every likelihood that the consequences of its passage will be dire.
Mechanism for non-resident service providers made stricter.
Bowing to the pressure of Left parties, the government on Wednesday referred the Pension Fund Regulatory and Development Authority Bill to Parliamentary Standing Committee on Finance.
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