Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
Life insurers have decided to pass on service tax to customers. The chief financial officers of life insurance companies met last Wednesday and have decided to pass on the service tax burden to customers, confirmed officials of various life insurance companies.
The Union Cabinet on Wednesday approved amendment to the DICGC Act to provide account holders access to up to Rs 5 lakh funds within 90 days of a bank coming under moratorium to ensure timely support to depositors. Last year, the government raised insurance cover on deposit five-folds to Rs 5 lakh to provide support to depositors of ailing lenders like Punjab and Maharashtra Co-operative (PMC) Bank. Following the collapse of PMC Bank, Yes Bank and Lakshmi Vilas Bank too came under stress, leading to restructuring by the regulator and the government.
While going back to the old bill is only a face saver, there is little in the bill that will excite industry or the markets, says Shishir Asthana.
Finance Minister Arun Jaitley had came out with a host of proposals last month.
Finance Minister Pranab Mukherjee on Thursday said the government would introduce the Direct Taxes Code (DTC) Bill that will simplify direct tax laws, in the monsoon session of Parliament beginning July 26.
Finance Minister Nirmala Sitharaman will keep on the path of fiscal consolidation and opt for narrowing the FY24 fiscal deficit to as low as 5.8 per cent in the upcoming Budget, analysts said on Tuesday. The government may go for a fiscal deficit number which will be far lower than the 6.4 per cent of GDP budgeted for FY23, they said, pegging the Budget figure for the next fiscal in the range of 5.8 - 6 per cent. Given the fact that this will be the last full Budget of the present government, there may be a temptation to make it into an expansionist one.
One of the bold proposals in the Finance Bill, 2007, is amendments in the law relating to valuation of imported and export goods
Following is the text of Prime Minister Manmohan Singh's remarks at the all party meeting on the Lokpal issue in New Delhi on Wednesday evening.
The BJP alleges that the U C Banerjee Committee Report, which described the train fire as an accident, was made public with an eye on the polls.
Currently, the select committee is considering the Bill.
Food subsidy bill rises 20% in April-January
Piloting the Specified Bank Notes (Cessation of Liabilities) Bill, Finance Minister Arun Jaitley said it will extinguish the government's liability towards scrapped notes and also eliminate the possibility of their bring used as parallel currency.
Time is running out for a hapless UPA govt over the Telangana bill, and the latest observation by the Rajya Sabha secretariat -- that the bill has financial implications and so must be introduced and passed in the Lok Sabha first -- has only worsened the crisis for the ruling alliance. Anita Katyal reports.
The joint drafting committee on the Lokpal Bill met in New Delhi on Tuesday for the last time amid "fresh and serious" differences between the government and Anna Hazare team.
A new Lokpal Bill will be introduced in the Lok Sabha on Thursday and the existing one withdrawn.
Select committees on Mines and Minerals Amendment Bill and Coal Mines Bill recommended their approval without any change
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
The government is exploring legal options, including bringing an Ordinance, to tackle the problem of income-tax litigation on reassessment notices under old, time-barred norms, according to official sources. This has come in the wake of writ petitions filed by companies and individuals in recent weeks to challenge the validity of the notices issued by the tax department between April 1 and June 30 and under the old norms.
The first step in tax saving through family tax planning is to adopt the concept of divide and rule. The simple rule is that each family member must have his or her independent source of income so as to legally become an independent tax payer under the provisions of the income tax law. Under the income tax law it is not possible to arbitrarily divide one's income amongst different members of the family - and then pay lower tax in the names of different family members.
Here's how to get out of this situation without hurting your CIBIL score.
Abolition of CST will pave the way for an integrated Goods and Services Tax (GST) which will be introduced by April 1, 2010, Finance Minister P Chidambaram said.
Ahead of the Parliament session, Prime Minister Narendra Modi on Wednesday reached out to parties appealing them not to come in the way of prosperity of farmers, saying the deadlock over the land acquisition bill is seriously impacting rural development.
In a rare legislative action, a private member's Bill seeking to protect the rights of transgenders was passed unanimously by voice vote in Rajya Sabha on Friday.
The government will push for the passage of a long-pending bill to provide statutory status to the Unique Identification Authority of India in the winter session of Parliament.
The government has proposed to dilute the controversial Fringe Benefit Tax, exempt savings account from the 0.1 per cent banking cash transaction tax and raise income tax exemption limit for women and senior citizens.
The alliance will resume its boycott of Parliament indefinitely from Tuesday protesting against the United Progressive Alliance government's 'hostile and vindictive' attitude.
BJP leader L K Advani said the NDA's boycott of Parliament was also to protest against the Centre's 'negative' attitude towards the opposition.
Displaying earnest, government will seek the views of jurists and former judges on the proposed Judicial Appointments Commission bill it plans to bring in Parliament to replace the present collegium system where judges appoint judges.
Interacting with representatives from NGOs, Congress leader Rahul Gandhi on Monday asked opposition parties to fix a date to help government pass bills on which there is general consensus.
The Finance Bill, 2007, has proposed tougher measures against tax evasion by tightening penalty provisions.
For starters, the application to the commission will have to be made together with the payment of the tax liability. The application can be made only before the assessment officer has completed proceedings, and not after.
India has lost three finals and on four occasion it bit dust at the semifinal stage. It also made an exit at the preliminary stage of the 2021 T20 World Cup.
While the bill is yet to be passed by the House of Representatives before it lands up on the table of Obama to sign it into law, the White House has said that Obama would veto it.
The idea is to get the budget passed by Parliament along with Appropriations Bill and the Finance Bill by the end of March as this would ensure implementation of the Budget proposals from April 1.
HDFC Bank was the top loser in the Sensex pack, shedding nearly 2 per cent, followed by HDFC, Bajaj Finance, NTPC, Maruti, Kotak Bank and PowerGrid. The NSE Nifty fell 24.30 points to 18,044.25.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
'The central learning of the day was that if the BJP leadership can cajole, coax and convince regional parties to vote for bills, it would not be a stretch to see the same votes cast in favour of the land bill,' a senior Congress leader from a northern state told Rediff.com
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