'We wanted the PM to speak, and he just refused to -- now we have the opportunity, not just in the Lok Sabha, but also in the Rajya Sabha, to lay the government on the mat.'
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
The 14th Finance Commission had recommended that states' share in the divisible tax pool be raised to 42 per cent, from 32 per cent earlier.
'There is a fiscal crisis building up, which might become apparent when the Finance Commission presents its report,' warns T N Ninan.
Kevin Woods, head, visa department, British Deputy High Commission, Chennai, says you will need to show evidence that funds will be available throughout the length of your course.
States may face a GST compensation shortfall of Rs 3 lakh crore in the next financial year, a situation that will force them to borrow more from the markets, says a report. The states may face a shortfall of Rs 2.7-3 lakh crore as Goods and Services Tax (GST) compensation from the Centre next fiscal. Out of that amount, the shortfall from cess collections will be at Rs 1.6-2 lakh crore, according to an Icra report released on Monday. In FY21, the states were facing a shortfall of Rs 1.1 lakh crore in GST compensation from the Centre but over 90 per cent of that amount has been cleared now.
There has been criticism of the official statistics ever since MoSPI came out with new methodology to estimate the GDP on the base year of 2011-12 compared to earlier 2004-05.
The Supreme Court of India on Wednesday said the problem with electoral bonds scheme is that it provides for "selective anonymity" and "selective confidentiality" as the details are available with the State Bank of India (SBI) and can also be accessed by the law enforcement agencies.
Participants are keenly awaiting the rollovers to the next series ahead of the expiry of June F&O.
The Supreme Court on Friday asked the Army to put its "house in order", saying that it feels that it has not been "fair" to the women officers who have alleged delay in promotions after being granted permanent commission on the directions of the top court in 2020.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
Mitra will take over from P V Bhide after January 31.
Consumers are paying an exorbitant 180 per cent tax on petrol, and 140 per cent on diesel in Delhi and in most other towns in India. Little wonder then that the central government expects a staggering Rs 3.46 trillion by levying excise duties on retail sale of the two fuels this year, and Rs 3.2 trillion the next. States would generally have had reason to cheer, as they command a 41 per cent share in Centre's tax revenues. But as the Centre has raised excise duties in the form of "cess," the revenue proceeds are by nature not shareable with states.
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13.
The report stated the 2013 land Act was a step forward.
For every rupee in the government coffer, 70 paise will come from direct and indirect taxes, while the government will spend 23 paise towards the states' share of taxes and duties.
The Supreme Court on Tuesday upheld the validity of two central laws and the corresponding rules that provide for a maximum tenure of five years for the directors of the CBI and Enforcement Directorate.
The Adani group has exited the financial services business by selling its entire 90 per cent stake in Adani Capital and Adani Housing to private equity (PE) firm Bain Capital for Rs 1,440 crore. The total valuation of the Adani financial services business stands at Rs 1,600 crore. Gaurav Gupta, managing director (MD) and chief executive officer (CEO) of the Adani firms will hold the rest of the stake.
Employees and workers will meet on November 27 to protest against the recommendations
YSR Congress chief Jagan Mohan Reddy has written to leaders of various parties seeking their support for the motion.
The Thirteenth Finance Commission on Monday suggested that activities like housing, construction and railways should be included in the proposed Goods and Services Tax to increase the tax base and enhance collections.
Nirmala Sitharaman has designed the revenue mix in such a way that while Centre's share in taxes would grow a massive 25 per cent, states' share would grow a dismal 6 per cent.
In a significant development, India is believed to have placed a funding request of around $55 million in its first call with the Pandemic Fund of the World Bank, sources said. The fund has been set up to finance critical investments in a bid to strengthen pandemic prevention, preparedness, and response capacities at national, regional, and global levels, with a focus on low- and middle-income countries. It was created in the aftermath of the Covid-19 global pandemic.
The Union Cabinet has been summoned for an unscheduled meeting Tuesday morning before the start of Parliament's day's sitting, strengthening speculation that the government may be pushed to tabling the Liberhan Commission report on Babri Masjid demolition.
Finance Minister Pranab Mukherjee may have earned plaudits for projecting a decline in the fiscal deficit to 5.5 per cent of gross domestic product (GDP) for 2010-11, but his targets for revenue deficit reduction are relatively modest and represent a departure from the 13th Finance Commission's recommendations.
'He will go to any extent, and he will have the full support of the Union government as they may not like a Left government to continue here.'
The Delhi government is likely to extend the ongoing Winter Session to allow passage of the Jan Lokpal Bill which was cleared by the cabinet earlier this week.
The top court drew parallel between driving and technology and said if one doesn't know how to handle technology then he or she can't be a judge and questioned the approach of some of the high courts.
A panel will examine the merits and demerits of various dates for the commencement of the financial year.
Finance Minister Nirmala Sitharaman on Friday flagged concerns about possible cartelisation in markets and stressed on the need to look into the causes of short supply of commodities. Speaking at the 13th annual day function of the Competition Commission of India (CCI), the minister also said that the regulator needs to have a "proactive understanding" of mergers and acquisitions. "Cartelisation is going to be a challenge...," the minister said.
The ED carried out searches against two former auditor firms of IL&FS -- BSR and Associates and Deloitte Haskins and Sells -- on Wednesday in connection with its money-laundering probe into alleged financial irregularities at the infrastructure development and finance company, official sources said. The premises linked to the two auditors in Mumbai were searched under the provisions of the Prevention of Money Laundering Act (PMLA), they added. The action came a week after the Supreme Court set aside a Bombay High Court verdict that quashed an SFIO probe against the two companies, both former auditors of IL&FS Financial Services, paving the way for action against them under the Companies Act and allowing the National Company Law Tribunal (NCLT) to take forward its enquiry against them.
Every option before the finance minister comes with a price tag, observes T N Ninan.
The Congress leader told reporters that the Punjab government is 'preparing to challenge the Bills in the apex court on two counts'. "First, it is a state subject and the Union government has no right to enact a legislation on it. "Besides, the federal government cannot destroy the economy of states. Due to the Bills, losses will be too much for a small state like Punjab," he said.
Brand India's societal divisions and distortions have remained as much relevant in 'liberal' America and Europe as it still is in the structurally stratified Indian society of the 21st century, observes N Sathiya Moorthy.
As many as 483 infrastructure projects, each worth Rs 150 crore or more, have been hit by cost overruns totalling more than Rs 4.43 lakh crore, according to a report. The Ministry of Statistics and Programme Implementation monitors infrastructure projects worth Rs 150 crore and above. Of the 1,781 such projects, 483 reported cost overruns and 504 were delayed.
The nodal officer for EVMs in Varanasi, a returning officer (RO) in Sonbhadra district and an additional election officer in Bareilly district have been pulled out from election duties, a day ahead of the counting of votes in UP.
Union Finance Minister Nirmala Sitharaman, Congress' chief spokesperson Randeep Surjewala and senior leader Jairam Ramesh were among the 10 candidates elected to the Rajya Sabha on Friday from Karnataka, Rajasthan and Haryana, while counting was underway in Maharashtra after an eight-hour delay due to wrangling by rival parties over alleged breach of voting rules.
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