In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.
The empowered committee of state finance ministers has virtually trashed the Thirteenth Finance Commission taskforce's Goods and Services Tax report.
The government has extended the term of Reserve Bank of India Governor Shaktikanta Das by another three years upto December 2024, according to an official order.
The BJP is now inventing new angles to keep its campaign relevant -- even if it's old wine in an old bottle, which is what the allegation on 'Katchatheevu' is, notes N Sathiya Moorthy.
The 61-year-old MLA from Islampur seat of Maharashtra was issued the first summons for appearance on May 12 but he had sought deferment for about 10 days citing some personal and official engagements.
The panel will also recommend a fiscal consolidation road map for the central and state governments, study the impact of GST on the divisible pool, and propose performance-based incentives for states.
The National Company Law Tribunal (NCLT) on Thursday allowed the merger of Zee Entertainment Enterprises Ltd and Culver Max Entertainment (earlier known as Sony Pictures Networks India). This order by the Mumbai bench, headed by H V Subba Rao and Madhu Sinha, will pave the way for the creation of a $10-billion media company, the biggest in the country. The tribunal also dismissed all objections regarding the merger.
An eight-member Pakistani judicial commission team crossed into India from the Wagah border check post in Punjab on Saturday to conduct the much-delayed cross-examination of witnesses in the 2008 Mumbai attacks, which claimed 166 lives.
A day before unveiling the Budget, Finance Minister Pranab Mukherjee will table the Economic Survey in Parliament on Thursday which will take stock of the economy and also the impact of stimulus on industry.
'Modigate is snowballing into a huge thing with the electorate. The BJP is in for huge punishment by the electorate.'
Sharif, the three-time former premier, said that there is a need for all the political parties to sit together and form a government to pull Pakistan out of its difficulties.
The Supreme Court Monday said no state should deny the ex-gratia compensation of Rs 50,000, as recommended by National Disaster Management Authority (NDMA), to the kin of persons who died of COVID-19 on the sole ground that death certificate does not mention it as the cause of death.
Sales tax continues to top the state's largest source of income.
Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.
The 7th Pay Commission has recommended more than doubling the 'Military Service Pay' to defence personnel, and suggested that Short Service Commissioned Officers should be allowed to exit the Armed Forces at any point in time between 7 and 10 years of service.
'There is no scope for any doubt. This was a scheme designed to enrich the ruling party.'
The BJP chief exuded confidence that the party would retain power at the Centre in the 2019 Lok Sabha polls with more strength.
The Opposition on Monday charged the government with trying to promote crony capitalism, creating fear by giving "unbridled power" to taxmen, trying to snoop into people's lives through increased use of Aadhaar through the provisions of the Finance Bill.
'The first duty of the government is to learn lessons from a bad experience and course correct. It's a pity that the government is making policy without looking at evidence and differentiating between immediate and urgent.'
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.
The Appointments Committee of Cabinet has named Ravneet Kaur, a Punjab cadre IAS officer of 1988 batch, as chairperson of the Competition Commission of India (CCI). Kaur will hold the post for five years or until attaining the age of 65. She is the second woman to serve in an 'economic regulator' role after Madhabi Puri Buch, who was appointed chairperson of the Securities and Exchange Board of India last year and the first woman to head the country's chief national competition regulator.
Budget-makers in North Block are looking to maintain this fiscal status quo, in spite of tax revenues nowhere close to where the government wants and in spite of possible higher expenditure commitments.
Indications are that the DMK combine will win more seats than the AIADMK and BJP, but is facing a tough fight in about half a dozen from the rest, predicts N Sathiya Moorthy of the electoral contest in Tamil Nadu.
If Modi wants to leave a real legacy, breaking India's strategic triangulation would be the real gift, notes Shekhar Gupta.
Structural changes to government finances could be focus of the Union Budget, says Mihir S Sharma.
Bihar Chief Minister Nitish Kumar asked the prime minister not to make new promises to Bihar but "show moral courage" and ensure implementation of all the promises made till date.
Mitra will take over from P V Bhide after January 31.
Finance Minister Pranab Mukherjee will hold a pre-Budget discussion with state governments on January 13.
Kerala's election discourse operates surreptitiously. Its explicit face focuses on important national and local issues. At the same time, it seeks to secure apt communal equations to ensure votes, notes Shyam G Menon.
From withdrawing the stimulus to implementing the Finance Commission proposals, the FM has his task cut out.
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.
In a letter to Saxena, the BJP's West Delhi MP Parvesh Verma demanded Maliwal's removal from her position.
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.
The demand for extension of the GST cess regime among others was made by several state finance ministers at a pre-budget consultation called by Union Finance Minister Nirmala Sitharaman in New Delhi. Besides, many states also demanded raising the share of the Union government in the Centrally Sponsored Schemes (CSS). Currently, the central government and state government share in some CSS is 60:40 while in others it is 75:25.
The CrPC (Identification) Bill empowers the police to obtain physical and biological samples of convicts and those accused of crimes while the DMC (Amendment) Bill, 2022 seeks to unify the three civic bodies in the national capital.
The government has allowed the Enforcement Directorate to share information about economic offenders with 15 more agencies, including SFIO, CCI and NIA, a move that will expedite nailing of law-breakers. The finance ministry notified changes to the Prevention of Money Laundering Act (PMLA), 2002, on November 22. Through the notification, the Enforcement Directorate (ED), which deals primarily with cases of money laundering and violations of foreign exchange laws, would be able to share data with a total of 25 agencies, including the 10 specified earlier.
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.
