Price of diesel, LPG and kerosene will have to go up.
The hike in petrol price was necessitated because of increase in prices of crude oil in the international market, Union Finance Minister Pranab Mukherjee said.
Empowered committee to meet on July 13 to discuss Central Sales Tax, Goods and Services Tax.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
The government's plans to reign in petroleum subsidies to plug the fiscal deficit next financial year are in jeopardy, as a whopping Rs 2.13 lakh-crore revenue loss is expected at the current levels of global crude oil prices and domestic retail prices of controlled products.
In order to augment funds for SMEs (Small and Medium Enterprises), Finance Minister Pranab Mukherjee, in the General Budget 2012-13 presented in Lok Sabha, has proposed to exempt capital gains tax on sale of a residential property, if the sale consideration is used for subscription in equity of a manufacturing SME company for purchase of new plant and machinery.
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.
The previous budget had allocated Rs 1,581 crore.
Apart from this, the health sector as a whole has an allocation of Rs 4,447 crore (Rs 44.47 billion). The finance Minister said the response for Rashtriya Swasthya Bima Yojana, which was operationalised last year, has been very good.
With basic exemption for individual tax payers increased by Rs 10,000 for general tax payers and women and Rs 15,000 for senior citizens (i.e. 65 years and above), the tax slabs will stand as follows:
The reaction from Planning Commission Deputy Chairman Montek Singh Ahluwalia comes a day after the Central Bureau of Investigation arrested LIC Housing Finance CEO Ramachandran Nair and seven other senior bankers on charges of corruption and criminal conspiracy.
Railway Minister Mamata Banerjee will present the Rail Budget on July 1.
Former Union Minister and Bharatiya Janata Party official spokesperson Shahnawaz Hussain on Sunday said his party would disclose its strategy on Presidential elections only after the ruling United Progressive Alliance coalition announces name of its candidate.
India, which imports 12 per cent of its oil from Iran, will not scale down its petroleum imports from Tehran despite US and European sanctions against the Islamic republic, Finance Minister Pranab Mukherjee has said.
RBI is expected to raise its short-term borrowing and lending rates at its September 16 mid-quarter review.
Home Minister P Chidambaram on Friday parried questions on the truce between him and Finance Minister Pranab Mukherjee on the controversial 2G note and whether he had offered to quit during the crisis.
Mukherjee and Swiss Foreign Minister Micheline Calmy-Rey signed the revised pact in New Delhi on Monday.
Non-profit organisations set up for charitable purposes may see a tightening of income tax provisions.
In spite of the recent spate of exposes in the media detailing alleged corruption and scams in the preparations for the Commonwealth Games in Delhi, the Centre has decided to release additional funds for the Games.The Opposition will get yet another chance to attack the government and the Suresh Kalmadi led Commonwealth Games Organising Committee when Finance Minister Pranab Mukherjee presents the supplementary demand for grants in Lok Sabha.
India has the capacity and the resilience to overcome economic crisis, Finance Minister Pranab Mukherjee said on Tuesday in the Rajya Sabha.
Economists want Budget to focus on infrastructure, have a clear strategy on disinvestment and state measures to boost investment climate.
Government and Team Anna on Tuesday night began discussions on the Lokpal issue amidst clear indications that government might consider bringing the Prime Minister under the ambit of the anti-corruption ombudsman while differences persisted on other key issues during the inconclusive talks.
Leader of Opposition in the Lok Sabha Sushma Swaraj on Monday demanded that the United Progressive Alliance government convene an all-party meeting over the issue of Foreign Direct Investment in retail before making any statement on it in the Parliament.
According to sources, Finance Minister Pranab Mukherjee on Monday spoke to Opposition leaders about this decision. Details awaited.
Meanwhile, Minister of State for Finance Namo Narain Meena, in a written reply to the Lok Sabha, said, "In the forward guidance of the second quarter review of the Monetary
GDP growth in 2010-11 stood at 8.5 per cent.
Finance Minister Pranab Mukherjee has said attempts were being made to vilify Pandit Jawaharlal Nehru in the wake of Jaswant Singh's book on Mohammad Ali Jinnah and said it was a malicious campaign to distort history for narrow partisan interests.
The Union finance ministry has kicked off the exercise for preparation of the Union Budget for the fiscal year 2012-13 and has asked all ministries to rush proposals by October 31 for inclusion in the second supplementary budget for 2011-12 to be presented in the winter session of Parliament.
Prime Minister Dr Manmohan Singh has convened a meeting of senior ministers on Tuesday to discuss the recommendations of the National Advisory Council on the Food Security Bill.
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".
Kautilya, widely known as pioneer of economics in India and author of Artha Shastra (rules of economics), was invoked for the fourth time in the country's annual Union Budget speech on Friday, including thrice by the incumbent Finance Minister Pranab Mukherjee.
The government on Monday said it will provide all the funds necessary for the implementation of its unique identification number project, dismissing media reports to the contrary.
Finance Minister Pranab Mukherjee on Tuesday asked tax collectors to become technology-savvy and develop an effective intelligence system to prevent evasion and punish wrong-doers.
Finance Minister Pranab Mukherjee on Tuesday sought to soothe industry's and stock market's nerves by saying that the government would not monetise the fiscal deficit. Spending a good part of his reply in the Lok Sabha on allaying fears over the seeming lack of reforms in his July 6 Budget, Mukherjee promised a roadmap for disinvestment in public sector undertakings and the financial sector.
Minister of State in Prime Minister's Office, Prithviraj Chavan, considered close to Prime Minister Dr Manmohan Singh, was selected as the new Maharashtra chief minister on Wednesday morning.
To capitalise on the proposed changes in the Budget and the information on black money available with the government, the government is revitalising the economic intelligence council (EIC) headed by finance minister Pranab Mukherjee.
Finance Minister Pranab Mukherjee will start the customary pre-budget consultations with different interest groups like captains of industry, economists, agriculturists and bankers next week.
Anticipating an adverse impact in view of a bad monsoon, Finance Minister Pranab Mukherjee on Tuesday set an ambitious direct tax collection target for the current fiscal, revising it upward to Rs 4 lakh crore, up Rs 30,000 crore (Rs 300 billion) over the Budget estimates.
The government on Wednesday said radio wave auctions for third generation mobile phone services, or 3G, will be completed by end of March.
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