The steel ministry has asked its finance counterpart to expedite the implementation of the measures that have been decided but not implemented yet to contain steel prices.
The Parliamentary Standing Committee on Finance has passed strictures against the finance ministry for the delay in introducing the draft direct tax code for legislation to replace the voluminous Income Tax Act, 1961.
The department of financial services has decided to give banks commission, to ensure these accounts are kept active.
The Finance Ministry ruled out introduction of Advance Pricing Agreement programme for deciding tax liability of the companies in advance in the near future, saying that in the absence of an institutional mechanism such system would not be effective. An Advance Pricing Agreement is a binding contract between a taxpayer & the tax authority under which the 2 parties agree on the transfer pricing policy for specified transactions of the taxpayer over a given period of time.
Despite only Rs 2,000 crore (Rs 20 billion) mopped in the first half through disinvestment, the finance ministry said on Tuesday it is 'confident' of meeting the Rs 40,000-crore (Rs 400-billion) target for the current fiscal, as there is enough appetite in the market.
NPA problem to continue for next 2-3 quarters: banks to FinMin
The international crude oil price of Indian Basket was $60.10 (Rs 3,765.27) per barrel on December 15, down from $60.58 (3,782.62) per bbl on December 12.
The government is studying suggestions on checking instances of double non-taxation and 'treaty shopping'
Among the other demands in its pre-Budget Memorandum 2008, the IT industry body has also suggested broadening the eligibility criteria for the large tax payer unit scheme, foreign tax credits, advance pricing agreements to provide upfront tax certainty, and refund of service tax paid on services utilised for export of computer software and BPO services.
The Finance Ministry, late Thursday night, came out with draft guidelines on General Anti Avoidance Rule -- a budgetary proposal to check tax evasion.
The Union finance ministry has endorsed the views of Gajendra Haldea, infrastructure advisor to the deputy chairman of the Planning Commission, who had objected to recent changes in bidding norms by the National Highways Authority of India.
The finance ministry has opposed the proposed airport at Greater Noida, and has instead favoured upgrading infrastructure at Delhi airport, which it says makes more economic sense. This has come as a shot in the arm for the GMR group, the private sector developer of Delhi airport, which has been opposing another airport so close to the existing one.
The Department of Industrial Policy and Promotion in its draft Cabinet has proposed to further tighten the rules for foreign direct investment in brownfield pharmaceutical sector.
Power Minister Anant Geete said on Tuesday that the finance ministry is considering a proposal to restart the Dabhol Power plant, now lying idle for nearly two years.
Rajan Committee has evoked divergent reactions from the states.
Deposit rates stood at 8-9.50 per cent, compared to 6.25-8 per cent as on August 18, 2006, the report for the month of August stated.
Several PE investors have appealed to the ministry to bring them at par with the foreign institutional investors as far as tax treatment is concerned.
The US Federal Reserve on Wednesday surprised the markets by saying it will continue with its monthly $85-billion bond buying programme and wait for more evidence of growth recovery.
Indian government has hiked the import duty on refined gold three times since January 1 and it now is at a record 10 per cent.
RBI Governor Raghuram Rajan has been pursuing hawkish monetary policy stance to keep inflation under check.
The EPFO pays rate of return to its subscribers on the basis of returns it generates from its investments.
The ministry has sought information on posts for which regular recruitment is made; expected parameters for the said posts; subjects for tests; and training modules.
The Ministry of Finance may seek the Union Cabinet's approval for the proposed 10 per cent stake sale in state-owned Coal India Ltd by the end of this month, a senior Coal Ministry official said
The finance ministry has suggested easing of the rules for calculating foreign investment in a company. The proposed rules, which take out sundry entries of indirect investment, will make life easier for companies, which have high foreign institutional investment and face the risk of breaching sector-specific caps.
With services contributing around 57 per cent to the economic growth, finance ministry advisers have made a case for allowing FDI in the retail sector and selling government equity in PSUs, including telecom firms BSNL, MTNL and TCIL, to achieve high GDP expansion.
The department of economic affairs in the Union finance ministry has suggested aggressive sterilisation of foreign capital inflows, tightening of government expenditure and intervention in key farm produce markets like wheat.
The finance ministry has turned down a proposal for shifting the exporters' tax refund plan to the commerce ministry, which has been lobbying hard to take charge of the duty entitlement pass book scheme.
Central Board of Excise and Customs chairman V Sridhar has also said the realty sector would not attract 10 per cent service tax in effect.
The Finance Ministry on Thursday said it does not anticipate any backlash from PSU employees against divestment in state-run companies and the target of Rs 40,000 crore under this head next fiscal is 'modest' and achievable.
The Finance Commission (task force) had recommended an overall GST rate of 12 per cent 'but it is likely to be higher than that', revenue secretary Sunil Mitra said at a Confederation of Indian Industry seminar in New Delhi.
The government during 2009-10 is estimated to forego revenues of over Rs 5 lakh crore, which amounts to 50 per cent of its annual expenditure due to various tax concessions given to the prop up the industry hit by the global financial turmoil.
The FM's proposal on new banks and a Financial Stability and Development Council could spark tension with RBI.
The Institute of Chartered Accountants of India has offered technical information for drafting the rules for valuing employee stock options for calculating the fringe benefit tax.
FinMin had, recently, notified changes in FDI rules that made prior approval of the government mandatory for foreign investments from countries that share a land border with India. Hong Kong was ranked 14th on the list of countries with FDI flows to India, contributing $4.2 billion between April 2000 and December 2019, the data from DPIIT shows. India received FDI worth $2.34 billion from China in the same period.
But commerce ministry works on rules for exemption to contractors.
The finance ministry has tightened the noose around developers of special economic zones by disallowing tax concessions to their contractors involved in the construction work.
Finance Minister Pranab Mukherjee has asked Communications Minister Andimuthu Raja to complete the auction of the third generation (3G) spectrum within the agreed deadline (February 15), so that the revenue from it can be reflected in the Union Budget for 2009-10. Mukherjee had earmarked Rs 30,000 crore as revenue from 3G auction, which has already been delayed by a year, in the Budget.
