The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
'I want us not to underestimate Indian voters. They can tell good work from bad.'
The current draft of the Goods and Services Tax could kill any hope of economic revival - and you should blame the Congress if it rolls over and lets it pass, says Mihir S Sharma.
General Budget is a terminology earlier used to differentiate between the Union Budget with the Railway Budget. Full-fledged budgets are titled "Union Budget", while interim Budgets are titled just that.
In fact, no other recent Union Budget has held so much significance for the Indian economy as the one to be presented in about six weeks from now, notes A K Bhattacharya.
Group of ministers to review progress every fortnight.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
Besides urging the Centre for extension of loan moratorium, the hotel and travel industries have also demanded deferment of GST and advance tax payments and waiver of fees for all forthcoming licences and permits.
A Ganesh Nadar/Rediff.com attends Finance Minister Nirmala Sitharaman's presser in Chennai to tom-tom the government's achievements in its first 100 days in office.
Prime Minister Narendra Modi and chief ministers of states may soon have an in-person interaction on a common platform for the first time since 2019. The seventh meeting of the Governing Council of NITI Aayog is likely to be held in late June or early July, Business Standard has learnt from sources in the Centre and a state. While the date and other details are yet to be finalised, it is learnt that there will be a conclave of chief secretaries of states and Union Territories in Dharamshala, Himachal Pradesh, on June 14 and 15, which will decide the agenda of the Council meeting to be held at a later date.
Senior Congress leader Jairam Ramesh puts it succinctly: "Arun Jaitley was every non-BJP person's favourite BJP-ite."
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
In another round of economic booster, Sitharaman announced steps to help homebuyers and push exports.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
On one hand, South Indian states have been complaining about denial of a proportionate portion of the sharable funds from the Centre, based on population. On the other hand, they stand to lose Lok Sabha and Rajya Sabha seats that again are based on population, points out N Sathiya Moorthy.
Jaitley said India needed to grow by additional 1-1.5%.
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
'If petro products are brought into GST, then there will be minor impact on the incidence of tax... and minor impact on prices. The price of petrol, diesel will continue to be driven by global factors'
The entire Budget-making exercise will be advanced by 3-4 weeks so as to complete the legislative part of financial business before April 1, the start of a financial year
'Our automakers export 50 per cent of what they manufacture and once the policy comes into play, which is in the next 2-3 years, we would become a Rs 10 trillion industry.'
Party justifies total washout of day's proceedings in Rajya Sabha, citing Dalit atrocity, insult to Congress CMs and the GST bill.
Apart from Smriti, Ravi Shankar Prasad and Ananth Kumar took over as law and parliamentary affairs ministers respectively.
'... the government provides adequate cash and kind support for the poorest of the poor for survival... ...conditional cash and skilling support for the economically poor to raise their incomes to adequate levels... ...and make functional arrangements for providing unemployment allowance to the vulnerable poor during disasters like the present one.'
The government has already embarked on strengthening the tax net by sending letters to those who have not filed tax returns.
Maharashtra Chief Minister Uddhav Thackeray met Prime Minister Narendra Modi on Tuesday and discussed issues related to the Maratha reservation, pending GST compensation and the proposed Metro car shed in Kanjur.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
During the meeting that lasted one-and-a-half-hours, the prime minister asked his Cabinet colleagues to take up the "challenge" of reaching the message about the government's functioning to people through better connect with them.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
'I would like to convey the message to your readers that the prime minister himself is directly seized of the situation on the ground. He periodically reviews the situation on the ground and how it is moving forward, taking inputs from economists, business leaders, chambers of commerce.'
Room for rise of up to 2 percentage points, move to help meet higher expenditure need in FY17
'The AMs are a different beast and reflect the political play within the government.' 'Prime Minister Modi does not need to assuage any interest group to take the final call on any decision that belongs rightfully to the Cabinet,' points out Subhomoy Bhattacharjee.
It was not immediately known if Modi acceded to Jaitley's request.
Measures may include tax slab and rate revisions for individuals, companies.
Chief economic advisor Arvind Subramanian discusses the Budget, goods and services tax, Centre-state relationship and larger issues facing the economy
In a resolution passed at its national assembly in Haridwar, the SJM said the Modi government's proposed strategic divestment of PSEs was an "imprudent business decision" and "against national interest".
Govt could cut the GST rate payable every time someone buys a health insurance product; or it could also provide a larger income tax set off for those who buy a health insurance product
While the government has not made the report public, sources said the panel had recommended a sharp cut in all taxes on the gold business, including import duty and goods and services tax which amounts to over 13%.
Jaitley, while reviewing the security situation of Jammu and Kashmir at a high level meeting, also asked the forces to deal firmly with the inimical elements but ensure safety of the innocent people, officials said.
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