In the apparel export segment, one of the biggest challenges is that UK has a size, US has a size, Europe has a size and a measure; but India does not. So a size India project will be rolled out in the entire country, the first of its kind in Indian history.
Ahead of the first due date of advance tax payment on June 15, the government is likely to release guidelines on what will be covered within the ambit of virtual digital assets (VDA). To remove any ambiguity in the recently established tax framework for asset holders, the Central Board of Direct Taxes (CBDT) is currently preparing guidelines, said government officials in the know. The apex direct tax body will define non-fungible tokens (NFTs) and whether or not they fall within the purview of VDA.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
'I'll survive for a month, but worry about what will happen if the lockdown isn't eased after that.'
Online companies would look forward to an integrated and uniform approach for tax laws and regulatory policies
'Igniting in this country, a false feeding of nationalism combined with religion.' 'They are promoting the religion of the majority people in the country to feed their political agenda.'
Gandhi attacked Modi and the BJP while latching on to the bribery allegation made by Narendra Patel, an activist of the Hardik Patel-led Patidar Anamat Andolan Samiti.
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.
PM Modi on Sunday called upon states to "speed up capital expenditure and infrastructure creation" to spur economic growth.
The Union government may restate the roadmap or modify it, only after building a consensus with the states, sources said, adding this is not likely to be in the Budget, to be presented by finance minister Pranab Mukherjee on July 6. The Centre and state governments have still not agreed on the GST rate, even though consensus may be building for eight per cent at each level.
The Congress chief said if his party is elected to power, its government would spend 6 per cent of the GDP on education.
The added burden on manufacturers for recycling e-waste is expected to impact their margins, which may further lead them towards hiking prices of other items.
Ahead of the Union Budget 2023, insurers are hoping that the Centre will act on their recommendations, which includes increasing the limit for tax deduction under 80D of the Income Tax Act. Also among them are issuance of long-term bonds, tax incentives for home insurance premiums, and a separate section to claim deduction for term-insurance premium, among others. These suggestions would help improve the penetration of insurance in the country.
The Institute of Chartered Accountants of India has shortlisted the changes it hopes to see in Budget 2017.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
Samajwadi Party president Akhilesh Yadav on Friday attacked the Uttar Pradesh government over the death of a Kanpur businessman in a police raid, claiming that the case is linked to an extortion racket and "someone" is trying to save himself.
"Of the structural reforms, the GST has been the most historic in our country. Its chief architect is not with us today. I pay homage to the visionary leader late Arun Jaitely. GST has been gradually maturing into a tax that has integrated the country economically," she said during her budget speech.
The Bharatiya Janata Party was on Thursday poised for a landslide victory in Gujarat to retain power for a record seventh straight term but was behind the Congress in Himachal Pradesh which could go with the trend of alternative governments in the hill state.
The former prime minister also criticised the current government for 'messing up' the economy.
The ruling party has indicated willingness to discuss opposition-sponsored motions on 'intolerance'; Jaitley has also shown willingness to accommodate concerns on GST
Finance Minister Nirmala Sitharaman will present the Union Budget for 2023-24 in Parliament on February 1. The Budget is a statement of the government's estimated receipts and expenditures for a fiscal year (April 1 to March 31). It's divided into Revenue and Capital Budget. The Revenue Budget includes the government's revenue receipts and expenditures while the Capital Budget includes its capital receipts and payments.
Finance Minister Pranab Mukherjee had asked officials in his ministry to finalise the draft by August 20 so that it could be in Parliament before the session concluded on August 27, said a finance ministry official.
The government will set up 16 new medical colleges over the next five years.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
The government will have to make substantial payments, as well as forego revenues in FY'23, if it wants to work on the survival of Vodafone Idea because it will have to extend the same incentives to the entire telecom sector. According to estimates, the industry has to spend around Rs 21,000-Rs 25,000 crore for spectrum which it bought on a deferred payment basis. Vodafone Idea has asked for a moratorium for another year (FY23). If granted, the government will have foregone the instalment payout for a third year in a row as it has already provided a moratorium for two years, giving telcos Rs 42,000 crore worth of relief.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
The combined share of customs and excise duties, service tax, and value-added tax in India's gross domestic product reached an all-time high of 10.5%.
Lower revenue collection puts upward pressure on government borrowing, ensuring that it deviates from the glided path of debt reduction
Post DeMo and GST, business outlook remain diminished among both buyers and sellers
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
The one national GST unifies the country's $2 trillion economy and 1.3 billion people into a common market, an exercise that took 17 tumultuous years.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
Businesses coming to terms with Ind-AS (Indian Accounting Standards) implementation, GST can do without further uncertainty and costs, say N Sundaresha Subramanian & Sudipto Dey.
Modi praised Tamil Nadu as a special place and lauded the Tamil language as eternal and its culture as global.
In 50 days, 60% of the work force was let off in retail, agri, textile and other sectors.
It is rare for Cabinet ministers to tick off state-owned companies publicly, yet that was what then petroleum and natural gas minister Dharmendra Pradhan did for ONGC. Speaking at an event on June 29, Pradhan said he has asked India's premier exploration company to find fresh oil acreages fast. "Do it yourself through some joint venture (or) through a new business model. But the government cannot permit you to hold resources for an indefinite time." The reason for this stricture is India's rising dependence on imported oil and gas. Or, to put it another way, falling domestic production (see chart: "Crude truth"), especially from ONGC, which faces a simple problem.
Laying the roadmap for the introduction of a goods and service tax (GST), state governments on Tuesday proposed a dual GST structure, with two rates for goods and a single rate for services. The tax would be levied both by the Centre and the states, though there is still no clarity when the new tax regime will be implemented.
De-scaling of businesses, job losses and subsequent impact on disposable incomes has created negative sentiment among traders, business owners and workers alike, says Abhishek Waghmare.
The CAG audit may look into expenditure on printing of notes, RBI dividend payout and banking transaction data.
