The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
The introduction of GST would constitute India's biggest reform.
By castigating the reforms themselves because of the remediable and reversible defaults here and there in carrying them out, Yashwant Sinha is throwing out the baby along with the bath water, says B S Raghavan.
'This country today is demonstrating to the world the true meaning of federalism, the true meaning of working in partnership between the central government and the state governments.'
Some experts had said the Budget did not have much in terms of big ideas.
On the eve of Winter session of Parliament, Rahul Gandhi on Wednesday said that the Congress "strongly" believed that the government should reach out to the Opposition on certain issues.
'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.
A cut in rates would have encouraged the banks to lend aggressively on the retail front.
'The new generation is looking for performance.' 'They don't want sermons, they don't want allegations, they don't want empty assurances and hollow slogans.'
Group of ministers to review progress every fortnight.
The government on Tuesday said it may reconvene Parliament's Monsoon Session to get key legislations, including the pending GST bill, passed, maintaining it has an "open mind" on amendments to reform measures even as it began consultations with leaders of opposition parties.
When the Centre collects money through cess, it can retain the entire fund for the particular scheme.
Though not a blockbuster budget it does not undermine the fact that key issues were addressed and the finance minister certainly did not under-deliver, says Vatsal Srivastava.
BJP's reversals in rural Gujarat has prompted many policy watchers to predict that the Budget would have incentives for the agriculture sector and the rural economy.
'For the first month, we have only had 5.5 million who have paid the tax.' '40 per cent have paid nil as tax; 95 per cent of the taxation for the first two months has come from only 400,000 assessees.' 'So even now, the tax-paying habit, of paying a marginal or negligible amount, or not paying anything at all, is quite prevalent,' reveals Finance Minister Arun Jaitley.
'A sum of Rs 6,000 a year is very significant for a small farmer whose land holding is very small and whose produce is very small. All these calculations on a daily basis are extremely unfortunate and an insult to farmers.'
For first time in 8 yrs, stake sale proceeds could exceed Budget Estimates. ONGC's acquisition of HPCL alone could get the exchequer more than Rs 30,000 crore.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
There are indications or signs of the economy picking up -- collection of GST and consumption of electricity, said former RBI governor, C Rangarajan.
Jaitley's fiscal arithmetic, Crisil said, is "shaky", and the scope for fiscal slippage "remains high".
Defending his economic policies, Modi said demonetisation was 'a very big success story'.
There is a need for stimulus, as India is essentially a consumption economy, argues Cargill India chairman Siraj Chaudhry
'There is a need for stimulus, as India is essentially a consumption economy.'
Finance minister tries to put house in order before reforms are unveiled in February.
They say that a stimulus package may not be necessary because, unlike last year's total lockdown, public transport, including the railways and airlines, is running and the restrictions on movement are localised and, in some cases, are partial rather than total.
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
India's existing web of federal and state sales taxes is levied at different stages of the supply chain and often results in double taxation, while forcing trucks to spend nearly a quarter of their road time in border checks or other inspections.
Pensioners, India Inc may get tax breaks in Budget
'I think investors see a lot of positives happening in India now.'
Jaitley said a 10 per cent tax long on capital gains exceeding Rs 1 lakh made from the sale of shares has been introduced but those made till Janaury 31 would be grandfathered. A 10 per cent tax on distributed income by equity oriented mutual funds has also been proposed in the budget.
Various twists and turns by govt post-demonetisation prove that it has been tall order for the PM
'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.'
Jaitley's Budget has the potential to change the face of Modi's Bharat
The winter session of Parliament beginning on Thursday is expected to be a stormy affair, with the opposition set to raise the 'intolerance' issue.
With the introduction of the single window clearance provision, pre-production windows are expected to reduce significantly. Not only will it have an impact on the operational cost of the film, it will also allow studios to release films faster.
SEZs account for just about a third of India's merchandise exports (and roughly the same proportion of services exports). Yet, the notion of creating global manufacturing centres of the kind that propelled China to superpowerdom retains a durable appeal within the Indian policy-making establishment, notes Kanika Datta.
M R Venkatesh, chartered accountant turned political commentator tells Shobha Warrier/Rediff.com that Modi's war is not against the opposition parties or the Congress but against the bureaucracy and the establishment.
There is a link between objectives and commitments.
The Nifty PSU Bank pared losses to end flat after falling as much as 1.05%
'The next general election is four years away. That's enough time to recover -- provided the government stops spending and taxing so much,' says T C A Srinivasa-Raghavan.
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