Prime Minister Narendra Modi's desire to showcase India as a destination for manufacturing is well understood.
The banking system's liquidity slipped into deficit for the first time in the current financial year (2023-24) due to the imposition of the Incremental Cash Reserve Ratio (I-CRR) for banks and outflows from goods and services tax (GST) payments, according to dealers. Reserve Bank of India (RBI) data shows it injected Rs 23,644 crore on August 21. The last time liquidity was in deficit was on March 27, when the RBI injected Rs 45,575 crore.
The finance minister continues to be backed by the same policy team in charting out the broad strategy as in the few earlier Budgets.
Morgan Stanley expects the central bank to cut rates this week, 125 bps in cuts through 2015.
What Rajya Sabha can do for the states, no other House can do, the Prime Minister said.
The reimbursement components of your salary require you to furnish bills before they become tax-exempt. Producing them may be difficult this year.
The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
"Trump failed our country during the COVID-19 pandemic. Trump is a chaos agent who is focused on himself, not the American people. Trump tried to destroy our democracy by lying about the election and inciting a violent mob to attack the Capitol," he said.
US State Department's report said that this has resulted in many investors retreating slightly from their once forward-leaning support of the BJP-led government
Finance Minister Arun Jaitley had came out with a host of proposals last month.
Prime Minister Narendra Modi on Thursday asked his Council of Ministers to make extra efforts for effective implementation of public welfare schemes at the ground level and work on new ideas in their ministries ahead of the budget.
PM Modi said his government has nothing to hide and would take everybody into confidence while dealing with it.
Criticising various provisions in the proposed GST regime, Moily said it will be a "technological nightmare" and the anti-profiteering provisions in it are "far too draconian."
The Asian markets are largely trading in the green, taking heart from a positive close on Wall Street.
With just eight days left for the winter session, Jaitley and Parliamentary Affairs Minster M Venkaiah Naidu held consultations with Leader of Opposition in Rajya Sabha Ghulam Nabi Azad and Deputy Leader Anand Sharma.
The GST Council, headed by Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union territories, will have its 37th meeting in Goa against the backdrop of economic growth hitting a six-year low of 5 per cent in the first quarter of the current fiscal.
The GST to be implemented from April 1, 2016, will increase the premiums.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
With hotels and restaurants being barred from levying service charge, waiters, chefs and other workers are worried they will lose out on money and are planning to approach managements to seek a pay raise. They are also apprehensive that tips given by customers out of goodwill will dwindle. Uttarakhand-native Prakash Singh Koranga, 27, a chef who works at an outlet of popular franchise Moti Mahal Deluxe restaurant in south Delhi, said service charge which gets proportionally divided among the staff acts as an "extra income" and "incentive to give our best at the job".
E-commerce giants such as Amazon, Netflix and Flipkart, whose headquarters are not in India, potentially have to pay the additional levy of 2 per cent from April 1.
'You may see some movement indicating a simpler tax regime with less exemptions but with fewer tax rates making life simpler for taxpayers.'
In several areas, the Indian government has put out a model law.
GST seeks to subsume many indirect taxes at the Central and state levels.
Modi must focus on other state-level reforms, such as those in labour laws, leasing of land and agriculture
References to the repealed laws for service tax, purchase tax, etc, continue in the SEZ laws.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
These plans aren't likely to put substantial cash in your hands.
India can attract significant FDI, says experts.
The interim Budget proposals that will be presented on February 1 in the backdrop of the general elections scheduled in April/May 2024 are likely to have a hint of populism, believe analysts, but are unlikely to derail the government from its path of fiscal prudence.
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
One of the the biggest tax reforms since Independence, GST will create a national market for goods and services
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Addressing Bharatiya Janata Party leaders and workers on the birth anniversary of party's ideologue Deendayal Upadhyay, Modi asked them to reach out to farmers on the ground and inform them about details and benefits of the new agriculture reforms and how these will empower them.
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.
No longer a discretion of the tax administrator, the audit of returns filed by taxpayers is now based on a selection by algorithms, notes Tarun Bajaj.
Options include raising both excise and service tax rates in FY16
You can reduce your tax burden by wisely using partially taxable allowances, suggests Bindisha Sarang.
Select committees of the House have already submitted their reports
Sections in the draft Personal Data Protection Bill are a blatant violation of the Right to Privacy as guaranteed by the Constitution.
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