Stocks of Hindustan Petroleum Corporation Limited (HPCL), Bharat Petroleum Corporation Limited (BPCL) and Indian Oil Corporation Limited (IOCL) have more headroom left despite the sharp run in the last few weeks, suggests a recent report from Morgan Stanley. Stocks of these oil refining and marketing companies (OMCs), it believes, are seeing multiples re-rate as investors reassess long-term growth prospects. "IOCL trades at one year forward P/BV of 1.2x, 19 per cent below +1 standard deviation (SD); BPCL trades at one year forward P/BV of 1.5x, near historical averages; HPCL trades at one year forward P/BV of 1.5x, near +1SD," Morgan Stanley said.
Floor rate with a narrow band to be fixed.
Flagging "anxieties" of business leaders on issues like red tape, tax laws, regulation and proceedures, Prime Minister Manmohan Singh on Friday said he often found it tough to deal with these challenges due to "lack of political consensus on reforms".
States could then stop complaining about the Centre and fashion their own economic destinies, says T C A Srinivasa Raghavan.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
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Cabinet likely to pave way for the 'super-rich' tax today.
The UP minister embarrasses the government ahead of the GST rollout.
Rajan also expressed hope that a stable government after the Lok Sabha elections will continue the broad fiscal policies of the current regime and India may finally get the Goods and Services Tax, an ambitious indirect tax reform measure.
Levying buyback tax at a flat rate of 20 per cent (plus applicable surcharge and cess), irrespective of the period for which shares are held will be a dampener for equity shareholders who take inherent risks while investing, says Hitesh D Gajaria, partner and head of tax, KPMG in India.
The I-T officer can go back up to six years to scrutinise the books of accounts of the assessees.
'Investment creates capacity and reduces inflation. Income, employment, and savings rise.'
In a survey by BS reporters across India, a majority of the 25 CEOs who responded said they expected the FM to introduce amendments to the I-T Act which would reduce litigation in tax disputes between firms and the revenue authorities.
The indirect tax reform Goods and Services Tax is stuck in the Rajya Sabha.
The 21st Law Commission said the special status given to the entity of HUF was a 'so-called gift by the British', who could not comprehend the complex socioeconomic structure of Indian families. 'Now, this status is being used for the evasion of tax only,' it said.
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.
New data show tax reform, better tracking needed
The idea is to introduce in the next Budget a number of safeguards for preventing disputes with taxpayers.
It further said India is facilitating external commercial borrowings by startups in order to encourage innovation and promote ease of doing business.
Sharma is Head of Emerging Markets and Chief Global Strategist at Morgan Stanley Investment Management.
It suggested reforms in the real estate sector.
'Let us also not expect that there will be a clean break with the past, much though the new government might like to think about it. In a functional democracy that is neither feasible nor desirable. But basic change it must be,' says Shreekant Sambrani.
While government should be appreciated for recent reforms, some on the anvil seem ill considered. These include higher tax rates above an income threshold, the re-introduction of the estate duty, and higher import duty on gold.
Central excise tariff remains complicated and should be simplified.
'Somebody was using somebody to make statements that will stir the stock market and lead to a surge.' 'A sudden surge and a sudden crash is always an ideal situation for people to make illicit gains and then siphoning off the money.'
No Republican lawmaker dares cross Norquist, as the majority of them signed on to his Taxpayer Protection Plan, where they pledge never to vote for any legislation to increase taxes.
Moody's listed six agenda on the list of pending reforms -- land acquisition Bill, labour law reforms, significant infrastructure investment, tangible benefit from Make in India initiative, tax administration and PSU bank reforms
Road projects alone worth $10 billion face delays over land disputes and other clearances.
Recommending an end to all cesses and surcharges on taxes, and free pricing of fertiliser and fuel ahead of the Union Budget for 2009-10, the Economic Survey suggested on Thursday aggressive disinvestment and financial sector reforms to bring the economy back to high growth track.
The Modi administration has been unable to initiate key reforms.
Local businesses are fretting over reform setbacks.
'Not even a single rupee from the electoral bonds should be allowed to be used in the election.' 'If it is used in the election, it will taint India's electoral process itself.'
The Finance Minsiter says country requires 'a larger opening out in more sectors, stability of policy and tax regime'
Jaitley promised higher investment in roads and railways.
Indian economy is on growth path, says US diplomat.
A collaborative approach can yield better results in reforming labour laws that can be implemented in the whole country, instead of different states following different norms in their own jurisdictions. That approach could also help the governments convince the trade unions to see merit in these reforms, says A K Bhattacharya.
'How come the BJP won even in the Muslim belt? I am 100% sure that the BJP would not win in the Muslim belt.'
Revenue Secretary Sunil Mitra admits tax collection target for 2011-12 is ambitious but achievable.
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