The BRICS nations on Friday underlined the need for using local currencies in international trade and financial transactions besides committing themselves to supporting rule-based open and transparent global trade. A joint statement issued at the end of the meeting of the BRICS Ministers of Foreign Affairs and International Relations, also pressed for a robust Global Financial Safety Net with a quota-based and adequately resourced International Monetary Fund (IMF) at its centre. It further said the process of IMF governance reform under the 16th General Review of Quotas, including a new quota formula as a guide, should be completed by December 15, 2023.
The government last year introduced the Insolvency and Bankruptcy Code.
India can return to 9 per cent growth if the government removes uncertainties in policy-making and go for early implementation of some of the long pending tax reforms, a senior World Bank official said on Wednesday.
Financial services company Morgan Stanley's Asia chief Stephen Roach is more bullish on Indian economy than China.
In a boost to the embattled Adani Group, Mauritian Financial Services Minister Mahen Kumar Seeruttun has told the nation's Parliament that Hindenburg Research's allegations of the presence of 'shell' companies in the Island nation are 'false and baseless' and that Mauritius was in compliance with OECD-mandated tax rules. US short seller Hindenburg on January 24 alleged that billionaire Gautam Adani used shell companies based in Mauritius to manipulate stock prices of his Indian-listed companies.
Ahead of the next year's budget, finance minister P Chidambaram on Wednesday hinted at "bold reforms" and said government was "cautiously optimistic" in meeting the financial targets for 2004-05.
Two years of the NDA government have instituted significant reforms, including the passing of the GST bill in India but "cultural issues and saffronisation" have resulted in a slow incremental change instead of big bang reforms, according to a top American think-tank.
Responding to the price rise debate in Lok Sabha, Mukherjee said that it should be tackled by leaders across all the political parties.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
A five-judge Constitution bench of the Supreme Court is scheduled to commence a crucial hearing from Tuesday on a batch of pleas challenging the validity of the electoral bonds scheme for funding political parties.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
Do you understand VAT? Do you need advice on the new VAT laws and how they affect your business? Here's help.
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Accountability must be linked to minimising infructuous demands and tracking recovery
She has shown shrewdness, sensitivity, and courage. All of these will be needed in ample quantities for the real challenge that will emerge after the elections, notes Shreekant Sambrani.
China is contemplating levying carbon tax and raise the prices of petroleum for the next five years as an incentive to cut greenhouse gas emissions and help realise green targets, an expert said on Monday.
The Indian government will present the annual budget for 2016-17 on February 29.
In a major step towards tax reforms, the Centre on Tuesday agreed on a 3-tier system of compensating the states that incur revenue loss on account of implementing the value-added tax from April 2005.
'If my understanding is correct, one has to file not less than 37 returns per year for every ordinary business, and that too per state.' 'If you are doing businesses in Chennai, Bangalore and Hyderabad, you have to file 37x3 returns every year!' 'The consequence of GST will be chaos, confusion and possibly economic crisis.'
If other states follow suit, it is going to become difficult for the GST Council to decide on the next stage of reforms.
After assuming power in 2014 with a full majority of its own, the BJP-led NDA government started an ambitious process of reforming labour laws in the form of codes aimed at making the framework less cumbersome with a variety of alterations. It had planned four codes each for industrial relations, wages, social security and welfare, and occupational safety, health and working conditions. To this end, 35 central labour laws were to be converted into four codes that would have had the virtue of streamlining labour relations. But none of the proposed code Bills could be converted into a law principally because neither trade unions nor industry representatives came on board. They hold the key to India's low-growth-high unemployment paradigm but the government may struggle to push them through this time as well. Somesh Jha explains why
He was responding to a question on economic reforms in the country.
Manufacturing taxes, VAT will come down, assures Jaitley
Ravi Gopalakrishnan, head-equities, Canara Robeco Mutual Fund, tells Ashley Coutinho that earnings growth will pick up once the benefits of reform initiatives accrue.
"Tax exemptions granted to dedicated export units located in EPZs, SEZs and EoUs should continue up to 2010."
India has undertaken a number of structural reforms.
The empowered committee of state finance ministers is firm on sticking to the April 1 deadline for switching over to Value Added Tax despite the "friction" coming in the way from traders and a handful of states.
The G-20 finance ministers are scheduled to discuss a report from the Organisation for Economic Co-Operation and Development which recommends, among other things, use of Tax Information Exchange Agreements to force tax havens to share information with a minimum of 12 countries.
The European Commission urged Greece to stick to commitments it has made to reform its economy as Prime Minister Alexis Tsipras called a snap election within hours of new EU bailout cash arriving in Athens.
Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated.
It's unfortunate the govt seems close to bowing to pressure from a limited section of the public.
The proposed changes making it easier for government and businesses to buy farm land are now likely to be implemented by states, not by the central government
It is high time the Indian government signalled discomfort with the UK providing refuge to those accused of financial crimes in India, states Jaimini Bhagwati.
Elaborating on the recommendations, CII Vice-President Hari Bhartia said the forthcoming budget should focus on an investment-led growth by introducing broad-based reforms in the banking, finance and retail sectors. The Union Budget is expected to be presented in July, 2009.
A cross-country comparison shows that India currently has the lowest number of taxpayers.
Finance Minister Jaswant Singh is likely to trigger off pension reforms for the unorganized sector in this Budget by exempting tax on a standardized pension policy, which could be sold by insurers at a meager price.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances