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.
If other states follow suit, it is going to become difficult for the GST Council to decide on the next stage of reforms.
The old India was economically fragmented. New India will create one tax, one market, one nation, said Jaitley.
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.
Responding to the price rise debate in Lok Sabha, Mukherjee said that it should be tackled by leaders across all the political parties.
BJP's success in two state elections gave Modi room to cut through a thicket of regulations and state controls.
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.
Narendra Modi government, the US Treasury Secretary Jacob Lew on Thursday said India needs more reforms
Though FDI inflow has been on the rise in the past three years, it is mostly on account of services
Do you understand VAT? Do you need advice on the new VAT laws and how they affect your business? Here's help.
Accountability must be linked to minimising infructuous demands and tracking recovery
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
'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.'
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.
'As our per capita income increases and various demographic segments emerge, the need for various kinds of protection and risk covers will become even more explicit.'
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.
Ravi Gopalakrishnan, head-equities, Canara Robeco Mutual Fund, tells Ashley Coutinho that earnings growth will pick up once the benefits of reform initiatives accrue.
He was responding to a question on economic reforms in the country.
Manufacturing taxes, VAT will come down, assures Jaitley
India has undertaken a number of structural reforms.
"Tax exemptions granted to dedicated export units located in EPZs, SEZs and EoUs should continue up to 2010."
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 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.
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 journey of the prime minister in public office began on October 7, 2001, as the chief minister of Gujarat.
Stock market investors are expecting a balanced Budget with a focus on job creation, increased spending on infrastructure, reigning in the deficit, and bringing the economy back on track, experts said on Wednesday. Stock markets have been subdued in the run-up to the Union Budget with BSE's benchmark Sensex is almost flat so far this month. Even the corporate earning season failed to excite the markets, while some indices like IT and bankex have seen some positive movements.
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
A cross-country comparison shows that India currently has the lowest number of taxpayers.
The proposal had attracted strong criticism from the salaried class.
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.
Dubbed as "Jobs Governor", Haley turned South Carolina's economy around during her tenure as governor and transforming the state into a manufacturing powerhouse. She cut taxes, repealed burdensome regulations, and turned South Carolina into "the Beast of the Southeast". Under her leadership, figures note, the state's unemployment rate hit a 15-year low, and when she left office, South Carolina was at full employment.
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.
Prime Minister Narendra Modi Wednesday said the International Monetary Fund (IMF) sees India as a "bright spot" in the global economy and as per the World Bank, India is in a better position to deal with the global headwinds than many other countries. This is because of India's strong "macroeconomic fundamentals", Modi said while virtually addressing the inaugural function of the 7th edition of Invest Madhya Pradesh-Global Investors Summit in Indore. In the past eight years, the government has increased the speed of reforms and removed many hurdles in the way of investments.
Congress is opposing the GST bill in the current form.
Pawan Kumar, organising secretary of the Bharatiya Mazdoor Sangh (BMS) affiliated to the Rashtriya Swayamsevak Sangh (RSS), tells Aditi Phadnis it will join forces with other trade unions if necessary to oppose the Employees' Provident Fund Organisation (EPFO) provisions in the Union Budget.
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