Jaitley keen to uplift the insurance sector.
With a view to improving services to the tax payers, the Prime Minister's Office has directed the Income Tax department to adopt the benchmark World Bank governance model in its offices.
Higher oil prices, while not having an impact on Centre's revenues due to fixed tax rate, are pushing up states' sales tax revenue.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
The NSE Nifty too fell sharply by 68.55 points, or 0.67 per cent, to settle at 10,118.05.
China's economy is in transition, with rising wage costs and massive overcapacity.
Jaitley said future transactions would be substantially digital as India moves towards a less-cash society
The bill was passed by LS last year and now it has to go back to the Lower House for incorporating the amendments approved by Rajya Sabha.
Having a single point KYC that is automatically used across all financial and non-financial entities is a single piece of reform that should be an easy win to achieve, points out Harsh Roongta.
Economic reforms seem to be on a slow train, while good old fiscal populism is alive and flourishing.
Exports of food products can become a valuable growth driver for the Indian food industry
The Economic Survey called for improving business environment.
'This is happening regardless of the Budget.'
Several of Modi's actions reflect political courage.
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 is time to reset expectations as government will move with alacrity on social policy, not on economic reforms.
After kicking off the Budget exercise early this week, Finance Minister P Chidambaram on Thursday had a brain-storming session with Planning Commission Deputy Chairman Montek Singh Ahluwalia on the state of the economy.
Sandeep Shanbhag offers tips on post Budget taxation rates.
Equity markets are currently difficult to gauge as the market has probably priced in a lot of things ahead of actual events.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
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.
An online tax accounting system for paying taxes will be flagged off on Tuesday, as part of reforms to make the procedures simpler and faster.
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.
India too will advocate the IMF quote reforms at the two-day meeting of G20 Finance Ministers and Central Bank Governors beginning Saturday.
The Singapore Minister applauded Prime Minister Modi's effort to make India the manufacturing hub of the world.
Could it have been more reformist? Of course, but this is an election year Budget, observes Akash Prakash.
On Wednesday, opposition leaders boycotted Modi's latest attempt to build consensus around the issue.
Protests by central labour unions and widespread criticism from Opposition parties because of job losses on account of demonetisation and the GST have put the contentious labour reform proposals in the slow lane.
The government is now contemplating issuing an executive order to implement these measures, which would need to be approved by lawmakers within six weeks of the opening of the next session of parliament, scheduled for the beginning of February. India's president would also need to agree.
Most brokerages have maintained their Sensex and Nifty targets as they believe there is little room for further re-rating in the backdrop of weak earnings.
After tabling the Survey, Jaitley told reporters that fiscal deficit for the current year will be 4.5 per cent which needs to go down further in the next two years.
'The estimates of tax forgone on this item run into hundreds of billions.' 'And there is neither fairness nor rationality to support continuing with this tax holiday for just one class of investors, those who put their money in shares,' says T N Ninan.
The two leaders are expected to make brief remarks at the top of the meeting.
Industry had sought this 3-month extension, specifically for players struggling to collate the information that are required to be disclosed in the GST forms.
On May 4, US President Barack Obama announced a proposal to rework America's tax code. How will these plans impact India?
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