The government on Monday indicated that it may tinker with the excise duties and service tax rates in the interim budget in an apparent bid to boost economy but may not pursue key reforms legislations due to lack of political consensus.
Listing out priorities for the Finance Ministry under Arun Jaitley and the Narendra Modi government as a whole, it said the growth rate can pick up to 6 per cent with the extent and pace of reform measures.
But there are fears that any reform could be reduced to tweaking because the tax is so lucrative.
Spelling out practical problems it has encountered in implementing the Justice Lodha committee's reforms in the Board of Control for Cricket in India and its affiliates in totality, Mumbai Cricket Association said it already has in place measures that, by and large, jell well with the reform process.
Around 75 per cent of total returns are expected to be e-filed in current year.
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
A month ahead of the Budget, Minister of State for Law Ravi Shankar Prasad on Wednesday favoured "moderate" tax rates and further simplification of procedures while speeding up reforms to push up growth.
The Constitution amendment bill for roll-out of GST is pending in Rajya Sabha for a long time.
Monetary policy easing in India puts it out of step with the United States, the world's largest economy, where interest rates are expected to rise later this year
The Goods and Services Tax Bill was passed by the Lok Sabha in May.
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
'This move rendered the chiefs of important investigative agencies to the status of daily wage earners. It undermined the autonomy and independence of the agencies.'
The challenges before the coming Budget are more daunting than those in 2021, reveals A K Bhattacharya.
To a question on switching loyalties between one party to another, she said she would stay put with the BJP for all time.
The defence minister also took an indirect dig at Gandhi for "doubting" the government's intention in the handling of the border row with China and said politics can not be done on the basis of "falsehood".
'Through the use of technology, the GSTN will tip the balance in favour of compliance rather than tax evasion, lowering the barriers for entry into the tax payment system while making it much harder to cheat on payments,' says Nandan Nilekani.
Direct Taxes Code will make politically difficult changes feasible
Both prime ministers believed in crafting schemes to help the common man. Modi used quite effectively the instruments Dr Singh introduced. In assessing Modi's success with many schemes, Dr Singh's fundamental work should not be ignored, points out A K Bhattacharya.
A survey, with over 3,700 respondents across digital platforms, found that transparent taxation has been one of the most significant initiatives of the government followed by the production-linked incentives (PLI) scheme, equalisation levy and new labour codes.
GST is the biggest revenue shake-up since independence
Fiscal consolidation is keenly awaited.
GST reform has been hanging fire since 2006-07.
'If because of El Nino, the monsoon is affected adversely in the current year, naturally it will affect income projections and consequently Budget numbers.'
There are high hopes that the Budget for 2014-15 to be presented in Parliament may actually not tinker with the threshold limit or the other tax slabs but could provide reliefs by incentivising savings.
These are initiatives not commonly seen in economic administration.
Parliamentary Affairs Minister Ananth Kumar has already held telephonic talks with leader of the opposition in the Upper House Ghulam Nabi Azad.
Agricultural incomes can be taxed without hurting farmers, as a substantial section - the small and marginal ones - will remain outside the tax net simply because their incomes are likely to be below the basic exemption limit of Rs 250,000 per annum that is extended to all taxpayers in India, finds out Ishan Bakshi.
Arun Jaitley is on a 10-day trip to the US.
The GST will alter the very face of fiscal federalism in India.
'Milking poorly performing or easily marketable assets is the way to deliver more money for key programmes,' says T N Ninan.
Tony Abbott's views come at a time when the influential G-20 grouping, that includes India, is making stringent efforts to crack down on illicit money flow in the financial system.
GST implementation could happen in September itself, with the next meeting of the Union Cabinet likely to take up the matter.
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
Jigar Shah, chief executive officer, Maybank Kim Eng Securities is not certain that the DMart listing would trigger a re-rating of the Indian retailing sector.
Pitching for a slew of reforms in the Indian capital markets, leading bourse BSE has suggested the government bring in a new transaction taxation structure and besides seeking tax pass through status for Infrastructure Investment Trusts (InvITs).
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
Facing flak over its decision to impose tax at the time of withdrawal on 60 per cent of the contributions to Employees' Provident Fund, the government on Tuesday clarified that only interest accrued on 60 per cent contribution to EPF after April 1, 2016 will be taxed.
The comments come at a time when the Supreme Court-constituted Special Investigation Team has detected funds worth about Rs 4,479 crore (Rs 44.79 billion) held by Indians in a Swiss branch of HSBC bank, while unaccounted wealth totalling Rs 14,958 crore (Rs 149.58 billion) have been traced within home.
According to an Election Commission statement, the two have decided not to avail exemption from income tax on sumptuary allowance and to surrender two of the three Leave Travel Concessions (LTC) available each year.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances