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.
It was better to first build a single-rate GST with a low rate, achieve full mastery of this, and then consider more complex possibilities such as high rates and multiple rates.
Indian Prime Minister Narendra Modi who envisioned Make In India last September was at his eloquent best as he made a fervent plea to global businesses to come Make In India.
Arun Jaitley is on a 10-day trip to the US.
Wooing overseas investors, government on Wednesday decided against challenging the Bombay High Court decision favouring Vodafone in the Rs 3,200 crore (Rs 32 billion) tax case and adopt a similar approach in transfer pricing litigations involving other MNCs like Shell.
The NITI Aayog's views are in contrast to the National Health Policy.
At least 200 investors have to furnish financial statements
It is welcome that the government tried to make its intentions clear last week - especially as risk concerns return to global markets.
Sectors throw up a wishlist for the Finance Minister.
In an interaction with rediff.com, various TiE members expressed hopes of revival in the Indian economy after the formation of the new government.
'Success will require political skill, not just economic expertise'
The government has at last commenced important structural reforms.
Experts, however, caution that though the moves are positive for the sector as a whole, they don't expect much gain in the near-term.
Most top industrialists rate PM's first 100 days in office as 'good', primarily due to his intentions, not concrete policy measures.
Real estate sector cheers reforms in the Budget.
'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 an impending rate cut is a good reason to enter debt funds, another is the high valuations in equity markets.
These plans aren't likely to put substantial cash in your hands.
Policies have focused on promoting manufacturing, says minister, for income and job purposes.
'The current crisis is a result of a clash between a coercive attempt by the government to justify demonetisation and rising digital transactions against the market and the economy fighting the unexpected pressure from atop.'
The veteran director feels Hindi cinema has come a long way and is hopeful it will achieve greater heights.
"Not a single step has been taken by this government to empower small businesses in India," says Praveen Khandelwal, national secretary general of the Confederation of All India Traders and former treasurer of the Bharatiya Janata Party's Delhi unit.
A political party's manifesto is the first stage of building a compact with the voters in any governance plan. If that compact is dependent on a document that reeks of fiscal imprudence and lacks credibility, it is a serious setback to the country's democracy and governance, says A K Bhattacharya.
On day 1, says retrospective taxation should be avoided; Sets up special investigation team to unearth black money.
The official twists and turns have raised questions on the government's credibility and its ability to pull the nation out of the demonetisation quagmire. To keep up with the new rules, the government has issued an updated FAQ on demonetisation.
Ministry considering tax sops for India's first global financial centre, steps to liberalise futures and options markets.
Another point of contention is the invoice issued by the e-companies.
Nasscom had estimated 12-14 per cent growth for the Indian software services industry in FY'14, and it aimed to achieve revenue of $300 billion for the IT industry by 2020.
Do Modi's foreign visits actually serve India or they nothing more than expensive tools for domestic positioning and image-building, asks Shehzad Poonawalla.
The new tax regime proposed by the Modi government may not have acceptance from all corners.
The Prime Minister also underscored the importance of public sector undertakings in the country.
Ahead of the assembly elections next year, the BJP has been wallowing in a welter of ideas that has resurrected the debate on populism versus pragmatism, as it has to pander to two important but incompatible constituencies, of the freebie consuming masses and Bengaluru's heavy hitters craving for even roads, pristine lakes and unbroken power supply, reports Radhika Ramaseshan.
Contentious issues such as the construction of a Ram Temple in Ayodhya, abrogation of Art 370 giving special status to Jammu and Kashmir and enactment of Uniform Civil Code have been included in the Bharatiya Janata Party's election manifesto with the party making promises on them.
Hitting out at the Congress, Parliamentary Affairs Minister Venkaiah Naidu on Sunday said it should not politicise the issue of the Leader of Opposition status in Lok Sabha.
'The IAS officers are after the rich people, the IRS officers are after the middle class and the IPS officers are after the poor. This is the new varnashrama created by the bureaucracy.'
'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.
FM proposed rationalisation of various tax exemptions.
'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.'
The challenge is to convince productive sectors that a lower general rate would benefit all and remove the prevalent system of favours targeted towards narrow industry and service sector groups.
'I feel now we have a leader who is non-corruptible.' 'But he needs time as corruption is deep-rooted in our society, and people have no shame about being corrupt.' 'It will take at least 7 years to make some changes.'
