Arun Jaitley had proposed to set up a Public Debt and Management Agency.
The passage of the bill will pave the way for setting up of a GST council that will decide the tax rate, cess and surcharges.
PwC analyses the impact of Budget proposals for 2011-12 on individuals and industry.
On March 13, Minister of State for Finance Pankaj Chaudhary had tabled the second batch of supplementary demands for grants in the House amounting to a total of Rs 2,70,508.89 crore.
If she cannot recast the party, bring together the factions opposed to her, and present herself as her brother's true challenger, there will be little left for her in politics, notes Aditi Phadnis.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
Finance Minister Arun Jaitley to discuss state-level issues before finalising GST.
Rejecting the demand for referring Insurance Bill to a Select Committee, the government on Thursday said the Congress was 'stonewalling' the key reform measure to deny credit to Prime Minister Narendra Modi before he goes to the United States.
Putting an end to speculation, Finance Minister P Chidambaram on Monday retained the 10 per cent surcharge on those earning over Rs 1 crore annually.
The income-tax department may make a permanent account number (PAN) mandatory for cryptocurrency investors, in line with the demat account rules for stock market transactions, according to two people privy to the discussion. At present, disclosure of crypto holdings and related gains is voluntary. If tax authorities go ahead with the PAN mandate, crypto exchanges will have to furnish a statement of financial transactions (SFT) before the income-tax department.
The session, which was earlier scheduled to conclude on April 3, is now likely to be adjourned sine die on March 23, sources said.
Parliament Tuesday approved the Companies (Amendment) Bill, 2002 with Rajya Sabha returning it after Finance Minister Jaswant Singh assured that a comprehensive legislation on the subject would be introduced in the budget session of the Parliament.
Following the address by President Ram Nath Kovind, the economic survey will be tabled in the two Houses.
The bill was taken up for consideration in the Lok Sabha after the Speaker rejected Opposition demands to refer the key reform measure to a parliamentary Standing Committee.
Chaudhary Charan Singh, who on Friday was conferred with India's highest civilian award Bharat Ratna, is popularly known as a champion of farmers.
New head of the Confederation of Indian Industry speaks.
Noting that the assembly election results being very disappointing is an understatement, the Congress Parliamentary Party chairperson urged party MPs to channel their disappointment into positivity for next year's general elections.
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year.
The Union minister said it is "not fair" on Congress's part to set conditions for the passage of the GST bill and if the said clauses were so crucial, the UPA could have brought these in the original bill when it was in power.
In a relief to industry, the government has accepted a parliamentary panel's recommendation on allowing cartels to opt for the settlement scheme under the Competition Amendment Bill, according to official sources. The proposed Bill seeks to introduce a clause for settlement and commitment that offers any enterprise against which an inquiry has been initiated to file an application for settlement. The Parliamentary Committee on Finance had suggested including cartels in the scope for settlement "as a pragmatic recourse to the whole process".
The contribution from asset management companies (AMCs) has surpassed the Rs 3,000 crore target for the creation of a Rs 33,000 crore backstop facility for debt mutual funds (MFs). The initial corpus for the Corporate Debt Market Development Fund (CDMDF) is nearly Rs 3,100 crore, according to multiple government officials and AMC executives. "The fund is operational now. "The required corpus has been raised by AMCs and the remaining part (Rs 30,000 crore) is in the form of a guarantee from the government which will be activated only in case of a credit event," explained D P Singh, joint CEO and deputy MD, SBI MF.
The eight states of the north-east account for 25 Lok Sabha seats and the ruling Bharatiya Janata Party is eying to bag those in the Parliamentary election.
Currently, confiscation can be done through multiple laws, but it is a complicated process.
Government on Friday ruled out replacing its Lokpal Bill with another, saying it will be better to have amendments to the one already introduced.
An all-party meeting on Monday failed to hammer out a consensus over the controversial Insurance Bill, which was scheduled to be taken up in Rajya Sabha.
The government on Monday introduced a bill in Lok Sabha aimed at discouraging borrowers to postpone repayment of their dues and enable the secured creditor to speedily recover their debts including through security or other measures.
Buckling under pressure from various quarters, the government on Monday withdrew the harsh provisions relating to excise and customs duty evasion cases. In Finance Bill 2012-13, it had earlier proposed to make certain excise and customs duty evasion cases non-bailable until the court had heard the public prosecutor.
Set to begin next week, the first of its kind uniform discount offer from all jewellers across the country, would be valid for 10 days nationwide.
Sukanta Majumdar, the state BJP president, said, "Amit Shah has set a target of 35 seats. We will achieve that".
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
On Thursday, the Business Advisory Committee of the Lok Sabha, which allocates time for the Bills and discussions to be taken up for the forthcoming week, met, but the government strategists didn't ask the members to allocate time for the GST Bills for the next week.
The Centre needs to have dialogue with the Opposition instead of letting politics come in the way; it needs to stoop to conquer, says Aditi Phadnis.
The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee said on Monday.
The GST Council on Tuesday approved changes in tax rates on some goods and services while allowing states to issue an e-way bill for intra-state movement of gold and precious stones, officials said. The Council, chaired by Finance Minister Nirmala Sitharaman and comprising state counterparts, also cleared a host of compliance procedures for GST-registered businesses along with a GoM report on high-risk tax payers to check evasion. The discussion on the crucial issues of extension of compensation to states beyond June 2022 and the imposition of 28 per cent GST on casinos, online gaming and horse racing, will take place on Wednesday.
Most of the Budget work is done; only some "final touches" remain. For those, he will soon sit with Prime Minister Manmohan Singh--who was governor of the Reserve Bank during Mukherjee's stint in North Block in the 80s--before his draft speech goes to print.
Corporate margins and profits in India remain vulnerable to changes in crude oil prices in the international market. Historical quarterly data from listed companies (excluding banks, finance and insurance, oil and gas, and power sectors) indicate an adverse correlation between corporate margins and crude oil prices.
The Congress on Wednesday said the Supreme Court judgment on certain matters relating to transactions by the Adani Group has proven to be 'extraordinarily generous' to Securities and Exchange Board of India (SEBI) and asserted that the party's fight against crony capitalism and its ill-effects on prices, employment and inequalities will continue.
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