'It has been an ongoing process, talking to the relevant ministries about eliminating leakages and curbing non-core expenditure in various schemes.'
Retrospective claims may not stand the test in international courts.
The government on Tuesday announced changes in excise duty from specific to value based for cement priced above Rs 250 per bag of 50 kg, a move manufacturers say would increase the production cost.The industry, however, was non-committal on whether it would pass on the increased burden to consumers.
The number of high-end taxpayers declaring income of more than Rs 10 lakh per annum have doubled to 1.77 lakh during the assessment year 2006-07, Finance Minister P Chidambaram said. Intervening in the debate on the Finance Bill 2008 in the Lok Sabha, he said there were about 97,000 taxpayers with an income of Rs 10 lakh per annum when the UPA government assumed office in 2004.
A bill to auction coal mines is also likely to be passed later.
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One has to mention the acknowledgement number and the date of filing of four quarterly returns.
The last date for bidding is being pushed back from April 25 to May 9 to allow Finance Minister P Chidambaram to clear the air on the seven-year income tax holiday for oil and gas production, when he replies to Finance Bill in Parliament in next couple of week, officials said. "There is no formal decision yet, but this is the line of thinking and an announcement is likely soon," an official said.
The fiscal deficit, estimated at 4.6 per cent of the gross domestic product, is expected to be around 5.6 per cent, mainly on account of factors like subdued revenue collection, poor disinvestment receipts, high global commodity prices and increasing subsidy bill.
The finance minister said the early signs of improvement in the Indian economy are seen despite no big recovery visible in the global economy.
Supporting the striking truck operators, the National Democratic Alliance on Wednesday asked the government to withdraw the proposed service tax on transport booking agents.
The government's subsidies on food, fertilisers, LPG and kerosene are pegged at Rs 5.96 lakh crore in the current fiscal, over 2.5-fold jump from the initial budget estimates as the Centre distributed additional foodgrains free of cost to help poor mitigate the impact of COVID-19 pandemic. In February 2020 Budget, presented in the pre-COVID scare, the government had estimated the subsidy bill at Rs 227,794 crore. However, all the budget estimates, have undergone major revisions as the country imposed strict lockdown to check the spread of COVID-19.
With the Aam Aadmi Party's deadline of passing Jan Lokpal Bill nearing, the Delhi government on Tuesday said its draft was being finalised and it would be cleared in a cabinet meeting on Friday.
Union Finance Minister P Chidambaram on Thursday said that tax exemptions will be pruned further and phased out eventually and that the controversial Banking Cash Transaction Tax will be reviewed next year.
The levy of retrospective tax on the UK's Cairn Energy Plc is a tale of bizarre twists and turns that saw its attached shares being sold in May 2018 amid the passing of the baton from a full-time finance minister to interim one and the talks at the highest level to resolve the dispute, to claims that levy of back taxes was a result of an investigation into Panama Papers leak. The government late last month refunded about Rs 7,900 crore it had collected from selling residual shares of the British firm in its erstwhile India unit, seizing dividend and withholding tax refunds, to settle an eight-year-old dispute that had tarred the country's reputation as an investment destination. But, this did not come about easily. For seven years, the establishment vehemently justified in courts and outside seeking of Rs 10,247 crore in back taxes plus interest and penalty from a firm that gave India its biggest onshore oil discovery.
Union Finance Minister Pranab Mukherjee on Sunday said that the United Progressive Alliance government was ready to bring in and get the Lokpal Bill passed in the next session of Parliament if the Opposition cooperated with it.
Finance Minister Jaswant Singh has called off the meeting with empowered committee on value-added tax, scheduled for Tuesday.
Whatever may be their flaws and the adverse impact on industry or the Centre's finances, the food security and land acquisition Bills are likely to be seen by voters as people-friendly initiatives
Finance Minister P Chidambaram on Monday exempted scented supari from excise duty if it does not exceed 50 paise a packet.
Law Minister Arjun Ram Meghwal will attend the meetings of the committee as a special invitee, while legal affairs secretary Niten Chandra will be secretary to the panel.
Thirty-five Union ministers on Friday huddled in a strategy meeting for an image make-over for the government on a day when Congress began its foot march against the land bill from the symbolical Bhatta Parsaul village.
CAF Bill's fate to be decided on Monday
Union Finance Minister Pranab Mukherjee on Friday expressed firm commitment to enact the Direct Taxes Code (DTC) Bill at the earliest, after expeditious examination of the report of the Parliamentary Standing Committee.
The Jan Lokpal Bill is likely to be approved by the Delhi Cabinet on Tuesday as its draft has almost been finalised by a panel headed by chief secretary.
Jaitley said the Congress may be upset with the government for 'political reasons'
Mutual funds, bonds, PPFs, equity and real estate are some options which offer varying rates of return.
Leader of Opposition in the Maharashtra legislative assembly Ajit Pawar on Thursday alleged that a scam of Rs 500 crore took place in the state information and publicity department during the tenure of the government led by Devendra Fadnavis.
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Chidambaram eases duty on Cement, export of iron ore.
Tamil Nadu Governor R N Ravi on Thursday dismissed minister V Senthil Balaji from the council of ministers days after his arrest by the Enforcement Directorate in a cash-for-jobs scam, a move that Tamil Nadu Chief Minister M K Stalin said the government would challenge legally.
The long-awaited Pension Bill to set up a regulator and manage the new pension scheme for government employees is likely to come up before Parliament in the forthcoming session beginning May 10.
In the wake of market crash on Thursday following the finance minister's proposal to levy a 0.15% turnover tax on securities transactions, Sebi said there was no need to panic as the proposal will be applicable only after the Finance Bill is passed.
It makes it mandatory for companies to spend on social welfare and seeks to bring in greater transparency.
Finance Minister Nirmala Sitharaman on Monday said the rules that will lead to scrapping of the retrospective tax demands made on companies such as Cairn Energy Plc and Vodafone Plc will be framed soon. Parliament earlier this month passed a bill to scrap all tax demands made using the 2012 retrospective tax legislations. The bill provides for government refunding the retro tax to companies provided all legal challenges are withdrawn.
The important economic agenda for the Winter Session of Parliament beginning on November 22 includes amendment to the Insurance Bill to raise FDI cap from 26 to 49 per cent, Banking Regulation Amendment Bill and Direct Taxes Code.
Mukherjee, however, did not roll back the hike in excise and customs duty on petrol and diesel.
Participating in the resumed debate on the Finance Bill in the Lok Sabha, Anant Geete (Shiv Sena) said people are more interested in evading tax than paying it for development.
The ruling, in favour of the government, will protect over Rs 1,000 crore (Rs 10 billion) of revenue the tax department was expecting from the service.
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