The govt could allow start-ups and e-commerce cos to appropriate initial brand building expenses over several years for accounting benefits
Labour sector needs bigger reform than the PM revealed.
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation, says Sayan Ghosal.
The move is expected to create space for more budding entrepreneurs in the country to be eligible for self-certification, relaxed public procurement norms, rebate in patent filing, start-up funding, investment and easier closure compliance.
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
Airlines have opposed the rules that make it compulsory for them to pay compensation to passengers in case a flight is delayed by more than four hours
'Personally, I have reached that stage where I think material things can't give you any satisfaction.'
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.
Dispelling impression of widespread corruption in India, Finance Minister P Chidambaram on Wednesday asserted that not everyone here is corrupt and asked the regulatory agencies to intervene only when there is a clear case of criminality.
A bench of Chief Justice N V Ramana and Justice Manmohan also expressed its dissatisfaction with the affidavit filed by the Delhi government regarding what it has done so far on appointment of special prosecutors.
Customs and excise duty rates have been amended mainly to promote Make in India.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
Introduction of GST would make Indian products competitive in the domestic and international markets.
While for the consumers, there is some gain and some pain, for India Inc, it's all about compliance, consolidation and parity
Sectors throw up a wishlist for the Finance Minister.
Make In India and the reduction in barriers of trade will potentially create a growth environment.
Even if the same party returns to power, what is important to debate is that having introduced an entitlement, how challenging it is to reverse such decisions, says Mukesh Butani.
'The current crisis is one of incomes, driven by poor job growth, agrarian distress and poor investment sentiment,' notes Harsh Pati Singhania, director, JK Organisation.
If the projections come true, then India would regain the tag of the fastest growing major economy of the world, crossing China with more than 0.7 percentage point in 2018 and an impressive 1.2 percentage point growth lead in 2019.
'We forecast real GDP growth to moderate to 6.7 per cent in the year ending March 2018.' 'However, as disruption fades, we expect to see a rebound in real GDP growth to 7.5 per cent in the next fiscal year.'
'There's a huge need for advancements in current security incident logging and monitoring practices.'
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
The trio, 'twin shocks' of demonetisation and GST, 'twin balance sheet' problem that has been weakening India's banking system and the 'twin deficit' problem will continue to challenge economic management and performance in the year ahead, says Shankar Acharya.
It could also ease the burden on the 225 million women in developing countries, says Ari Altstedter.
Within Sebi, the chairman should hold an umbrella for both young and old employees, says Somasekhar Sundaresan.
At the immediate heart of the dispute is an inheritance that involves Rs 1,500 crore of shares that were bequeathed on a gift deed on a Rs 500 non-judicial stamp paper.
While most of Sebi's new norms are aligned to changes in Companies Act, they are more stringent in certain areas.
What will the Centre and the Tamil Nadu government do to answer the queries and fears of investors who will want to be doubly sure they would not be harassed at a later date, as has been happening to Sterlite, should be interesting to watch, says N Sathiya Moorthy.
The Modi government caved in under American pressure without even token resistance. Two countries similarly placed as India with high dependence on Iranian oil -- China and Turkey -- have shown the grit to stand up to Washington, says Ambassador M K Bhadrakumar.
The need for a regulatory authority has been felt since a long time in the real estate sector, struggling for many years due to tough market and economic conditions.
GST will also make our exports more competitive and also provide a level playing field to domestic industry to compete with imports, the President said.
The Justice Department has also been investigating criminal fraud allegations against Volkswagen for misleading U.S. consumers and regulators.
Here's the full text of President Ram Nath Kovind's customary address to the joining sitting of Parliament on the first day of the budget session.
Companies might have to shell out a fourth of the industry's annual net revenue to clear the obligation
Advice to the new finance minister from former RBI governor Raghuram Rajan: 1. Clean up banks by reviving projects that can be revived after restructuring debt. 2. Improve governance and management at public sector banks. 3. De-risk banking by encouraging risk transfers to non-banks and the market. 4. Reduce the number and weight of government mandates for public sector banks, and for banks more generally.
The corporate income tax breaks make up a relatively small part of $80 billion in business giveaways.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Questions on the efficacy of the government's drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net, says A K Bhattacharya.
Jaitley has managed the difficult feat of sticking to the fiscal correction.
