The government announced several incentives in the five-year Foreign Trade Policy.
FBT was an unpopular tax and withdrawn before the General Elections in 2009
A recent data released by the Central Statistics Office (CSO) confirm that both the manufacturing and mining sectors shrunk in 2013-14 with fall in output.
India's rank inched up by just one position to 130 in last year's Doing Business Survey by the World Bank.
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Firms are mandated to change prices of medicines within 45 days of NPPA's notification.
Chidambaram to meet revenue boards on how to get much more and quickly; special audits and notices among measures likely.
To help compare numbers better, FinMin might retain the interim Budget Estimates with the new ones.
Steep taxes on petrol and diesel add to the cost of economic activity and reduce the Indian economy's competitiveness. The two fuels must be brought under GST's purview, suggests former IAS officer Ajay Shankar.
Fourteen ministers are from the Congress, nine from its ruling coalition partner Janata Dal-Secular and one each from the Bahujan Samaj Party and the Karnataka Pragnyavantha Janatha Party.
Haryana Governor Kaptan Singh Solanki has sought response from Bhupinder Singh Hooda government on the Bharatiya Janata Party's demand for cancellation of recent controversial appointments by the chief minister.
Rain gods may be kinder; revenue collections going up: Jaitley
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
In July, IRS officers in Mumbai held an incendiary meeting where they criticised the alleged interference in 'operational matters' by the department of revenue.
The Madras High Court on Wednesday directed its registry to post a PIL seeking regulation of various clubs and questioning the dress code imposed by them in the backdrop of denial of entry to a dhoti-clad Judge by TNCA Club in Chennai to some other bench.
'When I was young, I used to look around the village we lived in.' 'There was a lack of resources -- no proper health centres and schools.' 'I felt that becoming an IAS officer would help solve those issues.'
Not declaring the black money under the scheme now, but showing it as income in the tax return form would lead to a total levy of 77.25 per cent in taxes and penalty. In case the disclosure is not made either using the scheme or in return, a further 10 per cent penalty on tax will be levied followed by prosecution.
The larger virtue of maintaining fiscal credibility should not be unduly diluted by quibbles on the fiscal math, says Sajjid Chinoy.
Rate sensitive sectors rallied the most led by banks while metals surged on rebound in commodity prices
Finance Minister Arun Jaitley witll spearhead the campaign with BJP President Amit Shah as its chief strategist.
Noting that oil prices had gone down after the BJP-led government came to power in May 2014, before they went up, Prasad said it is a problem whose solution is not in its hands.
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The power of a nation is directly related to the revenues it realises from its citizens. But India loses a gargantuan Rs 5.8 lakh crore, as the IT department drags its feet over recovering uncollected taxes in time or holding up files in appeal cases, says Mohan Guruswamy.
Dealers anticipated a sharp rise in jewellery demand this wedding season, but then came demonetisation.
The minister said any declaration made under the law will be protected
State after state has imposed an alcohol ban, and has had to retreat, unable to address the financial and administrative fallout. Are we set for more of this cycle, asks Aditi Phadnis.
Mr Prabhu has a big challenge ahead in implementing trade reforms to regain the lost export momentum, says Jayanta Roy.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
In the World Bank's rankings on the "Ease of Doing Business" India stands at 139 out of 189 economies surveyed in 2014; its position has in fact dropped from 131 last year.
'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.'
Indian economy about to take-off
The key proposals from the IT industry that were not addressed included removal of dual levies on software products
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
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The notice also said service tax amounting to Rs 28.08 crore (Rs 280.8 million), in addition to education cess of Rs 56 lakh and secondary and higher education cess of Rs 28 lakh (Rs 2.8 million) for the period between October 2007 and September 2012, should be recovered from Amity under the provision to sub-section 1 of section 73 of the Finance Act.
Last week, the government had introduced a fresh round of austerity measures, including bans on first class travel, creation of new posts and holding meetings in five-star facilities.
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The agency has kept its FY15 growth forecast unchanged at 5.6 per cent.
Chief Economic Advisor Arvind Subramanian's interview.
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
'The money is safe with the payment services solutions provider'.
Going by the number of changes Mr Jaitley's next Budget is likely to see, he will go down in the history of Budget-making as the finance minister who ushered in the largest number of changes in a single Budget, says A K Bhattacharya.
Much as we'd like it to, all hasn't changed. In our country, the revolution must be polite and careful not to offend. Still, Raja Sen assures, there is hope.
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