The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
According to official sources, the government is likely to announce a major fiscal stimulus package for housing, auto and export sectors on Saturday. The government might also cut cut excise duty on commercial vehicles, and further relax the external commercial borrowing norms. This will help exporters and others.
The comparisons were available for 12 countries.
Jindal Steel and Power Ltd will set up a 1000 MW (250x4 units) power plant, accorded 'mega project' status, in Raigarh entailing an investment of Rs 3,900 crore.
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Markets ended lower on profit taking ahead of June F&O expiry.
Sources had said in a meeting last month, the empowered group of ministers on food, headed by finance Minister Pranab Mukherjee, had recommended that the import duty on rice be scrapped.
Moody's expects tax to be lower than the multitude of taxes such as sales tax, excise duties, local taxes, and value-added taxes the automobile sector currently pays
They will be honoured for showing exceptional commitment and devotion to duty on a sustained basis while achieving goals set for their organisations.
On April 5, 2016, the Nitish Kumar-led government imposed total prohibition in Bihar. M I Khan crunches numbers for the REAL picture since then.
With the last two stimulus packages working wonders for the packaged goods industry, players in the sector are now rooting for one more round of fiscal incentives to further boost demand in the domestic rural markets and be competitive overseas.
Rating agency Moody's has described Budget 2007-08 as "largely unremarkable", as it disappointed businesses and the market's hope for meaningful economic reforms.
Prime Minister Manmohan Singh on Wednesday termed the budgetary proposals for 2007-08 as anti-inflationary, which aimed to control prices through reduction in excise duty on many items.
Finance Minister Pranab Mukherjee on Friday ruled out rollback of petrol and diesel price hike saying the nation's fiscal condition did not permit him to do so.
All car makers passed on the two per cent hike in excise duty to consumers soon after the Budget.
Hike in excise duty on cement products is negative, but can be overwhelmed by improved demand from greater thrust on infrastructure and rural sector.
When the entire Opposition walked out of Parliament, protesting against the move to raise excise duty on diesel and petrol by Re 1 per litre, the politics over the Budget began even before Pranab Mukherjee could complete his important speech.
The International Monetary Fund (IMF) warned on Tuesday that India's general government debt (comprising both central and state government debt) could exceed 100 per cent of gross domestic product (GDP) in the medium term. It also cautioned that long-term debt sustainability risks are high due to the significant investment required to meet India's climate change mitigation targets. The Indian government, however, disagreed, arguing that risks from sovereign debt are extremely limited as it is predominantly denominated in domestic currency.
Expects exemption of oil and gas profits from minimum alternate tax and all cess in the nature of excise duty are to be subsumed in GST.
Car makers fear that when car prices go up and loans become expensive, running a car will also cost more. Thus a stimulus-pullback will act as the straw that broke the camel's back, says Bhupesh Bhandari.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
The government may take the first step towards fiscal consolidation in Budget 2010-11 by partially rolling back tax cuts given to the industry last year. The service tax rate may be restored to 12 per cent, while excise duty could be increased marginally.
A look at the key decisions taken by the Narendra Modi government in its six months.
The court disposed of a public interest litigation that sought directions to prevent Kejriwal from issuing orders in his capacity as the chief minister while in ED custody, contending that it was against the legal framework.
The government is expected to announce the second stimulus package in the next three days.
'What has taken the government so long to understand what the people of this country are going through?'
Direct selling FMCG company Amway India will increase the prices of all its products by 3-5 per cent in early 2009 even as commodity and crude prices are witnessing a sharp decline.
The common man was bearing the brunt of the escalating prices of petrol, diesel and cooking gas, the Congress said.
Tax concessions in Uttarakhand are encouraging auto majors from Hero Honda to Tata Motors to shift a larger part of their manufacturing to the state to counter rising raw material costs and increase their flexibility to offer consumers cheaper models in a competitive market.
The government on Monday said the total tax revenue in 2011-12 would be up 18.50 per cent at Rs 9,32,439.88 crore, on the back of projected rise in revenue from taxes on income, services, customs and excise duties.
Shutting of stores had not stopped alcohol sales. On the contrary, it had increased black market operations and peddling of illicit hooch, which could cause death/serious injury.
Exemptions on the personal income tax would increase the income in the hands of the consumers, thereby increasing spending.
This Union Budget had very little for a housewife already grappling with the rising prices of day-to-day articles, including food products and vegetables. But there wasn't much bad news either.
Petrol price on Tuesday breached the Rs 85 a litre mark in the national capital and diesel neared record high after rates were raised for the second consecutive day. Petrol and diesel prices were hiked by 25 paise per litre each, according to a price notification from oil marketing companies. This took the petrol price in Delhi to Rs 85.20 per litre and to Rs 91.80 in Mumbai. Diesel rate climbed to Rs 75.38 a litre in the national capital - just shying away from its record high - and to an all-time high of Rs 82.13 in Mumbai, the price data showed.
An airlines industry body has sought reduction in customs and excise duties on aviation turbine fuel and allowing private firms to supply it to bring down prices.
Traders are placing great hopes that the next Budget will have some concrete measures on implementation of Goods and Services Tax but some experts doubt the new tax may take more time than expected.
If 2010 saw a flurry of new cars, 2011 will only see more. Here are some that should matter, or just be eye candy:
The Budget initiative to levy excise duty on MRP of desktops could lead to a 2-3 per cent rise in prices.
At a meeting with Commerce and Industry Minister Kamal Nath, the cement manufacturers had yesterday agreed for a small roll back in prices. Nath had said though price increase was only two per cent in the last one year, the industry had agreed for a reduction in prices.
The chamber's projection is based on expected 2.8-3 per cent growth in agriculture, 5-5.5 per cent in industry and 7.5-8 per cent in services. Under the impact of global financial meltdown, India's economic growth rate slowed down drastically to 5.3 per cent in the third quarter of last fiscal, from 8.9 per cent in the corresponding period of 2007-08.
