Even as some government departments have raised concerns on the Bill in its present form, the finance ministry has decided not to delay any further and may table it in Parliament next week.
The bill will be discussed in the state Assembly on June 18.
Concessional rate of tax on dividends received by Indian companies from foreign subsidiaries will be done away with from April 1, a change that may hamper global expansion of Indian companies and compel some firms to move their headquarters out of India to geographies such as Singapore and Dubai. At present, dividends received by Indian companies from their foreign subsidiaries are subject to a concessional tax rate of 15 per cent under Section 115BBD of the Income Tax (I-T) Act. The provisions of this section shall not apply from assessment year 2023-24 onwards, according to the Finance Bill.
Congress insists on sending legislation to select committee, says will support it in winter session.
'People are blowing up their entire retirement fund; they are selling their land and house to spend on one day for a marriage.'
Arun Jaitley had proposed to set up a Public Debt and Management Agency.
'Someone who cannot even take his cabinet into confidence, how will he take the NDA alliance into confidence?'
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The Direct Taxes Code bill was introduced in Lok Sabha in 2010 and Standing Committee on Finance has given a report after its scrutiny.
Since 2008, the Bureau of Energy Efficiency is running a star rating programme, under which electric equipment are rated according to their efficiency. This in turn helps the consumers save electricity.
Enthused by the consensus in reaching four-tiered GST tax structure, particularly the unanimity achieved with Congress-ruled states, senior government sources were confident that the Central GST and Integrated GST Bills will be passed by both the Houses.
PwC analyses the impact of Budget proposals for 2011-12 on individuals and industry.
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 are comments from economists at leading financial institutions, banks and rating agencies on the interim Budget:
Calculate his monthly expenses, health care spending, how much funds will he need once he retires, and whether his current savings and investments will enable him to manage his lifestyle through retirement, suggests Ashok Kumar E R, CEO and co-founder, Scripbox.
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.
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.
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.
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.
This is the Upper House's third best productive session in the last 14 sessions since the Monsoon Session (243rd Session) of 2017, the Rajya Sabha officials said.
'We have essentially tried to set out an agenda for the next five years and it, in essence, represents the political commitment to that agenda.'
At a meeting of the Empowered Committee of State Finance Ministers, the Centre's plan to bring petroleum goods under GST regime was opposed.
New head of the Confederation of Indian Industry speaks.
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.
Following the address by President Ram Nath Kovind, the economic survey will be tabled in the two Houses.
Government on Friday ruled out replacing its Lokpal Bill with another, saying it will be better to have amendments to the one already introduced.
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.
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.
The free food scheme is driven by electoral considerations, but its long-term fiscal risks outweigh the short-term gains, cautions A K Bhattacharya.
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.
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.
Says that he will re-look at all suggestions on indirect taxes and make announcements in Parliament.
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 session, which was earlier scheduled to conclude on April 3, is now likely to be adjourned sine die on March 23, sources said.
In the face of tax blow, brokerages remain sanguine about the prospects of asset management companies (AMCs). A sharp correction in the shares of AMCs over the past three months factors in most of the negatives and turned valuations attractive, observe analysts. In its latest report, Kotak Institutional Equities (KIE) has upgraded HDFC AMC to 'add' (from 'reduce') and reprised 'add' and 'buy' ratings on the rest of the listed AMCs - Nippon, UTI, and Aditya Birla Sun Life.
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.
Parliament on Monday approved the Industrial Development Bank of India Repeal Bill to enable its conversion into a universal bank
