The government on Friday sought Parliament's nod for an additional Rs 54,000-crore spending mainly to meet its obligation towards GST compensation to states and defence-related expenditure. Minister of State for Finance Anurag Thakur presented the second and final batch of supplementary demands for grants in the Lok Sabha.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
India is trying to push a national goods and services tax (GST) through parliament that would replace a myriad of state sales taxes and shake-up government revenue.
The economy is likely to register a 9.5 per cent growth this fiscal over 7.3 per cent contraction last year, as the ongoing recovery is faster and more credible than earlier foreseen, according to a foreign brokerage report. It will gather more momentum in the second half of the current fiscal, but will slow down to 7.7 per cent next financial year, it added. The government has budgeted for a 10.5 per cent growth this fiscal, but the Reserve Bank has scaled it down to 9.5 per cent.
Fintech players are customising solutions for rural markets and helping SMEs learn how to use the services
A large percentage of total tourism business activity of India, which is estimated at $28 billion+ in forex and upwards of Rs 2 lakh crore in domestic tourism activity will be at economic risk through the year.
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
When Nirmala Sitharaman announced her new privatisation policy, there were serious doubts if the move had the BJP's full political backing. All those doubts were dispelled when her initiatives were endorsed by Modi in Parliament, observes A K Bhattacharya.
The slowdown had been brewing since 2016 but was intensified further by several disruptions in the past two years including demonetisation.
'The actual price of petrol is Rs 35 and it jumps to Rs 88 because of government taxes.'
Addressing the party's mega "Bharat Bachao Rally" (Save India) at Ramlila Maidan, she also targeted the government over the economic situation and exhorted people to raise their voice to protect the country and its Constitution.
'This is happening regardless of the Budget.'
Hindi film industry hopes to get some tax relief from the upcoming Budget 2015-16.
GST will make it easier for governments to spend more, says T C A Srinivasa Raghavan.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
In May, price growth for drugs was in negative territory at (-)1 per cent
Vagela could not have reached this position if Narendra Modi, who'd known him from his chief minister days, had not backed the choice.
She also took a swipe at the Bharatiya Janata Party over its defeat in the just-concluded Himachal Pradesh assembly elections, saying the ruling party's president could not hold on to his home state. "Who is the Pappu now?" she asked.
A K Bhattacharya lists three reasons why Finance Minister Arun Jaitley will most likely present a full Budget on February 1, 2019.
'Non-separation of religion from politics is India's most daunting challenge'
Two years ago, India was touted as a rare bright spot in a gloomy global economy with GDP growth outpacing a slowing China.
Modi said officers must fix clear targets to improve the country's tax administration by 2022, the 75th anniversary of Independence.
The comments from Das assume importance as the government for two consecutive terms have missed its fiscal deficit targets by 10 bps
The coming elections seem a tough battleground for the BJP in the wake of anti-incumbency, Patidar and Dalit agitations and implementation of the GST.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
In its essence, GST is a national level system of value added taxation of goods and services, says Shankar Acharya.
Call for fiscal autonomy to Union Territories with Assemblies may get louder with 'special status' to J&K in the Finance Commission, say experts.
Policies have focused on promoting manufacturing, says minister, for income and job purposes.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
'There is a time for lowering one's expectations of the economy -- and therefore not trying to do too much in the Budget,' notes T N Ninan.
Outlay for infra is also expected to see a significant increase in view of the government's Rs 111-trillion investment plan under the national infrastructure pipeline to develop social and economic infrastructure over five years.
The Budget may see new rural schemes and stepping up of funding towards existing programmes like MNREGA, rural housing, irrigation projects and crop insurance.
On the rise in petrol prices, Union Minister Alphons Kannanthanam queried, "Who buys petrol... somebody with car, somebody with a bike. Certainly, they are not starving... somebody who can afford to pay has to pay."
The instructions cite service rules that bar any government servant from making any adverse criticism of any policy or action of the government.
India, which is ranked 2nd in Q3, raced past China where only 30 per cent respondents expect an increase in revenue, whereas in India, 85 per cent respondents have voted in favour of increasing revenue
'Defence and aerospace show huge potential thanks to the government's Make in India push.'
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
To stay in the race for the long term, the company has to innovate continuously - something that MNCs and some of the home-grown Indian firms have been doing successfully, says Sangeeta Tanwar.
New filers reported an average income, in many cases, close to the income tax threshold of Rs 250,000, limiting the early revenue impact.
'The Jalan Committee has now provided very clear guidelines on how the (RBI's) balance sheet should be looked at, what kind of disclosures should be made, what are the principles on which the Contingency Risk Buffer should be maintained, what should be the revaluation reserves, and the market risk to the Contingency Risk Buffer.'
