In part four of a series, Arbind Modi & Arvind Subramanian explain how scrapping the exemptions for the countervailing duty will eliminate the negative protection facing Indian manufacturers
One hopes in his next term, Narendra Modi will take up the mission of inculcating respect for following rules in Indians as a mission. Therein lies the chance for India to become a developed country, asserts Colonel Anil A Athale (retd).
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Search is on for reliable indicators of underlying activity.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
With wages rapidly rising in China, all is still not lost. Wage costs in India are significantly lower and this fact could still help us turn the tide in our favour.
The about 60-pages prosecution complaint was filed by the federal agency before a special Prevention of Money Laundering Act court in Delhi on May 24.
The rupee closed at Rs 66.21 in its last trading session.
Under the GST regime, most manufactured goods will turn cheaper.
Despite crude comfort, heavy spending cuts needed to offset Rs 80k-cr revenue shortfall
Jaitley said note ban has compelled people to deposit money into bank accounts.
Continued lack of consensus at next meeting could cast shadow on GST rollout by April 1.
Younger party leaders are livid with the Murli Manohar Joshi-headed manifesto drafting committee for not taking their suggestions, reports Archis Mohan.
Road Transport and Highways Minister Nitin Gadkari promised pan-India electronic toll system by December to address their concerns but ruled out complete scrapping of the toll system.
Headline inflation will come down under the 6 per cent mark in July itself but will stay at an elevated level of over 5 per cent for some time, Chief Economic Advisor K V Subramanian said on Thursday. Such an outcome will get the price rise back into the upper-end of the target band given to RBI, he said, adding that consumer price inflation had breached the mark for three consecutive quarters last fiscal because of supply side issues like challenges in movement of goods. "With reasonable probability, I expect this month the (inflation) print to come less than 6 per cent," Subramanian told a conference organised by industry lobby Ficci. Right after data for May showing inflation at 6.4 per cent had come out, Subramanian said he had predicted it will cool down in internal meetings and also during "deliberations with the regulator".
Till such time that a new governance framework comes into being, the progress of reforms in health, education, land, labour, electricity and agriculture could remain fraught with problems, agitations and delays, observes A K Bhattacharya.
'You can't take money from Shaktikanta Das (the RBI governor) and give it to Nirmala Sitharaman (the Union finance minister). She will blow it away on Modi.'
Particularly hit has been the apparel sector, where the time taken by the industry to adjust to the Goods and Services Tax regime, downward revision of export incentives, and a credit squeeze faced by small and medium scale enterprises, has pushed production downwards.
The GST Council's agenda includes trimming the number of items in the 28 per cent slab by 75 per cent, easier compliance for assessees and small taxpayers, and a presentation on bringing real estate under GST.
PM Modi on Sunday called upon states to "speed up capital expenditure and infrastructure creation" to spur economic growth.
The government has brought in changes to the investment pattern for non-government provident funds, and superannuation and gratuity funds, enabling them to invest up to 5 per cent in the units of Category I and Category II alternative investment funds (AIFs), subject to some caveats. The development is part of the central government's strategy to channelise domestic savings and improve their returns to attract more investment in the said sectors. At present, these funds typically invest a minimum 45 per cent in government securities, besides new instruments, such as exchange-traded funds and real estate investment funds, while a portion in equity-related instruments.
'Now is the time for India to course correct and for the government also to course correct,' says businessman Mangesh Khatri.
The question on who should borrow from the market and whether the borrowing will be under two buckets should be decided by the GST Council, and not by the Centre. If there is no consensus, there has to be a vote, says A K Bhattacharya.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Encouragingly, the recovery also appears to be becoming broad-based
The government has at last commenced important structural reforms.
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.
The fiscal deficit for 2015-16 may eventually come down to the targeted level of 3.9 per cent of GDP.
In a Q&A with Doordarshan, Jaitley discusses how he chose the areas on which he would spend more.
There are tell-tale signs of a slide in the quality of Budgets presented by the current administration, says Parthasarathi Shome.
Here's everything you need to know about the Goods and Services Tax Bill.
Junking of old Rs 500 and Rs 1000 notes, he said, will help the world's fastest growing major economy to move towards less cash economy and digital payments that will help shore up tax revenues and check evasions.
Showing signs of financial strain, the government's fiscal deficit in the first five months of the ongoing financial year has already touched 74.6 per cent of the budget estimate.
There is a link between objectives and commitments.
The Indian State's arbitrariness may have come to be accepted with resignation within the country, but when it behaves in the same manner with external players, it gets a push-back, observes T N Ninan.
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.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
'Modi has given India its 'lost half-decade'. Elect him again and by 2024 it will be a lost decade'
FinCom prescribes scrapping of effective revenue deficit.
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