FinCom prescribes scrapping of effective revenue deficit.
'Modi has given India its 'lost half-decade'. Elect him again and by 2024 it will be a lost decade'
Government is framing a rule that will make it compulsory for regulators like Sebi, Irdai and PFRDA to deposit a significant portion of their reserves into the Consolidated Fund of India.
The premium on insurance policies will get costlier by 3 per cent to 7 per cent, depending upon the rate fixed by the GST Council from April 1, 2017, says Harjot Singh Narula.
'We will have to wait for one more year to cross the 7% mark, which should be possible in the absence of any disruptive reform,' points out CARE Ratings Chief Economist Madan Sabnavis.
When there is a state government committed to development, it is important that Mumbai has a civic body that, too, shares that goal, Modi said.
'Shouldn't our investigation agencies be fiercely independent and conduct fair investigations, show some spine and say no to such witch hunting?' 'That they will not be cowed down by what the Centre wants them to do.'
Finance Minister Arun Jaitley has said that the states were free to announce farm loan waivers if they had the fiscal space and that there would be no shortfall this year in divestment and non-tax revenues.
No mention of cab aggregators in GST bills
Excise exemptions may be whittled in Budget to offset higher govt salaries, pensions
Credibility of fiscal promises is a virtue that no finance minister can afford to lose.
The government introduced the 122nd Constitution amendment Bill.
Is the Budget sufficiently prudent? It probably is but at the cost of substantial under-provisioning for the many grand sounding schemes announced in it, says Nitin Desai.
Singapore's single-rate GST structure cannot be India's model. But its practice of early announcement of rates much before their implementation should be emulated by India, says A K Bhattacharya.
Jaitley said the Congress leaders created a 'Chakravyuh' for themselves through a series of financial transactions where tax-exempt income of a political party was transferred to a real estate company.
Another point of contention is the invoice issued by the e-companies.
'I have no problems with the finance ministry or with state governments treating petrol pump prices as the last resort for meeting their ambitious spending targets with very limited revenue resources.' 'But let's do away with this smokescreen of free pricing of petrol and diesel and go back to administered pricing regime,' says Dr Sudhir Bisht.
While the Centre is criticised for not cutting excise duty on petroleum products, it is the states which gain more from the rise in their prices
Union Budget had projected the fiscal deficit at Rs 5.56 lakh crore.
The GST Network's chairman Navin Kumar speaks to Dilasha Seth and Indivjal Dhasmana on various aspects of the new tax regime.
'Whoever whispered in his ears that go for demonetisation, misled him completely' and the PM lacked the sagacity to know that it would not work, Yashwant Sinha tells Archis Mohan.
Here's everything you need to know about the Goods and Services Tax Bill.
There could be a strong incentive for tax payers to avoid the higher tax burden.
Insisting that PM Modi has consistently cared for the farmers, Goyal said the Rs 75,000 earmarked for paying Rs 6,000 per annum to each of 12 crore farmers is not one time but a 'sustainable' provision.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
The Board of Control for Cricket in India president Anurag Thakur, on Thursday, wrote an emotional letter to all state association stating that "in light of recent comments made against Indian Premier League, all members need to collectively decide, whether to stop this 'extravaganza'."
IMF attributes the slower growth rate to supply-side bottlenecks.
IMF's Chief Economist Gita Gopinath on Thursday said it would be damaging for India to start tightening policy support in the midst of the COVID-19 pandemic and also stressed on reducing wasteful expenditures in the upcoming Budget. Delivering NCAER's '9th C D Deshmukh Lecture' virtually, Gopinath said there is scope for the Indian government to provide more direct support to people.
Though not a blockbuster budget it does not undermine the fact that key issues were addressed and the finance minister certainly did not under-deliver, says Vatsal Srivastava.
Indian economy about to take-off
'It is important that employees are trained to acquire skills that would be needed in future, when the company sees disruption coming -- that is, much before the disruption occurs or the company plans to change the business model,' says Asish K Bhattacharyya.
There is no constitutional or statutory prohibition on receipt of anonymous donations by political parties.
The shortage of skilled workers in India is one of the country's biggest challenges.
The government should now focus on governance and monitoring the supply side to manage inflation, says M V Subramanian.
The new numbers did not apparently pass consistency checks with production, inputs, or movements in the National Stock Exchange.
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 government has realised that the finances of the government are in a precarious state.' 'We are borrowing to fund the ever-burgeoning revenue deficit.' 'Then you are paying interest on the fresh borrowing.' 'For the first time, the government has realised that this cannot go on.'
'Swachh Bharat Cess imposed last year should be made broad-based.' 'Budget should be predominantly economy/ business-oriented and problem-solving rather than political consideration-based.'
'No one cares about fiscal deficit now. Or for that matter, inflation.' 'The focus is on growth and growth alone.' 'RBI needs to break the risk aversion of banks and infuse adrenaline in their veins', says Tamal Bandyopadhyay.
