Warning that the new year will be riskier than the previous two in terms of growth, inflation and the perils of monetary policy normalisation on consumption demand in particular, along with other external risks, a Wall Street brokerage has pencilled in an 8.2 per cent GDP growth next fiscal, with more downside risks to the projection. The biggest risk to the projection is a derailed consumption demand that has been the main growth driver in the past many years, said the Bank of America Securities India house economists who still believe that consumption demand will remain the key driver of growth next fiscal as well.
According to Nasscom, India must make its R&D significantly more robust to realise the 'Make in India' dream
The government on Monday forecast annual economic growth to accelerate to 7.4 per cent in the fiscal year ending in March 2015
There will be a review of employee compensation arrangement in the light of the new rules.
The confidence that GST Network is capable of handling the returns, payments, reconciliation, refunds, etc., has been badly shaken.
The states will forego around Rs 44,000 crore of tax revenue after they reduced VAT on petrol and diesel in the reminder of the fiscal but higher central tax devolution of Rs 60,000 crore will offset the losses, according to a report. After months of calls for lowering the taxes on the fuels, the Centre on November 4 cut excise duty on diesel by Rs 10 a litre and by Rs 5 on petrol. Following this, as many as 25 states and Union territories have lowered value-added tax (VAT) on these fuels.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
The finance minister is likely to announce the government's vision for a tax-friendly regime by raising the I-T exemption limit from the current Rs 250,000 per annum.
A total of 829 candidates have qualified for civil services, including the Indian Administrative Service and the Indian Police Service, the Union Public Service Commission announced
"The main risk stems from the uncertainty surrounding the outcome of the south west monsoon in view of the rising probability of an El Nio event around July-August, and its implications for food inflation," RBI said, as it kept the status quo on key interest rate for the third time in a row.
Faced with prospect of its assets across the globe being seized just like Pakistan and Venezuela, the government decided to scrap retrospective taxation but the international embarrassment could have been avoided had 'attached' shares of Britain's Cairn Energy Plc not been sold, according to tax and legal experts. On Thursday, the government introduced a Bill in Parliament to scrap the tax rule that gave the tax department power to go 50 years back and slap capital gains levies wherever ownership had changed hands overseas but business assets were in India. The 2012 legislation was used to levy a cumulative of Rs 1.10 lakh crore of tax on 17 entities, including UK telecom giant Vodafone, but substantial punitive action was taken only in the case of Cairn.
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In New York market, the dollar lost ground against most major rivals on last Friday amid mixed US data on industrial production and consumer sentiment.
Rain gods may be kinder; revenue collections going up: Jaitley
A fresh PIL was filed on Thursday in the Supreme Court seeking a probe by multiple central government agencies under the supervision of a panel or a former apex court judge against the Adani Group of companies following allegations of fraud and share price manipulation made by the US-based Hindenburg Research.
The Budget has relaxed a few safe harbour rules that aim to make it easier for fund managers overseeing offshore India-focused funds to relocate to the country.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Economy showing mixed signals, outlook challenging: FinMin
The biggest disappointment was the compromise on the promised corporate tax reduction path.
The government plans to implement the single rate GST, which would subsume central excise, service tax and other local levies, from April 1, 2016
Call it the art of staying rooted yet bending with prevailing political winds. With Telangana going to the polls in December, and assembly and Lok Sabha elections in Andhra and Odisha scheduled next year, what factors have influenced parties' recent moves?
'Day by day, the queues will shorten.'
Enhanced revenue generation is a priority for the government.
The real requirement for the finance minister's explanatory speech is to explain the measures taken in the Budget to influence inflation and growth not just through the announcement of a deficit goal, but more broadly through the impact on money supply, consumer demand, foreign trade and investment, explains Nitin Desai.
Besides Vodafone, several other major MNCs like Nokia and Shell were locked in tax dispute with the revenue department.
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