Concerned over the high outstanding wealth tax and income tax, Finance Minister Jaswant Singh said as against a tax demand of over Rs 70,670 crore, the net collectable demand stood at only 35 per cent of the total amount.
Indications are that Reddy will take charge as RBI Governor after the annual meeting of the IMF slated in late September.\n\n
The government will pre-pay Rs 7,500 crore (Rs 75 billion) worth of bilateral aid this fiscal, besides swapping Rs 38,000 crore (Rs 380 billion) high cost state government debts, Finance Minister Jaswant Singh told Rajya Sabha on Tuesday.
India is committed to repay its high interest debt earlier than scheduled and has already paid over $3 billion, Finance Minister Jaswant Singh told the Lok Sabha on Friday.
Less than 4 days after announcing Rs 609 crore aid for cane growers of states having a state advised price regime, the Centre on Monday decided to come out with a comprehensive package which will include the non-SAP states as well.
India's total external debt stood at $101.97 billion as on September last year, Lok Sabha was informed on Friday.
At least 11 states accounting for two-third of the country's trade and industrial output are ready to introduce value-added tax from June
India, the world's largest edible oil importer, on Wednesday slashed customs duty on RBD Palm oil to 70 per cent from 85 per cent but traders here said it is unlikely to have any significant impact on imports.
The Lok Sabha approved the Union Budget for 2003-04 with some minor changes on Wednesday.\n\n\n\n
Only eight out of 16 states, which have agreed to implement Value-Added Tax from June 1, have passed legislations on the issue so far, Finance Minister Jaswant Singh said in Lok Sabha on Friday.
Finance Minister Jaswant Singh said on Thursday that the country's economy had successfully weathered the impact of volatility in world oil prices because of the war in Iraq and that the worst was over.
Under increasing pressure to cut interest rates on Employees Provident Fund, the labour ministry is expected to meet the Reserve Bank of India brass in a bid to retain the current rate of 9.5 per cent.
Admitting that fiscal deficit was a "major source of worry", Finance Minister Jaswant Singh on Thursday said pegging it at 5.6 per cent of GDP for the coming year was not "unsatisfactory" given the adverse circumstances.
Against the backdrop of unhappiness among some senior leaders in the Bharatiya Janata Party in the wake of controversy over denial of ticket to Jaswant Singh, party leader Yashwant Sinha on Friday said things could have been done more "gracefully" and "smoothly" to look "more natural".
Government on Monday indicated the one-by-six scheme for assessing income tax will be looked into to include wireless in local loop-based mobile phones.
Finance Minister Jaswant Singh on Friday announced in his Budget speech that two separate companies would be formed to raise the airports in Delhi and Mumbai to international standards.
Standard deduction of 40% or Rs 30,000 whichever is less for salary till Rs 5 lakh, above Rs 5 lakh, 20,000.
Concerned with the inadequate availability of credit to the small-scale sector, Minister of Small Scale Industries C P Thakur on Thursday said he will soon take up the issue with finance ministry and the Reserve Bank of India.
Finance Minister Jaswant Singh said on Tuesday that the government was committed to appointing a professional to head the UTI-II, which runs all the net asset value based schemes.
The government on Thursday ruled out any cut in interest rates on Employees' Provident Fund this fiscal from the present 9.5 per cent, but said it would be reviewed only next fiscal based on the surplus position, Labour Minister Sahib Singh Verma
No inflationary pressure in near future: Jalan
Vijay Kelkar, advisor to the finance minister, on Friday submitted the final reports on direct and indirect taxes to Finance Minister Jaswant Singh.
The government will move fast towards a more liberal forex regime in the backdrop of a record foreign exchange reserves of 68 billion dollar and fresh inflow of $500 million a week, Finance Minister Jaswant Singh said.
Sharpening his attack on Narendra Modi, Rahul Gandhi today said the Bharatiya Janata Party leader would have "ousted" even Atal Bihari Vajpayee like party veterans Jaswant Singh and L K Advani had the former PM continued being in public life.
P B Chandra finds out if the 'Modi wave' is sweeping the desert state as party workers have been claiming since the Bharatiya Janata Party's thumping victory in the assembly polls last year.
Pitted against Bharatiya Janata Party's S S Ahluwalia who has the backing of the Gorkha Janmukti Morcha, Trinamool Congress nominee Baichung Bhutia said the real issue in Darjeeling hills was not a separate state, but lack of development.
Optimistic of the feel-good factor in the economy, Finance Minister Jaswant Singh on Tuesday said the inflation will come down to 4-4.5 per cent by the end of the current fiscal and average at 4.8 per cent during the 6-year term.
