The Congress-led grouping has some reasons to feel emboldened over recent political developments.
'More a show that you are doing something in the Budget even if that something never actually comes to pass,' notes Nitin Desai.
Compared to other emerging markets, accelerated growth in the domestic economy provided greater business opportunities to foreign banks in India, resulting in higher profitability.
It would perhaps make more sense if the finance ministry gave greater emphasis on the need for a similar exercise to phase out exemptions and concessions in indirect taxes like customs and excise.
The current draft of the Goods and Services Tax could kill any hope of economic revival - and you should blame the Congress if it rolls over and lets it pass, says Mihir S Sharma.
Government has approved Rs. 7,029 crore compensation to states for the losses they suffered due to reduction in central sales tax rate.
Exemption of custom duty on coal would help Chlor Alkali companies to lower their power cost wherever they have captive power generation based on coal.
This finance minister has come of age. That's not condescension. It is a praise, says Omkar Goswami.
Reduction in corporate tax rate: In view of the fact that the present Budget is expected to be intermediate in nature, insofar as it would pave the way forward for DTC, it will be commendable if CTR in FY 2012-13 is brought down at least to match the proposed rate of flat 30 per cent in the DTC.
Hopes of revival and earnings growth in 2020, surprise tax cuts, and robust foreign flows - thanks to easy global monetary policies - are a few reasons why the markets have managed to digest the low GDP footprint. Select bluechips such as Reliance Industries, Bajaj Finance, Asian Paints, and ICICI Bank have gained sharply this year. On the other hand, YES Bank, Zee Entertainment, and Indiabulls Housing have seen a sharp fall.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
'The clubbing of policy announcements in the Budget speech creates policy surprises.' 'Economic actors dislike policy surprises because they throw their plans off track,' points out Alok Tiwari.
Harsh Roongta, Mahesh Padmanabhan, Anil Rego answer the most sought after questions on Budget Day.
Gains in auto shares helped offset losses in select index heavyweights led by Infosys.
The BSE Mid-Cap index was currently down 1.25%
Stocks and sectors impacted most by GST.
Chaos in Parliament threw a spanner in the government's efforts to revive the economy and kick-start reforms.
Group of ministers to review progress every fortnight.
Experts said the builders will now factor in their losses arising from the removal of input tax credit when they pass on the benefits to end users while the latter may want the entire GST cut to be given to them.
Bahrain has of late emerged as a regional hub for banking because of low tax rates and easy regulations. At present, 409 banks and financial institutions have operations there.
Petrofed, a body representing both public and private sector companies like Indian Oil Corp and Reliance Industries, has written to the government seeking inclusion of crude oil, petrol, diesel, aviation turbine fuel and natural gas in the goods and services tax that is likely to come into effect from next year.
The Income Tax Act might be amended to give effect to "jurisdiction-free assessment"
India on track to be third largest consumer economy by 2025.
As the Indian economic growth slowed to a nine-quarter low of 6.9 per cent in the second quarter of this financial year, Ficci has urged the finance ministry to provide more disposable income at the hands of the people by raising the personal income tax slab for the peak rate of 30 per cent in the next budget.
Durable, automobile and real estate players have been lobbying hard for a tax cut, saying it will boost demand.
Finance Minister has proposed to levy MAT of 18.5 per cent on the book profits of Special Economic Zone developers and units.
To spur foreign investment in the corporate bond market, the Finance Ministry has proposed reduction in withholding tax for FIIs to 5 per cent, from 20 per cent at present.
We thought if tax rates were not increased, manufacturing units would have more profits and that would be further invested in growth. Automatically, with growth, taxes go up.
The finance minister's Budget Speech has come as a surprising blessing as he has maintained the rates as they were last year.
No major relief is expected for corporate and individual tax payers.
Government Borrowings to remain high during 2011-12 in the absence of one-off revenues, higher subsidy payments and social sector spending
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
This article examines certain other service tax related issues which need to be addressed as well as the possible extension of the service tax to certain new services.
If someone does reduce his contribution, he should scale it back to the 12% level as soon as he can, suggests Sanjay Kumar Singh.
So far, the current year has not been great for the leading car exporters from India. In the top five list of exporters -- Hyundai, Ford, Maruti Suzuki, General Motors and Volkswagen -- it is only Hyundai which is clocking a growth.
Slamming the Union budget as 'insipid' and lacking in stimulus for growth, the Congress on Saturday said it does not address the main issue of unemployment and describes the mindset of the government.
The government said that service tax on foreign exchange transactions would be capped at Rs 5,000. The announcement will provide relief to market participants who feared high tax incidence would lead to a sharp decline in foreign exchange transaction volumes.
'The effect will be seen two-three quarters down the line.'
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
Lok Sabha passed the Finance Bill, after approving more than two dozen official amendments, by voice vote, thus completing the Budgetary exercise for 2019-20 in the Lower House.
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