Search Result for : Finance Minister

The Dollar Business Bureau The German Chancellor Angela Merkel warmed to the idea of creating a combined European finance and the forming of a European Monetary Fund. This signalled a willingness on the part of the Chancellor to deepen the euro zone integration. On the idea floated by her finance minister Wolfgang Schaeuble, Merkel said she supported “the very good idea” to turn the euro zone’s rescue fund, the European Stability Mechanism (ESM), into a European Monetary Fund. In May 2010, the European Financial Stability Facility was formed which was later called the ESM. The ESM works alongside the IMF in assisting Europe’s financial programmes. The creation of ESM was a powerful step offering a powerful means to backstop sovereign debt markets and ...

The Dollar Business Bureau Niti Aayog’s outgoing Vice Chairman Arvind Panagariya has said ‘writing off some debt of Air India, so as to make it attractive to prospective investors, could be a "wise" move.’ Niti Aayog had suggested to the government to privatise the public carrier and a committee was set up under Finance Minister Arun Jaitley to carry forward the process. "I don't know whether you need to write off debt to find a buyer, I don't know the market. Transaction advisers are competent on that," Panagariya told Press Trust of India in an interview. "I am just saying that it's probably wise to write off part of the debt before this happens (privatisation of Air India)," he added. Regarding the need for asset ...

The Dollar Business Bureau Engineering Export Promotion Council (EEPC) of India said on Monday that after the implementation of Goods and Services Tax (GST), shipping companies are facing problems as their refunds for drawback will not be issued till end of September or October. In addition, the supply of goods from domestic tariff zones (DTZs) to export-oriented units (EOUs) are not taken as ‘deemed exports’ under the new tax regime, which resulted in denying duty free imports of inputs under the Government’s scheme of Advance Authorisation, EEPC said in a statement. Moreover, the exporters will be paying basic customs duty, Integrated GST and cesses for the goods imported that are used for supply to EOUs. The exporters are entitled for input tax credit of IGST only. The basic ...

By Sheela Mamidenna As the Chairman of the Empowered Group of State Finance Ministers which was instrumental in the formulation of GST Laws in 2009, Dr Asim Kumar Dasgupta can be rightly called as the ‘architect of GST’. A reformer by heart he set out to mastermind the most ambitious tax reform in Indian history by introducing the Value Added Tax (VAT). He was the man who was instrumental in doing away with many draconian tax levies such as octroi and highway toll in West Bengal and was fondly referred to as ‘my US-trained finance minister’ by the then Chief Minister of West Bengal, Jyoti Basu.  Dr Dasgupta, an MIT graduate continues to inspire the new generation as he lectures at various ...

By Ranjit Mahtani & Sweta Rajan After 17 years of preparation and 18 meetings of the GST Council, a single unified Goods and Services Tax (GST) in India is today a reality. In a momentous launch at the Central Hall of the Indian Parliament with a speech by the Finance Minister and the Prime Minister of India, the GST regime was ushered in at the stroke of midnight on July 1, 2017. While the mammoth task for the Central and State Governments has just concluded, as far as trade and industry are concerned, the journey has only just begun. GST, in the form that it has been introduced in India, may not be perfect; however, it is the reality, and trade and ...

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

The Dollar Business Bureau Traders' body Confederation of All India Traders (CAIT) on Tuesday urged the Government for exempting branded as well as non-branded food commodities with registered trade mark, from the Goods and Services Tax (GST).  The traders' body reasoned that the differentiation made by the GST Council for levying 5% tax on branded food items with a registered trademark will promote adulteration and result in lower remunerative prices for farmers even for high quality produce. In a letter to Finance Minister Arun Jaitley, CAIT said, “Under the pretext of 'branded' products, these items have been made taxable at 5% which will prove to be detrimental and in contradiction of the intention of the government.”  CAIT further said that small firms who are manufacturing food grains, pulses and other ...

The Dollar Business Bureau Gems and Jewellery industry welcomed the government’s decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business. The industry said they are happy that the government understood the requirements of the industry and a special category has been created in the GST. “We welcome the government's decision of 3% GST for gold and 0.25% on rough diamonds. We are happy that the Centre has created a special category, which will help the industry,” Nitin Khandelwal, Chairman All India Gems and Jewellery Trade Federation (GJF) told PTI. He further said the rate is expected to be less than 3% as input tax credit ...