High-level committee to deal with tax issues
The Dollar Business Bureau The Union Finance Minister, Arun Jaitley, on Monday, stressed on need for a non-adversarial taxation policy, as he made clear that the Government of India will not impose ‘retrospective’ taxes. “Our taxation process has to be simpler to increase tax buoyancy and the taxation policy has to be non-adversarial. The government does not intend to tax people retrospectively,” said Jaitley, addressing the D P Kohli Memorial Lecture in New Delhi. Further promising a business-friendly environment for the global investors, the Union Finance Minister called for a globally competitive corporate tax structure. He stated this in reference to the Union Budget 2015, where the government has proposed to reduce the corporate tax from 30 % to ...
A review of the Budgets impact on exportsimports and foreign investments
D K Aggarwal, Chairman, SMC Investments & Advisors Ltd. The global economic situation is a major determinant of export performance of any country, thus export growth cannot be viewed separately. With the global economy continuing to be volatile, India’s export growth performance in the last one and a half years has been much below as compared to the previous years. This is because of India’s heavy dependence on petroleum products and Gems and Jewellery. The recent Union Budget tabled by the Union Finance Minister, is perceived to be a pragmatic budget in accordance with the current Indian Economic Scenario, which set the pace for addressing long-pending issues. This path-breaking budget, clearly spells the vision of the Modi-led BJP government. ...
Pharma issues left unaddressed in the Union Budget: Expert
Sai Nikesh | The Dollar Business In view of the Union Budget and India witnessing significant tax reforms in bringing in a single comprehensive tax on goods and services, The Pharma Export Promotion Council on Monday, organised a post-budget interactive session in association with the Ernst & Young (E&Y) as the knowledge partner in Hyderabad. The meeting discussed critical issues that would help the Pharmaceutical Industry plan for the changes that are likely to evolve in the aftermath of Budget 2015-16 as also bring together the industry's point of view on the implications stemming from the budget. Speaking to The Dollar Business P V Appaji, Director General, Pharmexcil, said, “There is a need for investments aimed at quality improvement ...
Finance Minister addresses inverted duty structure
The Dollar Business Bureau Ministry of Finance’s Economic Survey, which was released yesterday, had 28 references of ‘Make in India’ and asked an existential question about this pet project of Prime Minister Narendra Modi. The question was, “Is manufacturing the sector that Make in India (should) focus on?” And answering this in the affirmative, from the floor of the parliament, while presenting Union Budget 2015, was Finance Minister Arun Jaitley, as he made 10 references to ‘Make in India’ in his 90 minute budget speech. Not only did he say that ‘Make in India’ was key to improving the share of manufacturing in India’s GDP from the current 17%, thereby creating more jobs, but also said it was ...
Government for FDI in education sector
Sai Nikesh | The Dollar Business The Government of India, in its upcoming budget, seems to be keen on increasing the GDP share of the Indian education sector in the country’s overall economy. In this regard, the government is strongly willing to increase budgetary allocations in the education sector by calling for more public investments and also the foreign and private investments in the sector. The larger gaps existing in the country’s education standards may provide scope for the government to invite more and more private institutions and foreign investments in the name of infrastructure development. India could find it better to involve the global players through technology which would definitely play a major role in the education sector as ...
Industry calls for GST rollout & reversal of inverted duty structure to boost economy
The Dollar Business Bureau “Thanks to the new NDA government which has brought all the states on board, the GST Bill is most likely to come into force next year,” said Ajay Sahai, DG & CEO of FIEO (Federation of Indian Export Organisations) couple of days ago. Today, Adi Godrej, Godrej Group Chairman pitching for incentives for the manufacturing sector in the upcoming budget said that the Centre must roll out goods & services tax (GST) from next fiscal as it would boost economic growth by 2%. The main objective behind the implementation of the GST is to make country a unified market with lesser number of taxes. Lesser taxes will enable companies to invest more leading to increased ...
Times conducive for an investor-friendly budget
Sai Nikesh | The Dollar Business With a view to lift investment flow into the country, the Ministry of Finance, Government of India, seems to be highly focused in creating a friendly environment to investors through its measures in the upcoming budget. From changes in minimum alternate tax for foreign investors to considering of the recommendations from Partho Shome panel, the government is high on facilitating foreign investors. On recommendations from the Partho Shome panel and in line with the demand from foreign investors, the Indian Finance Ministry is mulling to further defer the General Anti-Avoidance Rule (GAAR) to avoid obstacles for investment flows. The GAAR, which strictly opposes avoidance of taxes, was introduced in 2012-13 budget and then ...
