Search Result for : Union Finance Minister Arun Jaitley

The Dollar Business Bureau  In an open letter to the Finance Minister Arun Jaitley, A. Sakthivel, Regional Chairman, Southern Region, Federation of Indian Export Organisations (FIEO) today made an appeal that, ‘there are a number of activities, which are undertaken by the job-workers in the garment making industry which have been left out of the GST rate of 5%!’  In its recent meeting held on June 11, the GST Council had provided a major relief to the textiles and apparels manufacturers by announcing a sharp reduction in GST rates on certain merchant services from 18% to 5%. Industry leaders had welcomed the move saying that the massive reduction would help job workers to survive and compete with those in the captive manufacturing ...

Aamir H Kaki Finance Minister Arun Jaitley said on Friday that the government is now in the final stages of fixing tariffs for different items and that the rules and regulations governing GST have been approved.  “We are now in the final stages of fixing tariffs for different commodities. The formula under which it is being done has also been explained and therefore nobody is going to be taken by surprise. It's not going to be very significantly different and rules and regulations governing GST have been framed,” Jaitley said while inaugurating the Annual Session, 2017 of the Confederation of Indian Industry (CII) on the theme ‘Future of Globalisation: Can India Lead’.  The finance minister released the CII Reports on Transparency in Real ...

PTI A former advisor to Union Finance ministry and a policy expert today said that cascading impact on prices would continue as several products are out of GST base. "Several products are set to be out of GST base and that implies a portion of our GDP will not generate input tax credit. So significant cascading of taxes is likely to continue," Parthasarathi Shome said on the sidelines of an interactive session on GST at Merchants' Chamber of Commerce & Industry. Petroleum, electricity and several services expected to be out of GST and will allow continuation of cascading effects on tax partly preventing getting price benefit on final products, he said. To explain, businesses or industry using petroleum, ...

The Dollar Business Bureau The Finance Minister Arun Jaitley presented the Union budget 2017-2018 on Wednesday in the Lok Sabha. This was the fourth budget by the current government. “The country will boost spending in rural areas, on infrastructure and for fighting poverty”, he said in his introductory speech as he unveiled the annual budget. Experts, analysts and people from industry have welcomed the budget, which is mainly focused on the rural sector, MSMEs, infrastructure development and digitisation. “One of the thrust areas of my tax proposals is to stimulate growth, give relief to the middle class, (promote) affordable housing, curb black money, bring transparency in political funding and simplify tax administration,” Jaitley said. Commenting on the Budget, Dr Didar Singh, Secretary General, FICCI, said, “The government ...

The Dollar Business Bureau Kishor Pate, CMD - Amit Enterprises Housing Ltd  The Finance Minister has announced that 1 crore rural houses will be created by 2019, and the outlay for rural housing under PMAY is Rs. 23000 crores from the previous Rs. 15000 crores. This will help address the housing needs of the homeless and those living in 'kachha' houses in the rural areas, and potentially help reduce pressure on urban areas if it is in conjunction with employment generation. The total allocation for infrastructure is a whopping Rs. 396135 crores in 2017-18. This is very good news for the real estate sector, as the correlation of infrastructure with real estate growth is a well-established fact. Affordable housing has finally been given infrastructure ...

The Dollar Business Bureau  The centre and the states Governments on Friday disagreed on goods and service tax (GST) council’s decisions on service tax assessment. They, however, struck a common objective on area-based exemption in the new tax structure. Finance Minister Arun Jaitley on Friday headed the second meeting of the GST council, which gave its consent on five subordinate legislations, including registration, invoicing and exemption as part of the new GST regime. Currently, the central government gives excise duty exemption to 11 states mainly in the northeast and hilly regions. Many states also give the same exemptions as incentives for setting up an industry. The council decided that under GST, taxes will be collected and reimbursed from the annual budgets to the exempted categories. The ...

The Dollar Business Bureau   Associated Chambers of Commerce and Industry of India (ASSOCHAM) has advised the Union government to increase the countervailing duty (CVD) on gold dore from 8.75% to 9% and bring down the excise duty levied on refined gold bars from 9.5% to 9.25%. These measures were suggested to bring a balance between refineries in excise-paying areas and excise exempt areas, as they were almost equally levied in both the segments. On an average, India imports over 800 tonnes of gold every year. However, domestic gold refining has improved by in the past three years and grew from 5% in FY2013 to 25% in FY2016. In a letter that was addressed to Finance Minister Arun Jaitley from ASSOCHAM, it stated, ...

The Dollar Business Bureau   The Bankruptcy Law has been passed by the Joint Parliament Standing Committee, and is expected to be discussed in the current budget session of the Parliament, Finance Minister Arun Jaitley said on Wednesday.Speaking at the second meeting of the MoF’s Consultative Committee, Jaitley said the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (SARFAESI) and the Debts Recovery Tribunal Act (DRT) have also been amended to make the recovery process efficient. Giving out further information on this announcement, the Finance minister said the government has taken an array of measures to deal with the Non Performing Assets (NPAs) in the banking sector, especially in the case of public sector banks (PSBs). The Ministry ...