PM address to media ahead of 2nd round of Budget Session

  English rendering of the Prime Minister Shri Narendra Modi’s address to media ahead of the Second round of the Budget Session of Parliament Welcome friends, All of us are back together once again after the recess during the Budget Session of the Parliament. There will be detailed discussion on the Budget and I am sure the level of debate and discussion will be of good quality. It will be focused on the issues pertaining to the welfare of the poor. We are hopeful of a breakthrough in the GST. One of the reasons for our optimism is that all the states have cooperated in a positive manner. All the political parties have also been extremely positive and cooperative in their response. We have been able to move forward in

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Transition to GST would add some certainty in state government budgeting 

  Compensation norms for revenue losses on account of transition to the goods and services tax (GST) may add some element of certainty for state governments while preparing their budget targets, according to a study by rating firm Icra. It says that the transition may turn out to be temporarily disruptive and that the pace of growth of transfers from central government to state governments is forecast to halve in the coming fiscal. The Union Budget for FY’2018 has forecast a reduction in the pace of growth of central transfers to state governments to 9.8 per cent in the budget estimates (BE) for FY’2018 from 18.7 per cent in the revised estimates (RE) for FY’2017. “However, states’ own revenues, subsumed into the GST, would grow by at least 14 per

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ICAI submits Post-Budget Memoranda-2017

  We have noted with great satisfaction that the suggestions given by the Committee in the past have been considered very positively. In formulating our suggestions in regard to the Finance Bill 2017, the Direct Taxes Committee and Committee on International Taxation of the ICAI have considered in a balanced way, the objectives and rationale of the Government and the practical difficulties/hardships faced by taxpayers and professionals in application of the provisions of the Income-tax Act, 1961. We are confident that the suggestions of the Direct Taxes Committee and Committee on International Taxation of ICAI given in this Memorandum shall receive positive consideration. In this memorandum, suggestions on the specific clauses of the Finance Bill, 2017 relating to Income-tax Act have been given in detail. DOWNLOAD/READ FULL MEMORANDA

Twitter records 7.2 L tweets on Budget b/w 30/1-2/2

  Social media platform Twitter today said it had recorded 7.2 lakh tweets with the hashtag #Budget2017 between January 30 and February 2. Finance Minister Arun Jaitley (@ArunJaitley) conducted two live chat sessions answering queries of Indian citizens from the Ministry of Finance and the Ministry of Information & Broadcasting, Twitter said in a statement here. Twitter provided live updates from the budget showcasing the presentation and initiated conversation amongst policy makers, influencers, journalists, opinion-makers, and the public in general. Prime minister Narendra Modi also tweeted “#BudgetForBetterIndia reforms old processes,empowers our human capital and aims to rejuvenate the economy.” “Twitter conversations on the Union Budget 2017 reflected the nation’s temperament towards an event of national significance,” the statement said. The finance ministry also posted exclusive behind the scenes peek into

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Budget offers tax balm, Sensex shoots up 486 points

  A focus on fiscal discipline and clarity on FPI taxation as reflected in the Union Budget came as music to investors’ ears, with the Sensex leaping nearly 486 points on Wednesday to close at an over 3-month high of 28,142. Financial and realty stocks powered the show. Markets welcomed the budgetary proposals of infusing Rs 10,000 crore in public sector banks and keeping long-term (LTCG) and short-term capital gains tax (STCG) unchanged for the capital market. Additionally, Finance Minister Arun Jaitley proposed that category I and II foreign portfolio investors (FPIs) should be exempted from taxation on indirect transfers, which made investors a happy lot. Both key indices Sensex and Nifty reclaimed their key levels of 28,000 and 8,700 for the first time, scoring their biggest single-day gain since

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Highlights of Indirect Tax Proposals – Union Budget 2017-18

  INDIRECT TAXES SERVICE TAX Amendments effective from 02.02.2017 Amendment in Mega Exemption Notification No. 25/2012 ST dated 20.06.2012   Services provided or agreed to be provided by the Army, Naval and Air Force Group Insurance Funds by way of life insurance to members of the Army, Navy and Air Force under the Group Insurance Schemes of the Central Government exempted from service tax vide new entry 26D inserted in Mega Exemption notification. Under the Regional Connectivity Scheme (RCS), exemption from service tax is provided in respect of the amount of viability gap funding (VGF) payable to the selected airline operator for the services of transport of passengers, with or without accompanied belongings, by air, embarking from or terminating in a Regional Connectivity Scheme (RCS) airport, for a period of

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Highlights of DirectTax Proposals – Union Budget 2017-18

  UNION BUDGET 2017-18 DIRECT TAX PROPOSALS BUSINESS TAXATION   The threshold limit for audit of business entities who opt for presumptive income scheme proposed to be increased from Rs. 1 crore to Rs. 2 crore. This is a clarificatory amendment. The threshold limit for maintenance of books for individuals and HUF proposed to be increased from turnover of Rs. 10 lakhs to Rs. 25 lakhs or income from Rs. 1.2 lakhs to Rs. 2.5 lakhs. The scope of domestic transfer pricing to be restricted to cases where atleast one of the entities involved in related party transaction enjoys specified profit-linked deduction. In order to promote the development of affordable housing sector, section 80-IBA proposed to be amended to restrict carpet area to 30 and 60 sq.mtr. in the place

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Seeks to amend Notification No. 16/2010-Central Excise dated 27.2.2010 so as to carry out Budgetary changes

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 7 /2017-Central Excise New Delhi, the 2nd February, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 16/2010-Central Excise, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 118 (E), dated the 27th February, 2010, namely :- DOWNLOAD/READ FULL NOTIFICATION

Seeks to amend Notification No. 12/2012-Central Excise dated 17.03.2012 so as to carry out Budgetary changes

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 6/2017-Central Excise New Delhi, the 2nd February, 2017 G.S.R. (E). – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/2012-Central Excise, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 163(E), dated the 17th March, 2012, namely: – DOWNLOAD/READ FULL

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Seeks to further amend Notification No. 42/2008-Central Excise dated 1.7.2008 so as to carry out Budgetary changes

  [TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 4 /2017-Central Excise New Delhi, the 2nd February, 2017 G.S.R. (E).- In exercise of the powers conferred by sub-section (3) of section 3A of the Central Excise Act, 1944 (1 of 1944), the Central Government hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 42/2008-Central Excise, dated the 1st July, 2008, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 492(E), dated the 1st July, 2008, namely :- In the said notification, – (i) in the first paragraph, for Table-1 and the

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