New Delhi [India], Feb 10 : Extolling virtues of the Universal Basic Income, Finance Minister Arun Jaitley on Friday said that at least one state is willing to take a plunge and launch a pilot on the scheme, proposed by the Economic Survey.
"UBI is an idea worth considering. Today I had the first finance minister of a state meeting me to say that my state is willing to take a plunge as a pilot project pooling all the state and central subsidies. We will identify the poor people of the state, give cheque to a family every month" said Jaitley while addressing captains of the industry at the ASSOCHAM annual event.
This way he said, poverty can be eliminated over night in a region where it is implemented.
New Delhi [India], Feb. 2 : Aiming to provide further incentives to the National Pension System (NPS) subscribers, new provisions were introduced in the Finance Bill 2017 in Parliament on Thursday.
The existing provision of Section 10 (12A)of the Income Tax Act, 1961, provides that payment from NPS to a subscriber on closure of his account or opting out shall be exempt up to 40 percent of total corpus at the time of withdrawal .
The amount utilised for purchase of annuity is also tax exempt. At the time of normal exit, 40 percent of the total corpus is mandatorily required to be purchased for annuity. The subscriber has the option to use higher amount for purchase of annuity.
New Delhi [India], Feb. 1 : Finance Minister Arun Jaitley in his Union Budget 2017-18 speech today expressed gratitude towards the people of India for showing their strong support towards the government as a trusted custodian of public money, which has led the country towards a formal economy.
"We are moving from an informal to a formal economy," said Jaitley while ensuring more steps will be taken in the future to ensure that growth reaches all.
Extending support to the people, the Finance Minister said that the government was elected amidst huge expectations of the people and the theme of good governance.
New Delhi [India], Feb 1 : With maximum focus on safety, speed and infra development, the Finance Minister Arun Jaitley will present the first Rail Budget subsumed in the General Budget today.
With higher expectations with the sector, the shares of rail-related companies are in focus. Shares such as Texmaco Rail, Kalindee Rail Nirman, Titagarh Wagons and Kernex Microsystems were down three percent to five percent intraday.
On the other hand, the investors are looking for a safety fund for railways reeling under a series of deadly derailments, development of new lines, station redevelopment and setting up of Rail Development Authority and High Speed Rail Authority in the Rail Budget.
Hyderabad/Patna [India], Feb, 1 : With all eyes set on the presentation of the General Budget, the people across the country stressed on cleanliness in the Indian Railways and expressed hope that the government will come up with initiatives aimed at ensuring that the trains run on time.
The frequent users of Southern Railways in Hyderabad say that although ticket prices are reasonable, there is a need for compartments to be cleaned well. Additionally, the trains should be more viable for physically handicapped people to use them.
One of the locals in Andhra Pradesh's capital city Hyderabad said that adequate medical facilities need to be available with a medical practitioner on board at all times so that any medical emergency can be resolved at the earliest.
New Delhi [India], Feb. 1 : The 2017 Union Budget will be presented today in Parliament by Finance Minister Arun Jaitley and there will be no separate Rail budget from this year, as it has been merged with the General Budget.
The government has advanced the date of budget presentation so as to complete the entire process before the end of financial year.
The first part of the budget session has been kept brief in view of ongoing assembly polls in five states.
Later in the day, the Finance Minister will reply to questions by Twitterati on the budget proposals.
He said that he will be happy to respond to the questions sent directly to him on Twitter. The questions can be asked on Twitter by using hashtag #MyQuestionToFM.
New Delhi [India], Jan.28 : Meeting excessive expectations riding on the forthcoming Union Budget in the aftermath of demonetisation could be a challenging task for the Finance Minister Arun Jaitley, a pre-Budget assessment by The Associated Chambers of Commerce and Industry of India (ASSOCHAM) pointed out.
"If there is one sector which needs the maximum of government attention, it is the rural landscape," the paper said. "However, there are competing demands amidst high expectations built around a large scale relief to individual income tax payers and the corporate seeking reduction in the corporate tax rate to 25 per cent. The individual tax payers are expecting a big rise in the exemption limit and not a token amount of Rs 10,000-20,000. "
New Delhi [India], Jan 19 : The process of printing documents for the 2017-18 Budget will begin today with the ritual 'halwa ceremony' in Finance Minister Arun Jaitley's presence.
Jaitley will participate in the ritual ceremony to be held at 4 pm along with other Finance Ministry officials at the North Block here.
More than 100 Finance Ministry officials will stay in Budget Printing Press till Jaitley presents his budget speech.
As part of the ritual, which has continued for long, 'halwa' is prepared in a big 'kadhai' and served to the entire staff in the ministry.
This year's Budget, which will be the third full-fledged Budget of the present NDA government, is scheduled to be unveiled in Parliament on February 1.
New Delhi [India], Jan. 18 : Most services are likely to attract a tax of 18 percent under the Goods and Services Tax (GST) as Union Finance Minister Arun Jaitley presents the Union Budget on February 1.
It will be interesting to witness whether the Centre raises the service tax rate from the existing 15 percent by at least one percentage point to 16 percent as a precursor to the rollout of GST.
However, the Centre and states have agreed to rollout GST from July 1, 2017, after which most services will turn costlier.
Also, a higher service tax, even for three months, will help the Centre partially offset the revenue loss after the GST kicks in, sources indicated.
Gandhinagar (Gujarat) [India], Jan. 11 : Finance Minister Arun Jaitley on Wednesday said it is important that the Goods and Services Tax (GST) be implemented before September 16.
The Finance Minister, while addressing the media, said, "It is important that the Goods Services Tax (GST) must be implemented before the September 16 however we would want it to get implemented by April. It is necessary to implement it before 16 April."
Jaitley further said the country needs bold reforms to transform the economy.
Talking about the recent demonetisation move, he said GST and demonetisation would boost growth in economy.
"After the transient impact, demonetisation would lead to a cleaner and larger GDP," he said at the Vibrant Gujarat Summit here.
New Delhi [India], Jan 9 : Highlighting the impact the 'currency squeeze', as a result of demonetisation, has had on revenue collection in the country in the months of November and December last year, Union Finance Minister Arun Jaitley on Monday said that collection figures have moved up in all states.
"The big picture is that the Direct Tax collections have moved up. The Indirect Tax collections have also significantly increased," Jaitley told a press conference here.
Bhubaneswar (Odisha) [India], Dec. 1 : Finance Minister Arun Jaitley will on Thursday address a seminar on 'Indian Economy: The New Normal' at the largest ever investors' meet, which aims to showcase the state as a favoured investment destination for both metal and non-metal industries.
The largest ever investors' meet, 'Make in Odisha' conclave, was inaugurated by Chief Minister Naveen Patnaik yesterday.
As Bhubaneswar tops among the list of smart city programme, the state government also looks for international partners to execute smart city projects.
Odisha aims to attract investment worth one lakh crore rupees through the three-day event, which ends on Friday.
More than 100 companies and a thousand delegates are taking part in the first edition of the conclave. (ANI)
New Delhi [India], Nov. 10 : Union Finance Minister Arun Jaitley will inaugurate the two-day Economic Editors' Conference-2016 here on Thursday.
The Press Information Bureau (PIB) in collaboration with the Ministry of Finance is organising the two-day Economic Editors' Conference-2016 on November 10 and 11.
The main objective of holding the national economic editors conference is to apprise the media about the major policy initiatives, achievements and the future road map of different participating departments/ministries of the government.
About 75 economic editors from different parts of the country, including from as far as Andaman and Nicobar in the south, Jammu and Kashmir in the north, Manipur in the east and Rajasthan in the west will be participating in this conference.
New Delhi [India], Oct.2 : Union Finance Minister Arun Jaitley has made it clear that direct transfer payments is going to be the rule in future with tremendous success in targeting the beneficiaries without the problem of any leakages.
Delivering the keynote address at the conference on 'Digital Payments: Inclusion, Growth and Opportunities' organised by Observer Research Foundation in association with Better Than Cash Alliance in Delhi on Saturday.
Explaining the benefits of the Direct Benefit Transfer (DBT) which is helping the government to target the needy better, Jaitley said, "I am sure this going to be the rule in future."
New Delhi, Feb 28 : Finance Minister Arun Jaitley on Saturday said that to give a fillip to growth, investment and promotion of domestic manufacturing and 'Make in India', aiming at job creation, a series of measures are included in the budget.
He also said that a Tax 'pass through' is proposed to be allowed to both Category-I and Category-II Alternative Investment funds, so that tax is levied on investors in these funds and not on the funds per se.
"The measure will step-up the ability of these funds to mobilize higher resources and make higher investments in small and medium enterprises, infrastructure and social projects and provide the much required private equity to new ventures and start-ups," Jaitley said.
New Delhi, Feb 28 : ICICI Bank CEO and MD Chanda Kochhar on Saturday said the Union Budget 2015, which was introduced in the Parliament earlier in the day, will empower the entire country and touches the requirements of everyone.
"This budget empowers entire India, because it actually increases the devolution to the states, it actually talks about the youth of India by taking care of skilling and training requirements. It talks about entrepreneurship, innovation. It touches the requirements of everyone," Kochhar said.
"There is a clear focus on infrastructure. There is a clear acceptance of the fact that the initial push needs to be given by public investment. There is directional clarity about how to push infrastructure through various sectors," she added.
New Delhi, Feb 26 : Bharatiya Janata Party (BJP) leader and former IPS officer Kiran Bedi on Thursday showered praise on Finance Minister Arun Jaitley for his defense of the government's proposed Land Acquisition Ordinance, saying it will make one realise the falsehood been spread on the issue.
"Outstanding defense of Land Acquisition Ordinance in RSabha by @ arunjaitley Pl hear it. Will realise how much falsehood been spread. Tragic!" she tweeted.
Earlier in the day, Jaitley defended the government's proposed Land Acquisition Ordinance and accused the Congress of creating an environment in which the words 'infrastructure and industry' become 'bad words'.
New Delhi, Feb 24 : Stressing that states play an important role in the national economy, Union Finance Minister Arun Jaitley on Tuesday said that the 14th Finance Commission has increased the share of states in the divisible pool from 32 percent to 42 percent.
"If the Chief Ministers of states are being empowered with additional resources, then we have every reason to believe that this money will be well spent. The money will be well spent on poverty, infrastructure and therefore every spending within the territory of India, whether by the central or the state government is going to add to the growth process," Jaitley told the media.
New Delhi: Faced with liquidity crunch, fertiliser industry body FAI has written to Finance Minister Arun Jaitley seeking arrangement of funds to clear outstanding subsidy arrears, which are likely to cross Rs 40,000 crore by March- end.
In a letter to the Finance Minister, Fertilizer Association of India Director General Satish Chander has said that domestic urea manufacturers have not been paid since August, 2014. Therefore, a number of plants have resorted to shut down.
Chander also pointed that while domestic fertiliser manufacturers suffer "due to non-payment of dues for months together, upfront payments are made to foreign suppliers".
New Delhi: Finance Minister Arun Jaitley may look at reimposing five percent customs duty on crude oil imports to shore up revenues by USD 3 billion and create a level-playing field for domestic producers.
Presently, the government does not levy any import or customs duty on crude oil imports.
On the other hand, domestically produced crude oil attracts two percent central sales tax, something which imported oil is exempted from.
Given that there is no customs duty on imported crude oil, the CST levy places domestic producers at a significant disadvantage vis-a-vis imported crude, government sources said.
Thus, 20 percent of India's crude oil consumption that comes from domestic oil fields is taxed, whereas 80 percent of imported oil goes untaxed.
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