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.
New Delhi, Feb 9 : Union Minister for Information and Broadcasting Arun Jaitley on Monday emphasised the need for the availability of books and other knowledge products in digital form, keeping in mind the advance of technology.
Speaking at the launch of the 'India: 2015 Reference Annual' at the national capital, Jaitley stated that the digital medium would provide enhanced accessibility and affordability of information to a wider audience.
The minister also started that the digitization of printed books carrying information on India's development will be a useful reference material for people worldwide, with e-books providing enhanced accessibility and affordability of facts to a wider audience
Davos - India is back in the reckoning at the global centre-stage and the huge build-up in positive sentiments among investors should soon start converting into real investment flows on the ground, Finance Minister Arun Jaitley has said.
With a packed agenda of meetings with investors and the government representatives from various countries here at WEF annual meeting, Jaitley said that many of these investors were looking at India either to invest or to expand their presence.
Davos - The World Economic Forum's five-day annual jamboree of the global elite will begin here Tuesday with presence of over 2,500 political and business leaders, including union ministers Arun Jaitley and Piyush Goyal as well as more than 100 industry leaders from India.
Other prominent Indian names would include Chief Economic Adviser Arvind Subramanian, as also Chief Ministers of Maharashtra and Andhra Pradesh -- Devendra Fadnavis and Chandrababu Naidu, respectively.
Chennai: With one-and-a-half months left for the Budget, Finance Minister Arun Jaitley on Monday said the government will take "special steps" to boost public spending on infrastructure and initiate measures to rationalise subsidies.
"Even with the present constraint of fiscal deficit in revenue, it's a challenging and a difficult opportunity for us. But I think we have to take some special steps as far as public investments is concerned," he said.
The Minister underlined the need for stepping up public investments in infrastructure sector to boost economic growth.
New Delhi, Jan.14 - Union Finance Minister Arun Jaitley has said that the NDA Government has taken several initiatives in different sectors in the last eight months to take the economy on a higher growth path.
He said that overall, with growth improving and inflation and external fronts under control, macro-economy stability has improved.
The Finance Minister said growth deceleration has bottomed out and the revival has started.
Jaitley said the economy registered a higher growth in the first half of the current financial year at 5.5 per cent as compared to last year's 4.9 per cent in the first half, and 4.7 per cent for the full financial year 2013-14.
Pune (Maharashtra), Jan 3 : Union Finance Minister Arun Jaitley on Saturday called for reforms in the banking sector while pitching for greater autonomy in government-controlled banks.
"Public sector banks and financial institutions have performed very important role. There is a need to get the best talent into the system. There is a need for far greater autonomy to them. And, we also need to understand the problems that these banks themselves are confronting," Jaitley told reporters on the sidelines of a meet with officials of public sector banks.
New Delhi - Blaming high cost of capital for slowdown in manufacturing sector, Finance Minister Arun Jaitley Monday pitched for removal of entry barriers and a globally competitive taxation regime to attract investments and boost growth.
"We have to put house in order," Jaitley said, to accelerate the growth, as the manufacturing sector was not growing as per its potential and radical steps might be required to revive growth in this key segment, although as results will not be visible overnight.
Speaking at a day-long workshop on Make-in-India, he however said Indian economy may improve slightly after two years of slowdown and the next fiscal will be even better.