New Delhi [India], Apr 26 : Union Finance Minister Arun Jaitley on Wednesday asserted that that the Centre has no plans to impose any tax on agriculture income, while acknowledging that as per the Constitutional Allocation of Powers, the central government has no jurisdiction to impose tax on agricultural income.
"I have read the paragraph in Niti Ayog Report entitled 'Income tax on agriculture income'. To obviate any confusion on the subject, I categorically state that the Central Government has no plan to impose any tax on agriculture income," said Jaitley.
However, NITI Aayog member Bibek Debroy made strong case for taxing agriculture income, an opinion contrary to the government's stated position.
New Delhi [India], Apr. 5 : The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.
The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
New Delhi [India], Mar 29 : Union Finance Minister Arun Jaitley on Wednesday called the Goods and Services Tax (GST) Bill revolutionary, saying it will benefit all with the free movement of goods across the country.
"We are keeping two standard rates of 12 percent and 18 percent and provided for a cess for five years to fund compensation," said Jaitley while announcing usage of a cess on luxury, sin goods for GST compensation.
"Aim of GST Council is to decide everything with consensus," said Jaitley.
" CGST Law shall apply to the whole of India except the State of Jammu and Kashmir," he said while mentioning that the GST Council met 12 times till date.
He further said that GST will ensure one single tax and will ensure free movement of goods across country.
New Delhi (India), Mar. 27 : Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.
Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament.
Kumar told the media here that all parties have been consulted on the GST.
"Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session," he added.
The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.
New Delhi [India], Mar 25 : Union Finance Minister Arun Jaitley on Saturday approved the re-organization of the field formations of the Central Board of Excise and Customs (CBEC) for the implementation of Goods and Services Tax (GST).
The approval by the minister will enable the existing formations of Central Excise and Service Tax under the CBEC to implement and enforce the provisions of the proposed GST.
However, the CBEC is likely to be renamed as the Central Board of Indirect Taxes and Customs (CBIC), after getting legislative approval.
The proposed CBIC shall, inter alia, supervise the work of all its field formations and Directorates and assist the Government in policy making in relation to GST, continuing Central Excise levy and Customs functions.
New Delhi [India], Mar 3 : Union Finance Minister Arun Jaitley, who is attending the Nepal Investment Summit 2017 at Kathmandu, has stated that New Delhi is Kathmandu's largest partner in trade and investment with more than two-third of the country's trade being with India, accounting for nearly 40 percent of total FDI in Nepal.
"Nepal is well poised to attract further FDI from India by creation of a conducive legal and regulatory framework," said Jaitley while addressing the Nepal Investment Summit.
While sharing his views on India's experience in reforming its economy and attracting Foreign Direct Investment (FDI), Jaitley said that India and Nepal have wide ranging engagement in trade and investment.
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."