New Delhi: The one year-deferral of GAAR is not on account of any fear or apprehension, asserted finance minister Pranab Mukherjee on Tuesday. He warned that India cannot become tax havens just to attract foreign investors. The 30-minute long speech while presenting the finance bill veered around tax direction, crude prices and urgent fiscal action.
The Lok Sabha on Tuesday passed the finance bill 2012 with amendments. In a strong message to Parliament, the finance minister on Tuesday defended the amendments to IT act. He said the Supreme Court may interpret the law, but the parliament can amend the law.
The finance minister said India is not an imperial country and reminded the House that UK made exactly same retro amendment. "We cannot have a situation where a company doe not pay anywhere on huge capital gains. Either pay tax here on in your country," he said.
He also assured to sort out states CST claims but linked it to progress on GST. Meanwhile he called for a 3-pronged approach to deal with high crude prices....
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08:52 AM, May 09, 2012
New Delhi: Union Finance Minister Pranab Mukherjee on Tuesday replied to the Finance Bill in Lok Sabha, pointing that oil prices were mounting everyday. Asserting that the government had the capacity to respond to any challenge, he said that subsidies constituted a major part of it. Addressing the House, the Finance Minister said that there was a need for all the stake holders to get going together to improve the...
04:53 PM, May 08, 2012
New Delhi: Finance Minister Pranab Mukherjee is expected to reply on Tuesday to various proposals in his 2012-13 budget. The Finance Minister will be seeking Parliament's approval to move the Finance Bill and is likely to relook at some of the controversial proposals, such as changes in the tax laws that would impact Vodafone and the implementation of the General Anti-Avoidance Rules (GAAR). Sources point out that a major rollback...
07:14 AM, May 08, 2012
Washington: Finance Minister Pranab Mukherjee on Friday dismissed as unfounded concerns by US business groups that revised Indian tax laws might make foreign investors retroactively liable for taxes dating back decades. "There is some sense of despondency amongst a section of USA. Businessmen, particularly because of their apprehension - and I would say misapprehension, about certain legislative amendments which we have proposed," he said in Washington. The budget last month...
04:29 PM, Apr 22, 2012
New Delhi: The Finance Ministry is going to reply to the Vodafone notice on the retrospective tax proposal after the passage of the Finance Bill in Parliament as the matter is related to it. Sources said the reply is likely to quote China and UK retrospective amendments in support of the Indian proposal. Sources added that the government could negotiate and was prepared for international arbitration, but was not thinking...
04:53 PM, Apr 18, 2012
Mumbai: The government will recapitalise the state-owned banks to help them tide over the problems arising out of slow economic growth, Finance Minister Pranab Mukherjee said in Mumbai on Saturday. "Going forward if GDP growth slows down, there could be some impact on asset quality (of banks)," Mukherjee said while addressing an event organised by the Indian Merchant Centre in collaboration with ICAI. He further said the government is committed...
05:53 PM, Apr 07, 2012
New Delhi: Congress President Sonia Gandhi met protesting jewellers on Friday and assured them that the government would address their concerns. The community's nation-wide strike has entered its 21st day. Some of the jewellers who met Sonia, however, said that they were not satisfied with the meeting as they haven't been given a strong assurance. A meeting of jewellers is also scheduled with Finance Minister Pranab Mukherjee. They are demanding...
11:50 AM, Apr 06, 2012
New Delhi: Centre is likely to roll back excise duty hike on gold and non-branded jewellery, according to sources. This came after Congress President Sonia Gandhi stepped in as jewellers' protests against excise and import duty hikes spread. Congress President Sonia Gandhi met jewellers on Friday and has assured them of a relook into their demands regarding a rollback. The jewellers strike has entered the 21st day on Friday. Hoping...
10:05 AM, Apr 06, 2012
New Delhi: Former Railway Minister and Rashtriya Janata Dal chief Lalu Prasad met Finance Minister Pranab Mukherjee on Thursday along with a group of jewellers in New Delhi to demand a roll back of excise duty on unbranded jewellery and hike in import duty on gold. After meeting Pranab Mukherjee, meet Lalu said that the Finance Minister assured the delegation that he would look into their concerns. "The Finance Minister...
04:00 PM, Apr 05, 2012
Ahmedabad: Anti-corruption activist Anna Hazare has backed jewellers in their fight against the government's decision to hike excise duty. "Whatever decision taken is not right, this decision is not in favour of the people. We are ready to give excise and VAT but the clause in excise duty is misleading. I will study and write to Pranab Mukherjee," Hazare said. Meanwhile, police lathicharged jewellers in Ahmedabad who were blocking National...
12:23 PM, Apr 03, 2012
Mumbai: International trade associations representing more than 250,000 companies have written to Prime Minister Manmohan Singh criticising new taxation proposals and warning that investment plans by overseas companies could be reconsidered. India's budget last month outlined proposals that would allow authorities to make retroactive tax claims on overseas deals and bring in new anti-tax-avoidance measures, moves that have been criticised for further denting investor sentiment towards India. "The sudden and...
12:00 PM, Apr 02, 2012
Mumbai: Jewellers plan to continue their strike, hurting demand and halting imports of gold and silver in the world's biggest buyer of bullion, an industry body head said on Monday. "We are still striking... We are expecting to hear from the finance minister in a day or two," said Baccharaj Bamalwa, chairman of All India Gems and Jewellery Trade Federation. The strike had started on March 17, a day after...
11:35 AM, Apr 02, 2012
Kolkata: Union Finance Minister Pranab Mukherjee on Sunday said the 2012-13 Budget was placed with a view of fiscal consolidation, moderation of inflation and bringing back India to a higher trajectory of sustainable growth. "The Union Budget of 2012-13 is a massive exercise in the reining in of fiscal, revenue and current account deficits while controlling inflation," he said at an interactive session at the Bengal Chamber of Commerce and...
10:32 PM, Apr 01, 2012
Mumbai: Now if you are getting married soon and still haven't done your jewellery shopping - you should be a worried person because adding to your wedding stress is the fact that jewellers across the country are on a strike for over two weeks now. They're protesting the one per cent excise duty on unbranded jewellery announced in this years budget. Despite heavy losses, associations maintain they shall strike work...
06:48 AM, Apr 01, 2012
Mumbai: Vodafone Group Plc is considering a number of actions following a budget proposal by India to retrospectively tax overseas transactions involving local assets, the company said on Friday, calling the idea "grossly unjust". Finance Minister Pranab Mukherjee announced a new proposal that would allow authorities to back-date tax claims on overseas deals in his annual budget this month, in a move that business figures have said will hurt foreign...
02:35 AM, Apr 01, 2012
New Delhi: Passengers travelling in AC 1 and AC 2 classes in trains will have to shell out more from Sunday when the upward revision in higher class fares will come into effect. The fare is also being hiked in Executive class and first class as per the Rail Budget 2012-13 announcements. The revised tariff will also be applicable to tickets issued in advance for journey to commence on or...
05:06 PM, Mar 31, 2012
Kolkata: Finance Minister Pranab Mukherjee said that the Centre is considering the demand made from different quarters to withdraw excise duty on non-branded jewellery. "I have already made a statement in Parliament in this matter. Already responded in the matter... I am considering it. I have received representations from various organisations, state governments and MPs," Mukherjee told reporters on arrival in Kolkata from New Delhi. He was responding to media...
09:31 AM, Mar 31, 2012
Kolkata: Finance Minister Pranab Mukherjee on Friday night said that the Centre is considering the demand made from different quarters to withdraw excise duty on non-branded jewellery. "I have already made a statement in Parliament in this matter. Already responded in the matter...I am considering it. I have received representations from various organisations, state governments and MPs," Mukherjee told reporters on arrival in Kolkata from New Delhi. He was responding...
12:21 AM, Mar 31, 2012
Mumbai: Vodafone Group Plc is considering a number of actions following a Budget proposal by India to retrospectively tax overseas transactions involving local assets, the company said on Friday, calling the idea "grossly unjust". Finance Minister Pranab Mukherjee announced a new proposal that would allow authorities to back-date tax claims on overseas deals in the Union Budget this month, in a move that business figures have said will hurt foreign...
12:15 AM, Mar 31, 2012
New Delhi: Batting for Finance Minister Pranab Mukherjee's proposal to tax Vodafone type deals, the World Bank president Robert Zoellick on Friday said that India wants the company should pay tax at some place and investors must give some time to the Government to explain the details. "The Indian Government is sensitive that they want to have an environment that draw both domestic and foreign investment and so I hope...
09:45 PM, Mar 30, 2012
