Budget 2012

  • FM's plan: fix GST & oil subsidies, cut inflation May 9, 2012

    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...
  • Oil price, subsidies are major challenges: Pranab May 8, 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...
  • Pranab Mukherjee to reply on Budget proposals May 8, 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...
  • US fears about India tax law misplaced: Pranab April 22, 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...
  • Finance Ministry to reply to Vodafone notice April 18, 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...
  • 'Govt committed to infusing funds in PSU banks' April 7, 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...
  • Will look into concerns: Sonia assures jewellers April 6, 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...
  • Centre may roll back duty hike on jewellery: sources April 6, 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...
  • Lalu pleads jewellers' case with Pranab April 5, 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,...
  • Anna backs jewellers, says he'll write to Pranab April 3, 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....
  • Global trade bodies warn PM of tax plan impact April 2, 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...
  • Jewellers' strike still on; silver sales poor April 2, 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,...
  • Union Budget aimed at fiscal consolidation: Pranab April 1, 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...
  • Jewellers strike continues, enters second week April 1, 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...
  • Vodafone mulls action after 'unjust' India tax proposal April 1, 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...
  • AC1, AC2 class rail fare to cost more from Sunday March 31, 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...
  • 'Centre reconsidering jewellers' demand on duty' March 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,...
  • Considering jewellers' demand on excise duty: FM March 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...
  • Vodafone mulls action after 'unjust' tax proposal March 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...
  • WB chief bats for Pranab on changes in tax laws March 30, 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...
  • TMC, CPM slam Govt on duty on unbranded jewellery March 30, 2012

    New Delhi: Arch rivals Trinamool Congress and CPI-M on Friday joined hands in the Rajya Sabha in criticising the Centre for failing to resolve the issue of strike by bullion traders and jewellers against imposition of excise duty on unbranded jewellery. Raising the issue during the Zero Hour, D Bandopadhyay of...
  • Jewellers strike enters 14th day March 30, 2012

    New Delhi: The strike by bullion traders and jewellers to protest the proposed increase in import duty on gold and imposition of excise duty on unbranded jewellery entered the 14th day on Friday. Most jewellery houses have remained closed ever since the Finance Minister Pranab Mukherjee in his budget proposals on...
  • Pranab Mukherjee sounds caution on oil prices March 27, 2012

    New Delhi: Finance Minister Pranab Mukherjee, while replying to the Union Budget in the Lok Sabha on Tuesday, said that the Gulf crisis has impacted prices and availability of oil and hinted that imports will become difficult if crude prices rise to $150-200 per barrel. He also informed the House that...
  • Bullion strike enters 10th day over duty hike March 26, 2012

    New Delhi: Bullion and jewellery markets remained closed for tenth straight today in various parts of the country to protest imposition of excise duty on unbranded jewellery and doubling of import duty on gold. Thousands of jewellers and their workers came out in the walled city area to demand withdrawal of...
  • Budget to be discussed in Lok Sabha today March 26, 2012

    New Delhi: It's four days to go before the Budget session of Parliament ends. The General Budget will be discussed in the Lok Sabha on Monday. The two Houses are also likely to discuss the Lokpal Bill in the first half of the Budget sessions. After failing to reach a consensus...
  • No vindictive intent behind amending tax laws: Pranab March 25, 2012

    New Delhi: Stressing that there is no vindictive intention behind the move to retrospectively amend tax laws, Finance Minister Pranab Mukherjee on Sunday said the government does not plan to open a plethora of old cases by making changes to the Income Tax Act. "I can assure the industry that there...
  • Will try to pass the Lokpal Bill in the Budget session: Narayanasamy March 24, 2012

    Minister of State for Prime Minister's Office V Narayanasamy said that the government is talking to all the allies and the opposition parties to arrive to a consensus on Lokpal Bill. ...
  • NRIs fear DTC taxing properties in India: SICCI March 23, 2012

    Singapore: Non-Resident Indian (NRI) industrialists in Singapore have expressed apprehensions about the proposed Direct Tax Code (DTC), which may tax their properties and foreign currency deposits in India. "Such new taxes will discourage NRI's participation in the Indian economy," said R Narayanamohan, chairman, Singapore Indian Chamber of Commerce and Industry (SICCI)...
  • PM would have sacrificed TMC for me: Trivedi March 23, 2012

    Former Union Minister Dinesh Trivedi has claimed that Prime Minister Manmohan Singh would have been prepared to retain him as the Railway Minister, even at the cost of losing the TMC's support. The TMC leader was speaking to Karan Thapar on Devil's Advocate. Below is the transcript of a part of...
  • Mamata has her way, populism derails railways March 22, 2012

    New Delhi: Mamata Banerjee has had her way again and the passenger fare has been rolled back. The announcement was made by new Union Railway Minister Mukul Roy on Thursday. What happens to the railways now? Will the plans of modernisation of railways go off-track? Dinesh Trivedi, the man who lost...