Union finance minister Arun Jaitley said on Wednesday the General Anti Avoidance Rules (GAAR) were being revisited and that a decision would be taken soon. “Whether in the present shape or in another shape, we will take a decision soon,” Jaitley said at the Indian Express’ ‘Adda’ programme, adding that the date of GAAR coming into force would also be looked at afresh.
Tag: Arun Jaitley
India’s consumer-price inflation quickened more than economists estimated, adding pressure on central bank GovernorRaghuram Rajan to keep interest rates elevated even after factory output slowed.
The consumer-price index rose 7.96 percent in July from a year earlier, compared with a revised 7.46 percent in June, the Statistics Ministry said in New Delhi yesterday. The median estimate in a
Zeyaul Haque, who runs a sparse market stall in rural eastern India, likes the respect he earns as the village banker. He has 10,000 customers who previously didn’t have access to savings accounts or cash withdrawals. There’s one drawback: Police escort Haque and his bags of money to work, and their protection is only temporary.
Indian Finance Minister Arun Jaitley backed the central bank’s moves to keep interest rates elevated to fight the highest inflation among Asia’s biggest economies as a weak monsoon threatens to damp growth.
“This is an issue which the Reserve Bank decides, and I am sure they factor in various circumstances,” Jaitley told reporters in New Delhi yesterday when asked if he agreed with central bank Governor Raghuram Rajan’s monetary policy measures announced on Aug. 5. It was the first formal joint media briefing by Rajan and Jaitley since Prime Minister Narendra Modi in May wonIndia’s biggest electoral mandate in 30 years.
More than six decades after it achieved independence, India has yet to have a single internal market, with its economy divided up by state taxes on commerce.
That may be about to change, following the reversal by one of the biggest foes of a national sales tax — Narendra Modi, the prime minister who took office in May. After opposing a goods-and-services tax during his 12 years running Gujarat state, Modi has pulled his ruling party behind the idea and plans to enact it within eight months.
Sunita’s family in the north Indian village of Mukimpur were given their first toilet in February, one of millions being installed by the government to combat disease. She can’t remember the last time anyone used it.
When nature calls, the 26-year-old single mother and her four children head toward the jungle next to their farm of red and pink roses, to a field of tall grass, flecked with petals, where the 7,000 people of her village go to defecate and exchange gossip.
Finance Minister Arun Jaitley today said the interest of farmers is paramount and cannot be compromised during WTO negotiations, the pressure from developed world notwithstanding.
“We have to take a firm position in negotiations with powerful countries of the world. Had we followed the policies of the previous government, the interest of our small farmers would have been jeopardised,” Jaitley said.
Fiscal Deficit Target ‘Daunting’
India’s fiscal deficit target for the current fiscal year is “daunting”, Finance Minister Arun Jaitley told lawmakers in parliament on Friday.
Arun Jaitley has promised to narrow the deficit to 4.1 percent of gross domestic product in the year to March 2015 from 4.5 percent a year earlier.
However, many private economists have dubbed the deficit target rather optimistic, citing weak tax receipts in a sluggish economy and high federal expenditure commitments.
New Delhi: Chances of a drought-like situation have receded in the last few days with the monsoon improving, finance minister Arun Jaitley said on Wednesday.
Replying to the debate on the Finance Bill in the Rajya Sabha, Jaitley also said that the government will review the implementation of the general anti-avoidance rules (GAAR), which would empower the tax department to invalidate transactions undertaken to deliberately avoid paying tax, after the completion of the budget process.
The government is working on introducing the Constitution (115th Amendment) Bill, for the proposed Goods and Services Tax (GST), in the Winter Session of Parliament.
A senior official told The Indian Express that the Centre has already reached out to the states for building a consensus on the Bill and the procedure should be complete in 2-3 months following which the Bill would be tabled in Parliament.