Emerging markets face newer challenges in the form of inward looking policies of protectionism and increased geopolitical tension, Finance Minister Arun Jaitley said today as he pegged India&#39;s GDP growth at 7.7 per cent in 2018.

Speaking at the second annual meeting of the New Development Bank (NDB) here, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18.

&quot;Indian economy is expected to grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018,&quot; he said.

Jaitley said emerging market economies (EMEs) face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension.

He said India has sought USD 2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa.

&quot;India has huge unmet infrastructure funding needs..&nbsp;&nbsp; &nbsp;.USD 646 billion is required in next 5 years (for financing infrastructure),&quot; Jaitley said.

He said growth in emerging and developing countries is picking up and news from economies of BRICS countries is &quot;encouraging&quot;.

&quot;I hope that NDB will emerge as a development bank and help in funding of emerging economies,&quot; Jaitley added.

(PTI)

Jaitley was speaking at the second annual meeting of the New Development Bank (NDB)

Emerging markets face newer challenges in the form of inward looking policies of protectionism and increased geopolitical tension, Finance Minister Arun Jaitley said today as he pegged India's GDP growth at 7.7 per cent in 2018. Speaking at the second annual meeting of the New Development Bank (NDB) here, Jaitley said global growth is moving upwards and is expected to improve further in 2017-18. "Indian economy is expected to grow at 7.2 per cent in 2017 and at the rate of 7.7 per cent in 2018," he said. Jaitley said emerging market economies (EMEs) face newer challenges in the form of inward looking policies of protectionism of some economies, global financial condition, policies of the United States and increased geopolitical tension. He said India has sought USD 2 billion loans for various projects from the NDB, which is set up by the emerging nations India, China, Brazil, Russia and South Africa. "India has huge unmet infrastructure funding needs.. .USD 646 billion is required in next 5 years (for financing infrastructure)," Jaitley said. He said growth in emerging and developing countries is picking up and news from economies of BRICS countries is "encouraging". "I hope that NDB will emerge as a development bank and help in funding of emerging economies," Jaitley added. (PTI)

India's economy to grow at 7.2% in 2017: Arun Jaitley

The Lok Sabha today passed all four GST bills to give effect to the Goods&nbsp;and Services Tax.&nbsp;

Earlier this morning, finance minister Arun Jaitley opened the GST debate in the Lok Sabha.&nbsp;The bills included the Central Goods and Services Tax Bill, and three allied bills. &nbsp;&nbsp;

Opposition Congress was unhappy with the GST Bill alleging that the manner in which the bill was brought in the Lok Sabha abrogates Parliamentary sovereignty on taxation matters and termed it as &quot;a big assault&quot; on the federal structure.

Speaking in Parliament, Congress leader M Veerappa Moily said, &quot;It is a historic day where Parliament&#39;s sovereignty has been removed insofar as taxation is concerned and they have no power to abrogate. This is again a big assault on the federal structure of the Constitution of India.&quot;

The government intends to roll out GST on July 1.

PM Modi immediately tweeted hailing the passage of the bill saying,&quot;greetings to all fellow countrymen, new year, new laws, new India!&quot;

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GST ??? ??? ???? ?? ??? ?????????? ?? ???? | ??? ???, ??? ?????, ??? ????!
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Since these are &quot;money&quot; bills, the Rajya Sabha will not vote on them.&nbsp;But they can suggest changes, which will then be sent back to the Lok Sabha.&nbsp;The Lok Sabha may or may not accept the changes.&nbsp;

The government hopes this will boost economic growth by as much as 1 to 2 per cent. &nbsp;

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WATCH Arun Jaitley speaking on GST bill in Lok Sabha <a href="https://t.co/huTN2YFebe">https://t.co/huTN2YFebe</a>
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India&#39;s lower house of Parliament passed the GST bills with aid of finance minister Arun Jaitley (WION)
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(WION)

The government intends to roll out GST on July 1

The Lok Sabha today passed all four GST bills to give effect to the Goods and Services Tax. Earlier this morning, finance minister Arun Jaitley opened the GST debate in the Lok Sabha. The bills included the Central Goods and Services Tax Bill, and three allied bills. Opposition Congress was unhappy with the GST Bill alleging that the manner in which the bill was brought in the Lok Sabha abrogates Parliamentary sovereignty on taxation matters and termed it as "a big assault" on the federal structure. Speaking in Parliament, Congress leader M Veerappa Moily said, "It is a historic day where Parliament's sovereignty has been removed insofar as taxation is concerned and they have no power to abrogate. This is again a big assault on the federal structure of the Constitution of India." The government intends to roll out GST on July 1. PM Modi immediately tweeted hailing the passage of the bill saying,"greetings to all fellow countrymen, new year, new laws, new India!" GST ??? ??? ???? ?? ??? ?????????? ?? ???? | ??? ???, ??? ?????, ??? ????! — Narendra Modi (@narendramodi) March 29, 2017 × Since these are "money" bills, the Rajya Sabha will not vote on them. But they can suggest changes, which will then be sent back to the Lok Sabha. The Lok Sabha may or may not accept the changes. The government hopes this will boost economic growth by as much as 1 to 2 per cent. WATCH Arun Jaitley speaking on GST bill in Lok Sabha https://t.co/huTN2YFebe — ANI (@ANI_news) March 29, 2017 × India's lower house of Parliament passed the GST bills with aid of finance minister Arun Jaitley (WION) × (WION)

India: Lok Sabha passes all four GST bills

A Delhi Court on Saturday put on trial Aam Aadmi Party leader Arvind Kejriwal in a criminal defamation case filed by finance minister Arun Jaitley after he pleaded &#39;not guilty&#39; and said he was ready to face trial.

The Delhi chief minister had accused Arun Jaitley of financial&nbsp;irregularities when he was president of the&nbsp;Delhi and District Cricket Association (DDCA) which he headed for a decade till 2013.

The trial in the case will commence&nbsp;from May 20.

Chief Metropolitan Magistrate Sumit Dass framed the defamation notice against Kejriwal and other five AAP leaders -- Ashutosh, Kumar Vishwas, Sanjay Singh, Raghav Chaddha and Deepak Bajpai -- after they pleaded not guilty and claimed trial.

The court witnessed chaotic scenes after advocates from both the sides heatedly argued over Jaitley&#39;s absence from court.&nbsp;

Arun Jaitley had filed the suit seeking Rs 10 crore in damages after Kejriwal and the five other AAP leaders accused him of alleged irregularities and financial bungling in the DDCA.

Besides the criminal defamation complaint in the Patiala House Court, Arun Jaitley had also&nbsp;filed a&nbsp;civil defamation case against the AAP leaders&nbsp;in&nbsp;the Delhi High Court.&nbsp;

The finance minister alleged that the AAP leaders made &quot;false and defamatory&quot; statements, thereby harming his reputation.

(WION with inputs from agencies) 
&nbsp;

The court framed a notice against Kejriwal and other AAP leaders after he pleaded 'not guilty'

A Delhi Court on Saturday put on trial Aam Aadmi Party leader Arvind Kejriwal in a criminal defamation case filed by finance minister Arun Jaitley after he pleaded 'not guilty' and said he was ready to face trial. The Delhi chief minister had accused Arun Jaitley of financial irregularities when he was president of the Delhi and District Cricket Association (DDCA) which he headed for a decade till 2013. The trial in the case will commence from May 20. Chief Metropolitan Magistrate Sumit Dass framed the defamation notice against Kejriwal and other five AAP leaders -- Ashutosh, Kumar Vishwas, Sanjay Singh, Raghav Chaddha and Deepak Bajpai -- after they pleaded not guilty and claimed trial. The court witnessed chaotic scenes after advocates from both the sides heatedly argued over Jaitley's absence from court. Arun Jaitley had filed the suit seeking Rs 10 crore in damages after Kejriwal and the five other AAP leaders accused him of alleged irregularities and financial bungling in the DDCA. Besides the criminal defamation complaint in the Patiala House Court, Arun Jaitley had also filed a civil defamation case against the AAP leaders in the Delhi High Court. The finance minister alleged that the AAP leaders made "false and defamatory" statements, thereby harming his reputation. (WION with inputs from agencies)

Delhi chief minister Arvind Kejriwal to face trial in Arun Jaitley's criminal defamation case

Finance Minister Arun Jaitley ruled out farm loan waivers by the Centre but said states can utilise their own resources in this regard.

He clarified that the Centre will not adopt a selective approach by helping one state and not the others.

&quot;This issue (loan waiver) has cropped up in several states. The Centre has its policies for agriculture sector under which we provide interest subvention and other support. We will continue to give all that.

If a state has its own resources and want to go ahead in that direction, it will have to find its resources. The situation where the Centre will help one state and not the others will not arise,&quot; Jaitley said in the Rajya Sabha.

Agriculture Minister Radha Mohan Singh had said that the Yogi Adityanath-led Bharatiya Janata Party (BJP) government in Uttar Pradesh will waive off loans of small and marginal farmers as has been promised in party&#39;s state election manifesto in the recent assembly polls.

The Congress had demanded that the government announce a loan waiver for farmers across the country as was done by the UPA in 2006 and not just for Uttar Pradesh where the BJP has returned to power with a major mandate. 
 
(PTI)

Arun Jaitley clarified that states can utilise their own resources if they want to waive off farmers' loans

Finance Minister Arun Jaitley ruled out farm loan waivers by the Centre but said states can utilise their own resources in this regard. He clarified that the Centre will not adopt a selective approach by helping one state and not the others. "This issue (loan waiver) has cropped up in several states. The Centre has its policies for agriculture sector under which we provide interest subvention and other support. We will continue to give all that. If a state has its own resources and want to go ahead in that direction, it will have to find its resources. The situation where the Centre will help one state and not the others will not arise," Jaitley said in the Rajya Sabha. Agriculture Minister Radha Mohan Singh had said that the Yogi Adityanath-led Bharatiya Janata Party (BJP) government in Uttar Pradesh will waive off loans of small and marginal farmers as has been promised in party's state election manifesto in the recent assembly polls. The Congress had demanded that the government announce a loan waiver for farmers across the country as was done by the UPA in 2006 and not just for Uttar Pradesh where the BJP has returned to power with a major mandate. (PTI)

Finance Minister Arun Jaitley rules out loans waivers by the Centre

Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs).

The government and the Reserve Bank of India would announce the measures in &quot;a couple of days&quot;, Jaitley said at a CNBC-TV18 event.

Lenders also got a boost from expectation of good demand for Yes Bank&#39;s up to $750 million share sale announced on Thursday.

But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week.

&quot;Yes Bank&#39;s Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister&#39;s statement on the NPAs issue too was a positive,&quot; said Rakesh Tarway, head of research at Reliance Securities Ltd.

The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97.

ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley&#39;s comments.

Yes Bank rose as much as 1.72 per cent.

Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies.

(Reuters)

The finance minister on Thursday said the Indian government would soon announce new measures to tackle non-performing assets

Indian shares rose for a second consecutive session as lenders such as State Bank of India rallied after finance minister Arun Jaitley said the government would soon announce new measures to tackle non-performing assets (NPAs). The government and the Reserve Bank of India would announce the measures in "a couple of days", Jaitley said at a CNBC-TV18 event. Lenders also got a boost from expectation of good demand for Yes Bank's up to $750 million share sale announced on Thursday. But broader sentiment remained cautious, with the NSE Nifty poised to record its first weekly loss in three, retreating from a record high hit last week. "Yes Bank's Qualified Institutional Placement yesterday was subscribed at almost 1,500 rupees per share and this has improved the sentiment in the sector, resulting in a rally in bank stocks. The finance minister's statement on the NPAs issue too was a positive," said Rakesh Tarway, head of research at Reliance Securities Ltd. The broader Nifty was up 0.44 per cent at 9,126 by 0510 GMT, while the benchmark Sensex was 0.52 per cent higher at 29,484.97. ICICI Bank and State Bank of India were among the top gainers on the Nifty 50 index, rising more than 2 per cent each after Jaitley's comments. Yes Bank rose as much as 1.72 per cent. Bharat Petroleum Corp was the top loser as oil retailers fell after CLSA analysts forecast a weak January-March quarter for major oil marketing companies. (Reuters)

Sensex rises for second day as Jaitley's comment boosts lenders

Opposition Congress today forced an adjournment of Rajya Sabha proceedings over the conduct of the Goa Governor in inviting BJP to form the government in the state after she reportedly consulted Finance Minister Arun Jaitley.

Congress members alleged breach of propriety and constitutional norms in the consultations Goa Governor Mridula Sinha held with Jaitley. They stormed into the Well of the House raising slogans against murder of democracy, forcing Deputy Chairman P J Kurien to adjourn the House till noon.

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Rajya Sabha adjourned till 02:30 PM
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Earlier when the House met for the day, Digvijaya Singh (Cong) said he has given a notice under rule 267 seeking setting aside of the business of the day to take up &quot;gross constitutional impropriety committed by Governor of Goa.&quot;

Singh read out from an interview Sinha gave to a newspaper in which she reportedly said she did not expect BJP to form the government but spoke to Jaitley before arriving at the decision to call the party to form the government ahead of Congress which had emerged as the single largest party in elections.

Kurien said the conduct of a Governor can be discussed only on the basis of a substantive motion and he had disallowed Singh&#39;s notice under 267.

Leader of the Opposition Ghulam Nabi Azad said the conduct of Governor was discussed when the Arunachal Pradesh issue was debated in the House.

&quot;Why don&#39;t you move a substantive motion,&quot; Kurien asked. &quot;No. I have to go by rules. You can bring substantive motion, Chairman will consider it.&quot;

Azad said his party colleague Singh had not raised any issue with the conduct of the Governor but merely stated what she had said in an interview.

In the interview, he said, the Governor said she did not accept BJP to form the government and she had called Jaitley at 2130 hours on Sunday night before inviting BJP to form the government.

&quot;How can the Governor seek permission of a Cabinet minister to form a government,&quot; Azad asked as Kurien insisted on a substantive motion for any discussion.

Singh said the House was supreme and a sense of members present can be taken and his notice under rule 267 converted into a substantive motion. 
 
Anand Sharma (Cong) said the Constitution clearly defines the duties and powers of Governor in appointing chief minister and it does not anywhere state that the Governor is supposed to consult serving cabinet minister.

&quot;Constitution does not allow Governor to consult cabinet minister&quot; for government formation, he said.&nbsp;

Kurien said if the Governor has violated the Consitution, a substantive motion can be brought.

&quot;You are going by a newspaper report. I am not bothered about that. I have made it very clear that if you feel that the Governor has violated any of the provision of Constitution, please bring a substantive motion. I cannot allow you to discuss the conduct of Governor,&quot; he said.

Sitaram Yechury (CPI-M) said a cabinet minister is answerable to House. To this, Kurien said if any minister has violated any provision of the Constitution, there can be a motion for that as well. &quot;We can discuss that. I have no problem.&quot;

Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi said the government is ready to discuss if the Congress was to bring a substantive motion. He went on to say that the opposition party by its continued protests was insulting the verdict of the people as also the ruling of the Chair.

Congress members then trooped into the Well shouting slogans against what they said was murder of democracy. Treasury benches also countered the slogan shouting.

Kurien again said he was not against any discussion. &quot;I am not denying or refusing any discussion... If you want to discuss (Governor&#39;s conduct), please give a substantive motion. I will also request Chairman (to consider it) and then we can have a discussion anytime.&quot;

But Congress members continued to insist on a discussion. Singh said Jaitley is a member of the House and he can avail of his right to reply. He then went on to state that a substantive motion will be given.

Azad said the House should be adjourned for an hour for the substantive motion to be framed and submitted and the same can be discussed thereafter.

But this was not agreeable to the Chair or the treasury benches. As the slogan shouting continued, Kurien adjourned the House till 1200 hours.&nbsp;

(PTI)

She is alleged to have consulted finance minister Arun Jaitley before inviting the BJP to form the government

Opposition Congress today forced an adjournment of Rajya Sabha proceedings over the conduct of the Goa Governor in inviting BJP to form the government in the state after she reportedly consulted Finance Minister Arun Jaitley. Congress members alleged breach of propriety and constitutional norms in the consultations Goa Governor Mridula Sinha held with Jaitley. They stormed into the Well of the House raising slogans against murder of democracy, forcing Deputy Chairman P J Kurien to adjourn the House till noon. Rajya Sabha adjourned till 02:30 PM — ANI (@ANI_news) March 17, 2017 × Earlier when the House met for the day, Digvijaya Singh (Cong) said he has given a notice under rule 267 seeking setting aside of the business of the day to take up "gross constitutional impropriety committed by Governor of Goa." Singh read out from an interview Sinha gave to a newspaper in which she reportedly said she did not expect BJP to form the government but spoke to Jaitley before arriving at the decision to call the party to form the government ahead of Congress which had emerged as the single largest party in elections. Kurien said the conduct of a Governor can be discussed only on the basis of a substantive motion and he had disallowed Singh's notice under 267. Leader of the Opposition Ghulam Nabi Azad said the conduct of Governor was discussed when the Arunachal Pradesh issue was debated in the House. "Why don't you move a substantive motion," Kurien asked. "No. I have to go by rules. You can bring substantive motion, Chairman will consider it." Azad said his party colleague Singh had not raised any issue with the conduct of the Governor but merely stated what she had said in an interview. In the interview, he said, the Governor said she did not accept BJP to form the government and she had called Jaitley at 2130 hours on Sunday night before inviting BJP to form the government. "How can the Governor seek permission of a Cabinet minister to form a government," Azad asked as Kurien insisted on a substantive motion for any discussion. Singh said the House was supreme and a sense of members present can be taken and his notice under rule 267 converted into a substantive motion. Anand Sharma (Cong) said the Constitution clearly defines the duties and powers of Governor in appointing chief minister and it does not anywhere state that the Governor is supposed to consult serving cabinet minister. "Constitution does not allow Governor to consult cabinet minister" for government formation, he said. Kurien said if the Governor has violated the Consitution, a substantive motion can be brought. "You are going by a newspaper report. I am not bothered about that. I have made it very clear that if you feel that the Governor has violated any of the provision of Constitution, please bring a substantive motion. I cannot allow you to discuss the conduct of Governor," he said. Sitaram Yechury (CPI-M) said a cabinet minister is answerable to House. To this, Kurien said if any minister has violated any provision of the Constitution, there can be a motion for that as well. "We can discuss that. I have no problem." Minister of State for Parliamentary Affairs Mukhtar Abbas Naqvi said the government is ready to discuss if the Congress was to bring a substantive motion. He went on to say that the opposition party by its continued protests was insulting the verdict of the people as also the ruling of the Chair. Congress members then trooped into the Well shouting slogans against what they said was murder of democracy. Treasury benches also countered the slogan shouting. Kurien again said he was not against any discussion. "I am not denying or refusing any discussion... If you want to discuss (Governor's conduct), please give a substantive motion. I will also request Chairman (to consider it) and then we can have a discussion anytime." But Congress members continued to insist on a discussion. Singh said Jaitley is a member of the House and he can avail of his right to reply. He then went on to state that a substantive motion will be given. Azad said the House should be adjourned for an hour for the substantive motion to be framed and submitted and the same can be discussed thereafter. But this was not agreeable to the Chair or the treasury benches. As the slogan shouting continued, Kurien adjourned the House till 1200 hours. (PTI)

Congress forces adjournment in Rajya Sabha over Goa governor's role

The Financial Express reported Thursday that &quot;after five days of drama and speculation, BJP is set to name Rajnath Singh as the new Chief Minister of Uttar Pradesh.&quot;&nbsp;

The report said the news had been confirmed by a &quot;top BJP source&quot;.&nbsp;

It added that Dinesh Sharma and Siddharth Nath Singh had been the other two contenders for the post but that the party&#39;s leaders finally settled on Rajnath Singh for the post.&nbsp;

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The FE report added that the top BJP source confirmed that the home ministry, currently headed by Rajnath Singh, will be given to Arun Jaitley.&nbsp;

And that Piyush Goyal, who is currently power minister, will take charge of the finance ministry.&nbsp;

(WION)

The Financial Express reported that Arun Jaitley will take over the home ministry

The Financial Express reported Thursday that "after five days of drama and speculation, BJP is set to name Rajnath Singh as the new Chief Minister of Uttar Pradesh." The report said the news had been confirmed by a "top BJP source". It added that Dinesh Sharma and Siddharth Nath Singh had been the other two contenders for the post but that the party's leaders finally settled on Rajnath Singh for the post. The other two contenders for the post had been Dinesh Sharma and Siddharth Nath Singh but the party's leaders finally settled on Rajnath Singh × The FE report added that the top BJP source confirmed that the home ministry, currently headed by Rajnath Singh, will be given to Arun Jaitley. And that Piyush Goyal, who is currently power minister, will take charge of the finance ministry. (WION)

Rajnath Singh to be chief minister of UP: Report

The Congress has approached the Supreme Court to stop Manohar Parrikar from being the next chief minister of India&#39;s western Goa state.

The party, which emerged as the single largest party in the assembly elections in the state, claimed&nbsp;they had&nbsp;the first right to form the government having&nbsp;won more legislative seats than the BJP.

The top court will hear the petition at 11 am today (March 14). 
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Appealed SC that Parrikar&#39;s appt as Goa CM be quashed,SC admitted petition will be heard at 11am tomorrow: Sunil Kawthankar, Goa Cong Spox <a href="https://t.co/smo77ZcLoQ">pic.twitter.com/smo77ZcLoQ</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/841321718178304000">March 13, 2017</a></blockquote>
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&nbsp;

The BJP yesterday (March 13) said it had the support of 21 MLAs, the exact number needed to prove majority in the 40-member House.

The party&nbsp;had managed to win 13 of the 40 legislative seats, falling eight seats from securing a majority and winning four seats less than the Congress&#39;s 17.

But the BJP&nbsp;forged alliances with&nbsp;Goa Forward Party (GFP) and the Maharashtrawadi Gomantak Party (MGP) --&nbsp;both won three seats each -- and the support of two independent candidates to outmanouvre Congress to reach the majority number.

Congress, which was the single-largest party with 17 seats but short of staking their claim to form the government, has cried hoarse about BJP&#39;s move, accusing them of &quot;murdering&quot; democracy. 
 
The Congress, which until yesterday had failed to muster the numbers, today (March 13) said it has the requisite support of the legislators. 
 
The party&nbsp;on Monday&nbsp;urged Goa Governor Mridula Sinha to invite the Congress to form the next government by virtue of being the single largest party.

In a memorandum submitted to the Governor on Monday night, the Congress Legislature Party (CLP) claimed to have the requisite support and that they can prove the same on the floor of the House.

&quot;Any invitation to the BJP to form the government at this stage without first giving an opportunity to the single largest party (Congress) would mitigate against the essential democratic rights of the people of the state who have chosen the Congress as the single largest party in the state,&quot; the memorandum said.

&quot;Despite losing the mandate of the people, our political opponents (BJP) have tried to misrepresent to your good-self that they enjoy the majority support of legislators. This is not only opportunism at its lowest but is also not constitutionally permissible,&quot; Goa CLP Leader Chandrakant Kavlekar stated in the memorandum. 
 
The development comes a day ahead of swearing-in of BJP leader Manohar Parrikar as Chief Minister.&nbsp;

Parrikar, who was India&#39;s defence minister met the Governor on Sunday and staked his claim to form the government. He was appointed chief minister by the Governor the same day.

He has rushed to Goa for his swearing-in ceremony.

India&#39;s finance minister has been given the additional portfolio of defence ministry as the hitherto incumbent has been asked by Indian Prime Minister Narendra Modi&#39;s BJP to helm Goa.

A statement from the Rashtrapati Bhavan -- the official of the President of India -- confirmed the development.

&quot;The President of India, as advised by the Prime Minister, has accepted the resignation of Shri (Mr) Manohar Parrikar, from the Council of Ministers, with immediate effect, under clause (2) of Article 75 of the Constitution. Further, as advised by the Prime Minister, the President has directed that Shri Arun Jaitely, Cabinet Minister, shall be assigned the charge of the Ministry of Defence, in addition to his existing portfolios,&rdquo; the press release stated.

&ldquo;I have tendered my resignation as defence minister and sent it to the Prime Minister&rsquo;s Office (PMO)&rdquo; Parrikar&nbsp;told PTI.The swearing-in ceremony will take place tomorrow evening (March 14) as the Bharatiya Janata Party, or BJP, managed to cobble up an alliance with regional outfits to stake their claim.

For Arun Jaitley, this is the second time he has taken over the defence ministry. He was the defence minister from May 26 to November 9, shortly after Modi swept to power in 2014.

Goa Governor Mridul Sinha, meanwhile, has given Parrikar 15 days&#39; time to confirm coalition support.

&quot;Governor Mridula Sinha has appointed Manohar Parrikar, the Leader of the Goa BJP legislature party, as the chief minister of Goa,&quot; Rupesh Kumar Thakur, Secretary to Governor stated in a press note issued on Sunday night.

(WION with inputs from PTI)

The party claimed?they had?the first right to form the government in Goa having?won more legislative seats than the BJP

The Congress has approached the Supreme Court to stop Manohar Parrikar from being the next chief minister of India's western Goa state. The party, which emerged as the single largest party in the assembly elections in the state, claimed they had the first right to form the government having won more legislative seats than the BJP. The top court will hear the petition at 11 am today (March 14). Appealed SC that Parrikar's appt as Goa CM be quashed,SC admitted petition will be heard at 11am tomorrow: Sunil Kawthankar, Goa Cong Spox pic.twitter.com/smo77ZcLoQ — ANI (@ANI_news) March 13, 2017 × The BJP yesterday (March 13) said it had the support of 21 MLAs, the exact number needed to prove majority in the 40-member House. The party had managed to win 13 of the 40 legislative seats, falling eight seats from securing a majority and winning four seats less than the Congress's 17. But the BJP forged alliances with Goa Forward Party (GFP) and the Maharashtrawadi Gomantak Party (MGP) -- both won three seats each -- and the support of two independent candidates to outmanouvre Congress to reach the majority number. Congress, which was the single-largest party with 17 seats but short of staking their claim to form the government, has cried hoarse about BJP's move, accusing them of "murdering" democracy. The Congress, which until yesterday had failed to muster the numbers, today (March 13) said it has the requisite support of the legislators. The party on Monday urged Goa Governor Mridula Sinha to invite the Congress to form the next government by virtue of being the single largest party. In a memorandum submitted to the Governor on Monday night, the Congress Legislature Party (CLP) claimed to have the requisite support and that they can prove the same on the floor of the House. "Any invitation to the BJP to form the government at this stage without first giving an opportunity to the single largest party (Congress) would mitigate against the essential democratic rights of the people of the state who have chosen the Congress as the single largest party in the state," the memorandum said. "Despite losing the mandate of the people, our political opponents (BJP) have tried to misrepresent to your good-self that they enjoy the majority support of legislators. This is not only opportunism at its lowest but is also not constitutionally permissible," Goa CLP Leader Chandrakant Kavlekar stated in the memorandum. The development comes a day ahead of swearing-in of BJP leader Manohar Parrikar as Chief Minister. Parrikar, who was India's defence minister met the Governor on Sunday and staked his claim to form the government. He was appointed chief minister by the Governor the same day. He has rushed to Goa for his swearing-in ceremony. India's finance minister has been given the additional portfolio of defence ministry as the hitherto incumbent has been asked by Indian Prime Minister Narendra Modi's BJP to helm Goa. A statement from the Rashtrapati Bhavan -- the official of the President of India -- confirmed the development. "The President of India, as advised by the Prime Minister, has accepted the resignation of Shri (Mr) Manohar Parrikar, from the Council of Ministers, with immediate effect, under clause (2) of Article 75 of the Constitution. Further, as advised by the Prime Minister, the President has directed that Shri Arun Jaitely, Cabinet Minister, shall be assigned the charge of the Ministry of Defence, in addition to his existing portfolios,” the press release stated. “I have tendered my resignation as defence minister and sent it to the Prime Minister’s Office (PMO)” Parrikar told PTI.The swearing-in ceremony will take place tomorrow evening (March 14) as the Bharatiya Janata Party, or BJP, managed to cobble up an alliance with regional outfits to stake their claim. For Arun Jaitley, this is the second time he has taken over the defence ministry. He was the defence minister from May 26 to November 9, shortly after Modi swept to power in 2014. Goa Governor Mridul Sinha, meanwhile, has given Parrikar 15 days' time to confirm coalition support. "Governor Mridula Sinha has appointed Manohar Parrikar, the Leader of the Goa BJP legislature party, as the chief minister of Goa," Rupesh Kumar Thakur, Secretary to Governor stated in a press note issued on Sunday night. (WION with inputs from PTI)

India: Supreme Court to hear Congress petition against BJP govt formation in Goa

The second part of the Budget session&nbsp;resumed today after a month-long recess.

Addressing the media,&nbsp;Prime Minister, Narendra Modi, expressed confidence about the passage of the GST bill in&nbsp;this session.

&quot;I am hoping that the process of GST will be completed in this session itself. Matters that will benefit the poor will be discussed during this session,&quot; he said.

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I am hoping that the process of GST will be completed in this session itself: PM Modi ahead of budget session second leg <a href="https://twitter.com/hashtag/BudgetSession?src=hash">#BudgetSession</a> <a href="https://t.co/UdEvge8439">pic.twitter.com/UdEvge8439</a>
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The government is keen to pass the much awaited Goods and Services Tax (GST) in this session. The GST will replace the existing indirect tax structure in the country by bringing in a single tax on both goods and services.

Home minister, Rajnath Singh, is expected to make a statement on the floor of the House on the killing of the suspected Islamic State terrorist in Lucknow and blast on a train in Madhya Pradesh.

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Yesterday, finance minister, Arun Jaitley, said that the Finance Bill will be passed by the end of this month.

The first part of the sesssion concluded on February 9 after the presentation of the Union Budget and the passage of the motion of thanks to the President&#39;s address to the jopint sitting of the Parliament.

The Parliament had passed the Specified Bank Notes (Cessation of Laibilities) Act, 2017 in the first part of the Budget Session. The law ends the liability of the RBI on the old Rs 500 and Rs 1,000 currency notes, which were demonetised on November 8 last year. It also makes the holding and transferring of the demonetised currency a criminal offence.

(WION with inputs from agencies)

The home minister is expected to make a statement on anti-terror operation in Lucknow and train blast in Madhya Pradesh

The second part of the Budget session resumed today after a month-long recess. Addressing the media, Prime Minister, Narendra Modi, expressed confidence about the passage of the GST bill in this session. "I am hoping that the process of GST will be completed in this session itself. Matters that will benefit the poor will be discussed during this session," he said. I am hoping that the process of GST will be completed in this session itself: PM Modi ahead of budget session second leg #BudgetSession pic.twitter.com/UdEvge8439 — ANI (@ANI_news) March 9, 2017 × The government is keen to pass the much awaited Goods and Services Tax (GST) in this session. The GST will replace the existing indirect tax structure in the country by bringing in a single tax on both goods and services. Home minister, Rajnath Singh, is expected to make a statement on the floor of the House on the killing of the suspected Islamic State terrorist in Lucknow and blast on a train in Madhya Pradesh. Home Minister Rajnath Singh likely to make a statement in the Parliament on Bhopal-Ujjain passenger train explosion, and #LucknowTerrorOp pic.twitter.com/S6wTcEQXYm — ANI (@ANI_news) March 9, 2017 × Yesterday, finance minister, Arun Jaitley, said that the Finance Bill will be passed by the end of this month. The first part of the sesssion concluded on February 9 after the presentation of the Union Budget and the passage of the motion of thanks to the President's address to the jopint sitting of the Parliament. The Parliament had passed the Specified Bank Notes (Cessation of Laibilities) Act, 2017 in the first part of the Budget Session. The law ends the liability of the RBI on the old Rs 500 and Rs 1,000 currency notes, which were demonetised on November 8 last year. It also makes the holding and transferring of the demonetised currency a criminal offence. (WION with inputs from agencies)

Prime Minister hopes for passage of GST as Budget session resumes today

The GST Council today fixed a 5 per cent tax rate on small hotels and restaurants and approved a draft of key supporting legislations to enable the rollout of the new indirect tax regime from July 1.

The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its next meeting on March 16.

The C-GST, which will give powers to Centre to levy GST on goods and services after union levies like excise and service tax are subsumed, and I-GST that is to be levied on inter-state supplies, will go to Parliament for approval in the second half of the Budget session beginning March 9, Finance Minister Arun Jaitley said.

The S-GST, which will allow states to levy the tax after VAT and other state levies are subsumed in the GST, will have to be passed by each of the state legislative assemblies. UT-GST will also go to Parliament for approval.

Jaitley said the model GST Law will have a clause to enable levy of up to 40 per cent tax (20 per cent by the Centre and an equal amount by the states) but the effective tax rates will be kept at the previously approved levels of 5, 12, 18 and 28 per cent.

&quot;The rates will be what has been decided by the Council. There won&#39;t be a higher rate of taxation. But the cap rate in the legislation is always put at a higher level to leave a headspace, just as in the Customs Act you have a difference between the bound rate and applied rate. So the applied rate is going to be what the council has decided,&quot; Jaitley said.

This is being done to obviate the need for going to Parliament in case the levy is to be raised on certain goods and services. This will also help in a scenario where the cess on de-merit goods being proposed to compensate states for loss of revenue from GST, is to be merged with the tax rate itself, he told reporters after the meeting.

&quot;As it looks like, it looks on track. Hopefully the laws would be before Parliament this session and subject to the Parliament approving them, July 1 this year now optimistically looks like the possible date for GST implementation,&quot; he said.

The Council, headed by Jaitley and comprising representatives of all states, decided to levy a 5 per cent GST (2.5 per cent by Centre and 2.5 per cent by state) on small hotels, restaurants and dhabas with an annual turnover of up to five million rupees&nbsp;(about $75,000 US).

Revenue Secretary Hasmukh Adhia said there were demands that restaurants should be included in the composition scheme, particularly those with less turnover. &quot;So the Council decided that there would be a composition scheme for restaurants up to a turnover of&nbsp;five million rupees (about $75,000 US)&nbsp;and the rate for them is 5 per cent. So the remaining restaurants, they will come in the regular service tax rate,&quot; Adhia said.&nbsp;

Adhia said the first meeting of GST Council had decided that composition scheme in the GST regime would be applicable on trading and manufacturing units with up to five&nbsp;million rupees (about $75,000 US)&nbsp;turnover.

The composition scheme provides for a easier method of calculating tax liability and allows GST registration for dealers with turnover below the compounding cut-off.

The scheme has been introduced to reduce the administrative cost associated with collection of tax from small traders. Hence, businesses below a turnover of five million rupees (about $75,000 US)&nbsp;can pay taxes at a defined floor rate of 1 per cent, and manufacturers can pay at 2 per cent, much lower than the GST rate. For services, it would be 5 per cent.

Jaitley said the Council will have its 12th meeting on March 16 in which SGST and UTGST bills will be cleared.

&quot;In a nutshell, compensation law was approved in last meeting (and) today (GST Council) approved the CGST and IGST law and in next meeting we will be approving the SGST and UTGST law which will then complete the legislative exercise and enable us to take these before Parliament.

&quot;If they are approved, then four laws -- Compensation Law, CGST law, UTGST law and IGST law -- will get cleared by Cabinet and taken to Parliament in the forthcoming session. SGST law will go to state legislatures,&quot; he said.

After this, the officers will start work on putting different goods and services in the four tax slabs of 5, 12, 18 and 28 per cent.

&quot;...The exercise is substantially arithmetical except in certain products where the Council will decide to grade it accordingly,&quot; Jaitley said, adding it would be discussed at the 13th meeting of the Council.

The GST Compensation Law provides for compensating states that incur losses because of implementation of the Goods and Service

Tax (GST) in first five years. The compensation will be funded by imposing cess on demerit and luxury goods.

&quot;The maximum cess rate will be mentioned in the compensation law. But the applicability of it would be what the Council has decided so far,&quot; Jaitley said.

GST, which will replace a plethora of central and state taxes, is a consumption-based tax levied on sale, manufacture and consumption on goods and services at a national level. Under it, C-GST will be levied by the Centre, S-GST by states and I-GST on inter-state supply of goods and services.

Various indirect taxes of central excise duty, central sales tax and service tax are to be merged with C-GST, while S-GST will subsume state sales tax, VAT, luxury tax and entertainment tax.

(PTI)

Revenue Secretary Hasmukh Adhia said there were demands that restaurants should be included in the scheme, particularly less profitable ones

The GST Council today fixed a 5 per cent tax rate on small hotels and restaurants and approved a draft of key supporting legislations to enable the rollout of the new indirect tax regime from July 1. The all-powerful Council approved the final draft of Central GST (C-GST) and Integrated GST (I-GST) and will take up for approval the State-GST and Union Territory-GST (UT-GST) laws at its next meeting on March 16. The C-GST, which will give powers to Centre to levy GST on goods and services after union levies like excise and service tax are subsumed, and I-GST that is to be levied on inter-state supplies, will go to Parliament for approval in the second half of the Budget session beginning March 9, Finance Minister Arun Jaitley said. The S-GST, which will allow states to levy the tax after VAT and other state levies are subsumed in the GST, will have to be passed by each of the state legislative assemblies. UT-GST will also go to Parliament for approval. Jaitley said the model GST Law will have a clause to enable levy of up to 40 per cent tax (20 per cent by the Centre and an equal amount by the states) but the effective tax rates will be kept at the previously approved levels of 5, 12, 18 and 28 per cent. "The rates will be what has been decided by the Council. There won't be a higher rate of taxation. But the cap rate in the legislation is always put at a higher level to leave a headspace, just as in the Customs Act you have a difference between the bound rate and applied rate. So the applied rate is going to be what the council has decided," Jaitley said. This is being done to obviate the need for going to Parliament in case the levy is to be raised on certain goods and services. This will also help in a scenario where the cess on de-merit goods being proposed to compensate states for loss of revenue from GST, is to be merged with the tax rate itself, he told reporters after the meeting. "As it looks like, it looks on track. Hopefully the laws would be before Parliament this session and subject to the Parliament approving them, July 1 this year now optimistically looks like the possible date for GST implementation," he said. The Council, headed by Jaitley and comprising representatives of all states, decided to levy a 5 per cent GST (2.5 per cent by Centre and 2.5 per cent by state) on small hotels, restaurants and dhabas with an annual turnover of up to five million rupees (about $75,000 US). Revenue Secretary Hasmukh Adhia said there were demands that restaurants should be included in the composition scheme, particularly those with less turnover. "So the Council decided that there would be a composition scheme for restaurants up to a turnover of five million rupees (about $75,000 US) and the rate for them is 5 per cent. So the remaining restaurants, they will come in the regular service tax rate," Adhia said. Adhia said the first meeting of GST Council had decided that composition scheme in the GST regime would be applicable on trading and manufacturing units with up to five million rupees (about $75,000 US) turnover. The composition scheme provides for a easier method of calculating tax liability and allows GST registration for dealers with turnover below the compounding cut-off. The scheme has been introduced to reduce the administrative cost associated with collection of tax from small traders. Hence, businesses below a turnover of five million rupees (about $75,000 US) can pay taxes at a defined floor rate of 1 per cent, and manufacturers can pay at 2 per cent, much lower than the GST rate. For services, it would be 5 per cent. Jaitley said the Council will have its 12th meeting on March 16 in which SGST and UTGST bills will be cleared. "In a nutshell, compensation law was approved in last meeting (and) today (GST Council) approved the CGST and IGST law and in next meeting we will be approving the SGST and UTGST law which will then complete the legislative exercise and enable us to take these before Parliament. "If they are approved, then four laws -- Compensation Law, CGST law, UTGST law and IGST law -- will get cleared by Cabinet and taken to Parliament in the forthcoming session. SGST law will go to state legislatures," he said. After this, the officers will start work on putting different goods and services in the four tax slabs of 5, 12, 18 and 28 per cent. "...The exercise is substantially arithmetical except in certain products where the Council will decide to grade it accordingly," Jaitley said, adding it would be discussed at the 13th meeting of the Council. The GST Compensation Law provides for compensating states that incur losses because of implementation of the Goods and Service Tax (GST) in first five years. The compensation will be funded by imposing cess on demerit and luxury goods. "The maximum cess rate will be mentioned in the compensation law. But the applicability of it would be what the Council has decided so far," Jaitley said. GST, which will replace a plethora of central and state taxes, is a consumption-based tax levied on sale, manufacture and consumption on goods and services at a national level. Under it, C-GST will be levied by the Centre, S-GST by states and I-GST on inter-state supply of goods and services. Various indirect taxes of central excise duty, central sales tax and service tax are to be merged with C-GST, while S-GST will subsume state sales tax, VAT, luxury tax and entertainment tax. (PTI)

GST Council fixes 5% tax rate on small hotels, restaurants

India&#39;s finance minister attributed &quot;liberal democracy&quot; in the United Kingdom as a key reason for defaulters to stay in the country, in a veiled reference to liquor baron Vijay Mallya, who is wanted by New Delhi for defaulting on loans.

Mallya, once known as the &quot;king of good times&quot;, has been embroiled in a litany of financial scandals and money laundering since 2012. He owes&nbsp;banks roughly $1.3 billion but in March 2016, he decided to go and stay in the UK to &quot;stay close to his family&quot;.

Speaking at a seminar in the London School of Economics&#39; South Asia Centre, finance minister Arun Jaitley indirectly prodded the UK laws&#39; liberal nature, saying: &quot;Many thought that when you take loan from the banks, the money need not be re-paid and you can&nbsp;come to London and stay out here&hellip;and democracy is liberal enough to permit defaulters to stay here. That normal needs to be cracked.&quot;

The statement, which can be perceived a gentle rebuke or an attempt to put pressure on the UK government to extradite Mallya, comes just two days before he is set to meet UK foreign secretary Boris Johnson and UK chancellor Philip Hammond.

Though the content of their meeting remains unknown, senior officials in London have indicated that the matter of Mallya&#39;s extradition may be taken up during the meeting.

Earlier this month, the Indian government had formally sent an extradition request to the UK for them to try Mallya.

Mallya, the former chairman of India&#39;s largest spirits company in India,&nbsp;has also been accused of routing a chunk of the $1.3 billion amount owed by his company Kingfisher Airlines in gaining 100 per cent or partial stakes in companies across the world.

(WION with inputs from PTI)

Arun Jaitley said UK's 'liberal democracy' aided loan defaulters to stay in the country, weeks after urging London to extradite Vijay Mallya

India's finance minister attributed "liberal democracy" in the United Kingdom as a key reason for defaulters to stay in the country, in a veiled reference to liquor baron Vijay Mallya, who is wanted by New Delhi for defaulting on loans. Mallya, once known as the "king of good times", has been embroiled in a litany of financial scandals and money laundering since 2012. He owes banks roughly $1.3 billion but in March 2016, he decided to go and stay in the UK to "stay close to his family". Speaking at a seminar in the London School of Economics' South Asia Centre, finance minister Arun Jaitley indirectly prodded the UK laws' liberal nature, saying: "Many thought that when you take loan from the banks, the money need not be re-paid and you can come to London and stay out here…and democracy is liberal enough to permit defaulters to stay here. That normal needs to be cracked." The statement, which can be perceived a gentle rebuke or an attempt to put pressure on the UK government to extradite Mallya, comes just two days before he is set to meet UK foreign secretary Boris Johnson and UK chancellor Philip Hammond. Though the content of their meeting remains unknown, senior officials in London have indicated that the matter of Mallya's extradition may be taken up during the meeting. Earlier this month, the Indian government had formally sent an extradition request to the UK for them to try Mallya. Mallya, the former chairman of India's largest spirits company in India, has also been accused of routing a chunk of the $1.3 billion amount owed by his company Kingfisher Airlines in gaining 100 per cent or partial stakes in companies across the world. (WION with inputs from PTI)

India's finance minister puts pressure on UK over Mallya extradition

India&#39;s finance minister Arun Jaitley said on Saturday that the Goods and Services Tax (GST) Council has cleared the draft compensation law -- which compensates states for any revenue losses they may suffer once the GST comes into force.

&quot;The GST&#39;s compensation law states that if any state suffers loss it will be covered in first five years. Its legally vetted draft came before the Council and was the first law formally passed,&quot; Arun Jaitley told the press.

The compensation law is one of the four enabling laws under the GST constitutional amendment. The finance minister hoped the remaining ones -- iGST (integrated GST), sGST (state GST) and cGST (central GST) -- will be cleared in the next meeting ahead of the second half of Parliament&#39;s Budget Session.

Jaitley said he hoped the drafts of the remaining laws will be passed in the Council&#39;s next meeting slated for March 4-5 in the national capital.

&quot;Once all drafts are approved, we will place them in Parliament. In Budget Session&#39;s second half (that begins on March 9), all enabling laws under GST constitutional amendment should get approved,&quot; he said.

&quot;Today GST&#39;s legal committee sought explanation on these and the Council gave its opinion. These now have to be incorporated in the draft laws. March 4-5 the legally vetted drafts of these laws will come before the Council, which it will try to approve,&quot; Jaitley said.

The draft laws once passed by the GST Council, will have to be passed by Parliament. The sGST will have to be passed by state legislative bodies.

Jaitley said after that the next step will be to slot commodities under the GST tax slabs.&nbsp;

&quot;Each item has to be fitted under a particular slab. After the March 4-5 meeting, officers will start slotting the commodities and we will require another major meeting to give approval to the specific items in each of the slabs,&quot; the finance minister said.

(WION)

The law will compensate states for revenue losses for the first five years once the GST comes into force

India's finance minister Arun Jaitley said on Saturday that the Goods and Services Tax (GST) Council has cleared the draft compensation law -- which compensates states for any revenue losses they may suffer once the GST comes into force. "The GST's compensation law states that if any state suffers loss it will be covered in first five years. Its legally vetted draft came before the Council and was the first law formally passed," Arun Jaitley told the press. The compensation law is one of the four enabling laws under the GST constitutional amendment. The finance minister hoped the remaining ones -- iGST (integrated GST), sGST (state GST) and cGST (central GST) -- will be cleared in the next meeting ahead of the second half of Parliament's Budget Session. Jaitley said he hoped the drafts of the remaining laws will be passed in the Council's next meeting slated for March 4-5 in the national capital. "Once all drafts are approved, we will place them in Parliament. In Budget Session's second half (that begins on March 9), all enabling laws under GST constitutional amendment should get approved," he said. "Today GST's legal committee sought explanation on these and the Council gave its opinion. These now have to be incorporated in the draft laws. March 4-5 the legally vetted drafts of these laws will come before the Council, which it will try to approve," Jaitley said. The draft laws once passed by the GST Council, will have to be passed by Parliament. The sGST will have to be passed by state legislative bodies. Jaitley said after that the next step will be to slot commodities under the GST tax slabs. "Each item has to be fitted under a particular slab. After the March 4-5 meeting, officers will start slotting the commodities and we will require another major meeting to give approval to the specific items in each of the slabs," the finance minister said. (WION)

India's GST Council clears law compensating states for revenue losses

Indian shares rose more than 1.5 per cent on Wednesday (February 01) after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy.

The benchmark Sensex closed at 28,141.64, recording a jump of 1.76 per cent from the previous close.

Nifty jumped to 8,716.40 and was up 1.81 percent.

A Mumbai-based market expert, Sunil Shah, described the budget as growth-oriented.

&quot;This budget is perceived to be growth-oriented with fiscal prudence in place and no negative and that is the reason market is rejoicing and you have seen, market is just close and the closing number is, Sensex is up by 485. So I think market has given thumbs-up to the Finance Minister&#39;s Budget,&quot; said Shah.

Finance Minister Arun Jaitley announced increases in spending on rural areas, infrastructure and fighting poverty.

&quot;It seems that budget is pro-poor, pro-farmer, pro-rural and giving a much necessary thrust to the infrastructure sector and housing sector. Now, this will give necessary impetus for the overall GDP growth, because when you spend a lot of money on infrastructure, it will trickle down to the other sectors of the economy,&quot; Shah added.

However, views on the fiscal deficit target were mixed after the government raised it to 3.2 per cent from its earlier forecast of 3 per cent, with some analysts expressing scepticism about whether it would be achievable.

Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 per cent after rising as much as 5 bps earlier amid confusion about the government&#39;s planned gross borrowing numbers.

The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection.

The rupee strengthened to 67.59 per dollar from its previous close of 67.86.

(Reuters)

The benchmark Sensex closed over the 28,000-mark, recording a jump of 1.76 per cent from the previous close

Indian shares rose more than 1.5 per cent on Wednesday (February 01) after Finance Minister Arun Jaitley unveiled a budget with a range of incentives for companies and geared towards boosting infrastructure and developing the rural economy. The benchmark Sensex closed at 28,141.64, recording a jump of 1.76 per cent from the previous close. Nifty jumped to 8,716.40 and was up 1.81 percent. A Mumbai-based market expert, Sunil Shah, described the budget as growth-oriented. "This budget is perceived to be growth-oriented with fiscal prudence in place and no negative and that is the reason market is rejoicing and you have seen, market is just close and the closing number is, Sensex is up by 485. So I think market has given thumbs-up to the Finance Minister's Budget," said Shah. Finance Minister Arun Jaitley announced increases in spending on rural areas, infrastructure and fighting poverty. "It seems that budget is pro-poor, pro-farmer, pro-rural and giving a much necessary thrust to the infrastructure sector and housing sector. Now, this will give necessary impetus for the overall GDP growth, because when you spend a lot of money on infrastructure, it will trickle down to the other sectors of the economy," Shah added. However, views on the fiscal deficit target were mixed after the government raised it to 3.2 per cent from its earlier forecast of 3 per cent, with some analysts expressing scepticism about whether it would be achievable. Bonds were down with the benchmark 10-year bond yields up 1 basis point at 6.42 per cent after rising as much as 5 bps earlier amid confusion about the government's planned gross borrowing numbers. The numbers initially provided by the government did not account for a buyback of a net 750 billion rupees in bonds, which is part of the 6.05 trillion rupees gross borrowing projection for the next fiscal year and 3.48 trillion rupees net borrowing projection. The rupee strengthened to 67.59 per dollar from its previous close of 67.86. (Reuters)

India's 2017 budget buoys Sensex

With an aim to further strengthen the Digital India program, Union Minister for Finance and Corporate Affairs Arun Jaitley announced a slew of tech initiatives in the Union Budget 2017. Referred to as a &ldquo;historic&rdquo; step by Jaitley, the general budget this year was merged with the rail budget, making it the first such move in 92 years.

Here are some key tech initiatives announced in the Union Budget 2017, which aim to bolster up different sectors and ease the way public services are accessed by citizens.

1. AadharPay, a merchant version of Aadhaar-enabled payment system, will soon be launched for those without debit cards and mobile phones.

2. By the end of 2017, high-speed broadband connectivity will be available in over 1,50,000 gram panchayats. Also, the access to digital services will be offered at low tariffs.

3. Government will launch two new schemes to promote the use of the recently-announced BHIM app - an Indian government initiative to enable and encourage cashless payments.

4. Indian Railways will soon introduce an integrated platform for feedback and grievances.

5. Twenty lakh Aadhar-based swipe machines will be put in place by 2020.

6. An SMS-based service &ldquo;Clean My Coach&rdquo; has been announced for the Indian Railway passengers. The new service will allow passengers to request for cleaning the coach by sending a message.

7. 7000 stations will be equipped with the solar power facility in a few years from now.

8. All ticketing services will be integrated in one app. According to the Ministry of Railways, the concept design for the same has already been submitted by an agency. The app is being developed under the aegis of CRIS and IRCTC.

9. New measures have been announced to ease online booking system for army and defence personnel. Speaking of which, a centralised Defence Travel System has been developed through which travel tickets can be booked online by soldiers and defence officers.

10. No Service charge will be levied on tickets booked through IRCTC.

11. The Indian government proposes to leverage information technology and launch the SWAYAM platform with at least 350 online courses. The idea is to enable students to virtually attend the courses. According to Jaitley, the access to SWAYAM would be widened by linkage with education-centric DTH channels.

12.&nbsp; A comprehensive web-based Pension Disbursement System for defence pensioners will be established to receive pension proposals and make payments.

(WION)

A look at how the Indian government is planning to leverage technology to bolster the Digital India program

With an aim to further strengthen the Digital India program, Union Minister for Finance and Corporate Affairs Arun Jaitley announced a slew of tech initiatives in the Union Budget 2017. Referred to as a “historic” step by Jaitley, the general budget this year was merged with the rail budget, making it the first such move in 92 years. Here are some key tech initiatives announced in the Union Budget 2017, which aim to bolster up different sectors and ease the way public services are accessed by citizens. 1. AadharPay, a merchant version of Aadhaar-enabled payment system, will soon be launched for those without debit cards and mobile phones. 2. By the end of 2017, high-speed broadband connectivity will be available in over 1,50,000 gram panchayats. Also, the access to digital services will be offered at low tariffs. 3. Government will launch two new schemes to promote the use of the recently-announced BHIM app - an Indian government initiative to enable and encourage cashless payments. 4. Indian Railways will soon introduce an integrated platform for feedback and grievances. 5. Twenty lakh Aadhar-based swipe machines will be put in place by 2020. 6. An SMS-based service “Clean My Coach” has been announced for the Indian Railway passengers. The new service will allow passengers to request for cleaning the coach by sending a message. 7. 7000 stations will be equipped with the solar power facility in a few years from now. 8. All ticketing services will be integrated in one app. According to the Ministry of Railways, the concept design for the same has already been submitted by an agency. The app is being developed under the aegis of CRIS and IRCTC. 9. New measures have been announced to ease online booking system for army and defence personnel. Speaking of which, a centralised Defence Travel System has been developed through which travel tickets can be booked online by soldiers and defence officers. 10. No Service charge will be levied on tickets booked through IRCTC. 11. The Indian government proposes to leverage information technology and launch the SWAYAM platform with at least 350 online courses. The idea is to enable students to virtually attend the courses. According to Jaitley, the access to SWAYAM would be widened by linkage with education-centric DTH channels. 12. A comprehensive web-based Pension Disbursement System for defence pensioners will be established to receive pension proposals and make payments. (WION)

Union Budget 2017: 12 key tech initiatives announced to push Digital India

Indian finance minister Arun Jaitley presented the much-awaited Union Budget 2017 on Wednesday. Watch WION&#39;s post-budget analysis here.
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India's Union Budget was presented in the Parliament today

Indian finance minister Arun Jaitley presented the much-awaited Union Budget 2017 on Wednesday. Watch WION's post-budget analysis here. ×

Watch: Breaking down Union Budget 2017-18

Indian Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India.

The other areas of focus include rural India, the youth, poor and under-privileged, the financial sector, public service and prudent fiscal management.

&quot;The government will continue with the reforms to boost economic activity,&quot; he said in his speech in the Lok Sabha while setting three main agenda of the Budget -- Transform, Energise, Clean India (TECIndia).

He also announced substantial increase in farm credit to Rs 10 lakh crore and &quot;highest ever&quot; allocation for MNREGA at Rs 48,000 crore.

Also, a long-term irrigation fund has been proposed to be set up in Nabard with an additional corpus of Rs 20,000 crore.

The Budget for 2017-18 is itself a reform as it merges rail budget with General Budget and replaces Plan/non-Plan expenditure classification with capital and revenue model to give a holistic picture of government spending.

&nbsp;

(PTI)

Jaitley announced a substantial increase in farm credit to Rs 10 lakh crore and 'highest ever' allocation for MNREGA at Rs 48,000 crores

Indian Finance Minister Arun Jaitley today said the focus of his Budget for 2017-18 will be on 10 important sectors, including farmers, infrastructure, digital economy and tax administration to transform, energise and clean India. The other areas of focus include rural India, the youth, poor and under-privileged, the financial sector, public service and prudent fiscal management. "The government will continue with the reforms to boost economic activity," he said in his speech in the Lok Sabha while setting three main agenda of the Budget -- Transform, Energise, Clean India (TECIndia). He also announced substantial increase in farm credit to Rs 10 lakh crore and "highest ever" allocation for MNREGA at Rs 48,000 crore. Also, a long-term irrigation fund has been proposed to be set up in Nabard with an additional corpus of Rs 20,000 crore. The Budget for 2017-18 is itself a reform as it merges rail budget with General Budget and replaces Plan/non-Plan expenditure classification with capital and revenue model to give a holistic picture of government spending. (PTI)

Focus on farmers, infrastructure, digital economy: Indian finance minister

Sweeping aside objections raised by opposition parties, the government will present the Union Budget 2017-18 on February 1 but will refrain from making any announcements pertaining to poll-bound states.

The government has before the Election Commission vehemently defended its move to advance budget presentation by a month saying it had made clear its intention on this way back in September 2016 so as to help begin the investment cycle right from the first day of the new fiscal, April 1. &quot;Budget presentation on February 1 is a done deal, we will not make any specific announcement for poll-bound states,&quot; a top source said.

Opposition parties including Congress and TMC had approached the Election Commission against presentation of the budget just hours before the first of the five states goes to poll on February 4.

But the government stoutly defended the move. The source said that in view of the model code of conduct, the budget will not make any announces related to poll-bound states of Punjab, Uttar Pradesh, Uttarakhand, Goa and Manipur.

According to the scheme drawn, the first part of the budget session of Parliament will start on January 31 with President Pranab Mukherjee&#39;s address and tabling of the economic survey, which sets the scene for finance minister Arun Jaitley&#39;s fourth annual budget. The budget will be presented the next day. The cabinet had in September last year decided to scrap nearly century-long practice of having a separate railway budget and instead merged it with the general budget.

It had also decided to scrap a distinction between plan and non-plan expenditures.

(PTI)

Opposition parties had approached the Election Commission against presentation of the budget just hours before state elections on February 4

Sweeping aside objections raised by opposition parties, the government will present the Union Budget 2017-18 on February 1 but will refrain from making any announcements pertaining to poll-bound states. The government has before the Election Commission vehemently defended its move to advance budget presentation by a month saying it had made clear its intention on this way back in September 2016 so as to help begin the investment cycle right from the first day of the new fiscal, April 1. "Budget presentation on February 1 is a done deal, we will not make any specific announcement for poll-bound states," a top source said. Opposition parties including Congress and TMC had approached the Election Commission against presentation of the budget just hours before the first of the five states goes to poll on February 4. But the government stoutly defended the move. The source said that in view of the model code of conduct, the budget will not make any announces related to poll-bound states of Punjab, Uttar Pradesh, Uttarakhand, Goa and Manipur. According to the scheme drawn, the first part of the budget session of Parliament will start on January 31 with President Pranab Mukherjee's address and tabling of the economic survey, which sets the scene for finance minister Arun Jaitley's fourth annual budget. The budget will be presented the next day. The cabinet had in September last year decided to scrap nearly century-long practice of having a separate railway budget and instead merged it with the general budget. It had also decided to scrap a distinction between plan and non-plan expenditures. (PTI)

India: Government to present budget on February 1

India&#39;s finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today, as he seeks to lift growth hit by the government&#39;s drive to purge the economy of &quot;black money&quot;.

Prime Minister Narendra Modi&#39;s surprise decision last November to scrap high-value bank notes worth 86 per cent of India&#39;s cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments.

Jaitley will present the 2017/18 budget at 11 am (0530 GMT) in&nbsp;the lower house of Parliament.

&nbsp;

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Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 <a href="https://t.co/BtQAlBf8Zz">https://t.co/BtQAlBf8Zz</a>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/826653574511759362">February 1, 2017</a></blockquote>
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&nbsp;

The finance ministry forecasts that growth could dip to as low as 6.5 per cent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 per cent. Corporate India wants a cut in corporate tax to boost growth. The government may cut tax rate with tax concessions on ESOPs and unlisted shares. The budget is also likely to address the problem of bad loans in banking.

While opinions vary on how long the disruptions caused by Modi&#39;s crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia&#39;s third-largest economy needs a helping hand.

Arvind Subramanian, Jaitley&#39;s chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion.

Still, economists are pencilling in a federal fiscal deficit of 3.3 per cent of GDP for 2017/18. That would be higher than the 3 per cent pledged earlier but lower than 3.5 per cent that the government has budgeted for the year soon to end.

&nbsp;

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Sitting Lok Sabha MP from Kerala, E Ahamed, died early on Wednesday leading to a confusion on whether the budget would take place today. Sources have just told WION that the obituary will take place before or after the presentation of the budget (WION)
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The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through.

The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms. The survey listed some of the challenges that might impede India&#39;s progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The survey highlighted difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector.&nbsp;

It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products. Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said.

Meanwhile, doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed. &nbsp;However, a spokesman for the Prime Minister&#39;s Office told Reuters, that the budget is on schedule despite the death of a sitting member of Parliament.

&nbsp;

(WION with agency inputs)

Finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today

India's finance minister Arun Jaitley will likely boost spending and ease back on cutting the deficit when he presents his fourth budget today, as he seeks to lift growth hit by the government's drive to purge the economy of "black money". Prime Minister Narendra Modi's surprise decision last November to scrap high-value bank notes worth 86 per cent of India's cash in circulation has hit consumer demand, disrupted supply chains and hurt capital investments. Jaitley will present the 2017/18 budget at 11 am (0530 GMT) in the lower house of Parliament. Watch me live presenting the Union Budget 2017 at 11 am, February 1, 2017 https://t.co/BtQAlBf8Zz — Arun Jaitley (@arunjaitley) February 1, 2017 × The finance ministry forecasts that growth could dip to as low as 6.5 per cent in the current fiscal year to March, before picking up in the coming fiscal year to between 6.75 and 7.5 per cent. Corporate India wants a cut in corporate tax to boost growth. The government may cut tax rate with tax concessions on ESOPs and unlisted shares. The budget is also likely to address the problem of bad loans in banking. While opinions vary on how long the disruptions caused by Modi's crackdown on untaxed and illicit wealth will last, there is near unanimity among economists that Asia's third-largest economy needs a helping hand. Arvind Subramanian, Jaitley's chief economic adviser, on Tuesday advocated slashing personal income tax and accelerating cuts in corporate tax rates. He cautioned, however, against pursuing debt-fuelled fiscal expansion. Still, economists are pencilling in a federal fiscal deficit of 3.3 per cent of GDP for 2017/18. That would be higher than the 3 per cent pledged earlier but lower than 3.5 per cent that the government has budgeted for the year soon to end. Sitting Lok Sabha MP from Kerala, E Ahamed, died early on Wednesday leading to a confusion on whether the budget would take place today. Sources have just told WION that the obituary will take place before or after the presentation of the budget (WION) × The rollout of a nationwide Goods and Services tax (GST), expected in July after years of delays, could also weigh on economic growth. Countries that have introduced GST in the past have often faced a relative economic slowdown before the benefits of a unified tax regime feed through. The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms. The survey listed some of the challenges that might impede India's progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The survey highlighted difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector. It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products. Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said. Meanwhile, doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed. However, a spokesman for the Prime Minister's Office told Reuters, that the budget is on schedule despite the death of a sitting member of Parliament. (WION with agency inputs)

Jaitley's budget agenda: Boost growth and job creation

Indian&nbsp;finance minister Arun Jaitley&nbsp;is expected to present the annual union budget on schedule later on Wednesday despite the death of a sitting member of parliament, a spokesman for the prime minister&#39;s office said, Reuters reported.

Doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed.

The parliament typically adjourns for a day after the death of a member, although Indian TV channels cited an earlier incident where the budget presentation had gone ahead in a previous year.

A final decision on the timing of the budget will be taken when political parties and the speaker of the house meet early on Wednesday, officials said, Reuters reported.&nbsp;

Jaitley is expected to ease&nbsp;back on cutting the deficit and boost spending after growth was hit by the government&#39;s demonetisation move.&nbsp;

(WION with inputs from Reuters)

A final decision on the timing of the budget will be taken when political parties and the speaker of the house meet

Indian finance minister Arun Jaitley is expected to present the annual union budget on schedule later on Wednesday despite the death of a sitting member of parliament, a spokesman for the prime minister's office said, Reuters reported. Doubts were being raised over the presentation of the budget, after the death of former union minister and sitting Member of Parliament E Ahamed. The parliament typically adjourns for a day after the death of a member, although Indian TV channels cited an earlier incident where the budget presentation had gone ahead in a previous year. A final decision on the timing of the budget will be taken when political parties and the speaker of the house meet early on Wednesday, officials said, Reuters reported. Jaitley is expected to ease back on cutting the deficit and boost spending after growth was hit by the government's demonetisation move. (WION with inputs from Reuters)

Indian budget on schedule today despite death of sitting MP: Prime Minister's Office

India&#39;s economic growth has been pegged at 6.5 per cent for the current fiscal, down from 7.6 per cent recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5 per cent in 2017-18.

The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms.

Retail inflation is likely to be well below RBI&#39;s target of 5 per cent in the current fiscal as demonetisation would discourage any price headwind, the Economic Survey for 2016-17 said.&nbsp;The new inflation targeting approach by the Monetary Policy Committee (MPC) and gains from macro-economic stability will help India consolidate gains on price control, meaning prices will be less susceptible of individual whims and caprice of governments, the survey said.

The survey&#39;s GDP growth figure for the current fiscal is lower than 7.1 per cent the Central Statistics Office had forecast earlier this month.

The survey lists some of the challenges that might impede India&#39;s progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution.&nbsp;

The survey highlights difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector.

In this context, it pointed towards the need to further privatise civil aviation, banking and fertiliser sectors. The survey stated that the capacity of the state in delivering essential services such as health and education is weak due to low capacity, with high levels of corruption, clientelism, rules and red tape.

At the level of states, competitive populism is more in evidence than competitive service delivery, it added. Constraints to policy making due to strict adherence to rules and abundant caution in bureaucratic decision-making favours status quo, it cautioned.

According to the survey, redistribution by the government is far from efficient in targeting the poor. This is intrinsic to current programmes because spending is likely to be greatest in states with better institutions.

It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products.&nbsp;Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said.

Noting that India has come a long way in terms of economic performance and reforms, the survey said there is still a journey ahead to achieve dynamism and social justice and completing this journey will require broader societal shifts in the underlying vision.

Highlights of the Economic Survey

* GDP growth for next fiscal pegged at 6.75-7.5 per cent

 
* Growth this fiscal to be 6.5 per cent.

 
* Prescribes cut in individual I-T rates, real estate stamp duties.

 
* Income Tax net could be widened gradually by encompassing all high income earners.

 
* Time table for cutting corporate tax should be accelerated.

 
* Tax administration could be improved to reduce discretion and improve accountability.

 
* Growth to return to normal as new currency comes in circulation.

 
* Demonetisation to affect growth rate by 0.25-0.5 per cent, but to have long-term benefits.

 
* GST, other structural reforms should take the trend growth rate to 8-10 per cent.

 
* Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price.

 
* Farm sector to grow at 4.1% this fiscal, up from 1.2% last year.

 
* Fiscal gains from GST will take time to realise.

 
* Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions.

 
* Growth rate of industrial sector to moderate at&nbsp;5.2% this fiscal, from 7.4% last fiscal.

 
* Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment.

 
* Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation.

(PTI)

The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms

India's economic growth has been pegged at 6.5 per cent for the current fiscal, down from 7.6 per cent recorded in the last financial year, but is expected to rebound in the range of 6.75-7.5 per cent in 2017-18. The Economic Survey for 2016-17, tabled in the Parliament by finance minister Arun Jaitley underlined the need for more reforms. Retail inflation is likely to be well below RBI's target of 5 per cent in the current fiscal as demonetisation would discourage any price headwind, the Economic Survey for 2016-17 said. The new inflation targeting approach by the Monetary Policy Committee (MPC) and gains from macro-economic stability will help India consolidate gains on price control, meaning prices will be less susceptible of individual whims and caprice of governments, the survey said. The survey's GDP growth figure for the current fiscal is lower than 7.1 per cent the Central Statistics Office had forecast earlier this month. The survey lists some of the challenges that might impede India's progress. These include ambivalence about property rights and the private sector, deficiencies in state capacity, especially in delivering essential services and inefficient redistribution. The survey highlights difficulties in privatising public enterprises, even for firms where economists have made strong arguments that they should be in the private sector. In this context, it pointed towards the need to further privatise civil aviation, banking and fertiliser sectors. The survey stated that the capacity of the state in delivering essential services such as health and education is weak due to low capacity, with high levels of corruption, clientelism, rules and red tape. At the level of states, competitive populism is more in evidence than competitive service delivery, it added. Constraints to policy making due to strict adherence to rules and abundant caution in bureaucratic decision-making favours status quo, it cautioned. According to the survey, redistribution by the government is far from efficient in targeting the poor. This is intrinsic to current programmes because spending is likely to be greatest in states with better institutions. It noted that over the past two years, the government has made considerable progress towards reducing subsidies, especially related to petroleum products. Technology has been the main instrument for addressing the leakage problem and the pilots for direct benefit transfer in fertiliser represent a very important new direction in this regard, it said. Noting that India has come a long way in terms of economic performance and reforms, the survey said there is still a journey ahead to achieve dynamism and social justice and completing this journey will require broader societal shifts in the underlying vision. Highlights of the Economic Survey * GDP growth for next fiscal pegged at 6.75-7.5 per cent * Growth this fiscal to be 6.5 per cent. * Prescribes cut in individual I-T rates, real estate stamp duties. * Income Tax net could be widened gradually by encompassing all high income earners. * Time table for cutting corporate tax should be accelerated. * Tax administration could be improved to reduce discretion and improve accountability. * Growth to return to normal as new currency comes in circulation. * Demonetisation to affect growth rate by 0.25-0.5 per cent, but to have long-term benefits. * GST, other structural reforms should take the trend growth rate to 8-10 per cent. * Fiscal windfall likely from Pradhan Mantri Garib Kalyan Yojana, low oil price. * Farm sector to grow at 4.1% this fiscal, up from 1.2% last year. * Fiscal gains from GST will take time to realise. * Demonetisation may affect supplies of certain agricultural products like sugar, milk, potatoes and onions. * Growth rate of industrial sector to moderate at 5.2% this fiscal, from 7.4% last fiscal. * Efforts to collect taxes on disclosed and undisclosed wealth should not lead to tax harassment. * Universal Basic Income Scheme is an alternative to plethora of state subsidies for poverty alleviation. (PTI)

India's GDP growth to be lower at 6.5% in FY17: Economic Survey

The 92-year-old practice of presenting a separate Rail Budget is set to come to an end from the next fiscal, with the finance ministry accepting railway minister Suresh Prabhu&#39;s proposal to merge it with the General Budget. 
 
According to Railways, the finance ministry has now constituted a five-member committee comprising senior officials of the ministry and the national transporter to work out the modalities for the merger. The committee has been asked to submit its report by August 31. 
 
&quot;I had written to finance minister Arun Jaitley for merger of the Rail Budget with General Budget. This will be in the Railway&#39;s interest and also in the nation&#39;s interest. We are working out the modalities,&quot; Prabhu said. 
 
The public sector behemoth has to bear an additional burden of about Rs 40,000 crore on account of implementation of the 7th Pay Commission awards, besides an annual outgo of Rs 32,000 crore on subsidies. 
 
Besides, the delay in completion of projects resulted in cost overrun of Rs 1.07 lakh crore and huge throw-forward of Rs 1.86 lakh crore in respect of 442 ongoing rail projects. 
 
If the merger happens, Indian Railway will get rid of the annual dividend it has to pay for gross budgetary support from the government every year. 
 
According to a senior Railway official, the move to discard the age-old practice of a separate Rail Budget is part of the Modi government&#39;s reform agenda. 
 
With the merger, the issue of raising passenger fares, an unpopular decision, will be the finance minister&#39;s call. 
 
Prabhu had also told Rajya Sabha on August 9 that he has asked the finance minister to merge the Railway Budget with General Budget in the long-term interest of national transporter as well as the country&#39;s economy. 
 
All-India Railwaymen&#39;s Federation General Secretary Gopal Mishra said railway ministry&#39;s autonomy will be lost in the merger. &quot;But we have to see in what form the merger will happen,&quot; he said. 
 
The merger move is significant as it is expected to have political implications. 
 
It has been seen that almost every Railway Minister, particularly in coalition governments, has addressed his constituencies by doling out favours by way of new trains and projects. 
 
The keenly sought after railway ministry is likely to lose much of its sheen if merger happens. 
 
(PTI)

The 92-year-old practice is set to come to an end after a proposal to merge it with the General Budget was accepted by finance minister

The 92-year-old practice of presenting a separate Rail Budget is set to come to an end from the next fiscal, with the finance ministry accepting railway minister Suresh Prabhu's proposal to merge it with the General Budget. According to Railways, the finance ministry has now constituted a five-member committee comprising senior officials of the ministry and the national transporter to work out the modalities for the merger. The committee has been asked to submit its report by August 31. "I had written to finance minister Arun Jaitley for merger of the Rail Budget with General Budget. This will be in the Railway's interest and also in the nation's interest. We are working out the modalities," Prabhu said. The public sector behemoth has to bear an additional burden of about Rs 40,000 crore on account of implementation of the 7th Pay Commission awards, besides an annual outgo of Rs 32,000 crore on subsidies. Besides, the delay in completion of projects resulted in cost overrun of Rs 1.07 lakh crore and huge throw-forward of Rs 1.86 lakh crore in respect of 442 ongoing rail projects. If the merger happens, Indian Railway will get rid of the annual dividend it has to pay for gross budgetary support from the government every year. According to a senior Railway official, the move to discard the age-old practice of a separate Rail Budget is part of the Modi government's reform agenda. With the merger, the issue of raising passenger fares, an unpopular decision, will be the finance minister's call. Prabhu had also told Rajya Sabha on August 9 that he has asked the finance minister to merge the Railway Budget with General Budget in the long-term interest of national transporter as well as the country's economy. All-India Railwaymen's Federation General Secretary Gopal Mishra said railway ministry's autonomy will be lost in the merger. "But we have to see in what form the merger will happen," he said. The merger move is significant as it is expected to have political implications. It has been seen that almost every Railway Minister, particularly in coalition governments, has addressed his constituencies by doling out favours by way of new trains and projects. The keenly sought after railway ministry is likely to lose much of its sheen if merger happens. (PTI)

India likely to have no Railway Budget from next fiscal year

By Tejal&nbsp;Yerunkar

Prime Minister Narendra Modi and Finance Minister Arun Jaitley will meet NITI Aayog officials, economists and experts on Tuesday to get their views on the upcoming Budget 2017-18.&nbsp;

According to the Business Standard <a href="http://www.business-standard.com/budget/article/pm-jaitley-meet-niti-aayog-officials-experts-today-to-discuss-budget-116122700008_1.html">report</a>, 13 people -- from the NITI Aayog, economists and other experts -- will make presentations to the government.

The pre-budget meeting of the government will begin at 4:30 pm on Tuesday.&nbsp;

The meeting&#39;s theme is &quot;Economic Policy Reform, Road Ahead&quot; and will see discussions on job creation, skill development, agriculture and other Budget-related issues.&nbsp;

The RBI has reduced the country&#39;s economic growth forecast to 7.1% from 7.6% in its monetary policy review earlier this month.

The Asian Development Bank (ADB) also slashed its growth projection for the country, for the current fiscal, to 7% from an earlier 7.4% because of the impact of demonetisation on economic activities.

The Business Standard news report, quoting&nbsp;an official, said the PM would also take stock of Aayog initiatives to promote digital payments, such as the Lucky Grahak Yojana and the Digi Dhan Vyapaar Yojana.&nbsp;

Moreover, the PM will also discuss the status of the economy with NITI Aayog experts against the backdrop of the currency crunch post demonetisation and ways to speed up growth.

(To read more, go to <a href="http://www.zeebiz.com/">zeebiz.com</a>)

They will discuss job creation, skill development, and agriculture

By Tejal Yerunkar Prime Minister Narendra Modi and Finance Minister Arun Jaitley will meet NITI Aayog officials, economists and experts on Tuesday to get their views on the upcoming Budget 2017-18. According to the Business Standard report, 13 people -- from the NITI Aayog, economists and other experts -- will make presentations to the government. The pre-budget meeting of the government will begin at 4:30 pm on Tuesday. The meeting's theme is "Economic Policy Reform, Road Ahead" and will see discussions on job creation, skill development, agriculture and other Budget-related issues. The RBI has reduced the country's economic growth forecast to 7.1% from 7.6% in its monetary policy review earlier this month. The Asian Development Bank (ADB) also slashed its growth projection for the country, for the current fiscal, to 7% from an earlier 7.4% because of the impact of demonetisation on economic activities. The Business Standard news report, quoting an official, said the PM would also take stock of Aayog initiatives to promote digital payments, such as the Lucky Grahak Yojana and the Digi Dhan Vyapaar Yojana. Moreover, the PM will also discuss the status of the economy with NITI Aayog experts against the backdrop of the currency crunch post demonetisation and ways to speed up growth. (To read more, go to zeebiz.com)

Modi, Jaitley to hold pre-Budget meeting with NITI Aayog, economists today

India&#39;s top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states.

Finance Minister Arun Jaitley is scheduled to present the budget on February 1.

&quot;There is no illustration to support that the presentation of Union Budget would influence voters&#39; mind in state elections,&quot; the top court said.

&nbsp;A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi&#39;s government could seek to influence the outcome of the polls with populist spending promises.

&quot;The budget should be presented in April. The government should not release it in February, as the state elections are starting soon,&quot; lawyer ML Sharma, who filed the deferment plea earlier this month, had said.

Modi&#39;s government announced last autumn that it would deliver its budget a month earlier than usual.

(WION with inputs from agencies)

Finance Minister Arun Jaitley is scheduled to present the budget on February 1

India's top court on Monday dismissed a petition to delay the annual federal budget, in view of the upcoming state assembly elections in five states. Finance Minister Arun Jaitley is scheduled to present the budget on February 1. "There is no illustration to support that the presentation of Union Budget would influence voters' mind in state elections," the top court said. A Public Interest Litigation (PIL) had called for the delay over concerns that Prime Minister Narendra Modi's government could seek to influence the outcome of the polls with populist spending promises. "The budget should be presented in April. The government should not release it in February, as the state elections are starting soon," lawyer ML Sharma, who filed the deferment plea earlier this month, had said. Modi's government announced last autumn that it would deliver its budget a month earlier than usual. (WION with inputs from agencies)

India: Top court dismisses petition to delay annual budget

By Praveena Sharma&nbsp;

Budget 2017 is likely to offer some tax reliefs to individuals and corporate houses to boost consumption, savings and investment and some levies like Bank Cash Transaction Tax (BCTT), and differential service tax rates in the run-up to the implementation of Goods and Services Tax (GST) in July, according to a source.

The minimum threshold for income-tax (I-T), which is currently Rs 2.5 lakh, could increase to Rs 3 lakh. However, the I-T rate slabs may remain the same.

This means that personal income between Rs 3 lakh and Rs 5 lakh could attract a 10 per cent tax, between Rs 5 and 10 lakh could attract 20 per cent and incomes above Rs 10 lakh could get taxed at 30 per cent.

Besides raising the threshold for I-T, sources said the government could also increase the investment amount for which tax relief could be availed under Section 80 C of I-T Act.

At present, tax relief for specified investments under Section 80 C is Rs 1.5 lakh. This could be raised to Rs 2 lakh, if it is invested in schemes like National Saving Certificate, Post Office Savings Account, Life Insurance policies, Kisan Vikas Patra, Provident Funds, pension schemes and the like.

Effectively, it would mean that if a person with Rs 5 lakh income invests Rs 2 lakh in specified savings under Section 80C, he may not have to pay any tax.

On the corporate tax front, there could be a snip of one percentage point &ndash; from 30 per cent to 29 per cent. According to the source, there could be an announcement in this year&#39;s Budget of a 1 per cent cut in corporate tax every year for the next three years.

Service tax, which is currently a single rate of 15 per cent (14 per cent + Swachh Bharat cess + Krishi Kalyan cess), may be made multi-slab and get aligned with the proposed GST rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent.

It could be hiked to 16 per cent or 18 per cent.

&quot;In my mind, there is a very good case for having differential rates for service tax. It should not be one rate any longer, but whether they are going to act on it in the Budget or whether they will do it when GST is introduced, we have to wait and watch,&quot; said M S Mani, senior director (indirect tax), Deloitte Haskins &amp; Sells LLP.

Even taxes on goods could be brought in line with the proposed GST rates.

In what could be seen as a fallout of demonetisation, the source said that the government was very seriously considering a 1 per cent to 2 per cent BCTT on cash transaction above Rs 50,000.

&quot;This would mean that anybody who withdraws cash from banks above Rs 50,000 would have to pay a tax of Rs 500 or Rs 1,000. This is being looked at to discourage people from withdrawing cash. If the transaction is done electronically or digitally, there would be no tax.&nbsp;

Therefore, people would be inclined to do more of electronic and digital transactions,&quot; said the source.

In all likelihood, there would be a limit on cash transaction. &quot;They (government) are planning to do that. The limit could possibly be Rs 5 lakh or Rs 10 lakh&quot;.

(This article first appeared on DNA)

There are speculations that Bank Cash Transaction Tax could be imposed on transactions above Rs 50,000, to discourage people from using cash

By Praveena Sharma Budget 2017 is likely to offer some tax reliefs to individuals and corporate houses to boost consumption, savings and investment and some levies like Bank Cash Transaction Tax (BCTT), and differential service tax rates in the run-up to the implementation of Goods and Services Tax (GST) in July, according to a source. The minimum threshold for income-tax (I-T), which is currently Rs 2.5 lakh, could increase to Rs 3 lakh. However, the I-T rate slabs may remain the same. This means that personal income between Rs 3 lakh and Rs 5 lakh could attract a 10 per cent tax, between Rs 5 and 10 lakh could attract 20 per cent and incomes above Rs 10 lakh could get taxed at 30 per cent. Besides raising the threshold for I-T, sources said the government could also increase the investment amount for which tax relief could be availed under Section 80 C of I-T Act. At present, tax relief for specified investments under Section 80 C is Rs 1.5 lakh. This could be raised to Rs 2 lakh, if it is invested in schemes like National Saving Certificate, Post Office Savings Account, Life Insurance policies, Kisan Vikas Patra, Provident Funds, pension schemes and the like. Effectively, it would mean that if a person with Rs 5 lakh income invests Rs 2 lakh in specified savings under Section 80C, he may not have to pay any tax. On the corporate tax front, there could be a snip of one percentage point – from 30 per cent to 29 per cent. According to the source, there could be an announcement in this year's Budget of a 1 per cent cut in corporate tax every year for the next three years. Service tax, which is currently a single rate of 15 per cent (14 per cent + Swachh Bharat cess + Krishi Kalyan cess), may be made multi-slab and get aligned with the proposed GST rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent. It could be hiked to 16 per cent or 18 per cent. "In my mind, there is a very good case for having differential rates for service tax. It should not be one rate any longer, but whether they are going to act on it in the Budget or whether they will do it when GST is introduced, we have to wait and watch," said M S Mani, senior director (indirect tax), Deloitte Haskins & Sells LLP. Even taxes on goods could be brought in line with the proposed GST rates. In what could be seen as a fallout of demonetisation, the source said that the government was very seriously considering a 1 per cent to 2 per cent BCTT on cash transaction above Rs 50,000. "This would mean that anybody who withdraws cash from banks above Rs 50,000 would have to pay a tax of Rs 500 or Rs 1,000. This is being looked at to discourage people from withdrawing cash. If the transaction is done electronically or digitally, there would be no tax. Therefore, people would be inclined to do more of electronic and digital transactions," said the source. In all likelihood, there would be a limit on cash transaction. "They (government) are planning to do that. The limit could possibly be Rs 5 lakh or Rs 10 lakh". (This article first appeared on DNA)

Budget 2017: Income tax relief, limit on high-value cash transactions likely

In a significant breakthrough in implementation of India&#39;s biggest tax reform, the deadlock over administration of GST ended on Monday after the Centre agreed to allow states control over most of small taxpayers, but the rollout date was pushed back by 3 months to July 1.

The split of GST taxpayers between the two will be done horizontally with states getting to administer and control 90 per cent of the asseesses below Rs 1.5 crore annual turnover, and the remaining 10 per cent coming under the Centre.

The Centre and states will share control of assessees with annual turnover of over Rs 1.5 crore in 50:50 ratio even as Finance Minister Arun Jaitley insisted that each tax payer will be assessed only once and by only one authority.

Besides ceding control, the Centre also agreed to the demand of coastal states, allowing them to tax economic activity in 12 nautical miles even though constitutionally the Centre has jurisdiction over territorial waters.

&quot;This is a significant headway,&quot; Jaitley said after the meeting.

While a four-rate tax slab of 5, 12, 18 and 28 per cent had already been reached, a consensus on the administration of the Goods and Services Tax - which will subsume central and state levies like excise duty, service tax and VAT - paved the way for finalisation of the draft supporting laws.

Jaitley said the draft of Integrated GST or IGST, the tax which will be levied by the Centre on inter-state movement of goods and services, as well as SGST and CGST will be finalised in the next meeting of the GST Council on February 18.

Once approved, the Council will then decide on taxing various goods and services in different tax slabs, he said.

The stalemate over administration of GST had been holding up consensus in the GST Council since early November with four successive meetings failing to break the deadlock as the Centre was not in favour of a horizontal split. It said states did not have the expertise to administer levies like service tax.

The Centre also did not favour dual agencies auditing and scrutinising each taxpayer as multiple authorities could end up acting at cross-purposes. Since GST is a transactional tax, which is to be levied when a sale takes place, it does not necessarily have to be implemented from the beginning of the fiscal, he said.

The penal arrest provisions, which were part of the draft law, have been diluted. Officials said default in payment of taxes amounting up to Rs 2 crore will be a bailable offence. The arrest powers will be invoked only in cases of criminal offences like forgery and collected tax not deposited in government coffers.

Briefing reporters after the 9th meeting of the GST Council, Jaitley said the entire taxation base will be shared between the Centre and states. He said: &quot;All assessees with GST turnover of Rs 1.5 crore or less, 90 per cent of them will be assessed for the purposes of scrutiny and audit by the states and 10 per cent by the centre.

&quot;Those above the turnover of Rs 1.5 crore would be assessed in the ratio of 50:50 between centre and states,&quot; he said, adding that intelligence-based enforcement powers would vest in both Centre and states.

&quot;The power to levy and collect the IGST taxation is with the central government but by special provision in law, the states will also be cross empowered in the same manner.&quot; In case of contentious issues and conflicts between states with regard to place of supply, the assessment would be done by Centre, he said. Also, importantly, the area of 12 nautical miles into the territorial waters, which is part of the Union government territory, will be taxed by states.

This is one of the issues which states with various parties in power - from BJP-rule Gujarat to Congress-ruled Karnataka and CPM-governed Kerala, had demanded.

&quot;This decision has been taken after very wide consultation,&quot; Jaitley said.

The Finance Minister said each assessee would be assessed only by one authority. &quot;Once you evolve numerically a lot more will come from state to the centre, because the percentage is 50:50 in higher category and 90:10 in lower category. The computer programming would be done in a manner so that there is no discretion.&quot;

After drafts of supporting legislations are prepared, fitments of rates in various slabs will be undertaken. &quot;This exercise will in all probability take us into the month of March. The Ministers and Council then assessed the realistic date by when the three important things pending -- final draft legislation and rules, secondly approval of these by the legislative bodies, and fitments of rates can take place.

&quot;I requested the ministers to give their opinion about the realistic dates and there was a broad view that July 1 appears to be more realistic,&quot; he said. Also, industry and trade should be given some adequate notice to prepare for the new regime and once the rates are decided the systems of GSTN will have to be modified suitably.

&quot;So our next meeting will be on February 18. This long gap is because -- the drafts are going to take some time to be finalised and most finance ministers would be busy with the central and state budgets,&quot; Jaitley said.

He added that all states, except West Bengal, agreed to the proposal of division of assessees in GST for audit and scrutiny purposes. &quot;The West Bengal minister disagreed to the limited extent that assessments below Rs 1.5 crore which are divided 90:10 between the states and centre. His dissent was confined to the issue that it should be 100 versus zero and not 90:10. On all other proposals he also agreed,&quot; he said.

After the Council meeting, West Bengal Finance Minister Amit Mitra said the Centre has come very close to the position that empowered committee had taken, where below Rs 1.5 crores, turnover all goods, all deemed goods, was to be assessed by states.

&quot;Our great struggle has been to save the small enterprises of states and we have succeeded to the extent of 90 per cent (of services) and all goods. We could not succeed in only 10 per cent which relates to services,&quot; Mitra said.

Earlier, Kerala Finance Minister T M Thomas Isaac said there was no agreement on the issue of administration of GST, with states continuing to seek sole control over tax payers. With regard to Integrated GST, Jaitley said the power to levy and collect the IGST taxation is with the central government but by special provision in law, states will also be cross empowered in the same manner of the ratio mentioned earlier.

&quot;In the exercise of IGST where there are contentious issues between conflicting states with regard to place of supply etc. Obviously, one of the states cannot assess and therefore those assessment would take place by Centre,&quot; Jaitley said.

(DNA) 
&nbsp;

The deadlock over GST ended after the Centre agreed to allow states control over most of small taxpayers

In a significant breakthrough in implementation of India's biggest tax reform, the deadlock over administration of GST ended on Monday after the Centre agreed to allow states control over most of small taxpayers, but the rollout date was pushed back by 3 months to July 1. The split of GST taxpayers between the two will be done horizontally with states getting to administer and control 90 per cent of the asseesses below Rs 1.5 crore annual turnover, and the remaining 10 per cent coming under the Centre. The Centre and states will share control of assessees with annual turnover of over Rs 1.5 crore in 50:50 ratio even as Finance Minister Arun Jaitley insisted that each tax payer will be assessed only once and by only one authority. Besides ceding control, the Centre also agreed to the demand of coastal states, allowing them to tax economic activity in 12 nautical miles even though constitutionally the Centre has jurisdiction over territorial waters. "This is a significant headway," Jaitley said after the meeting. While a four-rate tax slab of 5, 12, 18 and 28 per cent had already been reached, a consensus on the administration of the Goods and Services Tax - which will subsume central and state levies like excise duty, service tax and VAT - paved the way for finalisation of the draft supporting laws. Jaitley said the draft of Integrated GST or IGST, the tax which will be levied by the Centre on inter-state movement of goods and services, as well as SGST and CGST will be finalised in the next meeting of the GST Council on February 18. Once approved, the Council will then decide on taxing various goods and services in different tax slabs, he said. The stalemate over administration of GST had been holding up consensus in the GST Council since early November with four successive meetings failing to break the deadlock as the Centre was not in favour of a horizontal split. It said states did not have the expertise to administer levies like service tax. The Centre also did not favour dual agencies auditing and scrutinising each taxpayer as multiple authorities could end up acting at cross-purposes. Since GST is a transactional tax, which is to be levied when a sale takes place, it does not necessarily have to be implemented from the beginning of the fiscal, he said. The penal arrest provisions, which were part of the draft law, have been diluted. Officials said default in payment of taxes amounting up to Rs 2 crore will be a bailable offence. The arrest powers will be invoked only in cases of criminal offences like forgery and collected tax not deposited in government coffers. Briefing reporters after the 9th meeting of the GST Council, Jaitley said the entire taxation base will be shared between the Centre and states. He said: "All assessees with GST turnover of Rs 1.5 crore or less, 90 per cent of them will be assessed for the purposes of scrutiny and audit by the states and 10 per cent by the centre. "Those above the turnover of Rs 1.5 crore would be assessed in the ratio of 50:50 between centre and states," he said, adding that intelligence-based enforcement powers would vest in both Centre and states. "The power to levy and collect the IGST taxation is with the central government but by special provision in law, the states will also be cross empowered in the same manner." In case of contentious issues and conflicts between states with regard to place of supply, the assessment would be done by Centre, he said. Also, importantly, the area of 12 nautical miles into the territorial waters, which is part of the Union government territory, will be taxed by states. This is one of the issues which states with various parties in power - from BJP-rule Gujarat to Congress-ruled Karnataka and CPM-governed Kerala, had demanded. "This decision has been taken after very wide consultation," Jaitley said. The Finance Minister said each assessee would be assessed only by one authority. "Once you evolve numerically a lot more will come from state to the centre, because the percentage is 50:50 in higher category and 90:10 in lower category. The computer programming would be done in a manner so that there is no discretion." After drafts of supporting legislations are prepared, fitments of rates in various slabs will be undertaken. "This exercise will in all probability take us into the month of March. The Ministers and Council then assessed the realistic date by when the three important things pending -- final draft legislation and rules, secondly approval of these by the legislative bodies, and fitments of rates can take place. "I requested the ministers to give their opinion about the realistic dates and there was a broad view that July 1 appears to be more realistic," he said. Also, industry and trade should be given some adequate notice to prepare for the new regime and once the rates are decided the systems of GSTN will have to be modified suitably. "So our next meeting will be on February 18. This long gap is because -- the drafts are going to take some time to be finalised and most finance ministers would be busy with the central and state budgets," Jaitley said. He added that all states, except West Bengal, agreed to the proposal of division of assessees in GST for audit and scrutiny purposes. "The West Bengal minister disagreed to the limited extent that assessments below Rs 1.5 crore which are divided 90:10 between the states and centre. His dissent was confined to the issue that it should be 100 versus zero and not 90:10. On all other proposals he also agreed," he said. After the Council meeting, West Bengal Finance Minister Amit Mitra said the Centre has come very close to the position that empowered committee had taken, where below Rs 1.5 crores, turnover all goods, all deemed goods, was to be assessed by states. "Our great struggle has been to save the small enterprises of states and we have succeeded to the extent of 90 per cent (of services) and all goods. We could not succeed in only 10 per cent which relates to services," Mitra said. Earlier, Kerala Finance Minister T M Thomas Isaac said there was no agreement on the issue of administration of GST, with states continuing to seek sole control over tax payers. With regard to Integrated GST, Jaitley said the power to levy and collect the IGST taxation is with the central government but by special provision in law, states will also be cross empowered in the same manner of the ratio mentioned earlier. "In the exercise of IGST where there are contentious issues between conflicting states with regard to place of supply etc. Obviously, one of the states cannot assess and therefore those assessment would take place by Centre," Jaitley said. (DNA)

GST deadlock ends, rollout pushed to July 1

The stalemate over administration of GST continued today, with some states adamant on their demand to control tax payers with a turnover of up to 15 million Indian rupees.

The 9th meeting of the all-powerful GST Council, headed by India&#39;s finance minister Arun Jaitley, failed to break the deadlock over distribution of powers between the centre and states to administer the goods and services tax (GST), making April 1 target for its rollout all the more difficult.

&quot;There is no agreement as to how the taxes will be administered&quot;, Kerala Finance Minister T M Thomas Isaac told reporters here.

He, however, said there were agreements on some other issues, including an &quot;agreement that integrated GST (law) will be mutually empowerment model&quot;.&nbsp;

Also, &quot;territorial waters, taxation powers will be delegated to the states,&quot; he said.

The council has been deadlocked for the fifth meeting in a row, with states seeking sole powers to control assessees with an annual turnover of up to Rs 15 million.

The centre, however, is not in favour of a horizontal split as it feels states do not have the expertise to administer levies like service tax.

Jaitley is also not in favour of dual agencies auditing and scrutinising each taxpayer as he reckons multiple authorities could end up acting at cross-purposes.

&quot;Some people want vertical divisions (of tax payers), others want horizontal division with vertical division of large traders. Some compromise will be worked out,&quot; Thomas added.

&quot;Below Rs 15 million&nbsp;could be under the administrative control of states. The centre would have certain limited amount of audit functions that could be one possible compromise. Discussions are going on.&quot;

The council, in its previous meeting, had agreed on most of the clauses of the draft IGST law, which along with central GST (CGST) and state GST (SGST) have to be passed by Parliament and state legislatures, respectively, before the new indirect tax regime can be rolled out.

IGST deals in levy on inter-state supply (including stock transfers) of goods or services.

GST will subsume a host of indirect taxes levied by the Centre and states, including excise duty, VAT, service tax, entry, luxury and entertainment levies.

Parliament passed the landmark constitutional amendment in August last year and more than half of state legislatures ratified it by mid-September.

According to Jaitley, GST needs to be rolled out latest by September 16, 2017.

Under the constitutional amendment passed by Parliament for GST implementation, some of the existing levies will expire after September 16.

GST is expected to transform India into a single market, boost revenues through better compliance and simpler procedure.

(PTI)

The GST needs to be implemented before September 16 as some of the existing levies will expire after that date

The stalemate over administration of GST continued today, with some states adamant on their demand to control tax payers with a turnover of up to 15 million Indian rupees. The 9th meeting of the all-powerful GST Council, headed by India's finance minister Arun Jaitley, failed to break the deadlock over distribution of powers between the centre and states to administer the goods and services tax (GST), making April 1 target for its rollout all the more difficult. "There is no agreement as to how the taxes will be administered", Kerala Finance Minister T M Thomas Isaac told reporters here. He, however, said there were agreements on some other issues, including an "agreement that integrated GST (law) will be mutually empowerment model". Also, "territorial waters, taxation powers will be delegated to the states," he said. The council has been deadlocked for the fifth meeting in a row, with states seeking sole powers to control assessees with an annual turnover of up to Rs 15 million. The centre, however, is not in favour of a horizontal split as it feels states do not have the expertise to administer levies like service tax. Jaitley is also not in favour of dual agencies auditing and scrutinising each taxpayer as he reckons multiple authorities could end up acting at cross-purposes. "Some people want vertical divisions (of tax payers), others want horizontal division with vertical division of large traders. Some compromise will be worked out," Thomas added. "Below Rs 15 million could be under the administrative control of states. The centre would have certain limited amount of audit functions that could be one possible compromise. Discussions are going on." The council, in its previous meeting, had agreed on most of the clauses of the draft IGST law, which along with central GST (CGST) and state GST (SGST) have to be passed by Parliament and state legislatures, respectively, before the new indirect tax regime can be rolled out. IGST deals in levy on inter-state supply (including stock transfers) of goods or services. GST will subsume a host of indirect taxes levied by the Centre and states, including excise duty, VAT, service tax, entry, luxury and entertainment levies. Parliament passed the landmark constitutional amendment in August last year and more than half of state legislatures ratified it by mid-September. According to Jaitley, GST needs to be rolled out latest by September 16, 2017. Under the constitutional amendment passed by Parliament for GST implementation, some of the existing levies will expire after September 16. GST is expected to transform India into a single market, boost revenues through better compliance and simpler procedure. (PTI)

India: Deadlock over new indirect tax regime continues as latest meeting fails to reach consensus

Credit and debit cards will continue to be accepted at petrol pumps even after January 13 without customers having to pay transaction charges, the government said today.

Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments.

&quot;Merchant Discount Rate (MDR) charges will be levied as per RBI guidelines but who will take the hit? Banks, oil marketing companies are discussing,&quot; Petroleum Minister Dharmendra Pradhan told reporters after meeting Finance Minister Arun Jaitley on the issue.

&quot;We had assured yesterday also that since retail outlets, petrol pump owners work as commission agents, we will not pass on the cost to them,&quot; he said.

Petrol pump operators had yesterday threatened to stop accepting card payments after banks said the transaction charges of up to 1 per cent will have to be borne by them.&nbsp;

The crisis was averted after banks agreed not to insist on transaction charges for five more days, leading to pump&nbsp;owners deferring their plans till January 13.

Pradhan said the government stands by its decision that customers using non-cash digital modes of payments will not have to pay any transaction charge.

Also, the 0.75 per cent discount on fuel rate for using digital payments will continue.

&quot;Banks and oil marketing companies (OMCs) are discussing the issue. In the coming days a mechanism will be worked out under which customers or petrol pump owners will not bear the cost,&quot; he said.

Pradhan said the government had in February last year issued a circular saying customers will not have to bear the MDR charges on digital transactions so as to help the country move towards digital transaction and less cash economy.

&quot;Government will ensure implementation of that decision,&quot; he said.

&quot;In the coming days whatever digital transactions happens especially in petrol pumps, the burden will not be passed on to customers,&quot; Pradhan added.

When a card payment is made using a POS machine, service charges are levied. All stakeholders are discussing who will bear these, he said.

(PTI)

Banks and oil companies are in discussions as to who should bear the transaction charges

Credit and debit cards will continue to be accepted at petrol pumps even after January 13 without customers having to pay transaction charges, the government said today. Banks and oil companies are in discussions as to who should bear these charges, it said a day after averting a crisis that would have hit millions of people as oil pump owners threatened to stop taking card payments. "Merchant Discount Rate (MDR) charges will be levied as per RBI guidelines but who will take the hit? Banks, oil marketing companies are discussing," Petroleum Minister Dharmendra Pradhan told reporters after meeting Finance Minister Arun Jaitley on the issue. "We had assured yesterday also that since retail outlets, petrol pump owners work as commission agents, we will not pass on the cost to them," he said. Petrol pump operators had yesterday threatened to stop accepting card payments after banks said the transaction charges of up to 1 per cent will have to be borne by them. The crisis was averted after banks agreed not to insist on transaction charges for five more days, leading to pump owners deferring their plans till January 13. Pradhan said the government stands by its decision that customers using non-cash digital modes of payments will not have to pay any transaction charge. Also, the 0.75 per cent discount on fuel rate for using digital payments will continue. "Banks and oil marketing companies (OMCs) are discussing the issue. In the coming days a mechanism will be worked out under which customers or petrol pump owners will not bear the cost," he said. Pradhan said the government had in February last year issued a circular saying customers will not have to bear the MDR charges on digital transactions so as to help the country move towards digital transaction and less cash economy. "Government will ensure implementation of that decision," he said. "In the coming days whatever digital transactions happens especially in petrol pumps, the burden will not be passed on to customers," Pradhan added. When a card payment is made using a POS machine, service charges are levied. All stakeholders are discussing who will bear these, he said. (PTI)

Indian government: Petrol pumps to continue accepting card payments even after Jan 13, no transaction charge for customers

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an&nbsp;uptick in economic activity including manufacturing.

He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal.

&quot;Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year,&quot;&nbsp;he said.

During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down.

&quot;Tax collection data is real and not an estimation,&quot; Jaitley said, while dismissing apprehensions of a&nbsp;slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said.

&quot;Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant,&quot; Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. &quot;In my opinion, all well administered states have seen rise in VAT collection even in November,&quot; he said. 
 
(WION with inputs from agencies)

Arun Jaitley releases tax collection figures asserting an increase of 25% in April-December period.

Dismissing concerns of slowdown due to demonetisation, Finance Minister Arun Jaitley said both direct and indirect tax collections have shown robust increase during the April-December period, indicating an uptick in economic activity including manufacturing. He said direct tax collection was up 12.01 per cent at Rs 5.53 lakh crore in April-December 2016 as compared to revenue in the year-ago period, while indirect tax receipts soared 25 per cent to Rs 6.30 lakh crore. Giving the break-up, he said excise collection was up 43 per cent at Rs 2.79 lakh crore, while service tax rose 23.9 per cent to Rs 1.83 lakh crore in the first nine months of the current fiscal. "Customs duty receipts were up 4.1 per cent at Rs 1.67 lakh crore. Indirect tax collection in December was up 14.2 per cent year-on-year," he said. During the month, which witnessed the demonetisation process, the excise collection was up 31.6 per cent, Jaitley said, adding that this category is directly linked to manufacturing. Service tax receipts in December were also up 12.4 per cent. Customs revenue dipped 6.3 per cent as gold imports came down. "Tax collection data is real and not an estimation," Jaitley said, while dismissing apprehensions of a slowdown in following currency squeeze post demonetisation. When compared with tax collections in November, indirect tax receipts in December 2016 were up 12.8 per cent, he said. "Since there has been a considerable debate in the public space as to the impact of currency squeeze in the months of November and December, the data of these two months becomes relevant," Jaitley said. VAT collections in most states too have shown an increase and they also received taxes in the old currency in November. "In my opinion, all well administered states have seen rise in VAT collection even in November," he said. (WION with inputs from agencies)

Robust growth in tax collection, says India's finance minister Arun Jaitley

Indian finance minister Arun Jaitley on Monday said India needs to move to a lower level of taxation to be globally competitive.

&quot;What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one important change you will witness while you will be in service,&quot; Jaitley said at the inauguration of professional training of 68th Batch of IRS (C&amp;CE) Officers here.

He further said that the India that is foreseen in future decades will be the one where voluntary compliances will have to increase, and added that it will bring a change in the mindset of the taxpayer accepting the legitimate of taxes as a responsibility.

Watch Arun Jaitley&#39;s&nbsp;full speech from the launching ceremony of the DigiDhan Mela&nbsp;here:

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My speech at the launching ceremony of the DigiDhan Mela, December 25, 2016 <a href="https://t.co/jVZz4GStlR">https://t.co/jVZz4GStlR</a>
&mdash; Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/813040144282333185">December 25, 2016</a></blockquote>
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&quot;We&#39;ve lived through last seven decades in India under the impression that if avoidance could be done of government revenue, there wasn&#39;t anything immoral about it,&quot; he said.&nbsp;

(ANI)&nbsp;

Jaitley said India needs to move to a lower level of taxation to be globally competitive

Indian finance minister Arun Jaitley on Monday said India needs to move to a lower level of taxation to be globally competitive. "What you need is lower level of taxation, to provide services more competitive in nature. Competition is not domestic, it is global. This is one important change you will witness while you will be in service," Jaitley said at the inauguration of professional training of 68th Batch of IRS (C&CE) Officers here. He further said that the India that is foreseen in future decades will be the one where voluntary compliances will have to increase, and added that it will bring a change in the mindset of the taxpayer accepting the legitimate of taxes as a responsibility. Watch Arun Jaitley's full speech from the launching ceremony of the DigiDhan Mela here: My speech at the launching ceremony of the DigiDhan Mela, December 25, 2016 https://t.co/jVZz4GStlR — Arun Jaitley (@arunjaitley) December 25, 2016 × "We've lived through last seven decades in India under the impression that if avoidance could be done of government revenue, there wasn't anything immoral about it," he said. (ANI)

India needs lower level of taxation: Jaitley

Jaitley said small enterprises with an annual turnover of up to 20 million rupees could save up to 30 per cent in tax payments

Indian finance minister Arun Jaitley on Tuesday addressed the media and said the government will offer tax incentives to small scale businesses engaged in cashless transactions, news agency Reuters reported. The incentives will be applicable to small scale businesses with a turnover of up to 20 million rupees ($294,000). Jaitley said the move would enable such businesses to save up to 30 per cent in tax payments, Reuters reported. He also said further amendments had been made to how small traders are taxed in order to boost digital payment, the Financial Express reported. Jaitley further said that anybody who still has old currency must deposit the amount with his or her bank at one go, The Financial Express reported. If somebody goes to the banks every day, it raises questions, Jaitley said. Since the government's demonetisation of India's 500- and 1,000-rupee note, the government has come out with a raft of incentives to encourage cashless transactions. It has also come out with a host of orders governing how the old notes are to be exchanged for new currency. (WION with inputs from Reuters)

India to offer tax breaks to small businesses that go cashless: Fin Min

Indian finance minister Arun Jaitley on Saturday hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap.

Calling the scrapping of old 500 and 1,000 rupee notes as &quot;a courageous step&quot;,he said the government could do it as India today has the capacity to take such decisions and experiment boldly.

He added that&nbsp;demonetisation will help rid the economy of high cash circulation that had led to tax evasion, blackmoney and currency being used for crime.

&quot;One of the efforts of this exercise has to be that even though a reduced cash currency could remain, our conscious effort... (is) to supplement the rest with a digital currency,&quot; he said while addressing annual general meeting of industry chamber FICCI here.

As many as 17,165 million pieces of Rs 500 denomination and 6,858 million pieces of Rs 1,000 banknotes were in circulation on November 8 when the government made the surprise announcement.

Jaitley further said: &quot;The whole process of remonetisation is not going to take very long time and I&#39;m sure very soon the Reserve Bank by injecting currency daily into the banking and postal system will be able to complete that.&quot;

Talking about the push to use the digital mode to make payments, which has been gaining ground, he said,&quot;the manner it has taken place in the last five weeks is indeed commendable. Only a section of Parliament seems unaware of what is happening,&quot; he said.

Once the remonetisation process is complete, it will mark &quot;the creation of a new Indian normal because the normal that existed for 70 years is an unacceptable normal,&quot; he added.

&quot;The 70-year normal had become a way of life for almost every Indian. It was not merely a fact that you had a lot more cash currency, far larger cash currency as part of your GDP... the economic and social consequences of that are extremely adverse.&quot;

He made a point that dealing in that cash currency had led to a lot of aberrations in terms of tax non-compliance, currency being used for collateral purposes like crime, escaping the tax net and not getting into the banking system.&nbsp;

(PTI)

'The whole process of remonetisation is not going to take very long time', said Arun Jaitley

Indian finance minister Arun Jaitley on Saturday hinted that not all of the Rs 15.44 lakh crore worth of currency junked will be remonetised through issuance of new notes as he said digital currency will fill the gap. Calling the scrapping of old 500 and 1,000 rupee notes as "a courageous step",he said the government could do it as India today has the capacity to take such decisions and experiment boldly. He added that demonetisation will help rid the economy of high cash circulation that had led to tax evasion, blackmoney and currency being used for crime. "One of the efforts of this exercise has to be that even though a reduced cash currency could remain, our conscious effort... (is) to supplement the rest with a digital currency," he said while addressing annual general meeting of industry chamber FICCI here. As many as 17,165 million pieces of Rs 500 denomination and 6,858 million pieces of Rs 1,000 banknotes were in circulation on November 8 when the government made the surprise announcement. Jaitley further said: "The whole process of remonetisation is not going to take very long time and I'm sure very soon the Reserve Bank by injecting currency daily into the banking and postal system will be able to complete that." Talking about the push to use the digital mode to make payments, which has been gaining ground, he said,"the manner it has taken place in the last five weeks is indeed commendable. Only a section of Parliament seems unaware of what is happening," he said. Once the remonetisation process is complete, it will mark "the creation of a new Indian normal because the normal that existed for 70 years is an unacceptable normal," he added. "The 70-year normal had become a way of life for almost every Indian. It was not merely a fact that you had a lot more cash currency, far larger cash currency as part of your GDP... the economic and social consequences of that are extremely adverse." He made a point that dealing in that cash currency had led to a lot of aberrations in terms of tax non-compliance, currency being used for collateral purposes like crime, escaping the tax net and not getting into the banking system. (PTI)

Demonetisation: Indian finance minister hints not all scrapped currency will be remonetised

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