The proposal for advancing of the Budget and the merger of the railway Budget with it will be considered tomorrow at a meeting of the union Cabinet to be chaired by Prime Minister Narendra Modi, who has been pushing for it.
As the government looks toadvance the Union Budget presentation by a month toJanuary-end, rating agency ICRA today flagged concerns aboutavailability of lesser data, saying advance GDP estimates aswell as corporate tax filings are available only in February.
State Finance Minister T M Thomas Issac today said it will take at least three years for the government to bring the state's budget to a normal state but this situation would not be allowed to impact its investment plans.
In an interview with CNBC-TV18, Chief Economic Advisor Arvind Subramanian, who headed a panel that suggested a benchmark GST rate, said the government should try to keep as low a GST rate as possible, as this would boost compliance.
Assam Assembly's Budget session began on a stormy note today as both Opposition and ruling party members raised slogans against each other over the auction of 12 oilfields and price rise following hike in VAT, leading to a brief adjournment and walkout.
The government is likely to announce PSU bank capital infusion today, confirmed the government officials to CNBC-TV18's Sapna Das. Out of the total budget of Rs 25,000 crore, about Rs 12,000-RS 15,000 crore is expected to be used in the first tranche of the process.
After waves of protests over a string of unpopular reforms, lawmakers from the ruling leftist party are to approve today night a bill of over 7,000 pages that raises the sales tax cap and introduces a mechanism to slash spending further in case of budget overruns.
Finance Minister Arun Jaitley today said the Joint Parliament Standing Committee has cleared the Bankruptcy and Insolvency Code and is likely to be discussed in the current Budget Session of Parliament.
Jaitley, who in May last year stated that Indian democracy faced a serious challenge with an 'indirectly elected' Upper House questioning the wisdom of 'directly elected' Lok Sabha, today said he will again be speaking to the Congress on the GST bill.