The formation of a high-level committee was announced by Finance Minister Arun Jaitley in the Union Budget and would come in with a mandate to, among other things, sort through the retrospective taxation issue that came up during the tenure of the previous UPA government.
Union Finance minister Arun Jaitley assured investors of a stable tax regime while promising to bring in goods and services tax (GST) in this year itself. He ruled out imposition of long term capital gain tax on debt mutual funds retrospectively.
Finance Minister Arun Jaitley says it is too early to say whether the Indian economy is getting out of a challenging situation. Jaitley was replying to the debate on the Union Budget 2014 in the Rajya Sabha. He said the recent data only showing initial signs of inflation coming down.
The cabinet has approved raising foreign direct investment (FDI) limit in insurance sector to 49 percent from 26 percent earlier. Finance Minister Arun Jaitley in his maiden Union Budget 2014 had proposed to hike FDI in insurance.
The Finance bill, whose passage signals the end of the budgetary exercise, is coming up for discussion in the Lok Sabha on July 24 and 25, said Minister of State for Parliamentary Affairs Prakash Javadekar.
According to BofAML, most found Budget 2014, well in line with expectationspartly because those expectations were themselves conditioned by the BJPs pollcommitments. At the same time, expectations beyond the party manifesto were not met.
Commerce secretary has said the government is looking at a package to revive SEZs and on the issue of MAT. However, Revenue secretary said tax sops are unlikely as fiscal space is limited. Both ministries are negotiating a solution to the issue.
In an exclusive interview with CNBC-TV18s Malvika Jain on July 02, 2014, SP Kothari, Deputy Dean, MIT Sloan School of Management gave his take on the expectations from Arun Jaitelys maiden Union Budget and his outlook on the road ahead for the Indian economy.
Team Modis two keys tests, the Railway Budget and Union Budget 2014 are out of way. Both the events were seen as key market drivers, but received mixed reviews from India Inc and global investors. Many felt that it was long on intent, but short on specifics.