In an address at a leading forum for technological development, Jaitley said Russian defence majors which already have a long experience of working in India are well placed to take advantage of the policy changes effected to encourage tie-ups between Indian and foreign companies.
Latest to join the band of GST software enablers is GST Star, a Bangalore-based firm started by Infosys veterans. Other IT firms who have joined the GST bandwagon include SAP, Microsoft, Zoho, Tally, Deskera and ClearTax.
It won't derail "the fate of Constitution amendment", he said. The GST Constitutional (101st Amendment) Act 2016 mandates introduction of a national Goods and Services Tax in India.
"There is no such proposal. We have got FRBM Act and fiscal deficit target, we intend adhering to it," he said here. In Union Budget 2017-18, the fiscal deficit has been pegged at 3.2 per cent, lower than 3.5 per cent in the last financial year.
Announcing that the switchover to the good and services tax (GST) will kick in at the stroke of mid-night, Finance Minister Arun Jaitley said the hour-long function will mirror the contribution made by different political parties and states to the revolutionary new tax regime.
A midnight event in Parliament’s central hall on June 30 will roll out Goods and Services Tax, with a grand launch planned.
Rejecting demands for deferment of the biggest tax reform since Independence, Finance Minister Arun Jaitley assured the nation that the IT network backbone has been adequately tested and systems are in place for implementation of the goods and services tax.
The Finance Minister Arun Jaitley-headed GST Council will meet on Sunday to take stock of the preparedness of the new tax system that promises to stitch together a common national market.
Finance Minister Arun Jaitley has left for a four-day visit to South Korea to participate in the economic dialogue.
Voices in the government have expressed contrasting views on the issue, but the finance minister may have dealt the final blow by saying the scheme is not political feasible.
India’s banks have been saddled with non-performing assets (NPAs), loans that have turned bad, mainly across six major sectors including steel, power, roads, highways, and telecom
The meeting of top bankers with the finance minister, where ministry officials and RBI Deputy Governor S S Mundra were present, was called to take stock of lenders' financial position and speedy resolution of bad assets.
The three-member panel will consult the regional parties and other stakeholders on an NDA candidate. "The committee's mandate is to consult leaders of all political parties for the presidential poll and try to evolve a consensus," a BJP statement said.
Besides NPA resolution and bank finances, the meeting also featured the government's financial inclusion schemes.
Last month, India tweaked its laws to help tackle a record $150 billion in troubled bank debt. The government has authorised the central bank to direct banks to initiate an insolvency resolution process in the case of a default under provisions of the bankruptcy code.
This will be the 16th meeting of the Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, since it was set up in September 2016.
The meeting assumes significance as it will be the first after promulgation of the ordinance amending the Banking Regulation Act, 1949, last month.
In a letter to the presidents of various political parties, Jaitley thanked them for their cooperation and contribution in making the GST a reality.
Union Finance Minister Arun Jaitley signed the multilateral convention in Paris to implement tax treaty- related measures to prevent base erosion and profit shifting.
In a terse one-line statement, the Reserve Bank of India (RBI) Governor Urjit Patel today sent out a message that can be seen as underscoring the importance of the central bank’s autonomy.
With banks refusing to convert their debt into equity and a long wait for the success of 2012's turn around plan (TAP), Air India is facing challenges to fly.
The meeting was attended by Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia and senior officers from the Central Board of Excise and Customs (CBEC).
Despite declining growth rates which fell to a three year low of 7.1% in the last fiscal year, FM Arun Jaitley said that demonetization has multifaceted benefits that makes it a success.
State-owned banks are saddled with NPAs worth Rs 6 lakh crore. Adding other restructured assets, the total stressed assets in the banking system is pegged at Rs 8-9 lakh crore.
Union Finance Minister Arun Jaitley has announced that military canteens would initially pay full GST and get 50 percent refund on the total tax.