Finance Minister Arun Jaitley's fifth Union Budget will sport a different look, starting with a lighter `Part B’ with fewer indirect tax changes because of GST
The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, had in June allowed businesses extended timeline for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August.
It will feature four banking stocks -- SBI, Axis Bank, Bank of Baroda and Indian Bank -- other than CPSEs such as Nalco, ONGC, IOC, BPCL and Coal India.
Replying to a debate on the Banking Regulation (Amendment) Bill, 2017, Jaitley said the Reserve Bank has already identified top 12 loan defaulters and more cases will be taken up by them for resolution.
Responding to a Zero Hour mention of the SBI's decision to cut interest rate on saving accounts with less than Rs 1 crore deposit to 3.5 per cent from 4 per cent, he said to protect the interests of senior citizens, the government has already floated a deposit scheme that guarantees 8-plus per cent interest rate.
In a competitive market, challenges are different and a "proper decision" would be taken on what Air India has to do in such a market, Jaitley said in the Lok Sabha.
Hindustan Petroleum Corp Ltd (HPCL) will remain a public sector unit with a separate board and brand identity post Oil and Natural Gas Corp (ONGC) acquiring government's entire 51.11 per cent stake, which at current prices is valued at about Rs 28,800 crore.
"The matter of changing financial year is under consideration," Jaitley told lawmakers in a written reply to the lower house of parliament.
Finance Minister Arun Jaitley, who was speaking on the issue of lynchings in the Rajya Sabha on behalf of ailing Home Minister Rajnath Singh, made it clear that the central government could not be blamed for violence by some people.
Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitley said prices of goods has come down between four to eight per cent since its roll-out on July 1.
At the meeting, the commerce and industry ministry will make a detailed presentation on proposed changes to streamline the FDI regime in the country.
"It is a fact that people in the unorganised sector are much higher than the organised sector, but the former gets credit with a lot of difficulty," he said at an event organised by the National Bank for Agriculture and Rural Development (Nabard) here.
The legislator, Parul Sahu, said she wrote a letter to the finance minister two days back after talking to working women, young students and social workers over the issue.
"The overall incidence of tax after implementation of GST will be less especially in case of the consumer goods than the present incidence of tax, therefore, it is imperative on part of the trade and industry to pass on these benefits to the consumers at large," Jaitley said.
Jaitley had invited Russian firms to come forward with proposals for technology transfer to Indian companies and facilitate joint manufacturing of advanced military platforms.
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.
Besides NPA resolution and bank finances, the meeting also featured the government's financial inclusion schemes.
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.
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.
India lost the tag of the fastest growing economy to China in the March quarter with a GDP growth of 6.1 per cent, which pulled down the 2016-17 expansion to 7.1 per cent.
"This year, before the budget was being prepared, the prime minister had told us to take some steps in the budget to cleanse the political parties, and out of that the electoral bonds scheme was born," he said addressing BJP workers here.
Jaitley had filed the criminal defamation complaint alleging that the accused, including Ashutosh, Kumar Vishwas, Sanjay Singh, Raghav Chaddha and Deepak Bajpai apart from Kejriwal, had defamed him in a controversy regarding Delhi and District Cricket Association (DDCA) when he headed it for over a decade.
In November 2016, the government junked 500 and 1,000 rupee notes, which made up 86.4 per cent of the country's circulating currency.