December 20, 2014 17:28 (IST)
Referring to the retrospective tax amendments by the UPA government, Mr Jaitley said "I have not been able to see the real colour of money as far as those taxes are concerned because some court somewhere has stopped it or quashed it. But what has happened in the process is that it has brought us a bad name".
December 20, 2014 16:06 (IST)
Mr Jaitley introduced the bill in the lower house on Friday, saying the objective of the legislation is "the seamless transfer of goods and services across the country".
December 20, 2014 12:04 (IST)
Looking at the macroeconomics, 2015 should be a continuation of the second half of 2014: strengthened GDP, falling inflation, a stable currency, and strong FII inflows. GDP can pick up to 6-7 per cent from the current 5-6 per cent levels. With interest rates kept high, we can expect inflation to remain low.
December 20, 2014 11:37 (IST)
The long-awaited goods-and-services tax or GST will eliminate a slew of levies currently in place to create a single internal market.
December 19, 2014 23:06 (IST)
The industry has been complaining that MAT and DDT have dented the investor sentiment and also implementation of the scheme. In 2011, government imposed 18.5 per cent MAT on the book profits of special economic zone developers and units.
December 19, 2014 21:40 (IST)
Referring to tax exemption in the housing sector, he said: "We are happy to forego that tax because it is a pro-people foregoing."
December 19, 2014 21:03 (IST)
He, however, expressed hope that with investor-friendly Prime Minister Narendra Modi at the helm, India will soon catch up and fast emerge as one of the most influential economies in the world.
December 19, 2014 18:37 (IST)
Earlier, Jaitley presented the GST bill to parliament, pressing on with a key piece of reform to replace a myriad range of state taxes.
December 19, 2014 17:44 (IST)
Subramanian said India will have to review all revenue and spending estimates for a growth revival that is supported by higher public spending.
December 19, 2014 17:24 (IST)
The bill introduced by Finance Minister Arun Jaitley needs the support of two thirds of members of parliament as well as ratification by state legislatures which is expected to happen by the next session of Parliament.
December 19, 2014 16:40 (IST)
GST reform would strengthen the principle of "co-operative federalism" as Centre and state would need to work together to take decisions which would require 75 per cent majority approval.
December 19, 2014 16:32 (IST)
In a scathing criticism of the Reserve Bank of India (RBI), covering the tenure of previous two governors, the Mid-Year Economic Review on Friday said that monetary policy lost its credibility between 2007 and 2013.
December 19, 2014 16:14 (IST)
European Central Bank officials are considering ways to ensure weak countries that stand to gain most from a fresh round of money printing bear more of the risk and cost.
December 19, 2014 15:25 (IST)
The government is committed to achieving its fiscal deficit target of 4.1 per cent of gross domestic product (GDP) for the current financial year, chief economic advisor Arvind Subramanian said on Friday.
December 19, 2014 14:55 (IST)
Growth in India's GDP is expected to rise to 5.5 per cent in the current fiscal year from 4.7 per cent last year on back of improving macro-economic situation, the Finance Ministry said in its Mid-Year Economic Review which also flagged fiscal challenges like subdued revenue collections.
December 19, 2014 14:36 (IST)
The Finance Ministry said in a report on Friday that the economy faces a "major challenge" in achieving its 2014-15 fiscal deficit aim of 4.1 per cent of gross domestic product - its lowest in seven years.
December 19, 2014 11:26 (IST)
The economy is expected to grow at around 5.5 per cent in the ongoing fiscal year (FY15), the Finance Ministry said in a report tabled in Parliament on Friday.
December 19, 2014 09:12 (IST)
Falling inflation is likely to reverse course and the figures for the current month may show a rising trend, according to a report by Dun & Bradstreet.
December 19, 2014 08:03 (IST)
China's gross domestic product in 2013 was 3.4 per cent more than previously estimated, the National Bureau of Statistics said on Friday.
December 18, 2014 20:37 (IST)
Going forward into 2015, the country will be among a select few economies which will witness rising growth and falling inflation, Joshi added.