Tag Archives: finance minister

Corporate America Asks Arun Jaitley To Reduce Tax Policy Uncertainties

pc: ndtv

Ahead of the Union Budget, corporate America has urged Finance Minister Arun Jaitley for further reduction in tax uncertainty for multinational companies and institutional investors, a step which it said would help attract more foreign direct investments to India.

“A significant positive step toward improving the investment climate would be to further reduce tax uncertainty for multinational companies and institutional investors in India,” Nisha Desai Biswal, the president of the Continue reading

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Union Budget 2018 to be presented on February 1

The Budget Session of Parliament will begin on January 29, and the Budget for 2018-19 will be presented by the Finance Minister on February 1. It will extend till April 6, said Parliamentary Affairs Minister Ananth Kumar said on Friday. The Presidential address by Ram Nath Kovind will be delivered on Continue reading

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Goods and Services Tax(GST): Jaitley for tough steps on tax compliance

New Delhi:  Finance Minister Arun Jaitley assured India Inc on Friday that goods and Services Tax (GST) rates will not be ” significantly different” from current levels, and said consumers will benefit from the country’s biggest tax reform as it will eliminate the cascading impact of various central and state levies.

Jaitley said some ” tough steps ” are required so that India increasingly becomes a tax compliant society.

Promising more reforms, he said the government was in the final stage of scrapping the 25 year old Foreign Investment Promotion Board(FIPB) to ease investment flows. The government will also come up with rules of attracting foreign investment in defence equipment.

Addressing on confederation of Indian industry annual meeting, Jaitley urged companies to pass on the benefit of lower tax burden to consumers.

While parliament has passed all four crucial laws— Central GST, Integrated GST, compensation rule and Union territories GST bills— state have to clear the state GST bill in their respective assemblies for the new tax regime to be implemented from July.

The GST council has finalised a four-slab GST structure of 5%, 12%, 18% and 28% with a provision for an upper cap of 40%. The council will meet in Srinagar on May 18-19 to finalise tax rates on different goods and services after unifying atleast 10 indirect taxes under GST.

“We are now in final stage of fixing tariffs for different commodities. The formula under which it is being done has also being explained and therefore nobody is going to be taken  by surprise, it’s not going to be very significantly different ( from present).” Jaitley said.

 

 

 

 

 

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