Fiscal system

Eight Interesting Facts about India: Economic Survey 2016-17

28/4/2017 | Economic Affairs | Fiscal system

Indians on The Move New estimates based on railway passenger traffic data reveal annual work-related migration of about 9 million people, almost doubl ...

Economic Survey wants modification of FRBM Act

5/2/2017 | Economic Affairs | Fiscal system

India has “changed utterly” over the last 13 years since the Fiscal Responsibility and Budget Management (FRBM) was enshrined in law for prudent fisca ...

Labour migration

2/2/2017 | Economic Affairs | Fiscal system

According to Economic survey 2016-17, Inter-state migration of workers in India has increased substantially to 90 lakh annually between 2011-16 compar ...

Anti-avoidance tax rule GAAR to kick in from April 2017

12/1/2017 | Economic Affairs | Fiscal system

The tax department has clarified that tax anti-avoidance rule GAAR, which was originally to be implemented from April 1, 2014, will now come into effe ...

Extension of Direct Tax Dispute Resolution Scheme, 2016

4/1/2017 | Economic Affairs | Fiscal system

After a tepid response to its Budget announcement of Direct Tax Dispute Resolution Scheme, 2016, the government extended the deadline for the scheme b ...

Service charges at restaurants is optional

4/1/2017 | Economic Affairs | Fiscal system

The Department of Consumer Affairs in a notification asked the states to "advise the Hotels and Restaurants to disseminate information through display ...

Taxation Laws (Second Amendment) Act, 2016

17/12/2016 | Economic Affairs | Fiscal system

The Taxation Laws (Second Amendment) Act, 2016 has come into force on December 15 2016 under the scheme of Taxation and Investment Regime for Pradhan ...

Centre accepts pay panel recommendation on promotion

7/10/2016 | Economic Affairs | Fiscal system

The Union government has accepted the recommendation of the 7th Pay Commission on Modified Assured Career Progression (MACP) for Central employees whi ...

Project SAKSHAM

6/10/2016 | Economic Affairs | Fiscal system

The Cabinet Committee on Economic Affairs has approved ‘Project SAKSHAM’, a New Indirect Tax Network (Systems Integration) of the Central Board of Exc ...

Income Disclosure Scheme, 2016

3/10/2016 | Economic Affairs | Fiscal system

The Central Board of Direct Taxes (CBDT) has received total disclosure of Rs. 65,250 crore black money in the form of cash and other assets under the ...

Merger of Plan and Non Plan classification in Budget and Accounts

23/9/2016 | Economic Affairs | Fiscal system

The cabinet has approved the merger of Plan and Non Plan classification in Budget and Accounts from 2017-18, with continuance of earmarking of funds f ...

Merger of Railway budget with the General budget

23/9/2016 | Economic Affairs | Fiscal system

The Union Cabinet has approved the proposal of Ministry of Finance to merge Railway budget with the General budget. The arrangements for merger of Rai ...

GST Council

15/9/2016 | Economic Affairs | Fiscal system

The Union Cabinet has approved setting up of GST Council and setting up its Secretariat. Decisions taken by cabinet : Creation of the GST Council as p ...

Economic Divergence among States In India

8/9/2016 | Economic Affairs | Fiscal system

The diversity in India is unique. Being a large country with large population. India presents endless varieties of physical features and cultural patt ...

Income Declaration Scheme

17/7/2016 | Economic Affairs | Fiscal system

The Government has announced an extension of a deadline under the Income Declaration Scheme. About Income Declaration Scheme Income Declaration Scheme ...

Cabinet clears seventh Pay Commisssion

2/7/2016 | Economic Affairs | Fiscal system

The Cabinet approved the recommendations of Seventh Pay Commission on pay and pensions in a decision that will boost consumption by putting extra disp ...

Why rail budget

25/6/2016 | Economic Affairs | Fiscal system

The NITI Aayog has submitted a 20-page note to the prime minister’s office arguing that the convention of presenting a separate railway budget every y ...

Equalisation levy or Google Tax

2/6/2016 | Economic Affairs | Fiscal system

The finance ministry has notified that the equalisation levy (popularly known as Google tax) introduced in this budget, will come into force from June ...

Direct Taxes in India

6/5/2016 | Economic Affairs | Fiscal system

India’s income tax department released time series data for the period 2000-01 to 2014-15 in an attempt to enhance transparency and encourage analysis ...

The merits of fiscal prudence

16/3/2016 | Economic Affairs | Fiscal system

In order to get the benefits of vote bank politics, usually governments in Center and states push for populist budget. In this year budget there seeme ...

Fiscal Consolidation and Fiscal Deficit

8/3/2016 | Economic Affairs | Fiscal system

Budget for 2016-17 has stick to the road map for fiscal consolidation by fixing the fiscal deficit at 3.5 per cent of the gross domestic product (GDP) ...

A forward-looking Budget

5/3/2016 | Economic Affairs | Fiscal system

Global credit rating agencies - Moody's Investors Service (Moody's) concluded that the budget is modestly credit positive for the sovereign, since it ...

Issue of Provident Fund

4/3/2016 | Economic Affairs | Fiscal system

Finance Minister has proposed to tax 60 per cent of the corpus of the provident fund at the time of withdrawal, on prospective basis. This has evoked ...

Budget is not promising

4/3/2016 | Economic Affairs | Fiscal system

This year budget begins with the focus on prevailing crisis in global economy along with positive hope for Indian econmony where Finance minister emph ...

Laws that make the Budget

1/3/2016 | Economic Affairs | Fiscal system

The genesis of the central Budget in India goes back to 1860 when it was first introduced by then finance minister James Wilson, two years after the t ...

Budget 2016-17

1/3/2016 | Economic Affairs | Fiscal system

INTRODUCTION Growth of Economy accelerated to 7.6% in 2015-16. India hailed as a ‘bright spot’ amidst a slowing global economy by IMF. Foreign exchang ...

Rich are benefiting from subsidies

1/3/2016 | Economic Affairs | Fiscal system

There is a need to remove subsidy anomaly in India where the well-off receive an implicit subsidy of more than ` 1 trillion. Taking into account small ...

Easwar Panel On Income Tax

21/1/2016 | Economic Affairs | Fiscal system

Normal 0 false false false EN-US X-NONE HI /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso ...

LPG Subsidy

12/1/2016 | Economic Affairs | Fiscal system

In first decisive move towards curbing the supply of subsidized cooking gas, the government announced subsidy would not be available for domestic LPG ...

Medium-Term Debt Management Strategy (MTDS)

3/1/2016 | Economic Affairs | Fiscal system

The Reserve Bank of India, in consultation with the Government of India, has placed Medium-Term Debt Management Strategy (MTDS) for a period of three ...

Forest Development tax

3/12/2015 | Economic Affairs | Fiscal system

Forest development tax is state levied tax on forest produce like grass, amla, bark, lac, honey, silk cocoons and bamboo etc. In Karnataka it is levie ...

In-Principle Approval to NPCI

27/11/2015 | Economic Affairs | Fiscal system

The Reserve Bank of India has decided to grant ‘in principle’ approval to the National Payments Corporation of India (NPCI) to function as ...

Seventh Pay Commission

20/11/2015 | Economic Affairs | Fiscal system

The seventh Pay Commission, headed by Justice AK Mathur, has submitted its report to the union finance ministry. The recommendations, once cleared by ...

Committee to Simplify the Provisions of the Income Tax Act, 1961

3/11/2015 | Economic Affairs | Fiscal system

The Government of India has constituted a Committee, headed by Justice R.V. Easwar (Retd.), with a view to simplify the provisions of the Income Tax A ...

14th Finance Commission - A Paradigm Shift

25/2/2015 | Economic Affairs | Fiscal system

The government has accepted the recommendation of the 14th Finance Commission for a record 10% increase in the share of states in Central taxes. The m ...

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