GST Bills to be introduced in Parliament next week: Finance Minister

Finance Minister Arun Jaitley said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week, reported PTI. The finance minister maintained that GST is likely to be rolled out from July 1. Jaitley said there is long procedure before the Bills are introduced in Parliament and the GST Council cleared those four bills only last week.

We stand by demonetisation; 'shock' was needed: Arun Jaitley

Asserting that the government fully stood by its November 8 demonetisation, Union Finance Minister Arun Jaitley on Thursday said the decision was needed to "shock the shadow economy" running parallel to the country's economy.

Responding to a lengthy debate in the Rajya Sabha on the 2017-18 General Budget, the minister said that in the last seven decades, Indians have fou

Policy to tackle NPAs coming very soon: Arun Jaitley

T the next few days, you will hear of some policy decisions taken between the RBI and the government, in order to bring pressure to bear in resolving the NPAs situation," Jaitley said at the CNBC awards event here.

He said that although the NPA amounts are large, the major ones are restricted to a limited number of companies.

"Big NPAs are confined to to 30..40..at

Rajya Sabha approves Appropriation Bills

The Rajya Sabha on Thursday approved and subsequently returned the Appropriation Bill, 2017 and the Appropriation (No 2) Bill, 2017 to authorise payment and appropriation of certain sums out of the Consolidated fund of India for the services of the financial year 2017-18.

The Bills were moved for consideration and returning by Union Finance Minister Arun Jaitley.

The approva

Aadhaar may become single identify card in future: Finance Minister

Aadhaar may become the only card required to identify a person, replacing Voter ID and PAN, Finance Minister Arun Jaitley said in the Lok Sabha, reported PTI. Jaitley was replying to a debate on the Finance Bill and the accompanying 40 amendments to different laws including one making Aadhaar mandatory for filing of income tax return from July as well as for applying for permanent account numbe

Finance minister calls banks to discuss new facility to drain cash

By Suvashree Choudhury and Devidutta Tripathy

MUMBAI - The finance ministry has called bankers into a meeting on Friday to discuss setting up a new facility to absorb surplus cash in the banking system, according to a letter sent to heads of lenders seen by Reuters on Thursday.

The finance ministry wants to discuss implementing a new framework called a "

Government to take action against 9.3 lakh non responders: Finance Minister

The Indian Government has said that action will be taken against 9.29 lakh entities who have not responded to the I-T department's queries over cash deposited by them which did not match their income profile. Commenting on the issue, Finance Minister Arun Jaitley told the media, “During the 50-day demonetisation period, 18 lakh entities deposited scrapped notes of Rs 500 and 1000, whi

Government to unveil 5 bills for implementation of GST: Finance Minister

The Finance Minister has said that five legislations will soon be introduced in Parliament with the objective of rolling out the comprehensive indirect tax reform GST from July 1. Commenting on the issue, Finance Minister Arun Jaitley told the media, "The Government will bring before Parliament four GST legislations and there will be a fifth legislation as Excise and Customs Acts will have

Jaitley hopes GST roll out from July 1 to make goods cheaper

A new nationwide goods and services tax (GST) will be rolled out from July 1 to create one of the world's biggest single markets, make commodities cheaper and make tax evasion difficult, Finance Minister Arun Jaitley said today. Speaking at the 23rd Conference of the Commonwealth Auditor General, Jaitley said India has "hugely" a non-tax compliant society and the government banned

India could exceed revised tax target of 17 trillion rupees in 2016/17 - Arun Jaitley

NEW DELHI  - Finance minister Arun Jaitley on Wednesday said he expected the country to exceed the upwardly revised tax collection target of 17 trillion rupees in the 2016/17 fiscal year that ends on March 31.

Net tax receipts in the first 10 months of 2016/17 fiscal year were 8.16 trillion rupees, government data showed last month.

The federal governme

Hopeful of rolling out GST from July 1: Finance Minister

Finance Minister Arun Jaitley said he is hopeful of rolling out the biggest tax reform GST from July 1 which will make goods and services cheaper and tax evasion difficult, reported PTI. The Finance Minister also said achieving a growth rate of 7-8 per cent is plausible and if economies pick up globally then the country's growth rate can go up further. Demonetisation, Jaitley said, will act

Hoping to implement GST from July 1: Arun Jaitley

Finance Minister Arun Jaitley said on Wednesday that the government was hoping to implement the Goods and Services Tax (GST) by July 1 after the enabling Bills get Parliament's nod in the current budget session.

"GST is the biggest reform in India. Hopefully, GST will be implemented by July 1. GST Bills will hopefully be cleared in Parliament," Jaitley said here at the 2

Jaitley moves Finance Bill 2017 for passage in Lok Sabha

Finance Minister Arun Jaitley on Tuesday moved the Finance Bill, 2017, for consideration and passage in the Lok Sabha, saying that since it provides for electoral bonds, it required consideration as a Money Bill, which can only be debated in the Lower House.

A Finance Bill is ordinarily introduced to give effect to the financial proposals of the government for the next financial year.

Around Rs 2,82,212 cr revenue to be generated through cess: Minister

The Finance Minister has said that an estimated Rs 2,82,212 crore revenue will be generated through cess and surcharge in 2017-18. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The total revenue generated through cess and surcharge during 2014-15 was Rs 1,19,276.65 crore, which increased to Rs 2,65,661.61 crore in 2016-17.” "The estimated revenue likel

India not happy as world's largest arms importer: Arun Jaitley

India is not happy with the label of world's biggest importer of arms, Defence Minister Arun Jaitley said on Friday.

"India has third-largest armed forces in the world. We are also one of the largest importers of defence equipment in the world. This definitely is not a label we are happy with," Jaitley said at the India-Russia Military Industrial Conference here.

No proposal to withdraw Rs 2000 banknote: Arun Jaitley

Finance Minister Arun Jaitley on Friday said there was no proposal before the government to withdraw the new Rs 2,000 currency notes.

"There is no proposal to withdraw the Rs 2,000 denomination banknote," Jaitley said in a written reply to the Lok Sabha.

He further said the old Rs 500 and Rs 1,000 notes that have been returned to the currency chests of Reserve Bank

Council approves all five draft bills for GST

With the Goods and Service Tax (GST) Council on Thursday approving the remaining two draft bills -- UTGST (Union Territory GST) and SGST (state GST), all the five enabling draft bills stand approved to enable a likely rollout of the new indirect tax regime by July 1.

Council likely to meet to approve UTGST

The Goods and Service Tax (GST) Council will meet on Thursday to discuss the remaining two draft laws -- UTGST (Union Territory GST) and sGST (state GST) -- to enable a likely rollout of the new indirect tax regime by July 1.

GST Council consists of Finance Minister Arun Jaitley and state finance ministers.

The meeting will be held in the evening. A meeting of concerned GST

Nirmala Sitharaman to launch TIES scheme for export infra

Commerce Minister Nirmala Sitharaman will launch today a new scheme for creating export infrastructure in the states, reported PTI. The Trade Infrastructure for Export Scheme (TIES) would primarily focus on projects like customs checkpoints, cold storages at ports and last mile connectivity, an official said. Finance Minister Arun Jaitley in the Budget announced a new central scheme TIES to dev

Finance Minister, Patel brainstorms ways for faster resolution of NPAs

Finance Minister Arun Jaitley discussed options on resolution of bad loans with RBI Governor Urjit Patel and other top officials in finance ministry but creation of a 'bad bank' to hold such loans seemed not on top of alternatives, reported PTI. Jaitley had called the meeting to deliberate on options on resolution of stressed assets in the banking sector. While RBI was not in favour of

President accepts Parrikar's resignation, Jaitley given additional charge of defence

The decks were cleared for Manohar Parrikar to take over as Goa Chief Minister with President Pranab Mukherjee on Monday accepting his resignation as Defence Minister and assigning additional charge of the ministry to Finance Minister Arun Jaitley.

"The President has accepted Manohar Parrikar's resignation from the council of ministers with immediate effect under clause (2) o

13/03/2017 3:38:59 PM | Posted in Special Event Reports read full news
Arun Jaitley , RBI Governor discuss banks' bad loans

Finance Minister Arun Jaitley met with Reserve Bank of India (RBI) Governor Urjit Patel and other senior officials here on Friday to discuss the issue of banks' non-performing assets (NPAs) or bad loans, sources said.

"Lot of options were discussed for early resolution of stressed assets. RBI made some suggestions and these will be taken forward to and be given a concrete sha

12 lakh new notes infused in the market: Arun Jaitley

Around 12 lakh new currency notes have been infused into the market by the Reserve Bank of India ever since the remonetisation process has started, Finance Minister Arun Jaitley said today. The RBI has informed that till February 24, a total of 11,64,100 new currency notes are in circulation in the market, Jaitley said in the Lok Sabha.

"This amount must have now increased to 12

Arun Jaitley , RBI officials to discuss banks' bad loans

Finance Minister Arun Jaitley will meet with senior Reserve Bank of India (RBI) officials here on Friday to discuss the issue of banks' non-performing assets (NPAs) or bad loans, sources said.

The magnitude of the problem can be guaged from the NPA figures of state-run banks, which at the end of the current fiscal's second quarter that ended in September, rose to Rs 6.3 lakh c

Electoral bonds cannot become parallel currency: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday said that the electoral bonds announced in Union Budget 2017-18 to promote legitimate funding of political parties cannot become a parallel currency and thus would be valid only for a specific duration.

"An electoral bond cannot become a parallel currency; it will be valid only for a specific duration," Jaitley said here while speak