Russia can take lead in Make in India for defence: Arun Jaitley

Russian companies which have had a long experience in working with India can take a lead role in participating in the Make in India programme, Indian Defence Minister Arun Jaitley said on Wednesday.

"We have initiated a series of policy and procedural changes to facilitate tie-ups, including joint ventures and technology partnerships between Indian and foreign companies. Russian

No farm loan waiver, Centre has to meet fiscal deficit target: Arun Jaitley

Ruling out Central funding for any state's farm loan waiver, Finance Minister Arun Jaitley on Tuesday said that the government has to meet its fiscal deficit target.

"We have got Fiscal Responsibility and Budget Management (FRBM) Act and fiscal deficit target, we intend adhering to it," the Finance Minister told reporters here during a press briefing when asked about the

Delay in GSTN security clearance not to affect GST launch: Arun Jaitley

Finance Minister Arun Jaitley said GST rollout will not be impacted by any delay in security clearance to GST Network, the IT backbone provider for the new indirect tax system, reported PTI. "It (GSTN) is already functioning," he told reporters here. Security clearance to GSTN is a "procedural matter". "These are all procedural matters, they go on," he said. "

Centre not considering farm loan waiver: Arun Jaitley

The Centre is not considering any proposal for farm loan waiver, Finance Minister Arun Jaitley said , a day after Punjab approved waiving of loans for nearly 10 lakh farmers in the state, reported PTI. "There is no such proposal. We have got FRBM Act and fiscal deficit target, we intend adhering to it," he said.

In Union Budget 2017-18, the fiscal deficit has been pegged at

Arun Jaitley to leave for 3-day visit to Russia

The Minister of Defence, Finance and Corporate Affairs Arun Jaitley, accompanied with a high level Indian delegation, will leave for three day visit to Russia today, to attend two meetings with the Government of the Russian Federation.

“On June 21, Jaitley will co-chair the first meeting of the India-Russia High Level Committee on Science & Technology with the Deputy Prime M

Finance Ministe rules out farm loan waivers; will stick to fiscal targets

Finance Minister Arun Jaitley has ruled out any waiver of farm loan and said the Centre will adhere to the fiscal targets. The remark came as Punjab became the third state after Uttar Pradesh and Maharashtra to announce waiver of loans given to farmers. Replying to questions from reporters, Jaitley said the Centre is not considering any such plan.

The government had in 2008 waived far

GST to be launched on June 30 midnight in Parliament

 The Goods and Services Tax (GST) regime will be launched on the midnight of June 30 at the Central Hall of Parliament, Finance Minister Arun Jaitley announced on Tuesday.

President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh will be among those who will attend the special event, Jaitley told the media 

GST Council sets tax rates for lotteries, hotels

The Goods and Service Tax (GST) Council has decided to tax state-run lotteries and state authorised lotteries at 12 and 18 per cent respectively and to tax 28 per cent in hotels starting from Rs 7,500 and 18 per cent below Rs. 7,500. Union Finance Minister Arun Jaitley said the GST on restaurants in these hotels will be at par with other air-conditioned restaurants.

Jaitley said the G

GST rollout: Deadline for filing tax returns extended by 2 months

The GST Council has relaxed return filing rules for businesses for the first two months of the rollout of the new indirect tax regime even as it stuck to the July 1 launch date. The industry has been pushing for deferment of the tax implementation. According to the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of A

Postpone GST implementation as IT network not yet ready: Assocham

Assocham demanded postponing GST implementation, saying that taxpayers will find it difficult to comply with the provisions of the new indirect tax regime as the IT network is not yet ready, reported PTI. In a letter to Finance Minister Arun Jaitley, Assocham said existing assessees have not yet migrated to the GSTN portal due to reasons like non-familiarity with IT tools as well as registratio

Engage realtors to pass GST benefit to buyers: Finance Minister to HUPA

The finance ministry has asked the housing and urban poverty alleviation (HUPA) ministry to sensitise states and the real estate regulator to hold consultations with developers to pass on benefits of GST to home buyers.

The tax department and states have received complaints that those who have booked flats and made part payment are being asked to make entire payment before July 1, 201

India to allow late filing in first two months of GST - Arun Jaitley

NEW DELHI  - India will launch a new national Goods and Services Tax (GST) as planned on July 1, Finance Minister Arun Jaitley said on Sunday, but will let companies file late returns for the first two months so that they can adapt to a new online filing system.

The GST, the biggest tax reform in India's 70-year history, will require firms to file three onlin

India to host AIIB's 3rd annual meeting in 2018

India will host the third annual meeting of the China-initiated Asian Infrastructure Investment Bank (AIIB) in 2018, the bank said on Friday.

According to the AIIB press release, the third annual meeting of the AIIB's board of governors will be held in Mumbai, India, in June 2018. India is AIIB's second-largest shareholder, Xinhua news agency reported.

"We appre

Large number of daily use products to become cheaper under GST: Finance Ministry

The Indian Government has said that a large number of daily use household products like note books, domestic LPG, and aluminium foils etc will become cheaper under the GST regime from July 1. Commenting on the issue, a Finance Ministry Official told the media, “In a majority of supplies of goods, the tax incidence approved by the GST Council is much lower than the present combined indirec

India ready for GST, anti-profiteering rules soon - Hasmukh Adhia

By Douglas Busvine and Rupam Jain

NEW DELHI  - India is ready to launch the Goods and Services Tax (GST) on July 1, the official steering the process told Reuters, saying the technology that will drive it is robust and dismissing fears the tax is too complicated.

Hasmukh Adhia, revenue secretary at the Finance Ministry, also said rules would be issued &

Tax incidence under GST lower than current indirect taxes: Finance Minister

The incidence of tax on majority of goods is lower under the Goods and Services Tax (GST) regime as compared to the current indirect taxes on account of levy of central excise, service tax, value-added tax (VAT), octroi, entry tax, central sales tax and cascading effect, the Finance Ministry said on Thursday.

"In a majority of supplies of goods, the tax incidence approved by

Builders must pass on lower GST to buyers: Finance Ministry

 The government on Thursday asked builders to pass on the benefit of lower tax under the GST system to buyers by reducing prices and instalments, otherwise the action will be violative of the anti-profiteering clause.

"The builders are expected to pass on the benefit of lower tax burden under the Goods and Services Tax (GST) system to buyers of property by way of reduce

GST Council to vet e-way, anti-profiteering rules on Jun 18

The all powerful GST Council will meet on June 18 to finalise tax rates on lottery as well as rules relating to e-way bill and anti-profiteering measures, reported PTI. This will be the 17th meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts. The Council has already finalised tax rates on almost all goods and services in the bracket of 5

Finance minister to chair 17th meeting of GST Council on Sunday

The Union Minister for Finance, Arun Jaitley, will chair the 17th Meeting of the GST Council scheduled to be held on Sunday, 18th June, 2017 at Vigyan Bhavan in the national capital, according to a statement released by the ministry of finance. “The one day Meeting will also be attended among others by the Finance Ministers of different States and UTs (having elected assembly) being the m

Government signs agreement with South Korea for infrastructure projects: Reports

The Indian Government has said that it has signed agreement for $10 billion assistance with South Korea for infrastructure development projects in India, including smart cities. Commenting on the issue, a Finance Ministry Official told the media,

“The two countries signed agreements to establish $9 billion in concessional credit and $1 billion in Official development assistance

Telcos can carry forward unavailed Cenvat credit to GST: Finance Ministry

The Finance Ministry said telecom companies will be permitted to carry forward unavailed Cenvat credit to the GST regime, giving a major relief to the operators already battling high debt, reported PTI. The Revenue Department through a notification has amended the Cenvat Credit Rules, 2004, to enable service recipients to carry forward such unavailed credit of Service Tax under the GST regime.<

German Finance Minister urges ECB to change policy soon

By Michael Nienaber

BERLIN - German Finance Minister Wolfgang Schaeuble said on Tuesday the European Central Bank needed to change its current monetary policy "in a timely manner", warning that very low interest rates had caused problems in some parts of the world.

With Germany heading towards federal elections and savers complaining about low inte

Link APY account to Aadhaar to avail Government`s co-contribution: Finance Ministry

The finance ministry has said that subscribers of the Atal Pension Yojna (APY) will have to link their Aadhaar to their accounts for availing up to Rs 1,000 government's co-contribution. Commenting on the issue, a Finance Ministry Official told the media, “Any individual who is eligible to receive benefits under the APY will have to furnish proof of possession of Aadhaar number or und

Infosys CEO meets Arun Jaitley over preparedness for GST

 IT major Infosys' Chief Executive Officer Vishal Sikka on Monday met Union Finance Minister Arun Jaitley over the company's preparedness for the GST roll-out on July 1.

According to sources, the agenda of ten meeting was the Goods and Services Tax Network (GSTN) and related issues. 

Sources added that during the meeting, Sikka briefed Jaitley reg

Government ovt actively working towards bank consolidation: Arun Jaitley

The government is "actively working" towards consolidation of banks, said Finance Minister Arun Jaitley. The meeting of top bankers with the finance minister, where ministry officials and RBI Deputy Governor S S Mundra were present, was called to take stock of lenders' financial position and speedy resolution of bad assets.

"Consolidation of banks was not on the age