India to be voluntary tax compliant society: Arun Jaitley

Indicating greater compliance measures from government agencies in the days ahead, Finance Minister Arun Jaitley on Saturday said that India will be moving towards becoming a voluntary tax compliant society.

"We are moving from a developing state to a developed state. As we move from a developing economy to developed economy, we will also be moving to a voluntary tax compliant so

FIPB abolition in final stages: Finance Minister

Abolition of the 25-year-old Foreign Investment Promotion Board (FIPB) is in the final lap and this will set the stage for more reforms in the FDI policy, Finance Minister Arun Jaitley said as per the PTI report.. He also said some "tough steps" are required so that India increasingly becomes a tax-compliant society.

Jaitley had in his Budget for 2017-18 proposed abolition o

Arun Jaitley promises no surprises in GST rate fixation

Finance Minister Arun Jaitley today promised not to spring any surprises in fixing tax rates under the new GST regime, saying they will not be "significantly different" from current levels. He, however, said companies should pass on to consumers the benefit of reduction in taxes under GST which will eliminate the current compounding effect of different central and state levies.

India in advanced stages of formulating defence mfg policy: Finance Minister

India is in the advanced stages of formulating a policy to encourage domestic defence manufacturing and cut import of combat planes, ships and submarines, Union Minister Arun Jaitley said. Addressing the annual meeting of CII here, Finance Minister Jaitley, who holds additional charge of the Defence Ministry, said the focus would be on technological tie-ups to help India become a "manufact

No plan to impose any tax on agriculture income, says Finance Minister

In response to a news report that NITI Aayog has recommended that farm income in India, Finance Minister Arun Jaitley on Wednesday clarified that the central government has no plan to impose any tax on agriculture income. The clarification came in response of several newspaper reports published on April 26th, 2017, that NITI Aayog or its draft three year action agenda has recommended that farm

Resolving NPA issue a top priority for Government: Finance Minister

Finance Minister Arun Jaitley has said that the Government is giving top priority to addressing the issue of bad loans.

The FM also acknowledged that the problem of non-performing assets was adversely impacting the Indian banking system. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The magnitude of the NPAs problem was that essentially it was about 20

Amid visa row, US says 'greatly value' Indian investments

 In the context of current fears about possible tightening of the US visa regime, the American administration has said that it greatly values investments by Indian companies and wants strong Indo-US economic ties.

"We want to see US-India business-to-business ties remain strong," US State Separtment acting spokesman Mark Toner told reporters here at his daily press

India will continue to grow at 7-8%: FM

Finance Minister Arun Jaitley has said that India will continue to grow at 7-8 per cent rate which is an 'absolute normal' for the nation under the current global scenario. Commenting on the issue, Finance Minister Arun Jaitley told the media, “As far as the economy is concerned, all the decisions taken by the Modi-Government are consistently in one direction.

The aspira

Make paperwork under GST simple, says advocates' body

A body of tax advocates today asked Finance Minister Arun Jaitley to make procedures and paperwork related to the upcoming Goods and Services Tax (GST) regime simple and less cumbersome.

"The draft GST rules have prescribed detailed paperwork for maintenance of records for GST purposes, which are highly complex and cumbersome. This will cause immense problem and hardships to asse

Finance Minister talks with PSBs to assess next 3-year growth, funding plans

The finance ministry has initiated detailed discussions with select public banks to assess their growth blueprint over the next three years and seek turnaround plans to check if they need more growth capital, reported PTI. The Department of Financial Services will be meeting representatives of 10 state-owned banks that received funds in March this year. "The ministry officials have sought

Arun Jaitley raises H-1B visa issue with US authorities

The vexed issue of the Trump administration mulling curbs in H-1B visas has been taken up with by Finance Minister Arun Jaitley with the American authorities during his ongoing visit, an Indian official said on Sunday.

The issue was raised by Jaitley during his meeting with US Treasury Secretary Steven Mnuchin here on Saturday, an Indian Finance Ministry statement said.

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Arun Jaitley for urgent World Bank, IMF quota reforms

The World Bank needs to decide the issues of Selective Capital Increase (SCI) to reflect the increasing weight of Developing and Transition Countries (DTCs) and General Capital Increase (GCI) to expand its annual lending, Finance Minister Arun Jaitley has said.

"We must fulfill our commitment to consider and reach a decision on SCI and GCI by annual meetings 2017 in line with the

India a major driver of emerging economies' growth: Arun Jaitley

Finance Minister Arun Jaitley said that emerging economies have become increasingly important, accounting for more than 75 per cent of global growth, and that India has been a major driver of global economic growth.

Jaitley said India's growth is expected to be 7.5 percent for 2017-18 as against 7.1 percent in 2016-17.

"India's growth remains resilient, with low

Arun Jaitley raises visa issue with U.S.

MUMBAI - Finance Minister Arun Jaitley discussed the issue of an executive order on high-skilled visas that affects the country's $150-billion information technology sector with U.S. Commerce Secretary Wilbur Ross in Washington on Thursday.

Jaitley expressed hope that the Trump administration would take into account the contributions of Indian professionals in the

RBI working on mechanism to deal with bad loans: Mundra

RBI Deputy Governor S S Mundra has said that the RBI is working on a mechanism in consultation with the government to deal with the problem of mounting bad loans in the banking sector. Commenting on the issue, RBI Deputy Governor S S Mundra told the media, "It is difficult to put a time... it could be very near.

My sense says there is so much of seriousness and engagement and so

Finance Ministry approves 8.65% rate on EPF: Labour Minister

Labour Minister Bandaru Dattatreya today said that the Finance Ministry has approved 8.65 per cent interest rate on EPF for 2016-17. The ratification of the 8.65 per cent on EPF will enable the retirement fund body EPFO to credit this rate of return into the accounts of four crore subscribers. "Finance Ministry has agreed to 8.65 per cent rate of interest.

Now, the communication

Finance Minister may take up H1B visa issue with US authorities

Finance Minister Arun Jaitley indicated that he would take up the visa issue with the US authorities during his visit to America, reported PTI.

"These (IT industry issues) are matters of discussion with the appropriate authorities there. Once I do discuss and get an opportunity, I will let you know," he told reporters when asked whether he would take up concerns of the India

Mallya under UK judicial process, India doing its best: Arun Jaitley

 The Vijay Mallya case has come under the British judicial process and Indian agencies are making their best effort to have him face trial in India, the Centre said on Wednesday.

"The case (Mallya) is now part of the judicial process in that country (UK) and, as such, will function on judicial considerations," Finance Minister Arun Jaitley told reporters here.

FM Arun Jaitley to leave on 5-day official visit to US

The Union Minister for Finance Arun Jaitley will leave on a five day official visit to USA on Wednesday to participate in the Spring Meetings of the World Bank and International Monetary Fund (IMF). The Finance Minister will leave tomorrow evening i.e., 19th April, 2017 and will arrive at Washington, USA on early morning on 20th April, 2017.

The official delegation led by the Finance

Finance Minister expects 6 PSU banks to raise funds via FPO

The Finance Ministry will nudge at least 6 public sector lenders to hit markets to raise funds and ease the pressure on the exchequer of pumping in capital as per the Indradhanush plan, said the PTI report. Commenting on the development, a senior finance ministry official told PTI that, “Time has come for banks to tap capital market and we think that at least half a dozen banks would take

Gender parity coming to fore in India: Arun Jaitley

Union Finance Minister Arun Jaitley on Friday said that India of today is defined by openness to change and gender parity is coming to the fore.

"India is more open to change than any other country and where the nature of the economy was defined by ideas, knowledge and the depth of innovation," he said after releasing 'Gender Parity index', a study report commissione

Arun Jaitley, Finance Minister officials present GST blueprint to ministers

Finance Minister Arun Jaitley and his ministry officials presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy, reported PTI. Revenue Secretary Hasmukh Adhia made a detailed presentation to the Council -- the supreme executive organ headed by Prime Minister Narendra Modi -- on how the Goods and Services Tax (GST) will b

Capital infusion not last step in bank recapitalization: Finance Minister

The Indian Government has said that Mission Indradhanush to infuse capital in public sector banks is not the last step as far as their recapitalisation is concerned. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The government was making all efforts to ensure that the health of the banking sector improves and the banks are repaid. The NPA problem related to some

Government making efforts to drive credit growth: Arun Jaitley

Finance Minister Arun Jaitley on Tuesday said the government is taking various steps to drive credit growth and expansion of the economy, including recapitalisation of public sector banks.

"The government has carried out the exercise of capitalisation of Public Sector Banks (PSBs) to conform with regulatory capital norms as well as for driving credit growth to cater to the needs

British Defence Secretary to meet Jaitley

British Defence Secretary Michael Fallon, who arrives here on Tuesday on a four-day visit, will hold talks with his Indian counterpart Arun Jaitley during the first India-UK Strategic Dialogue.

Fallon, the third British Cabinet Minister to visit India in April, will also visit Mumbai. He will also meet Indian Defence Ministry officials, military staff, business and opinion leaders, th