Asserting that there is no need to press the panic button, Finance Minister Pranab Mukherjee today said the Dubai debt crisis will not have “earth shaking” impact on the country’s economy. “The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button,” Mukherjee told reporters.

The gems and jewellery industry wants provisions such as search and seizure and tax on gross assets in the Direct Taxes Code to be modified.It says these provisions could be detrimental to the sector’s growth which has been showing signs of recovery afterreeling under recession. Industry representatives also appealed to the Government to incentivise units in SEZs and EOUs.

With just three months left for the Union Budget 2010-11, the Ministry of Finance has started the process of pre-Budget consultations. A first round of pre-Budget meetings with the various ministries has already taken place.The ministry has also written to industry bodies to send in their proposals for the Budget. It will hold discussions with the industry beginning next month.

Major financial sector bills such as the Insurance Law Amendment Bill seeking to increase the FDI cap in private insurance firms and the Banking Regulation Amendment Bill to raise the voting rights of foreign entities in private sector banks are unlikely to be taken up in the Winter session of Parliament that begins today.

It gives me great pleasure to be here on this occasion when the Empowered Committee under the dynamic leadership of Dr. Asim Dasgupta is releasing its First Discussion Paper on the proposed Goods and Services Tax (GST). At the outset, let me whole-heartedly congratulate all of you for giving shape and form to an idea whose time, I believe, has truly come.

Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review of the draft Direct Tax Code by taking on board the suggestions received. This was stated by the Finance Minister, Shri Pranab Mukherjee while addressing the first newly constituted Parliamentary Consultative Committee attached to his ministry here yesterday.

“It is my pleasure to be here today at the 88th annual function of ASSOCHAM. As a representative body of Indian industry and enterprise, ASSOCHAM has always been at the forefront of pursuing ideas that empower Indian entrepreneurs. It has contributed to building consensus on policy response to issues that impact growth of the economy.

Finance Minister has announced that the Government has identified seven critical areas on the Direct Taxes Code for further detailed examination. At an interactive session with representatives of trade and industry from all over the country, here today, Shri Pranab Mukherjee said that the areas identified after interactions with all stakeholders are: The concept of Minimum Alternative Tax (MAT) based on gross assets; Capital Gains Taxation in the case of non-residents;

From April 1, 2011, finance minister Pranab Mukherjee has proposed to simplify the income-tax regime by reducing the tax rates on incomes above Rs1.6 lakh per annum (Rs1.9 lakh for women, and Rs2.4 lakh for senior citizens), but the reduced rates will come with few of the current exemptions.

Finance Minister Pranab Mukherjee on August 10 released the New Draft Direct Tax Code. The draft, which is expected to radically change the tax structure, will now be open for discussion after which it will take the form of law. The finance minister had in his budget promised to deliver a new code within 45 [...]