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On February 26’ 2010, the Finance Minister Mr. Pranab Mukherjee will present the Union Budget in the Parliament. Everyone is awaiting the announcement of Budget to see that their interest has been taken care of. There is a lot of speculation about the Budget as everyone has expectations from the same. In this Article we are discussing the expectations of the Trade and Industry from Budget 2010-11 relating to the field of Indirect Taxation.
The Bombay High Court has held that an application under Voluntary Retirement Scheme (VRS) can be withdrawn before the employer accepts it. Division bench of Justices S A Bobade and Vasanti Naik held in the recent judgement that even though the VRS rules do not provide for withdrawal of application, it can be allowed.
The Centre-appointed core committee, dealing with the transition from the Indian Generally Accepted Accounting Practices (IGAAP) to International Financial Reporting Standards (IFRS), is expected to come out with fresh guidelines for implementing the new standards by the end of this month.
1 Sultanpur-Mumbai Express (via Nihalgarh) (Weekly), 2. Sultanpur-Ajmer Express (via Nihalgarh) (Weekly), 3 Asansol-Digha Express (Weekly), 4. Howrah-Katpadi(Vellore)-Puducherry Express via Bhubaneswar, 5. Kishanganj-Ajmer Express (Weekly), 6 Kolkata-Ajmer Express via Singrauli-Katni-Bhopal-Nagda-Ratlam, (Weekly)
There is a ground-swell of expectations for the Union Budget for2010/11, the second since UPA returned to power in May 2009, to be presented to Parliament by Finance Minister Shri Pranab Mukherjee on February 26. Unlike last year, when the country was still in the grip of slowdown triggered by the global crisis,
* No hikes in passenger fares and freight tariff. 52 new train services to meet increasing demand of passengers, increase in frequency of 12 train services, extension of 21 trains and introduction of some special trains. Railways will not be privatized, but private sector participation welcomed through PPP route. A Special Task Force to clear proposals for investments within 100 days to be set up
There will be no increase in the passenger fares of any class or category of trains. Freight tariffs will also remain the same for 2010-11. Service charges for e-tickets and freight charges for food-grains will be reduced. This was announced by the Minister of Railways, Ms. Mamata Banerjee in Parliament today while presenting Railway Budget for the new financial year.
When the developed economies were in busy in formulating policies for catching up the falling hand of economies in to the well of recession, emerging economies were making a paradigm shifts in its domiciles of production plants. China is again the leader in its first step towards this paradigm shift of its production base.
The government will not defer plans to sell stakes in public sector undertakings (PSUs), required to bridge its yawning fiscal deficit, despite a poor response to two of its recent sales, a finance ministry official said. The government has raised Rs 12,740 crore via divestment in PSUs since May 2009.
What is evident in the CSO data for GDP growth and fiscal deficit forecast for the current year, it appears certain fiscal deficit management and measures to push growth beyond 7% will be on top of the agenda. This could mean policy makers shall take a hard look at concessions, an impact thereof on the macroeconomy and of course, strategies for greater tax revenue mobilization.
