Service Tax : Rate of Service Tax, Introduction of Negative List approach, Changes in Valuation Rules, CENVAT Credit Rules, Retrospective cha...
Income Tax : The finance minister retained most of his other proposals, providing only marginal relief to industries such as automobiles, garme...
Income Tax : Direct Tax Code (DTC) Bill introduced in Lok Sabha on Monday, August 30,2010 by Finance Minister Mr. Pranab Mukherjee, Will now be...
Income Tax : Centralized processing centres for improving tax payer services in two more places. Union Finance Minister Shri Pranab Mukherjee h...
Income Tax : Preparations for Finance Minister Pranab Mukherjee’s second full Budget under the Manmohan Singh government should be an area of...
Service Tax : Registration of a manufacturer will be cancelled automatically if excise duty returns are not filed for six months, as per the lat...
Income Tax : Finance Minister Pranab Mukherjee today said that persons investing in stock markets through participatory notes, P-Notes, will no...
Income Tax : The government on Sunday said it has no vindictive intention in retrospectively amending tax laws and has no plans to re-open a la...
Finance : Last year I provided relief to individual taxpayers by enhancing the exemption limit as a move towards DTC rates. Although DTC wi...
Income Tax : Master Form-16 New FY 11-12 for Up to 100 Employees. Download File to Prepare Form 16 of upto 25 Employees with Indian Rupee Font...
Income Tax : Inauguration of Income Tax Office at Chinsurah, Dist-Hooghly, West Bengal by Honble Union Finance Minister Shri Pranab Mukherjee o...
Corporate Law : Finance Minister Pranab Mukherjee on Monday allayed fears of withdrawal of the cashless mediclaim facility by public sector genera...
Corporate Law : The Finance Minister, Shri Pranab Mukherjee has asked insurance industry to give more focus to generate the required level of awar...
In the backdrop of banks’, including State Bank of India’s, rising non-performing assets, Finance Minister Pranab Mukherjee today said their asset quality is a matter of concern. The asset quality of the banks is a matter of concern. Banks have to bring down their NPA levels to the pre-crisis levels which have gone up in the last year considerably,” Mukherjee at the annual general meeting of the Indian Banks’ Association here.
Union Finance Minister Shri Pranab Mukherjee said while the current trend in food inflation is welcome and we hope to see further moderation in food inflation in the coming weeks. He said that however, there are concerns on the price momentum in non-food articles. Shri Mukherjee said that sustained high non-food primary prices are creating cost-push inflationary conditions in the manufacturing sector. Thus, even though food inflation is declining, the concern on higher core inflation remains, the Minister added. Union Finance Minister Shri Pranab Mukherjee said that the recent monetary policy announcements should help in addressing these concerns.
The Union Finance Minister Shri Pranab Mukherjee said that there are three major challenges before us today. The Finance Minister said that the first major challenge is how to bring entire society especially the poor and vulnerable section of society in the ambit of development process so that everyone shares fruits of benefit of growth and development. Shri Mukherjee said that the second major challenge is to achieve sustained GDP growth at the rate of 9 to 10 percent with fiscal prudence and moderate inflation.
The Union Finance Minister Shri Pranab Mukherjee said that Indian diplomacy has to acquire a decisive economic perspective to its thinking and strategic approach. Elaborating the same, the Union Finance Minister said while anchoring our foreign policy primarily in the promotion of our national self-interest, we need to engage with our partners in a manner that we create strong mutual stakes in each other’s development process, in general, and economies in particular.
If Asia has to reach the level of an affluent region, achieving broad-based, inclusive and sustained growth would be a paramount necessity. Inclusive growth is critical for a sustained assault on poverty and for containing inequality. If we fail to achieve inclusive growth, we will end up with islands of prosperity within a largely poor Asia. Equally, important is the quality of growth. Asian countries should aim to transform their economies into knowledge- and skill-based economies over the next 40 years to ensure high sustained growth.
Before the onset of global crisis, we faced food and fuel price volatility. During the global crisis of 2008-09, with collapse of demand, we experienced a broad flattening of prices. And, as the world experienced recovery from the crisis, different parts of the world faced highly differentiated recovery and inflationary conditions. Till about a few months ago, the slow recovering advanced economies, with few exceptions, still faced low inflationary conditions, while fast recovering emerging economies faced higher inflation.
Finance Minister Shri Mukherjee said that he met Vietnamese Prime Minister yesterday and requested him to resolve all the pending issues including setting up of a steel project in Vietnam by Tata Group of Industries. The General Secretary of Communist part of Vietnam, Mr. Trong said that he will discuss all the pending issues with the Prime Minister of Vietnam in order to get them resolved. Finance Minister Shri Mukherjee invited Mr. Trong to visit India in near future which will help in further boosting the relationships between the two countries.
Amid concerns over high inflation and the possibility of hike in key policy rates , Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank’s monetary policy next week. “As a standard practice I had come to review the macro economic situation with Finance Minister and senior officers ahead of the policy review ,” Subbarao told reporters after meeting Mukherjee.
Finance Ministry will hold annual performance review of public sector banks here on April 26 to evaluate various aspects including non-performing assets and financial inclusion. The meeting will chaired by Financial Services Secretary S K Sharma instead of the usual practice of Finance Minister conducting bankers meet.
The Union Finance Minister Shri Pranab Mukherjee said that the greatest challenge before us today is to create and sustain more and better opportunities for a young, growing and aspiring India. He said that an important part of the response to this concern is to ensure that the macroeconomic balance of the economy is strengthened through a determined focus on fiscal consolidation. The Finance Minister said that it would improve and sustain the growth prospects of the economy. He said that with Budget proposals for 2011-12, we are moving on that path.
