Page 16 - Union Budget

LIVE news: Finance Minister to begin pre-budget consultations from Monday

From Amit Shah's scheduled rally in Gujarat to BJP's roadshows across Delhi ahead of MCD polls, catch all the live updates from across the globe here

Decriminalise GST law, cut personal income tax rates in Budget: CII to govt

Industry body CII has pitched for a reduction in personal income tax rates, decriminalisation of the goods and services tax and a relook at the capital gains tax rates as part of its agenda presented to the government for the forthcoming Budget. Arguing that the GST law already contains adequate penal provisions for deterrence against evasion of taxes, CII has suggested decriminalisation of GST law. Also, the applicability of prosecution provisions should not be based on the absolute amount of tax evasion but should be based on real intent to evade the taxes and a certain percentage of the tax payable, it stated. "A fresh look is needed at the capital gains tax with respect to its rates and holding period to remove complexities and inconsistencies. Moreover, the Government should contemplate a reduction in the rates of personal income tax in its next push for reform as this would increase disposable incomes and revive the demand cycle," CII President Sanjiv Bajaj said. Tax certaint

Something deficient in fiscal deficit

GDP alone isn't an adequate measure to calculate a safe level of budget deficit. Population also has to be worked into the method. It is just common sense

FM Nirmala Sitharaman to kick-start pre-Budget meetings from Monday

Finance Minister Nirmala Sitharaman will kick-start the customary pre-budget meetings beginning Monday with a special focus on issues concerning climate change and infrastructure. The minister would hold virtual meetings on November 21 in three groups with industry chambers, infrastructure sector and environment experts seeking suggestions for the 2023-24 Budget making from stakeholders. On November 22, Sitharaman would meet agriculture and agro processing industry, representatives from financial sector and capital markets. She will also be meeting the representatives of services sector and trade bodies, besides experts from social sector, including health, education, water and sanitation, on November 24. The pre-budget meetings with the trade union representatives and economists are scheduled for November 28. The participants will give suggestions on the 2023-24 Budget which will be presented in Parliament by the Finance Minister on February 1. Sources said climate change would

Govt plans changes in capital gains tax in Budget 2023, says report

Changes in capital gains tax in India are expected in the next budget, an income tax official from India's finance ministry said on Tuesday

Budget 2023-24: Centre's capex support for states likely to continue

The scheme, for FY23, consists of Rs 1 trillion, 50-year, interest-free capex loans to states. It is part of the Centre's capex budget of Rs 7.5 trillion

Green yields

Transparency will be critical for green bonds

Budget 2023-24: Sitharaman's meetings with stakeholders to begin on Nov 21

Seven meetings will take place between November 21 and 24, while the pre-budget interaction with state Finance Ministers is expected to take place in December in Madurai

FM Sitharaman likely to begin pre-Budget talks from third week of November

FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders

Central government to introduce 7-8 PLI schemes in next Budget: Report

The new PLI schemes will likely cover segments like textiles, electronic components, furniture, toys and leather

On the cards: Expansionary Budget with optimistic tax revenue rise

Finance Minister Nirmala Sitharaman is expected to present the next Budget on February 1

Govt likely to surpass FY23 tax collection goal by over $24 billion

India's union budget, due to be presented in February, will outline the federal spending plan for the coming fiscal year

Not a pre-election Budget, please!

The forthcoming Budget should plan a faster fiscal deficit reduction, instead of embarking on a spending spree

Back to the 1950s: State to lead investment and higher taxes to fund it

The reason for higher taxation is the inability of the private sector to invest on the scale required to satisfy the minimum thresholds of political and social needs. We are back to the 1950s

FinMin seeks trade, industry suggestions on taxes for 2023-24 Budget

Kickstarting stakehoder consultation for 2023-24 Budget, the finance ministry has sought suggestions from industry and trade associations regarding direct and indirect taxes. Along with the suggestions, the industry has to submit justification for their demand which, if found with merit, could become part of the Union Budget for 2023-24 (April-March), to be tabled in Parliament on February 1, 2023. The deadline for sending suggestions for changes in the duty structure, rates and broadening of tax base on both direct and indirect taxes is November 5. "In the context of formulating the proposals for the Union Budget for 2023-24, the Ministry of Finance would like to be benefited by the suggestions and views of your association," the ministry said. It said that since the government is working to phase out tax incentives, deductions and exemptions while simultaneously rationalising direct tax rates, the industry should point out 'positive externalities' arising out of the ...

Union Budget 2023: Individual taxpayers can expect some relief

Experts caution that fiscal support alone may create artificial demand and jack up prices

Centre to soon waive compensation cess on coal gasification: Report

After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes

The process involved in preparing the Union Budget: An explainer

All of this culminates on February 1, when the Cabinet approves the budget, the Finance Minister presents it to the President, then proceeds to Lok Sabha, where she rises at 11 am to begin her speech

Railways plans to launch Vande Bharat trains for freight operations

The Centre, in this fiscal year's Union budget, had laid out a target to roll out 400 Vande Bharat trains by the end of 2024-25

Top Headlines: Byju's to lay off 2,500 staffers, broken rice exports & more

India will allow overseas broken rice shipments of 397,267 tonnes backed by letters of credit (LCs) issued before September 8