Tag: Arun Jaitley

NE states to get tax exemption till March 2027: FM

NE states to get tax exemption till March 2027: FM

17/08/2017 14:06

The Indian Government has said that industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027 under the current GST regime which was rolled out on July 1.

Commenting on the issue, Finance Minister Arun Jaitley told the media, “Within the framework of the GST Act each industry will be entitled to its own refund mechanism during this particular period (March 31, 2027). Industries in the north eastern and Himalayan states of Jammu and Kashmir, Himachal Pradesh and Uttarakhand under the previous excise regime used to get 10-year exemption.”

“As per the scheme, industries which commenced operations during the period got excise tax holiday for 10 years. There is a separate residuary period for every industry because of commencement of production and their consequent entitlement of 10 year exemption,” he added.

As per reports, under the new Goods and Services Tax (GST) regime, there is no provision for exemption but there is one section under the Act which permits refunds.

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FM to review performance of PSU banks, FIs on June 12

FM to review performance of PSU banks, FIs on June 12

09/06/2017 15:43

Finance Minister Arun Jaitley will meet heads of public sector banks and financial institutions on June 12 to discuss issues related to rising bad loans, interest rate reduction and credit flow to various sectors.

He will also review the performance of the lenders.

The meeting assumes significance as it will be the first after promulgation of the ordinance amending the Banking Regulation Act, 1949, last month.

The government had through this ordinance empowered the Reserve Bank to ask banks to initiate insolvency proceedings to recover bad loans and promised more measures to resolve the NPA crisis.

“Major issues on the agenda of the meeting, the first during this fiscal, include issues and solutions relating to Non Performing Assets (NPAs) of the Public Sector Banks (PSBs), status of MSE Credit, Stand-up India and Mudra Yojana among others,” the finance ministry said in a statement today.

Other issues on agenda include discussion on financial inclusion and literacy, review of performance of Social Security Schemes including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) etc, it said.

The day-long meeting will also cover areas like cyber security, digitalisation of the banking transactions, rural development, agriculture credit and education loans.

Role and preparedness of banks in the implementation of Goods and Services Tax (GST) is also likely to be discussed in the one day Meeting of PSBs, it said. GST is going to be rolled-out from July 1.

As for the recovery of bad loans, the RBI has also made substantial changes in the related norms and warned banks of monetary penalty for missing NPA resolution timelines.

Jaitley had said the ordinance empowered the Reserve Bank to issue “directions to any banking company or banking companies to initiate insolvency resolution process in respect of a default under the provisions of the Insolvency and Bankruptcy Code (IBC), 2016”.

Toxic loans of PSBs rose by over Rs 1 lakh crore to Rs 6.06 lakh crore during April-December 2016-17.

Gross NPAs of PSBs nearly doubled to Rs 5.02 lakh crore at the end of March 2016, from Rs 2.67 lakh crore at the end of March 2015.

GST Bills to be introduced in Parliament next week: FM

GST Bills to be introduced in Parliament next week: FM

24/03/2017 12:22

Finance Minister Arun Jaitley said supporting legislations for implementation of goods and services tax will be introduced in Parliament next week, reported PTI.

The finance minister maintained that GST is likely to be rolled out from July 1.

Jaitley said there is long procedure before the Bills are introduced in Parliament and the GST Council cleared those four bills only last week.

“All that exercise has been completed in the last 2-3 days… Next week, it should be introduced in Parliament and then taken up for consideration,” he said at an award function of CNBC TV18.

Jaitley further said nine different regulations have to be framed for GST.

“Four have already been approved by the GST Council, some marginal changes may be required. For other five, the drafts are being prepared and these are going to be circulated to states. We are meeting on March 31. So, hopefully all those regulations will be approved on March 31,” he said.

Earlier in the day, Minister of State for Finance Arjun Ram Meghwal had said the government may table the four GST supplementary legislations in Parliament today.

After the March 31 meeting, Jaitley said experts who have been assisting the GST Council will start working on the rate structure.

“Now in the first instance, so as not to upset the applecart, we are following a more logical, arithmetic formula,” he added.

Earlier this week, the Union Cabinet cleared four supplementary GST legislations — CGST, IGST, UTGST and Compensation Law.

Yesterday, the Cabinet approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate implementation of GST. These amendments too will be introduced in Parliament.

To a query on relationship that the RBI and the government share, Jaitley said both have got defined areas of jurisdiction.

“At the end of the day, both have to respect those defined areas… You also have to bear in mind that the elected government is the only accountable institution. Therefore, its decisions have a significant value,” the finance minister said.

Budget 2017: Govt to complete 1,00,00,000 houses by 2019 for homeless

Budget 2017: Govt to complete 1,00,00,000 houses by 2019 for homeless

01/02/2017 11:47

The Finance Minister in his budget speech said that the government is looking to complete 1,00,00,000 houses by 2019 for houseless and those living in kaccha houses.

The FM also said that open defecation free villages were now being given priority for piped water supply.

Also, FM was confident that 100 per cent village electrification would be achieved by May 1, 2018. Also, FM said that sanitation in rural areas had gone up from 42 per cent in October 2014 (launch of Swachh Bharat) to 60 per cent now.

The FM has also raised allocation for Pradhan Mantri Awaaz Yojana up from Rs 15,000 crore to 23,000 crore.

India has emerged as bright spot in the world: FM

India has emerged as bright spot in the world: FM

01/02/2017 11:51

The Finance Minister Arun Jaitley during the Union Budget presentation in Parliament on Wednesday said that India has emerged as bright spot in the world.

He also said that top-class idea to work on measuring quality of learning.

FM Jaitley also propose to leverage ICT with the launch of “Swayam” platform which has 350 free courses.

The Minister also promised that according to Budget 2017, villages will be electrified by 2018, will have sleek roads and homes for everyone.

Markets subdued as FM tables Economic Survey

31/01/2017 14:18

The key domestic benchmark indices continued to hover in red during the late noon trading session on account of selling witnessed in front line blue chip stocks. Investors remained cautious as FM Arun Jaitley tables Economic Survey for 2016-17.

At 14:15 hours, the 30-share benchmark index was trading at 27764.51 down by 85.05 points or by 0.31 per cent, while the NSE Nifty was at 8595.05 down by 37.7 points or by 0.44 per cent.

The Economic Survey predicted GDP growth rate at constant market prices for 2016-17 at 6.5 per cent, down from 7.6 per cent the previous year, following the negative impact of demonetisation.

However, it added that this growth rate would rebound to between 6.75 per cent and 7.5 per cent in 2017-18.

The Survey said that the agriculture sector will grow at 4.1 per cent in the current year up from 1.2 per cent in 2015-16.

The Sensex touched an intraday high of 27867.92 and an intraday low of 27633.55, while the NSE Nifty touched an intraday high of 8631.75 and an intraday low of 8555.15.

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 204.85,+1.59%), Bajaj Auto Ltd. (Rs. 2865.15,+1.41%), Power Grid Corporation of India Ltd. (Rs. 207.10,+1.02%), ITC Ltd. (Rs. 258.45,+1.00%), Larsen & Toubro Ltd. (Rs. 1451.95,+0.60%), among others.

The top losers of the BSE Sensex pack were Tata Consultancy Services Ltd. (Rs. 2236.30,-4.19%), Wipro Ltd. (Rs. 453.50,-2.40%), GAIL (India) Ltd. (Rs. 473.10,-2.19%), Infosys Ltd. (Rs. 927.75,-2.17%), Adani Ports & Special Economic Zone Ltd. (Rs. 297.70,-1.81%), among others.

Among the sectors, FMCG index was at 8583.24 up by 19.41 points or by 0.23%. Dhampur Sugar Mills Ltd. (Rs. 179.50,+2.92%), Bombay Burmah Trading Corporation Ltd. (Rs. 601.35,+2.58%), Emami Ltd. (Rs. 1040.00,+2.52%), Pioneer Distilleries Ltd. (Rs. 185.50,+1.20%), ITC Ltd. (Rs. 258.45,+1.00%),.

On the flip side, IT index was at 9592.13 down by -286.75 points or by -2.9%. Kellton Tech Solutions Ltd. (Rs. 117.95,-4.76%), Mahindra & Mahindra Ltd. (Rs. 450.70,-4.45%), Tata Consultancy Services Ltd. (Rs. 2236.05,-4.20%), MindTree Ltd. (Rs. 448.05,-3.82%), Sonata Software Ltd. (Rs. 192.75,-3.72%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2920 , shares advanced were 841 while 1853 shares declined and 226 were unchanged.

Low inflation to be a factor for RBI while deciding rates: FM

Low inflation to be a factor for RBI while deciding rates: FM

16/09/2016 15:26

As Urjit Patel, the new governor of the Reserve Bank of India (RBI) gears up to deliver his maiden monetary policy decision early next month, the country’s Finance Minister Arun Jaitley is hopeful that the central bank will take into account the retreat in consumer inflation in August, which according to analysts could prompt a further relaxation in monetary policy.

“I expect when the policy review takes place next month then RBI, and hopefully if MPC is constituted by then, they will collectively keep all these factors in mind”, Jaitley said, when he was asked whether a recent dip in inflation would leave space for policy easing, the PTI reported.

Consumer inflation retreated to 5.05 per cent in August 2016 from 6.07 per cent in July 2016, falling below the government’s upper limit of its official inflation target of 4 per cent plus or minus 2 percentage points, leaving leeway for the apex bank to press the interest rate cut button when it meets on October 4, 2016.

The RBI’s 5 per cent consumer inflation target by March 2017 looks in sights as a likely record harvest owing to a good monsoon eases pressure on food prices.

In his final meet as the RBI governor, Raghuram Rajan had left key rates unchanged citing upside risks to inflation.

Implement bankruptcy law in time bound manner: FM to officials

24/08/2016 11:11

Finance Minister Arun Jaitley has directed senior officials of the ministries of finance and corporate affairs to take steps, including setting up of a board, for the implementation of Insolvency and Bankruptcy Code (IBC) 2016 in a time bound manner.

“Implementation in a time bound manner is very crucial in order achieve the desired goals of Insolvency and Bankruptcy Code 2016,” Jaitley told senior officials of both the ministries.

An immediate action is needed on key requirements for implementation of the IBC including setting-up of Insolvency and Bankruptcy Board of India (IBBI), notifying Rules and Regulations relating to Insolvency Professionals (IPs), Insolvency Professional Agencies (IPAs) and Corporate Insolvency among others, he added.

“Jaitley asked the officials of the Ministry of Corporate Affairs to notify NCLT Benches to deal with Corporate Insolvency, take action for registration of IPs and IPAs among others,” the Finance Ministry said in a statement.

The Insolvency and Bankruptcy Code, 2016 — notified by the government in May — seeks to consolidate and amend laws relating to reorganisation as well as insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

Indian Bank gives Rs 59 cr dividend cheque to FM: Reports

Indian Bank gives Rs 59 cr dividend cheque to FM: Reports

26/07/2016 10:47

Leading PSU Bank, Indian Bank has said that it has presented a Rs 59.15 crore dividend amount to Finance Minister Arun Jaitley.

Commenting on the issue, an Indian Bank Official told the media, “Indian Bank MD & CEO Mahesh Kumar Jain presented the dividend cheque amounting Rs 59.15 crore for the 2015-16 financial year to Finance Minister Jaitley.”

As per reports, the Centre holds 82.10 per cent of bank’s equity share capital of Rs 480.29 crore as on March 31, 2016. The 15 per cent dividend was declared by shareholders of the city-headquartered bank at its 10th Annual General Meeting held recently.

As per reports, the dividend distribution tax amounting to Rs 14.67 crore was paid by the bank to the Government, taking the total amount paid to the exchequer for the year 2015-16 to Rs 73.82 crore by way of dividend and dividend distribution tax.

Govt to revive urea plants to generate employment

15/07/2016 11:03

Finance Minister Arun Jaitley has said that the Indian Government is planning to revive Gorakhpur, Sindri and Barauni fertiliser plants which will make urea available locally, besides creating jobs in and around those areas.

As per reports, the Cabinet yesterday approved the restoration of these three closed fertiliser units, at a likely cost of Rs 18,000 crore, as part of its efforts to meet demand of eastern states and make India self-reliant in urea output.

The cabinet approved the revival of three defunct units with a capacity of 1.27 million tonnes per annum each.

Commenting on the development, Finance Minister Arun Jaitley told the media, “Revival of Gorakhpur, Sindri & Barauni fertiliser units would provide employment opportunity & ensure availability of urea locally.”

As per reports, Fertiliser Corporation India Ltd (FCIL) had two closed urea plants at Sindri (Jharkhand) and Gorakhpur (Uttar Pradesh), while Hindustan Fertilisers Corporation Ltd (HFCL) had one closed factory at Barauni (Bihar).