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  • ADB sees India's GDP growth at 7% this fiscal

    New Delhi: India should see a moderate uptick in economic growth in 2012-13 and 2013-14 as global conditions stabilise.

  • Plug loopholes to boost tax revenue: Pranab

    Bangalore: Finance Minister Pranab Mukherjee Sunday advised experts to plug loopholes in the taxation laws to ensure that the government got its due share of revenue and to curb avoidance.

  • Budget benefits NRIs and quashes tax fears

    When a non-resident Indian (NRI) lands in India now, he or she can zoom through customs with duty-free goods worth Rs.35,000 ($685). That's a small increase from the earlier duty-free allowance of Rs.25,000.

  • Business worth Rs 20,000 cr hit due to strike, say jewellers

    Mumbai: The jewellery sector has foregone business worth Rs 20,000 crore due to the strike in protest against Budget proposals. The strike has also brought gold imports to a standstill, according to an industry official.

  • FIIs take tax concerns to Finance Ministry

    New Delhi: Call this the GAAR effect. A group of foreign institutional investors on Wednesday met the Finance Secretary, RS Gujral, at his North Block office to get clarifications on the proposed General Anti-Tax Avoidance Rules (GAAR).

  • Is the government under-estimating subsidies?

    In the Budget, the Finance Minister proposed restricting subsidies to under 2 per cent of the gross domestic product (GDP) in 2012-13. The plan is to further prune this to under 1.75 per cent over the next three years. Many economic commentators are sceptical about this. With high crude oil prices, pending reforms in the fertiliser sector, and the impending Food Security Act, they believe that the subsidy burden is being under-estimated -- just like in the past, when the actual outgo on subsidies far exceeded ambitiously low targets.

  • Service tax hike to hit household budgets

    Household budgets will be hit hard as the two percent increase in service tax and excise duty contained in the budget for 2012-13 came into effect from Sunday making phone calls, eating out and a host of other things more expensive.

  • I-T Act amendment: Not all cases will be reopened, says Pranab

    Kolkata: The Finance Minister, Mr Pranab Mukherjee, today clarified that the proposed amendments to the Income-Tax Act, 1962 will not mean re-opening all cases going back to 1961-62.

  • Pranab defends I-T Act amendments

    Finance minister Pranab Mukherjee on Saturday said there is "no other way" but to amend the Income Tax Act with retrospective effect to bring into the net Vodfone-type cross-border deals.

  • A weak-kneed govt

    The Railway Budget fracas shows that governance has been reduced to farce. The Railway Budget, after being presented to the Parliament, was so drastically altered that there was no question of the Cabinet accepting it as a joint responsibility. And yet, we mouth phrases like ‘a Budget is the joint responsibility of the Cabinet', and so on.

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