sourab10forever Posted February 20, 2016 Posted February 20, 2016 Session starts on the 23rd. The budget should be presented likely on the 29th.This should be a huge budget for Modi government.
sourab10forever Posted February 20, 2016 Author Posted February 20, 2016 GST will be again be the one to look up for..
sourab10forever Posted February 20, 2016 Author Posted February 20, 2016 (edited) The Goods and Services Tax (GST) Bill is not the only bit of pending business before Parliament when it convenes for the Budget Session of February 23, but it could be the most challenging session yet for the Narendra Modi government. The arrest of JNU student leader Kanhaiya Kumar on sedition charges, the ensuing violence as well as the recent suicide of Dalit student scholar Rohit Vemula are two of the many issues that have taken on political hues in the last few weeks And the prognosis for the Budget session of parliament, which kicks off on February 23, is not good. With both the NDA and the UPA not wanting to be seen retreating from well-entrenched positions just before 4 states -- Assam, West Bengal, Kerala and Punjab -- go to polls, crucial legislation could become casualty. As of date, 11 crucial bills are yet to be taken up for debate in the Lok Sabha. These include the Bankruptcy Code, Benami Transactions, Factories Amendment, and Land Acquisition bills. New bills like the Finance Bill are also likely to be introduced. As will the recommendations of the joint panel on land acquisition. In the Rajya Sabha where the NDA has a poor representation, 54 legislations are pending -- 14 of which were introduced by the Modi government. These include the GST Constitutional Bill, the Real Estate Bill, the Whistle Blower Protection Bill, the Indian Trusts Amendment Bill, and the Industries Amendment Bill. Now there's a good reason pundits are not too sure much work will get done in this session. "Outside of the Budget event itself, which is tabled as a money bill [and thus can be passed without Rajya Sabha approval], I don't expect much business to be conducted," MK Venu, Executive Editor of Amar Ujala publications told CNBC-TV18. He pointed to a "pattern" that he saw develop before every Parliament session starts. "There is something that the government does, which unites the opposition and creates a huge polarization in politics," he said, referring to the raid to the National Herald affair that took place right before the Winter Session and now the current controversy over JNU. "When the Monsoon Session began with everyone looking serious [about conducting legislative business], on the second day, Ravi Shankar Prasad held a press conference accusing various Congress chief ministers of corruption," he pointed out. Mint Bureau Chief Anil Padmanabhan, however, said that such events were likely co-incidental but he did concede there was a "complete breakdown" of communication between the government and opposition. The opposition disruption in various sessions has cost the government much. In the NDA regime, Lok Sabha has lost 67 hours over 6 sessions, and has conducted business for 727 hours. The 2015 monsoon session of Lok Sabha was a total washout, with disruptions totaling 34 hours. It's been worse in the upper house. Since the BJP came to power, Rajya Sabha has lost 258 hours to disruptions, and seen only 466 hours of business. Last year's Monsoon Session saw Rajya Sabha transact business for only 9 hours, while 72 hours were lost to forced disruptions -- the worst productive session for the house in 15 years. The outcome of all this, claim both editors CNBC-TV18 spoke to, is that the ruling party appears tired. "In the build-up to this Budget, you are not seeing any excitement. The government is not even trying to speak to the opposition, to get consensus or move things along," Padmanabhan said. He added that it was unlikely that the GST would see any breakthrough in the Budget session, at least in the first half [the Session would resume post a recess]. "Even the signals from the Prime Minister and Finance Minister have been ambiguous over the GST. So I think we should damp down on having too many expectations from this session."Read more at: http://www.moneycontrol.com/news/economy/debate-will2016-budget-session-be-deadarrival_5569881.html?utm_source=ref_articleSource : moneycontrol.com Edited February 20, 2016 by sourab10forever
coffee_rules Posted February 29, 2016 Posted February 29, 2016 http://blogs.wsj.com/indiarealtime/2016/02/29/what-time-is-the-indian-budget-on-monday/http://www.thehindu.com/business/budget/live-union-budget-201617/article8293531.ece No change in I-T slabs! 12.41 p.m.: Finance Minister Arun Jaitley tables the Union Budget 2016 and the Finance Bill.12.40 p.m.: Rs. 1,060 crore revenue loss through direct tax proposals, and Rs. 20,670 crore revenue gain through indirect tax proposals. Revenue gain of Rs 19,600 crore in Union Budget 2016 proposals.12.39 p.m.: 13 different cesses levied by various ministries with collections less than Rs.50 crore a year to be done away with.12.38 p.m.: No Service Tax for houses built under 60 square metres.12.35 p.m.: Excise duty on tobacco increased by 10-15 per cent.12.34 p.m.: Committed to stable taxation regime. No more retrospective amendments.12.29 p.m.: 4% high capacity tax for SUVs.12.28 p.m.: Limited period compliance window for domestic taxpayers to declare undisclosed income. Declarations to have immunity from prosecutions.12.26 p.m.: No changes have been made to existing income tax slabs.12.25 p.m.: Infrastructure and agriculture cess to be levied.12.23 p.m.: 1 per cent service charge on purchase of luxury cars over Rs. 10 lakh and in-cash purchase of goods and services over Rs. 2 lakh.12.22 p.m.: Additional exemption of Rs. 50,000 for housing loans up to Rs. 35 lakh, provided cost of house is not above Rs. 50 lakh.
bulbul Posted February 29, 2016 Posted February 29, 2016 Not a bad one.... GST is the major reform possible which requires RS approval any way.Implementation is the key.
chewy Posted February 29, 2016 Posted February 29, 2016 looks like more and more resources are being allocated to the state governments, which is a good thing, state government are better placed to make investment decisions than central government.
diga Posted February 29, 2016 Posted February 29, 2016 some nice info on the PF confusionhttp://capitalmind.in/2016/02/clearing-the-confusion-on-how-epf-is-taxed-at-exit-in-budget2016/?ref=budget2016and some analysis on budgethttp://capitalmind.in/2016/02/budget-2016-for-you-and-me-some-taxes-some-more-taxes-and-even-more-taxes/
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