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Tag: Nirmala Sitharaman

  • UKIBC seeks parity in company tax charges for Indian, international cos

    The UK-India Business Council (UKIBC) has urged the federal government right here to carry parity between company tax charges for home and international corporations as a part of its pre-Budget suggestions submitted to Finance Minister Nirmala Sitharaman.
    “Globally, the general practice is to have a tax rate parity across all kinds of companies within the same industry. Examples are all BRIC countries except India and a majority of OECD countries (UK, Japan, etc.) as well as important financial centres like Hong Kong & Singapore where the tax structures for domestic and overseas companies are identical,” stated Jayant Krishna, group CEO, UKIBC.
    The discount within the company tax fee for home corporations coupled with the abolition of dividend distribution tax (DDT) creates a major disparity between the efficient tax charges relevant to international corporations and home corporations at 43.68 per cent and 25.17 per cent, respectively. The Union Budget for 2021-22 will probably be introduced in Parliament on February 1.
    Foreign banks typically function in India as a department as a result of regulatory and business causes and a discount within the company tax fee for such branches will present a stage taking part in area as in comparison with branches of home banks and encourage funding by international entities which can be eager to put money into India by way of a department route, Krishna stated.
    UKIBC’s group chair Richard Heald, OBE, has urged the federal government to additional speed up the tempo of financial reforms by way of Budget bulletins which might ultimately result in enhanced funding and commerce footprint of UK’s companies in India.
    Apart from this, UKIBC additionally steered the federal government to extend allocations for the defence sector to over 2.5 per cent of the GDP and lift international direct funding (FDI) restrict by way of automated route within the sector to 100 per cent from 74 per cent.

    It has additionally really helpful elevating the FDI restrict for the insurance coverage sector to 100 per cent from 49 per cent together with asking for mutual recognition of levels between India and main nations, together with the UK, and removing of retrospective taxation, fast-tracking disinvestment of public sector undertakings, customs obligation discount for import of alcoholic spirits, and a regulatory regime for on-line gaming and sports activities betting.

  • Sitharaman to current Union Budget on Feb 1 as subsequent Parliament session begins Jan 29

    Image Source : PTI Illuminated Parliament constructing, in New Delhi.
    The Budget session of Parliament will start from January 29, with Union Finance Minister Nirmala Sitharaman set to current the Union Budget on February 1. The session can be held in two elements — from January 29 to February 15 and March 8 to April 8.

    The fifth session of the seventeenth Lok Sabha can have 35 sittings — 11 within the first half and 24 within the second half.

    President Ram Nath Kovind will deal with each Houses of Parliament — the Rajya Sabha and the Lok Sabha — at 11 am on January 29. Sitharaman will current the Union Budget at 11 am on February 1.

    ALSO READ | Middle class to achieve from increased tax deductions seemingly in Budget 2021

    Parliament will adjourn on February 15 to allow numerous Standing Committees to think about the Demands for Grants of Ministries/Departments and put together their studies, and reconvene on March 8.

    ALSO READ | Supreme Court grants go-ahead to Modi govt’s bold Central Vista undertaking, new Parliament constructing

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  • National Infra Pipeline: FM evaluations progress of initiatives price `3.6L cr

    Finance minister Nirmala Sitharaman on Wednesday held a gathering to assessment the progress of 34 initiatives within the well being and water sources sectors involving investments of Rs 3.6 lakh crore below the National Infrastructure Pipeline (NIP).
    While 24 of those initiatives price Rs 80,915 crore are below the supervision of the well being ministry, the division of water sources, rural improvement & Ganga rejuvenation oversees 10 giant initiatives price Rs 2,79,604 crore, the Finance Ministry mentioned.
    Secretaries of water sources and well being attended the assembly, which focussed on the implementation of the initiatives and bottlenecks, if any.
    “The agenda was to discuss the progress of NIP projects, expenditure incurred so far and the initiatives taken to expedite the project implementation,” the ministry mentioned in a press release. This was the second assessment assembly by Sitharaman with varied ministries and departments to observe and speed up the NIP venture implementation.
    With the economic system battered by the pandemic, a authorities activity power had in April firmed up a highway map for capital investments of Rs 111 lakh crore in infrastructure below the NIP over six years via FY25, pledging 71 per cent of the expenditure for vitality, roads, city improvement and railways, and envisaging a key position for personal traders. Sitharaman has requested the 2 ministries/departments to push infrastructure expenditure by successfully implementing NIP initiatives in time.
    Many ministries and departments have proven substantial progress in venture implementation and expenditure, particularly within the second quarter, based on the assertion.

  • IAS Subhash Garg disclosed on resignation case: This decision had to be taken because of the minister

    The Finance Secretary had to resign because of the Union Minister. Former Union Finance Secretary Subhash Chandra Garg has made this big disclosure on the sudden resignation from the Ministry of Finance. He said that he did not have good relations with Finance Minister Nirmala Sitharaman, and that is why he resigned from the post before completion of his term and took VRS ie voluntary retirement. Let us tell you here that Subhash Chandra Garg was transferred from Ministry of Finance to Ministry of Power in July 2019, after which he applied for Voluntary Retirement (VRS) and was relieved on 31 October 2019. Earlier, Subhash Chandra Garg had a good relationship with Finance Minister Arun Jaitley, and Garg has also praised him in his blog. However, he could not maintain the same coordination with the new finance minister. Garg wrote in the blog, “It became clear long ago that it was going to be very difficult to work with her… She was prejudiced towards me. She was not comfortable working with me.”