The outlook for India remains largely positive, underpinned by robust private consumption and public investment as well as ongoing structural reforms, the report said.
Issuers of prepaid payment instruments (PPIs) are unhappy as they are treated as merchants liable to pay MDR.
Seek cut in corporate tax to 20%, levying long-term capital gains tax on equity, reduction in MAT.
"The shock element is tapering off. The positive aspect is yet to come, it will come," Reddy said.
Jaitley was speaking last night at an event organised to mark the golden jubilee celebration of the local branch of the Western India Regional Council of the Chartered Accountants Association of India (ICAI).
The gross collections (before adjusting for refunds) have increased by 10.7 per cent to Rs 5.82 lakh crore during April-November, 2017.
According to the statement, the net direct tax collections represent 49 per cent of the total Budget Estimates of direct taxes for 2017-18 (Rs 9.8 lakh crore).
Sources said the BJP-ruled states are unlikely to participate in the meeting because “there is a feeling that certain groups in the Committee were trying to create a block and to put the central government in a dock.”
The new policy is particularly aimed at facilitating ease of doing business, besides employment generation, as also establishing a new ‘Make in UP’ department to derive benefits from the ‘Make in India’ scheme.
The FRDI Bill 2017 was tabled in the Lok Sabha in August, following which it was referred to the joint parliamentary committee.
The government has made it mandatory for verifying bank account and PAN to weed out black money and bring unaccounted wealth to book. The same for SIM has been mandated to establish identity of mobile phone users.
Dealers said apart from increased demand for the dollar form importers and banks, sustained outflows by foreign funds put pressure on the rupee.
The RBI panel said there have been several significant developments in the recent period which augur well for growth prospects, going forward.
Affected consumers may file the application before the state screening committees if the profiteering is of local nature or standing committee on anti-profiteering if the profiteering is of all-India character, the CBEC said.
The advisory group has also asked for continuation of the summarised return under GST, GSTR-3B, for one more year along with filing of all returns on a quarterly basis but payment of GST on a monthly basis.
Federation of Indian Chambers of Commerce and Industry (FICCI) suggested an across the board cut in tax rate for businesses and individuals, especially in backdrop of US tax reform.
The central bank raises inflation forecast to 4.3-4.7 per cent in the third and fourth quarters of the current fiscal, decides to rationalise charges on debit card transactions to boost digital payments
The monetary authority will announce its decision at 2.30 pm in Mumbai followed by a press conference 15 minutes later.
Jaitley said the government is fully committed to safeguarding the interests of the workers, especially those working in the MSME and unorganised sector, according to a Finance Ministry statement.
Maharashtra receives settlements worth Rs 1,680 cr from Centre in November
The yield on the benchmark bond rose to as high as 7.10 per cent during the day before closing at 7.08 per cent.
The cut in GDP growth estimate by Fitch has come after US rating firm Moody’s upgraded India’s sovereign rating for the first time in 13 years.
The committee’s chairman N K Singh said that this would help in engaging all stakeholders to decide on issues which concern not only the Centre, but states as well.
Centre to gauge revenue receipt trends, look at ways to increase compliance.
Meanwhile, the benchmark Sensex rose 175.53 points, or 0.53 per cent, to 33,008.47 in opening trade.
The GDP growth in the second quarter of 2017-18 was 6.3 per cent, compared to 5.7 per cent in the April-June period --the lowest growth rate since the Modi government took office.
Expressed in the US dollar terms, foreign currency assets include the effect of appreciation or depreciation of the non-US currencies such as the euro, the pound and the yen held in the reserves.
The GST, the minister said, has also reduced the compliance burden on traders as under the new regime a trader is not required to file multiple tax returns.
According to Mukesh Ambani, while India remained on the fringe in the first two industrial revolutions, it started catching up in the computer-driven third revolution.
Rebound in Q2 GDP growth was largely driven by manufacturing growth, which grew 7% year-on-year in last quarter.
The government plans to stick to the fiscal consolidation road map, says Arun Jaitley.
On the GST, Arvind said that Co-operative Federalism is India’s future. However, at the same time, a bright hope for India is competitive Federalism, the states competing with each other, he said.
"The funding requirement for infrastructure in the country is huge and there is a requirement of a whopping Rs 50 lakh crore investment in the sector over the next five years," the finance minister said.
"In the process we will be very happy to collaborate with our friends from Africa, from other developing countries, to be a part of this process," Prabhu said.
After a disappointing Quarter-1 which saw India registering 5.7 per cent GDP growth, the second quarter growth of financial year 2018 is likely to trend higher and might be in at 6.3 per cent to 6.4 per cent band (GVA at 6.1-6.2%) with a downward bias, according to a SBI note
On the goods and services tax (GST), Subramanian said that cooperative federalism is India’s future.