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GSTN will be used for VAT purposes for the time being: Modi

States will use the IT platform of GST for collection of value added tax (VAT) till the new indirect tax regime comes into effect, the Chairman of Empowered Committee of State Finance Ministers, Sushil Modi, said on Wednesday.

Union budget aimed at fiscal consolidation : Pranab

Union Finance Minister Pranab Mukherjee on Sunday said the 2012-13 Budget was placed with a view of fiscal consolidation, moderation of inflation and bringing back India to a higher trajectory of sustainable growth.

I-T liability comes down, eating out and travelling go up

With some of the key budgetary proposals coming into effect from today, the tax payers will save some money on account of lower income tax liability, but will have to pay dearly towards essential services like telephone calls, beauty parlour visits and insurance payments.

Household budgets affected by higher excise, service tax: Survey

In the Union Budget 2012-13, Finance Minister Pranab Mukherjee had announced hike in excise duty and services tax to 12 percent from 10 percent.

No 'dramatic announcements' in Budget due to political constraints: Pranab

After getting a lukewarm response from India Inc to his 2012-13 budget proposals in respect of key reforms, union Finance Minister Pranab Mukherjee Saturday said he had refrained from any "dramatic announcement" in the budget because of political constraints.

World Bank chief bats for Pranab on changes in tax laws

Batting for Finance Minister Pranab Mukherjee's proposal to tax Vodafone type deals, the World Bank president Robert Zoellick on Friday said that India wants the company should pay tax at some place and investors must give some time to the government to explain the details.

Jaiswal opposes govt on jewellery duty hike

In what could be a big embarrassment to the UPA government, senior Congress leader and Coal Minister Sriprakash Jaiswal has slammed that the excise duty hike announced by Finance Minister Pranab Mukherjee on jewellery in this year’s Union Budget.

There is no trust deficit between industry, govt: Pranab

Maintaining that there was no trust deficit between the government and industry, Finance Minister Pranab Mukherjee on Sunday said the Centre will make all efforts to implement the decisions it has taken.

'Service tax hike to make hotel rooms more expensive'

The government's decision to increase service tax to 12 percent will make hotel tariffs more expensive, and will have an impact on overall occupancy and business for hotel companies, leading hoteliers said on Thursday.

Budget may weaken government's credit profile: Moody's

India's Budget for 2012-13 lacks new solutions to address the fiscal constraints the government is facing and may weaken its credit profile, global credit rating agency Moody's said Monday.

Jewellers say non-branded gold to cost more

Non-branded gold jewellery is set to get expensive by about Rs 1,000 per 10 grams due to the budgetary proposal to bring them under the excise duty net, industry players said.

No backdoor VDIS, says Pranab Mukherjee

There is no "backdroor" Voluntary Disclosure of Income Scheme (VDIS) in the budget, Finance Minister Pranab Mukherjee made it clear on Sunday.

Seven power PSUs plan to invest over Rs 53,200 cr in FY'13

The budget has proposed an outlay of Rs 53,296.87 crore for seven power sector PSUs, including major power producers NTPC and NHPC, PowerGrid Corp and Damodar Valley Corp, in the next fiscal.

Pressure tactics won't work: FM to bullion dealers

Finance Minister Pranab Mukherjee on Sunday bluntly told bullion dealers, who have gone on strike against the levies on gold, that their pressure tactics "will simply not work".

Interest rates expected to come down in coming months: Pranab

The government is expecting lower interest rates in the coming months as it looks at policy reversal by the Reserve Bank in the wake of moderation in inflation.

Critics should be more realistic: Pranab

Rejecting criticism that the Budget was not bold or reformist, Finance Minister Pranab Mukherjee on Sunday asked the critics to be "more realistic" to political ground realities.

Budget 2012: Cross-border M&A rules to hit aggressive tax planning

Retrospective amendment on taxing cross-border M&As, as proposed by the Budget 2012-13, has startled taxation experts who said it is a signal to companies to desist from aggressive tax planning.

Budget 2012: DTC likely to become effective from FY'14 says FM

Finance Minister Pranab Mukherjee on Sunday expressed hope that the direct tax regime would become effective from 2013-14.

Post Budget & RBI policy, investors look for global cues

After RBI monetary policy and Union Budget failed to enthuse stock markets last week, investors will now look for cues from international events and foreign inflows, say experts.

Budget 2012: Disappointment for infotech sector

The Budget has left the infotech sector more or less sour, as it has not met most of its expectations.