Skip to main content

Govt to resolve several tax issues soon Jaitley

By
India will resolve some pending tax disputes in the next few days through judicial or executive resolutions, finance minister Arun Jaitley said on Thursday, as he sought to reassure investors about the government’s investment-friendly policies.He, however, did not specify the disputes in question.
“A number of tax disputes have been put to rest and we are trying over the next few days itself so that many others can be put to sleep, either by a judicial resolution or an executive resolution,” he told the India Economic Convention organized by India Foundation.
The government announced earlier this month that it will amend the income-tax Act to exempt foreign portfolio investors from paying the minimum alternate tax (MAT), which was a sticking point with foreign investors and had threatened to turn into another long-drawn tax dispute between the government and foreign investors.
The decision followed a report by the justice A.P. Shah committee that recommended exempting both foreign portfolio investors and foreign firms with no permanent establishments in India from MAT. However, with the matter pending before the Supreme Court, the government has not made any formal announcement so far about a MAT waiver for foreign firms.
The matter reached the apex court after Mauritius-based Castleton Investment took the income-tax department to court over the levy of MAT on capital gains. The matter is likely to be taken up for hearing on 29 September in the apex court. The government is expected to clarify its stand on the issue then.
In his remarks on Thursday, Jaitley added that his government is considering ways to improve the ease of doing business and resolve tax disputes. He said that though the proposed goods and services tax is stuck because of political reasons, the government is working on a bankruptcy code, dispute resolution in major contracts, speedy arbitration procedures and a public procurement law.
HT Mint, New Delhi, 18th Sept. 2015

Comments

Post a Comment

Popular posts from this blog

RBI deputy governor cautions fintech platform lenders on privacy concerns during loan recovery

By
  India's digital lending infrastructure has made the loan sanctioning system online. Yet, loan recovery still needs a “feet on the street” approach, Swaminathan J, deputy governor of the Reserve Bank of India, said at a media event on Tuesday, September 2, according to news agency ANI.According to the ANI report, the deputy governor flagged that fintech operators in the digital lending segment are giving out loans to customers with poor credit profiles and later using aggressive recovery tactics.“While loan sanctioning and disbursement have become increasingly digital, effective collection and recovery still require a 'feet on the street' and empathetic approach. Many fintech platforms operate on a business model that involves extending small-value loans to customers often with poor credit profiles,” Swaminathan J said.   Fintech platforms' business models The central bank deputy governor highlighted that many fintech platforms' business models involve providing sm
Post a Comment
Read more

Credit card spending growth declines on RBI gaze, stress build-up

By
  Credit card spends have further slowed down to 16.6 per cent in the current financial year (FY25), following the Reserve Bank of India’s tightening of unsecured lending norms and rising delinquencies, and increased stress in the portfolio.Typically, during the festival season (September–December), credit card spends peak as several credit card-issuing banks offer discounts and cashbacks on e-commerce and other platforms. This is a reversal of trend in the past three financial years stretching to FY21 due to RBI’s restrictions.In the previous financial year (FY24), credit card spends rose by 27.8 per cent, but were low compared to FY23 which surged by 47.5 per cent. In FY22, the spending increased 54.1 per cent, according to data compiled by Macquarie Research.ICICI Bank recorded 4.4 per cent gross credit losses in its FY24 credit card portfolio as against 3.2 per cent year-on-year. SBI Cards’ credit losses in the segment stood at 7.4 per cent in FY24 and 6.2 per cent in FY23, the rep
Post a Comment
Read more

India can't rely on wealthy to drive growth: Ex-RBI Dy Guv Viral Acharya

By
  India can’t rely on wealthy individuals to drive growth and expect the overall economy to improve, Viral Acharya, former deputy governor of the Reserve Bank of India (RBI) said on Monday.Acharya, who is the C V Starr Professor of Economics in the Department of Finance at New York University’s Stern School of Business (NYU-Stern), said after the Covid-19 pandemic, rural consumption and investments have weakened.We can’t be pumping our growth through the rich and expect that the economy as a whole will do better,” he said while speaking at an event organised by Elara Capital here.f there has to be a trickle-down, it should have actually happened by now,” Acharya said, adding that when the rich keep getting wealthier and wealthier, they have a savings problem.   “The bank account keeps getting bigger, hence they look for financial assets to invest in. India is closed, so our money can't go outside India that easily. So, it has to chase the limited financial assets in the country and
Post a Comment
Read more