The 2013/14 budget is the last full budget of the UPA government. The government's term ends in 2014, and provides Chidambaram an opportunity for some grandstanding.
Besides parity in tax rates with crude oil, the industry players want gas to be in the list of products covered by GST.
Shedding its 9-month long hawkish monetary policy stance, the Reserve Bank of India (RBI) slashed its key interest rates by 0.25 per cent and released Rs 18,000 crore additional liquidity into the system to perk up growth through reduced cost of borrowing.
Finance ministers of various states on Monday agreed to accept reduced compensation for their losses due to cut in the rate of central sales tax (CST) and seek Centre's nod to revert to 4 per cent CST in case of non-introduction of GST from April.
The real estate sector has been asking for tax breaks under Section 80-IA of the Income Tax Act to be extended to the housing sector. Section 80-IA was introduced to promote private participation in the infrastructure sector.
Rs 1.90 trillion. That was the government's estimate of total subsidies for 2012/13, in the budget presented last March. This year, the number will be revised. Upwards, very likely.
Wooing over 300 Singapore-based investors on the second leg of his East Asia tour, Finance Minister P Chidambaram said he was committed to keeping fiscal deficit to 5.3 per cent of the GDP in the current fiscal.
In a bid to curb imports of precious metals and check the widening current account deficit, the government on January 21 hiked the import duty on gold and platinum to 6 per cent from 4 per cent.
In a bold reforms decision, the government on Jan 17 partially deregulated diesel price, allowing a hike of 40-50 paise a litre per month for retail customers and nearly Rs 11 for bulk consumers.
India's new-found love for SUVs, which mostly run on diesel, has caused a bit of stir in the finance ministry just ahead of the Budget. The government is contemplating an increase in the excise levy on diesel SUVs.
Chairman of Prime Minister's Economic Advisory Council C Rangarajan recently said the rates of taxation be increased for the rich with a view to raising the tax-to-GDP ratio. Here's Business Today poll question for you -
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