Tag Archives: Arun Jaitley

Budget 2018: Jatley presents election year budget

ewsroom24x6 Network

New Delhi: Finance Minister Arun Jaitley today presented the budget for 2018-19 on expected lines it being the election year.

The pro-senior citizen budget significantly proposes health insurance for half a billion people.

Under the new Budget, corporate tax will come down for majority of companies. jaitley also announced the ambitious goal of bringing down fiscal deficit to 3.5 per cent.

Balance in long term capital gains tax over Rs 1 lakh to be taxed at the rate of 10 %

The Budget also promises popular measures for farmers and senior citizens.

It will also lead to ease of doing business with making of e-assessment more broad based and everything going online leading to less interface between officers and people. Connected with this is however the fact that the community is not ready with assessment and will require lot of training.

Jaitle ha s proposed relief for salaried tax payer
Standard deduction to benefit 2.5 crore

There are also two major announcements under Ayushman Bharat programme:

  1. 1200 crore for health and wellness centres

  2. National health protection scheme to help 50 crore people

Twenty-four new government medical colleges and hospitals have been announced and Rs 5 lakh per family for health care for poor and vulnerable.

There is also focus on science, technology and research. There is a huge outlay of 1 lakh crore towards research.

Budget presented by Jaitley today also lays special emphasis on artificial intelligence, especially in the area of applications, and this is a major policy announcement.

Main Opposition Congres has lashed out saying this budget is nothing more than the BJP manifesto as it amounts to saying a lot but delivering nothing. Hitting hard the Congress has pointed out they have led down the middle class and proposed nothing about job creation- an area where the Modi Government has drawn a blank so far.

 

Stressed assets with banks are unique opportunity for asset reconstruction companies and private equity firms: Arun Jaitley

Newsroom24x7 Staff

New Delhi: Union Finance Minister Arun Jaitley today stated that the opportunities presented by the Insolvency and Bankruptcy Code (IBC) framework and Government’s emphasis on resolution represent a unique opportunity for Asset Reconstruction Companies (ARCs) and Private Equity firms (PE).

At a meeting today with leading ARCs and PE firms focused on stressed assets, Jaitley said that accounts classified as impaired or stressed still had inherent value. These were essentially productive assets which if turned around would not only create additional jobs but also contribute to national output. For this to happen, timely interventions, transparent price discovery and right management were required.

Jaitley underscored the legislative and regulatory changes made over the last 18 months that had created an enabling and supportive operational environment for ARCs and for takeover of stressed assets by PE firms and special situation funds. These, inter alia, include 100% ownership by sponsors, higher ceiling of 100% for FDI in ARCs, pass through status to ARC trusts for income tax, exemption from stamp duty, and enabling trading of security receipts. He noted that a number of new ARCs have sought and obtained registration during recent months. The increasing number of players in the market was indicative of an increasing interest in the sector but also presented an opportunity for banks to offload stressed assets before fully provisioning for them. The ratio of cost of acquisition to book value of assets acquired by ARCs has been rising. Within this overall context, the ARCs and PE funds were well placed to step up their activity levels as all the building blocks were there.

During discussions, ARCs and PE firms were appreciative of the steps taken so far by the Government and RBI. The need for evolution of targeted case specific solution by ARCs/PE funds was brought out, as these entities have higher operational flexibility. Prospects for capital raising and deployment were highlighted. It was suggested that sale of project loan by a consortium instead of individual banks selling their loan account could be a much more effective way of ensuring debt aggregation in a timely manner. Suggestions were also made regarding increase in activity levels of ARCs and PE funds.

Taking note of the feedback, Jaitley observed that Government and RBI had greatly facilitated the role of ARCs and Special Situation funds in effective resolution. Resultant collaboration between banks, ARCs, PE, Asset Management Companies and resolution professionals could pave the way to a virtuous cycle of fresh investments, new jobs and additional demand.

Income Tax Day 2017: FM calls for expansion of the tax base in a non-intrusive manner

Newsroom24x7 Network

Union Minister for Finance, Corporate Affairs and Defence Arun Jaitley gave away Commendation Certificates to officers of the Income Tax Deptt for their meritorious services, on the occasion of the Income Tax Day Celebration 2017, in New Delhi on July 24,

New Delhi: Union Minister for Finance, Corporate Affairs and Defence Arun Jaitley has underscored the thrust of the present NDA Government for setting-up an internationally competitive tax regime with a stable policy and a non-adversarial tax administration.

The Finance Minister was addressing the Officers and Staff of the ITD at a function organised here at Vigyan Bhawan in the national capital to mark the occasion of ‘The Aaykar Diwas – Income Tax Day Celebrations-2017’.

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Jaitley exhorted the officers of the Income Tax Department (ITD) to be prompt in redressing the grievances of the tax payers. The officers should work to expand the tax base in a non-intrusive manner even as they strive to achieve the revenue generation targets, he said adding taxes are the backbone of any economy.

Gadually, the mindset of the people is changing as they want no one should be exempted from tax, the Finance Minister said while emphasising that privacy cannot be made an excuse for non-compliance.

Jaitley congratulated the officers and staff of the Income Tax Department for working towards changing the mindset of the people and helping them become more tax compliant. He also spoke about the various steps undertaken by the present Government to widen the tax base, eliminate corruption and incentivise the honest taxpayers among others.

Earlier, the Finance Minister released a Coffee Table Book “The Journey So Far”. The book traces the 157 year history of the ITD and its metamorphosis into a modern department which uses state-of-the-art techniques for efficient delivery of taxpayer services while simultaneously generating a significant portion of the tax revenue of the Government of India.

Jaitley gave away the Finance Minister’s Awards for Excellence to 22 officers of various ranks in the ITD for their meritorious services. A film titled “In the Service of the Nation” detailing the contribution of the Department towards nation building was also launched by the Finance Minister and screened on the occasion.

The Aaykar Diwas – Income Tax Day – was celebrated today across India. The main function was held at Vigyan Bhavan in New Delhi. Besides Union Finance Minister Arun Jaitley, prominent among others present were Minister of State for Finance (Revenue) Santosh Kumar Gangwar, Revenue Secretary, Dr Hasmukh Adhia, Chairman, CBDT Sushil Chandra. Members of the Central Board of Direct Taxes (CBDT), senior officers of the Ministry of Finance and Income Tax Department attended the function.

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The Principal Chief Commissioner of Income Tax, Delhi, welcomed the Chief Guest, Dignitaries and the officers of Ministry of Finance and ITD. While Chairman, CBDT Sushil Chandra dwelt upon the technological changes in the ITD in the recent future that have given it an edge in tackling tax evasion, the Revenue Secretary Dr Hasmukh Adhia congratulated the Income Tax Department (ITD) for new initiatives to tackle the menace of black money, including the IDS 2016 and for steps taken to augment revenue collections. Minister of State (Revenue) Santosh Kumar Gangwar congratulated the Income Tax Department for increasing its effectiveness while simultaneously ensuring that no grievances arise on the part of the (law abiding) taxpayers.

GST: Modi, Jaitley hail landmark Tax reform, congratulate people

Newsroom24x7 Staff

Finance Minister Arun Jaitley’s response in Rajya Sabha with respect to discussion on the Finance Bill 2017, March 29, 2017

New Delhi: Prime Minister Narendra Modi, has congratulated the countrymen on the passage of GST Bill.

In a separate message Union Finance Minister Arun Jaitley also has congratulated every trader, producer and consumer of goods and services in the country on the passage of historic GST Laws by Lok Sabha. It is a landmark tax reform since independence. A historic day for all of us, Jaitley said.

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