sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Service Tax »
 How to get registered under goods and services tax
 Service Tax can’t be Levied on Activity of Collection of VAT on behalf of Commercial Tax Dept
 Why you should worry about June 15 advance tax date
 Five reasons why you should start your investments in tax saving funds now
 Income Tax Department Releases All 7 ITR Forms Check Details About New IT Forms
 Income tax benefits for senior citizens: Here is all you need to know in brief
 12 ways to avoid paying more for bank services
 I-T return filing: Income Tax offices, Ayakar Seva Kendras to remain open from March 29-31
 Top 5 money matters you must settle before March 31 From income tax returns to LTCG,
 Steep fines for missing March 31 income tax deadline
 CBEC clears some air on refunds under GST, central excise, service tax laws

Let's work together, Ficci to govt & Opposition
January, 17th 2012

The Federation of Indian Chambers of Commerce and Industry (Ficci) will ask the ruling coalition and the opposition to build a broad consensus on economic reforms and rise above party politics while discussing development.

Ficcis call for unification comes as implementation of reforms such as foreign direct investment in multi-brand retail and Goods and Services Tax are stuck due to differences among political parties, and the Centre and states.

The industry body will, at the annual general meeting on Wednesday, try to emphasise the need for second generation reforms. Finance Minister Pranab Mukherjee and Commerce, Industry Minister Anand Sharma and leader of the opposition in the Rajya Sabha Arun Jaitley are scheduled to attend the meeting.
Ahead of the meeting, Rajiv Kumar, secretary general of Ficci, told Business Standard that the industry body will tell the leader of the opposition to contribute to the national agenda, rather than a partisan agenda. The chamber also wants to tell the ministers to work with the industry to tackle moderating economic growth.

In another move, Ficci will put forward a new theme Empowering India to brand the economy more effectively in the international market. We have tried to sell Incredible India for a long time now and we have succeeded in that. Now we have to sell a credible India that provides ease in doing business.

The World Banks Doing Business report brought out in 2011 put India at 134 among 183 countries in ease of doing business. The ranking has declined from 120 in 2008.

As GST continued to miss one deadline after another, Finance Minister Mukherjee had said earlier: If collectively all the chambers make an effort (in demanding GST), it is possible to build a broad consensus on the indirect tax reforms.

A constitution amendment Bill on GST roll-out is pending before the standing committee on finance. The Bill not only requires two-third majority in both the houses but also needs the approval from at least half of the states. The Bill is required as states cannot impose service tax and the Centre cannot levy tax on goods beyond the ambit of manufacturing. GST which will subsume excise duty, service tax at the Centres end and VAT and other small levies on the states front requires this enabling provision, besides GST bills from the union government and states.

The Cabinet decision to allow FDI in multi-brand retail is also in the limbo because of the protests by some members of the ruling coalitions allies and the opposition. Though executive measures, the FDI decision was frozen as there was lack of consensus on the issue.

Ficci has been at the forefront in downgrading the GDP forecast. Ahead of all organisations, FICCI had said that the GDP growth for the financial year would rest between 6.6 per cent and 6.8 per cent, and that too with significant downside risks. The associations forecast for growth for the next fiscal had been at a modest 6.7 per cent. The economy grew by 8.5 per cent last fiscal and 7.3 per cent in the first half of this fiscal.

R V Kanoria of Kanoria Chemicals will take over as Ficci President from Harsh Mariwala of Marico Ltd.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions