Latest Expert Exchange Queries
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) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: cpt :: due date for vat payment :: ACCOUNTING STANDARD :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: ACCOUNTING STANDARDS :: VAT RATES :: empanelment :: TDS :: articles on VAT and GST in India :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: form 3cd :: Central Excise rule to resale the machines to a new company :: list of goods taxed at 4%
General »
 Banks warn share tax hike threatens Paris' post-Brexit appeal
 PMC may decide on property tax rebate for IT firms this week
 I-T Dept is giving out certificates of appreciation. Have you received yours?
 Government works on ironing out benefits refund mechanism for exportersa
  Tax officials are using an IDS provision to question transactions beyond six-year-limit
 Tax-free bonds rally like midcap funds
 Senior citizens do not have to pay advance tax on salary and interest income
 GST: Audit commissioners to get adjudication powers
 Interest on NRE rupee account can be exempt from tax under FEMA
 Impact of GST on Real Estate Sector
 GST regime: Tax payers allowed to take option of third-party interfaces

Congress would back tax reform if in Opposition
May, 02nd 2014

If India's ruling Congress party is pushed into opposition after a general election, it would give its backing to a major tax reform it tried to bring in during 10 years in office, a government minister and party strategist said on Thursday.

Jairam Ramesh, a union minister and senior Congress leader, criticised opposition leader Narendra Modi for blocking the general services tax (GST), which is aimed at easing doing business, raising revenues and boosting growth.

"If the people of India want us to be in the opposition, we will not do what Mr Modi did to us on GST, he single-handedly derailed the most important economic initiative of (our government)," Ramesh said in an interview as the world's biggest election reaches the final stage.

Results are due on May 16.

BJP-ruled states, including Gujarat, which Modi governs, stymied efforts by two successive finance ministers to bring in the new indirect tax regime, which would replace some state taxes.

Modi, who opinion polls favour to form the next government with his Bharatiya Janata Party and allies, now says he will bring in GST if he wins office, blaming the delay on the government's poor coordination with states, whose support is needed to implement the reform.

The measure, stuck for years, would convert the country into a single fiscal union and add 2 percentage points to overall economic growth, economists estimate.

The BJP had become the party to beat in this election but claims of victory were premature, Ramesh said. He said the mammoth election - with 815 million eligible voters - remained a close fight between the Congress-led coalition and the Hindu nationalist opposition. It was far from certain that Modi will become prime minister, he said.

Most opinion polls have forecast the BJP to emerge as the single largest group in the election and best-placed to form a coalition government, riding a wave of anger and discontent over graft scandals and a slowing economy.

But Ramesh's remarks suggested that the Congress was not about to give up the fight and that it would try and stop Modi - whom it deeply reviles - from cobbling together a simple majority in Parliament required to rule.

"With almost 75 to 80 per cent of the (election) over, I am reasonably certain it will be a very, very close contest," said Ramesh, who heads the rural development ministry.
"It is becoming increasingly apparent that the so-called sweep for the BJP is not going to happen. The polls have vastly overestimated the BJP's performance while downplaying the Congress performance."

Opinion polls have a mixed record in India which has an electorate bigger than the United States and Europe put together.

Ramesh said the party's own assessment was that it had picked up support in states such as Punjab in the north, Jharkand and Chhattisgarh in the east and Karnataka in the south that went to the polls in the second half of the campaign.

The BJP's power base is in the Hindi heartland in the north and the west of the country and it needs to lure in regional players in the south and east to build a stable coalition.

Failure to win big could be a problem for the Hindu nationalist Modi, seen as a polarising figure mistrusted by the country's sizeable Muslim minorities.
He has been unable to shake off criticism that he failed to protect Muslims in a spasm of bloodshed in the western Gujarat state that he governs, even though a Supreme Court ordered inquiry absolved him of any responsibility.

"Modi's track record in Gujarat is one of political authoritarianism, social divisiveness and some sort of economic cronyism. It is a dangerous cocktail," Ramesh said.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

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