【New Delhi】The government is likely to modify the controversial retrospective amendments to the Income-tax Act and make them prospective, justifying the move as a necessary measure to improve investment sentiment.
"This needs to go... It has created huge uncertainty for foreign investors," said a senior government official. The final decision will be taken by finance minister Arun Jaitley. He has, in the past, been known to oppose any retrospective changes in law but it remains to be seen what position the government takes on the issue.
○FM may eye non-tax revenue in Budget to fund capital expenditure
【New Delhi】Finance Minister Arun Jaitley might look at non-tax revenue and withdraw some tax exemptions to fund capital expenditure in his first Budget.
According to tax department officials, collections this current financial year are likely to be subdued, even as economic growth climbs above five per cent.
Finance ministry officials say a 19 per cent rise in tax collection projected in the interim Budget of 2014-15 was based on an assumption of high gross domestic product (GDP) growth.
○Complete diesel price decontrol unlikely
【New Delhi】With the oil marketing companies' (OMCs') loss on sale of diesel coming down to Rs 2.80 a litre, many might be thinking a full decontrol of the fuel's price is on the cards. But it appears OMCs are unlikely to be given the freedom to raise prices on their own even after the underrecovery is wiped out.
Senior officials told Business Standard the petroleum ministry was planning to seek the Cabinet's approval to maintain some administrative control on diesel after the underrecovery on the fuel became zero. This, according to them, is because diesel accounts for 44 per cent of the country's consumption of petroleum products and any significant increase in its price could have an immediate cascading effect.
【News source】
New government to ammend retrospective Income-tax Act to boost investment sentiment
FM may eye non-tax revenue in Budget to fund capital expenditure
Complete diesel price decontrol unlikely
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