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In a much surprise to the commoners, the government has said that political parties depositing the demonetised Rs 500 and Rs 1,000 notes in their accounts will not be scrutinized by tax authorities. 
 Revenue secretary <keyword id="6377137" type="PERSON" weightage="20" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword> told the media that while political parties will be exempted from reviews, individuals depositing money of political parties will be come under tax authority’s radar. 
 <keyword id="823722" type="UNKNOWN" weightage="20" keywordseo="the-section">The Section</keyword> 13A of the <keyword id="6354751" type="COMPANY" weightage="100" keywordseo="Income-Tax">Income Tax</keyword> Act, 1961 grants exemption from tax to political parties in respect of their income from house property, other sources, capital gains and income by way of voluntary contributions received from any person. 
 <keyword id="265326" type="ORGANIZATION" weightage="20" keywordseo="Adhia">Adhia</keyword> was replying in response to a question whether the government is also investigating political parties/political treasuries depositing their own cash in banks. 
 
"We will not go unnecessarily after those with Rs 2.5 lakh deposits. But where we find people have tried to misuse the provision by putting in multiple accounts in different banks (we will go after them),” Adhia clarified.

Political parties depositing
more than Rs 2.5 lakh of old notes will not be scrutinised by Income Tax Dept

Education, healthcare and pilgrimages will continue to be out of service tax even under the <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> regime as the Centre is against giving any shock in the first year of the rollout by bringing in new services, according to a <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report. 
 Besides making a strong case to the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="GST-Council">GST Council</keyword> for not touching services that are out of tax net currently, the Centre will also pitch for keeping concessional rate for services like transport at the current level, Revenue Secretary <keyword id="6377137" type="PERSON" weightage="20" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword> told PTI in an interview. 
 The GST Council, headed by Union <keyword id="6355261" type="POSITION" weightage="20" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and comprising representatives of all states, is scheduled to meet in <keyword id="41568" type="COMPANY" weightage="20" keywordseo="Srinagar">Srinagar</keyword> on May 18-19 to decide on rates various good and services will be charged in the new indirect tax regime that is being targeted for rollout from July 1. 
 <keyword id="265326" type="ORGANIZATION" weightage="20" keywordseo="Adhia">Adhia</keyword> said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and <keyword id="645517" type="COMPANY" weightage="20" keywordseo="services-tax">Services Tax</keyword> (GST) regime. 
 
GST will subsume central levies like excise duty on manufactured products and service tax on rendering of services as well as state VAT on sale, to make for a national sales tax that will be levied at the time of consumption of a product or service. 
 
Adhia said the approach for the GST rollout would be to avoid any shock in the first year and any review for inclusion of a service or change in rate could be done in the second or third year of the implementation based on revenue realisation. 
 
"Our entire purpose will be that we don't upset anything that is there now. We will try to do some smooth landing. So we will recommend to GST Council that whatever is the existing exemption list for service tax they should continue because we cannot do too many things at the same time," he said. 
 
Currently, there are 17 items in negative list of services on which service tax is not levied. 
 
On top of that there are over 60 services, like religious pilgrimage, healthcare, education, skill development, journalistic activities which are exempt from service tax. 
 Rajat <keyword id="1051" type="PERSON" weightage="20" keywordseo="Mohan">Mohan</keyword>, Director at tax consultant <keyword id="2632542" type="COMPANY" weightage="20" keywordseo="Nangia-Co">Nangia &amp; Co</keyword>, said: "GST is the biggest change that our country would see in last 50 years. I see that it was imperative that the government should continue exemptions on the current list of services which are tax neutral under the service tax regime." 
 
"I am ecstatic that there would be no levy of GST on services rendered by Government, Reserve Bank of India, public conveniences, educational institution, services relating to agriculture, transmission or distribution of electricity, renting of residential dwelling for use as a residence, burial, healthcare, specified schemes of general insurance etc," Mohan said. 
 
Mohan, however, felt that this might lead to cascading effect of taxes, but by maintaining the status quo government has ensured that neither the consumer nor the small and medium-sized companies are not in a state of shock. 
 
Asked if these services would be kept exempt from GST, Adhia said: "We presume so... We will recommend to the GST Council that whatever is in the exemption list they should continue in the first year." 
 
He said the main service tax rate will be standard rate of 18 per cent. 
 
"But there may be items of services where abatement (concessional rate) is given for valid reasons. So those items, because there will be no provision for abatements (in GST), we will have to fit them in the rates closed to the present incidence," he said. 
 
The GST Council has approved a four-rate tax structure of 5, 12, 18 and 28 per cent. 
 
Adhia said transport sector, for example, currently gets abatement of 60 per cent and only 40 per cent of the present service tax rate of 15 per cent is being collected. 
 
And so, the tax in the GST will be fixed in the closes bracket of 5 per cent, he said. 
 
Asked if rates for certain services will go up because current tax rate is 15 per cent and the nearest bracket that would not upset the revenue collections is 18 per cent, he said, "some services may become a little more expensive." 
 
The exact ones that become expensive or cheaper will be decided by the GST Council, he said. 
 On the issue of crude oil, petrol, diesel, aviation turbine fuel (<keyword id="44833" type="ORGANIZATION" weightage="20" keywordseo="ATF">ATF</keyword>) and natural gas being kept out of GST net for the time being by continuing with existing taxes of excise and VAT, Adhia said the GST Council decided that to give states comfort of revenue collections. 
 
"For them it is some kind of a risk insurer. That 30 per cent income is already assured. Now 70 per cent (of products and services) they are putting it into the common kitty," he said. 
 
States, he said, want to wait and see how much revenue is generated in the GST regime. 
 
"So, after a year or two if they find that the buoyancy (in tax revenues) is good, they could very well like to bring it (petroleum products) in GST," Adhia added.

No GST for education and health
care this year

Indian tax officials are secretly planning a silent revolt against the <keyword id="208415" type="ORGANIZATION" weightage="100" keywordseo="department-of-revenue">department of revenue</keyword> (DoR) headed by <keyword id="6377137" type="PERSON" weightage="100" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword>. Reportedly, the officials are not happy with the directives and functioning of Adhia, a Gujarat-cadre IAS officer and one of the most powerful bureaucrats in India. 
 It was only last week that the taxmen, including some of the senior-most officers, met in Mumbai, where they discussed DoR's alleged interference in "operational matters". They believe that this interference has "hurt the morale" of several <keyword id="141310" type="UNKNOWN" weightage="100" keywordseo="I-T-officials">I-T officials</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/SRK-gets-notice-from-Income-tax-department/articleshow/53378793.cms">Income Tax department wants Shah Rukh Khan to disclose offshore investments</a> 
 
The ‘emergency meeting’ was held to discuss DoR’s efforts to undermine the autonomy of the Central Board of Direct Taxes, two officials who attended the meeting told <a href="http://economictimes.indiatimes.com/news/politics-and-nation/i-t-officers-up-in-arms-against-revenue-department-to-approach-fm-arun-jaitley-and-pmo/articleshow/53423536.cms">ET</a>. 
 
The meeting was called after an I-T officer was transferred after sending an advance tax notice on a large bank, and it was in this meeting that the officers decided to draw the attention of the finance ministry and Prime Minister's Office to DoR and its ways. 
 
"The DoR," said a senior officer from the <a href="http://www.businessinsider.in/The-Income-Tax-Department-wants-to-talk-to-your-kids/articleshow/53119207.cms">I-T department</a>, "should work as per the Government of India's Allocation of Business Rules, 1961." 
 
"But it is indulging in micro-management - in daily operations like tax assessment, transfers and postings. We have differences with revenue secretary Mr Adhia's views aired during the video conferences he holds on Saturdays," the officer added. 
 
Also read: ​<a href="http://www.businessinsider.in/Tip-of-the-iceberg-I-T-department-unearths-over-Rs-13000-crore-black-money-just-from-two-sets-of-info/articleshow/52936249.cms">Tip of the iceberg? I-T department unearths over Rs 13,000 crore black money just from two sets of info</a> 
 
<a href="http://images.financialexpress.com/2016/04/Hasmukh-Adhia-EP.jpg">Image source</a>

Income tax officials are secretly planning a revolt against the revenue department

The finance ministry may take the course of reducing tax exemptions for it cost exchequer about Rs 2 lakh crore annually. 
 
Ahead of the Budget 2016-17, which will be announced on February 29, the ministry said it was important to phase them for a level playing field to domestic manufacturing companies for Make in India’s success. 
 
The tax department has already come out with a draft roadmap for phasing out tax exemptions, and the final roadmap would be unveiled in Budget. 
 
"The focus of the budget should be on tax rationalization and simplification. The focus should be on promoting growth, employment and in terms of giving some sort of level playing field to domestic manufacturers so that the Make In India can happen," Revenue Secretary Hasmukh Adhia said. 
 
Removal of tax exemptions, Adhia said, would able the government to reduce income tax rate and give a more fair deal to people paying taxes. 
"In direct tax, we are losing about Rs 1 lakh crore in these exemptions. The cause may be noble, but it distorts the taxation system. In case of indirect tax also, we are almost losing Rs 1 lakh crore because of various exemptions given for SEZ, EOU,” said Adhia. 
 
Adhia said removing the exemptions would also help in improving the tax: GDP ratio which is currently around 10 per cent. 
 
"There is a need to increase the tax: GDP ratio but you also have to see the capacity of people to bear that kind of taxation burden. If we simply rationalise the taxation system and remove the exemptions, I am sure the tax to GDP ratio can be enhanced substantially," he added.

Budget 2016-17: Tax exemptions may be phased out to boost manufacturing

If you are earning Rs 20 lakh annually from renting or leasing commercial property, you’ll have to pay tax. Under the new norms, GST will be levied on commercial rental income beyond Rs 20 lakh. Revenue Secretary Hasmukh Adhia said that if the house property is rent out for shop or office purpose, no Goods and Service Tax (GST) will be levied up to Rs 20 lakh. "Rental income received from residential house is exempt. But if you have given your unit to commercial enterprise, then it is taxable if you are getting more than Rs 20 lakh as rent," said Adhia. The taxpayers will have to register themselves with the GST Network and pay taxes. So far, nearly 69.32 lakh registered excise, service tax and VAT payers have migrated to the GSTN portal. There are over 80 lakh such assessees in the earlier indirect taxation regime. GSTN Chief Executive Prakash Kumar said out of the 69.32 lakh, as many as 38.51 lakh have completed the entire registration process and registration certicate is being issued to them. The remaining 30.8 lakh taxpayers are being sent SMS and emails by GSTN so that they complete the registration process by giving the details of the business like main place of business, additional place of business, promoters details. Besides, over 4.5 lakh new assessees have registered on the GSTN portal since June 25. Adhia further said that the facility to amend the details of businesses provided to the GSTN portal at the time of registration will open on July 17. Also, registration for GST practioners will open on the same day. Besides, cancellation of registration can be done online.

Earning income by renting commercial properties? Be ready to shell out GST. Here are the details

After the salaried class expressed their discontent over tax on PPF scheme, the government has finally withdrawn the proposal. 
 
The government said the PPF will not be taxed on withdrawal and only the interest that accrues on contributions to employee provident fund made after April 1 will be taxed while principal will continue to be tax exempt. 
 
Revenue Secretary Hasmukh Adhia said, “The principal amount will not be taxed and will continue to remain tax exempt on withdrawal. What we have said is 40 per cent of the interest accrued on contributions made after April 1 will be tax exempt and its remaining 60 per cent will be taxed." 
 
Adhia said that no part of PPF will be taxed and the present scheme of investment up to Rs 1.5 lakh in a year will continue to be tax exempt. PPF on withdrawal will continue to be out of the tax ambit. 
 
(Image: Thinkstock)

Confusion no more! PPF stays on tax exemption list

Indirect tax collection is likely to exceed by about Rs 40,000 crore this fiscal that will help the government meet the budgetary target of revenue collection for the first time in five years
 This will also make up for the expected shortfall in the <keyword id="45697" type="COMPANY" weightage="20" keywordseo="Direct-Tax">direct tax</keyword> collections, Revenue Secretary Hasmukh Adhia said on Wednesday Of the Rs 14.49 lakh crore budgeted tax revenue target for 2015-16, Rs 7.97 lakh crore was estimated to come from direct taxes (corporate and <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">income tax</keyword>) and another Rs 6.47 lakh crore from indirect taxes (customs, excise and <keyword id="6355686" type="COMPANY" weightage="20" keywordseo="Service-tax">service tax</keyword>) 

	"We are likely to exceed the collection in indirect tax by about Rs 40,000 crore in the current year. On the whole, we are very optimistic about achieving annual tax revenue target for the year," Adhia said
 

	The government invariably falls short of tax collection target and had last time exceeded the budgeted target in 2011 fiscal
 

	In the first 10 months of the current fiscal, indirect tax mop up of Rs 5.44 lakh crore was 88 per cent of the full year target. Besides, direct tax collection of Rs 5.22 lakh crore was 65 per cent of target for 2015-16
 

	"Looking at the trend, it appears that as far as indirect tax collections are concerned, the government may get more than Rs 40,000 crore over and above the BE (budget estimate) target for indirect taxes for 2015-16 while there might be an equal amount of shortfall in direct tax collections
 

	"However, both direct and indirect tax collections put together, we expect to meet the annual BE target of Revenue collections for the current year without any shortfall," Adhia said in a statement
 The tax revenue trends, he said, supports the latest figures of <keyword id="35050" type="CITY" weightage="20" keywordseo="gdp">GDP</keyword> growth rate The CSO has projected <keyword id="6356076" type="UNKNOWN" weightage="20" keywordseo="indian-economy">Indian economy</keyword> to grow by 7.6 per cent in the current fiscal, the fastest pace in five year.

Spurt in indirect tax mop up to help govt meet FY16 target

<keyword id="2665691" type="UNKNOWN" weightage="20" keywordseo="Niti-Aayog">Niti Aayog</keyword> member <keyword id="105648" type="PERSON" weightage="100" keywordseo="Bibek-Debroy">Bibek Debroy</keyword> said on Friday any suggestion that GST would boost GDP growth by 1-1.5% was "utter rubbish", adding that the current form of the regime was "imperfect" following alterations in the "ideal structure" originally proposed, according to <keyword id="6367495" type="COMPANY" weightage="20" keywordseo="PTI">PTI</keyword> news report . The noted economist, however, quickly added that he will not "contradict" <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">finance</keyword> minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> and revenue secretary <keyword id="6377137" type="PERSON" weightage="20" keywordseo="Hasmukh-Adhia">Hasmukh Adhia</keyword>, when pointed out that they have been maintaining a similar boost to the GDP from the GST regime. Debroy also said the number of countries with GST is not more than six or seven, even as some "rubbish" figures of about 140-160 countries having GST are floating around. The Niti Aayog is a government think-tank mandated to advise on policy matters. Debroy said the Indian GST is not an "ideal" one because of the country's federal structure while a multiple rate structure was also a problem to the new tax. "When you see figures floating around, there will be 1-1.5 per cent increase in GDP after implementation of GST. For God's sake, that is utter rubbish," Debroy said while speaking at a session during the GST Conclave organised by Hindi news channel Aaj Tak. "For an imperfect GST, I have no idea what the figure is. It might be even more, it might be less, but this particular figure (1.5 per cent) was for ideal GST," he said. "That figure was based on the model that the <keyword id="132873" type="ORGANIZATION" weightage="20" keywordseo="NCAER">NCAER</keyword> did in the course of the 13th <keyword id="74136" type="ORGANIZATION" weightage="20" keywordseo="finance-commission">Finance Commission</keyword> report for an ideal GST. We are nowhere near that ideal GST, this is just the beginning of a process," Debroy said. The moderator pointed out to him that Jaitley and <keyword id="265326" type="ORGANIZATION" weightage="20" keywordseo="Adhia">Adhia</keyword> have also talked about such a boost to GDP from the GST, to which, Debroy said, "I won't contradict them." "That's rubbish. There are many countries in the world which have VAT, a VAT is not the same as GST. VAT is the stepping stone towards GST.

Niti Ayog member Bibek Debroy refuses to buy ‘GST would boost GDP’ theory

Ahmedabad, May 13 () The Gujarat government onWednesday formed a panel under former Union finance secretaryHasmukh Adhia to chalk out a comprehensive plan to prepare theeconomy to deal with the post-COVID-19 scenario.The six-member committee has been tasked with givingits "comprehensive action plan (immediate, medium term andlong term) with necessary inputs" within a month and aninterim report within two weeks."COVID-19 pandemic has affected the state and itseconomy to a large extent. The demand-and-supply chain standscrippled, with the informal sector and MSMEs being hugelyimpacted," an official release said.The government has also expressed concern over theindustrial disruption caused by exodus of migrant workers outof the state."The committee will assess sectoral and sub-sectorallosses and provide necessary measures for revival. It willalso review the fiscal status and budgetary position ofGujarat and provide suitable suggestions for improvement."This will include revising the fiscal deficitestimate and the current tax administration in the postCOVID-19 scenario," the government said.The committee will also analyse availability oflabourers in the state and provide necessary recommendationsto improve their availability in view of largescale movementof migrant workers to their respective home states, it stated."The committee will also come up with a strategy tocreate an ambient environment to attract foreign companieswhich are looking to relocate their bases from othercountries," it said.Besides Adhia, other members include former IIM-Aprofessor Ravindra Dholakiya, senior tax consultant MukeshPatel, financial expert Pradeep Shah, retired IAS officerKirit Shelat and VC and MD, GIDC, Government of Gujarat, M.Thennarasan, it said. PDNSK NSK

Gujarat govt forms panel for revival of economy

Ruling out rollback of the proposal to restrict tax incentive for second home to Rs 2 lakh per annum, Revenue Secretary Hasmukh Adhia today said there is no point in subsidising purchase of second property by those who have surplus funds, according to PTI. 
 
Moreover, he added that the tax incentive for second home loan borrower is being "virtually misused." 
 
Citing limited resources, he said it is prudent to subsidise first-time buyer and not the second property owner who is not staying in that but earning income from the second unit. 
 
The Finance Bill 2017 has restricted set-off of loss towards second home against other heads of income up to Rs 2 lakh under Section 71 of the Income Tax Act. Under the present dispensation, there is no such limit for set-off of loss from house property, which is mainly the difference between the rental income and interest on home loan. In other words, a buyer could deduct the entire ninterest paid on the home loan. 
 
"Government resources are very very limited. The question is should the government be subsidising first-time home owners who are occupying own house or should the government be subsidising the second acquisition of the property by people who have got surplus money to invest in real estate," Adhia said while addressing industry representatives here. 
 
He cited an example: "If I have already my own house, I buy a new property by taking a bank loan of Rs 1 crore, the interest on it is Rs 10 lakh per annum and I rent it out to somebody who gives out Rs 3 lakh as rent, the remaining Rs 7 lakh you could offset against your salary income or business income." The loss to the government for the second house were almost one third of that, he said, adding that it came to about Rs 3 lakh in addition to Rs 2 lakh advantage. 
 
"So, why should the government bear the cost of second house acquisition, that was the question. We have a lot of people to be given affordable housing, we need to help them out... so the revenue loss was huge and people were virtually misusing it," he said. 
 
The Finance Bill, 2017, proposes to restrict such set-off of house property loss to Rs 2,00,000 per annum only. Balance loss, if any, will be carried forward to be set off against house property income of subsequent 8 years. 
 
Hence, individual tax payers having loss of more than Rs 2,00,000 will now have a higher tax outgo. "In line with the international best practices, it is proposed to insert sub-section (3A) in the said section to provide that set-off of loss under the head 'Income from house property' against any other head of income shall be restricted to Rs 2 lakh for any assessment year," the Finance Bill 2017 said. "However, the unabsorbed loss shall be allowed to be carried forward for set-off in subsequent years in accordance with the existing provisions of the Act."

Planning to buy second home? Look out for
government restrictions

Union <keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has asked the public sector undertaking (PSU) banks to increase the credit flow and check the rising non-performing assets (NPAs). 
 
“There is a great opportunity for India to attract foreign investment and a large number of international entrepreneurs are showing their keen interest in India,” the Jaitley said. Banks, on their part, said that the credit growth was slow owing to lack of demand. 
 “Over the last two-three years, on account of slowdown, one area of concern is that the <keyword id="79363" type="ORGANIZATION" weightage="100" keywordseo="NPA">NPA</keyword> has risen. Therefore, steps to be taken to ensure NPAs come down have been discussed,” the finance minister said. 
 
Jaitley emphasised that the decision-making process must be guided solely by professional reasons. He also assured banks that the Centre would not interfere in their professional decisions asked them to “act without any fear or favour.” 
 
Financial Services Secretary Hasmukh Adhia also assured banks that the Centre would not influence their professional decisions.

Arun Jaitley Asks Banks To Increase Credit
Flow And Reduce NPAs

New Delhi, Mar 3 () Former finance secretary Subhash Chandra Garg on Tuesday announced that he has joined as advisor to the chief minister of Andhra Pradesh. Garg, who in a surprise move took voluntary retirement from service last year, had joined the central government in 2014 and was appointed executive director in the World Bank where he stayed till 2017, when he was appointed the DEA secretary in June 2017. In December 2018, he was elevated as the finance secretary after the retirement of Hasmukh Adhia. "Happy to join as Advisor Resources to CM, AP. State has initiated a number of efficient &amp; effective DBT schemes under Navaratnalu umbrella. State has considerable legacy financial stress, which ongoing economic slowdown has deepened further. Hope to find sustainable solutions," he said in a tweet. In July last year, he was shifted from the finance ministry to the power ministry. BKS HRS

Ex-finance secy Garg joins as advisor to Andhra CM

<a href="http://www.businessinsider.in/searchresult.cms?query=Union+Budget+2017&amp;sortorder=effectivedate">Union Budget 2017</a> will be announced on Feb 1 and this year, people have quite a lot expectations from <a href="http://www.businessinsider.in/searchresult.cms?query=Finance+Minister+Arun+Jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. Jaitley’s team has been working tirelessly on the <keyword id="6599769" type="UNKNOWN" weightage="100" keywordseo="Budget-2017">Budget 2017</keyword> and they will be responsible of how it shapes up. 
 
Here are the people who are working to roll out the best Budget, especially after <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> 
 
ASHOK LAVASA, <keyword id="46929" type="POSITION" weightage="100" keywordseo="Finance-secretary">Finance Secretary</keyword> 
Lavasa is a 1980-batch IAS officer of the Haryana cadre and has worked efficiently in the streamlining of approvals at the environment ministry and it, under the previous government, was blamed for tardy clearances and corruption. 
 
As a finance secretary, he is leading the budget-making exercise and keeps a balance between the expectations of ministries and departments seeking larger allocations and the fiscal deficit goals of the government. 
 
SHANTIKANTA DAS, Secretary, <a href="http://www.businessinsider.in/searchresult.cms?query=Department+of+Economic+Affairs&amp;sortorder=effectivedate">Department of Economic Affairs</a> 
Das knows the budget to its full and he has been seeing it for quite some time. Das’ duty is to deliver a problem free budget and he also checks that it has enough reforms to meet expectations. 
 
He is looking over the ideas that are needed to be provided so as to put the economy back on track post demonetisation and something extra so that the private sector starts to invest. 
 
HASMUKH ADHIA, Secretary, Department of Revenue 
Adhia is facing the difficult task of delivering big tax collections through the disclosure scheme announced during demonetisation. He is a trusted person of Prime Minister Narendra Modi from Gujarat and his key focus soon after coming to the revenue department from financial services was to reduce complaints against tax authorities. 
 
He has been able to move swiftly against the black sheep in the department and also take steps to reduce litigation. 
 
NEERAJ KUMAR GUPTA, Secretary, Dept of Investment and Public Asset Management 
To dilute government’s stake in as many as six companies, strategic asset sales are expected to be the top agenda. This financial year, Gupta has managed to prevail on cash-rich companies to go for buybacks, which fetched the government Rs 15,982 crore, and the year could end with all-time high disinvestment receipts. 
 
With his help, the government is looking for monetizing stakes held through the Specified Undertaking of the Unit Trust of India and push for listing of profitable subsidiaries of state-run companies. 
 
ARVIND SUBRAMANIAN, Chief Economic Advisor 
Though, he wasn’t figured prominently in the demonetisation process, but Subramanian can create a big impact on the budget. While he could not get the government to relax the fiscal goals last time, a bigger idea of his could find a place in the budget. 
 
ANJULY CHIB DUGGAL, Secretary, Department of Financial Services 
Post demonetisation, the government is aggressively trying to catch its dream of cashless economy, with state-run financial institutions at the forefront. Bad loans plague the banking sector and the government may need to find additional resources to meet their capital needs and lessen their burden and this where she comes in. The listing of state-run general insurers will keep Duggal busy. After the merger of State Bank of India with its subsidiaries, some action could be seen on the merger of public sector banks.

You Searched For "Adhia" and got 13 results

Political parties depositing more than Rs 2.5 lakh of old notes will not be scrutinised by Income Tax Dept

BI India Bureau

No GST for education and health care this year

BI India Bureau

Income tax officials are secretly planning a revolt against the revenue department

BI India Bureau

Budget 2016-17: Tax exemptions may be phased out to boost manufacturing

BI India Bureau

Earning income by renting commercial properties? Be ready to shell out GST. Here are the details

BI India Bureau

Confusion no more! PPF stays on tax exemption list

BI India Bureau

Spurt in indirect tax mop up to help govt meet FY16 target

BI India Bureau

Niti Ayog member Bibek Debroy refuses to buy ‘GST would boost GDP’ theory

BI India Bureau

Gujarat govt forms panel for revival of economy

PTI

Planning to buy second home? Look out for government restrictions

BI India Bureau

Arun Jaitley Asks Banks To Increase Credit Flow And Reduce NPAs

BI India Bureau

Ex-finance secy Garg joins as advisor to Andhra CM

PTI

Meet Team Arun Jaitley, which is working on Budget 2017

BI India Bureau

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