Government wants to pass GST bills through consensus: Finance Minister

Finance Minister Arun Jaitley said the GST bills are based on the principle of "shared sovereignty" and that the government wants to pass these landmark tax reforms through consensus, reported PTI. Jaitley was briefing the party MPs after BJP's parliamentary party meeting here which was also attended by Prime Minister Narendra Modi, Parliamentary Affairs Minister Ananth Kumar told

Arun Jaitley hopes GST bill will be passed through consensus

Describing the Goods and Services Tax (GST) bill as "revolutionary", Finance Minister Arun Jaitley on Tuesday hoped all the political parties would pass the related bills through consensus in the current session of Parliament.

Jaitley's remarks came at the BJP parliamentary party meeting which was also attended by Prime Minister Narendra Modi and other senior ministers o

Banks looking for lower savings account interest rates

Falling growth in loans is making banks to look at the possibility of lowering the interest rates on savings bank accounts so as to improve their pre-provision operating profits, investment banking firm Jefferies said.

In an industry note on Indian banking sector about the concerns of investors after the US roadshows, Jefferies said: "Falling loan growth doesn't augur well wi

Demonetisation has not affected prices of 22 essential items: Ram Vilas Paswan

The note ban decision has not affected the prices of 22 essential commodities, including foodgrains, the Lok Sabha was informed according to the PTI report. Food and Consumer Affairs Minister Ram Vilas Paswan said changes in prices of the 22 items including pulses, onion and tomato vis-a-vis on the day of demonetisation are being monitored on a daily basis.

Around 3.89 lakh tonne of w

DIPP, OECD organising seminar to assess India's FDI regime on April 5

The Department of Industrial Policy and Promotion (DIPP) and global think-tank OECD are jointly organising a seminar to assess India's FDI regime and find ways to further improve the ease of doing business, reported PTI. The international seminar on April 5 is also aimed at analysing the business climate of the country to further facilitate domestic as well as foreign investments.

CBIC to become operational from June 1: Reports

According to sources, the Central Board of Indirect Taxes and Customs (CBIC), which will replace the current CBEC, will become operational from June 1 in preparation for the Goods and Services Tax (GST) regime. As per reports, the Central Board of Excise and Customs (CBEC) is presently the top policy-making forum for indirect taxes in the country. Commenting on the issue, a CBEC Official told t

RBI likely to opt for status quo at next month’s review: Experts

According to experts, the Reserve Bank is likely to opt for status quo despite the March 2017 inflation number being much below the targeted level at next month's policy review. Commenting on the issue, rating agency Icra's managing director Naresh Takkar said, "Although the CPI inflation is likely to significantly undershoot the March 2017 target, we do not expect a repo rate cut

RBI doesn't target any range on rupee: S S Mundra

As the rupee touched a 17-month high against the US dollar, Deputy Governor S S Mundra said the Reserve Bank does not target any range for the domestic currency and intervenes only to curb volatility, reported PTI. "We don't target a particular range for the rupee. What we always do is to curb the undue volatility in the (forex) market," he told reporters on the sidelines of Exim

GST to result in price reduction for consumers: Hasmukh Adhia

The Centre and states have concurrent powers to levy GST and the new indirect tax regime willresult in reduction of prices for consumers and broaden the tax base, Revenue Secretary Hasmukh Adhia said according to the PTI. At aworkshop on Goods and Services Tax (GST) organised under the Speaker's Research Initiative (SRI) in Parliament Library Building today, Adhiaexplained how the existing

Government , RBI to finalise first half borrowing calender today

The government and the Reserve Bank are scheduled to finalise first half borrowing calender today, reported PTI. The government has decided to borrow Rs 3.5 lakh crore from the market in 2017-18, around Rs 75,000 crore lower than the current fiscal. However, gross borrowing has been pegged at Rs 5.8 lakh crore for 2017-18, marginally higher from Budget estimate of Rs 6 lakh crore in the ongoing

Central GST Bill to apply pan-India except J&K for now

India moved a step closer to becoming a unified market in line with the federalist vision of the architects of its Constitution with the tabling in Parliament on Monday of the GST Bill, which extends pan-India except to Jammu and Kashmir.

Union Finance Minister Arun Jaitley introduced the Central Goods and Services Tax (CGST) Bill, 2017, along with three other related bills in the Lok

GJF in dialogue with government for solution in GST regime

The All India Gem and Jewellery Trade Federation, which has proposed a 1.25 per cent tax rate on gems and jewellery products under the GST regime, is in dialogue with the government to resolve its concerns.

"Under Goods and Services (GST), what has been prescribed is the supply of goods. That means any movement of gem and jewellery products from one place to other will attract in

New board for indirect taxes to become operational from June 1

The Central Board of Indirect Taxes and Customs (CBIC), which will replace the current CBEC, will become operational from June 1 in preparation for the Goods and Services Tax (GST) regime, an official source said.

The Central Board of Excise and Customs (CBEC) is presently the top policy-making forum for indirect taxes in the country. 

"The CBIC will become

Centre to get greater chunk in residual GST compensation fund

The Centre will have a greater share of the residual amount in the compensation fund at the end of the 5-year period as the GST Bill now provides for equal sharing of the amount as against the earlier formula which favoured states, reported PTI. According to the Goods and Services Tax (Compensation to States) Bill, as introduced in the Lok Sabha, they will receive provisional compensation bi-mo

Aadhaar not mandatory for social schemes: Supreme Court

The Supreme Court on Monday said the unique identification number - Aadhaar card - cannot be made mandatory for availing benefits under social welfare schemes.

This was stated by a bench of Chief Justice Jagdish Singh Khehar, Justice D.Y. Chandrachud and Justice Sanjay Kishan Kaul.

Senor counsel Shyam Divan had challenged a spare of orders issued by the government making Aad

Arun Jaitley paves way for landmark tax reforms

By Manoj Kumar

NEW DELHI  - India's finance minister Arun Jaitley paved the way for landmark tax reforms on Monday, introducing four bills on the goods and services tax (GST) in the lower house of parliament.

The legislation, which has broad support and is expected to pass parliament with ease, is part of the biggest tax reform the government has un

AIBEA to sign tripartite MoU after knowing its contents: Reports

The All India Bank Employees' Association (AIBEA) has said that it will decide on signing the tripartite MoU with the government and bank management after knowing its contents.

As per reports, the Central Government has decided to infuse fresh capital totalling Rs 8,586 crore into 10 weak banks subject to commitment to quarterly milestones by bank boards, management, employees and

NPA resolution policy gathers pace, likely announcement soon

To deal with mounting bad loans afflicting banks, the government is likely to come out with a set of measures for faster resolution of non-performing assets within a fortnight, reported PTI. "Policy is being given final touches. It should be announced by the month-end or early next month," a senior finance ministry official said.

Broadly, the policy should contain the proces

GST run held to create awareness on need to migrate to GSTN

A 'GST Run' was organised yesterday to create awareness on the need to migrate to the Goods and Services Tax Network (GSTN), reported PTI. "The objective is to create awareness among existing Central Excise and Service Taxpayers on the urgent need to migrate to GSTN," an official release said.

Service Tax department had organised the run at Elliots Beach at Besant Na

Godrej Group chairman hails demonetisation, GST

Godrej Group chairman Adi Godrej hailed demonetisation and the proposed GST bill, stating that believers in India's strong future outstripped its doubters, reported PTI. Demonetisation helped checking black money, ensuring mid- and long-term growth while the GST, which would be implemented from July, would help achieve positive economic growth of the country, Godrej said.

Right po

No plans to unveil new denomination currencies: RBI

A top official of the central bank has said that Reserve Bank of India (RBI) at present has no idea of introducing new denomination currencies. Commenting on the issue, RBI Deputy Governor N S Vishwanathan told the media, "Presently RBI has no idea to introduce currencies of new denominations. The central banking institution wants to encourage cashless transactions, which are helpful to th

Awareness about digital transactions must for cashless economy

Financial literacy and awareness about digital transactions is paramount in rural India to make the cashless economy a reality, executives of mobile wallet-provider services said here at a panel discussion.

In the on-going three-day tech festival at IIT Roorkee, the panel discussed the effects of demonetisation, use of mobile wallets and digital transactions in rural India.

RBI to allow exchange of Rs 4,500 in old notes for Nepali nationals

A visiting team of the Indian central bank has said that the Reserve Bank of India (RBI) will allow exchange of up to Rs 4,500 in banned Indian currency notes to each Nepali national.

As per reports, the Indian proposal has sent waves of nervousness among the Nepali public as India had earlier allowed Nepali citizens to possess up to Indian Rs 25,000 each.

As per reports, an

SBI may reduce workforce by nearly 10% by 2019, says MD Rajnish Kumar

The total workforce of the country's largest lender -- State Bank of India (SBI) -- will see a reduction over the next two years, after the merger with six entities, owing to attrition, reduced hiring and digitisation, a top official said.

"Manpower will go down with the period of time. Around 10 per cent reduction in two years may be a possibility," Rajnish Kumar, SBI M

CBEC to be renamed, reorganised for GST regime

The Central Board of Excise and Customs (CBEC) will be reorganised for the implementation of the Goods and Services Tax (GST) regime and will be renamed the Central Board of Indirect Taxes and Customs (CBIC) following Parliamentary approval.

"Reorganisation of the field formations of CBEC for the implementation of GST has been approved by Finance Minister Arun Jaitley. The existi