Changes in GST rate structure essential: Hasmukh Adhia

Revenue Secretary Hasmukh Adhia has said that some changes in GST rate structure is required to reduce the burden on small and medium businesses. Commenting on the issue, Revenue Secretary Hasmukh Adhia told the media, “The Goods and Services Tax (GST), which amalgamates more than a dozen central and state levies like excise duty, service tax and VAT, will take about a year to stabilize.&

Demonetisation, GST may impact wedding season business by 10-15%: Assocham

 Demonetisation, along with recently introduced Goods and Service Tax (GST), may impact the business of upcoming wedding season, staring November, by 10-15 per cent, industry chamber Assocham said here on Monday.

Wedding services like marriage garden/marriage hall booking, tent booking, confectionery services and photography are expected to get impacted.

At present the

Vital decisions on economic reforms to continue: Prime Minister

Prime Minister Narendra Modi has said that the process of taking important decisions regarding the economic reforms will continue. As per reports, the prime minister's assertion came at a time when the Opposition parties have been attacking demonetisation and GST rollout. Commenting on the issue, Prime Minister Narendra Modi told the media, "After all reforms and hardcore decisions, th

Demonetisation: Economy shaken, GDP hurt, trust in government undermined

While the immediate impact of demonetisation was seen in the long queues outside ATMs and felt through acute cash shortage, its anniversary is an appropriate vantage point to assess the less visible and generalised effect on the economy of what was easily the most disruptive measure post-Independence.

The difficulty in making a cost-benefit analysis is that the move was not purely eco

Banking sector expecting further Rs 40,000 cr NPAs: Reports

The banking sector fears addition of more than Rs 40,000 crore of bad loans to its books following recent classification of eight consortium accounts of Axis Bank as non-performing assets by the RBI, said media reports. As per reports, the Reserve Bank has directed certain reclassifications in the private sector lender's asset classification and provisioning as on March 2017, subsequent to

RBI sets rupee reference rate at 65.0239 against US dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 65.0239 against the US dollar and 76.5136 for the euro. The corresponding rates were 65.0649 and 76.5423, on October 18. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 85.8381 and 57.17 per 100 yens, respectively, based on reference rates for the dollar and cross-currency

Government likely to achieve 3.2% fiscal deficit target: Report

The government is likely to achieve the fiscal deficit target of 3.2 per cent of GDP for the first time in about seven years, but may cut its capital expenses by Rs 70,000 crore to meet the goal, said a report by SBI Research. "There are doomsday predictions currently thatgovernment is going to have a big revenue slippage in 2017-18 which may impact the headline fiscal deficit numbers. How

India`s GVA growth may rise to 6.3% in September quarter: Nomura

The Indian economy is expected to see a rebound in the July-September quarter of this year with a GVA growth rate of 6.3 per cent, says a Nomura report. Nomura's proprietary indices suggest that growth bottomed out in the second quarter and a recovery is underway in the third quarter, largely because consumption and investment indicators have improved in the third quarter.

"W

Put Aadhaar seeding with bank accounts on hold: AIBOC

Public sector banks' officer union has said that it has demanded that mandatory linking of biometric identity number should be put on hold till the Supreme Court comes out with a clear directive. As per reports, another organisation All India Bank Employees Association (AIBEA) has also registered their protest against instructions given by some of the banks to designate certain branches as

Prime Minister launches RO RO Ferry Service between Ghogha and Dahej

The Prime Minister, Narendra Modi, on Sunday inaugurated Phase 1 of the RO RO (Roll on, Roll off) ferry service between Ghogha and Dahej. This ferry service shall reduce the travel time between Ghogha in Saurashtra, and Dahej in South Gujarat, from about seven or eight hours, to just over an hour. When fully operationalized, this ferry service will also enable movement of vehicles.

Th

Prime Minister launches development initiatives in Vadodara

The Prime Minister, Narendra Modi, on Sunday dedicated to the nation, the Vadodara City Command Control Centre; the Waghodiya Regional Water Supply Scheme; and the New Head Office Building of the Bank of Baroda, at a public meeting in Vadodara. The Prime Minister handed over keys of houses to beneficiaries under the Pradhan Mantri Awas Yojana (Urban, as well as Rural).

He laid the Fou

Q2 earnings to drive stock markets next week; Infosys, banks in focus

The ongoing quarterly results season, along with cues from global markets and direction of foreign funds, are expected to set the tone for the key Indian equity indices, analysts feel. According to market observers, indices' movements will also be influenced by geopolitical developments on the Korean peninsula as well as derivatives expiry and crude oil prices. "The markets will be lar

RBI plans to empanel advertising agencies for multi-media activities

The Reserve Bank of India plans to empanel advertising agencies for carrying out activities ranging from regular tender notices to full-fledged multimedia, multi-language advertising across print and electronic media. The empanelled agencies would conceptualise, design and release advertisements in newspapers and commercials on television and radio, said the Request for Proposal (RFP) for Empan

UIDAI security key in 1.3 mn telecom biometric units: CEO

Nearly 1.38 million biometric devices in use by the telecom sector for Aadhaar authentication have been made compliant with UIDAI's new encryption norms, according to CEO Ajay Bhushan Pandey. The move is aimed at adding a new device-level security layer at a time when Aadhaar-based e-KYC is being used by telecom industry for fresh connections and re-verification of existing mobile subscribe

RIL, TCS among top m-cap gainers; market bags over Rs 48k cr from six cos

The combined market valuation of six of the 10 most valued companies surged by Rs 48,372.16 crore last week, with Reliance Industries Ltd (RIL) emerging as the biggest gainer. While RIL, Tata Consultancy Services (TCS), HDFC Bank, ITC, Hindustan Unilever Ltd (HUL) and ONGC saw gains in their market capitalisation (m-cap) in the holiday-shortened week ended on Wednesday, HDFC, Maruti Suzuki Indi

Economy strong, in right direction: Prime Minister

The Indian economy's fundamentals are strong and the economy is headed in the right direction, Prime Minister Narendra Modi said on Sunday.

The Prime Minister said this at a public rally after dedicating a ferry service from Ghogha in Bhavnagar to Dahej in South Gujarat. 

"Despite strict initiatives, the country's economy is on track and in the right direct

Prime Minister inaugurates ferry service

Prime Minister Narendra Modi on Sunday inaugurated the first phase of the Ghogha-Dahej Ro-Ro ferry service, a first-of-its-kind project in India, calling it "a landmark occasion for entire South-East Asia".

Describing it as his dream project, Modi said the ferry service was his "invaluable gift to India" and claimed that the even for South-East Asia, this was

Linking Aadhaar number to bank accounts mandatory: RBI

Reserve Bank of India has said that biometric identity number Aadhaar linkage with bank accounts is mandatory. The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.

“The Reserve Bank clarifies that, in applicable cases, linkag

Modi to arrive in Gujarat to inaugurate Ro-Ro ferry service

Prime Minister Narendra Modi is slated to arrive here on Sunday, his third visit to the poll-bound state, to inaugurate the first phase of the the Ghogha-Dahej Ro-Ro ferry service between Saurashtra and the South Gujarat region.

Upon his arrival here, Modi will fly down to Saurashtra's Bhavnagar district where he would inaugurate the Rs 615 crore, 31km "roll-on, roll-off

Diwali sales fail to bring cheer back to markets in Agra, Mathura

A spurt in sales of consumer products, including cars and two-wheelers, during the five-day long Diwali festivities brought temporary cheer to markets in Agra, Mathura, Firozabad, after a prolonged subdued business environment in the post-demonetisation and GST phase.

For how long will this trend continue, ask shopkeepers of Kinari Bazar and Johri Bazar in Agra, who remain confus

India`s Forex reserves up $1.5 bn, reclaim $400 bn mark

 India's foreign exchange (Forex) reserves kitty increased by $1.50 billion as on October 13, 2017, official data showed on Friday.

The Reserve Bank of India's (RBI) weekly statistical supplement released on Friday showed that the overall Forex reserves rose to $400.29 billion from $398.79 billion reported for the week ended October 6.

India's Forex reserves

Karnataka Chief Minister seeks GST exemption on handmade goods

Karnataka Chief Minister Siddaramaiah on Thursday urged the central government to exempt handmade products from Goods and Sales Tax (GST) regime.

"As handmade products are produced by millions of artisans across the country, imposition of GST on them is having an adverse effect on their livelihood. The GST Council should exempt them from the new tax regime at its next meeting,&qu

CBDT launches online chat to answer taxpayers` queries

 The Central Board of Direct Taxes (CBDT) has launched an online chat service for income taxpayers to enable them to seek answers to their queries relating to direct tax issues.

The Income Tax Department's website now hosts a "Live Chat" window which takes questions on tax matters from Monday to Friday between 10 a.m and 5 p.m.

The chat responses are based

Inflation, fiscal uncertainty induced RBI to hold rates

RBI Governor Urjit Patel had recommended keeping the central bank's key interest rate unchanged at 6 per cent citing risks to inflation and uncertainties on the external and fiscal fronts, the minutes of October's monetary policy committee (MPC) meeting released on Wednesday showed.

"We have to be vigilant on account of uncertainties on the external and fiscal fronts; thi

RBI worried about rise in inflation - minutes

MUMBAI  - Worry that rising consumer prices will threaten the Indian central bank's inflation target of 4 percent led the majority of the Reserve Bank of India's monetary policy committee to vote to keep rates steady, according to minutes issued on Wednesday.

Committee members also said at their Oct. 4 meeting they expected that a slowdown in economic gro