GST wasn’t very easy to implement: Finance Minister

The Finance Minister has said that Goods and Services Tax was not an easy reform to implement but it has evoked great public support. Commenting on the issue, Union Finance Minister Arun Jaitley told the media, "We have today reached a stage of history where there is a great amount of popular support behind reforms because people have become restless. They are not willing to be satisfied w

India`s April-June fiscal deficit at 80.8% of full year target

India's fiscal deficit up to last month during the current fiscal touched Rs 4.42 lakh crore or 80.8 per cent of the Budget estimates for 2017-18, official data showed on Monday.

According to figures released by the Controller General of Accounts (CGA), the deficit in the April-June period was 61.1 per cent of the Budget in the same period of last fiscal year.

Government extends deadline for filing ITR to 5th August

The Indian Government has said that it has extended the deadline for filing income tax returns (ITR) to August 5. As per reports, the extension is a welcome relief for a large number of tax payers struggling to meet the deadline in the face of various problems. The five-day ITR extension is meant to address issue of seeding PAN and Aadhaar.

Giving the reason for the extension, a gover

No plans to shift FY to January-December from 2018: Minister

A Minister has said that although discussions on shifting the financial year to January-December instead of April-March are still on within the government, the change will not happen next year. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, “In order to start the next financial year from January 2018, the government needs to present the Union

NMCG approves seven projects worth Rs 425 cr

The Executive Committee of National Mission for Clean Ganga in its 4th meeting held here today approved seven projects worth Rs 425 crore in the sector of sewage infrastructure, Ghat development and research, according to an official announcement. Ministry of Water Resources said on Monday that three projects each in Uttar Pradesh and Bihar have been approved in sewage sector. For Uttar Pradesh

Assocham urges RBI to slash interest rate by at least 25 bps

Ahead of the Reserve Bank of India's (RBI) forthcoming monetary policy review this week, industry chamber Assocham (Associated Chambers of Commerce and Industry of India) has urged the apex bank to cut interest rates in view of latest data that shows inflation at a five-year low and deceleration in the factory output.

"Citing inflation at a five-year low and deceleration in t

File ITR by July 31, no extension proposed: I-T department

The last date for filing of Income Tax Returns (ITRs) for the financial year 2016-17 will not be extended beyond today’s deadline, a top official said. "The last date for filing of ITRs remains July 31. There are no plans to extend this deadline. The department has already received over 2 crore returns filed electronically. The department requests taxpayers to file their return in ti

GST has transformed economy: Prime Minister

Almost a month after the GST rollout, Prime Minister Narendra Modi said that GST has transformed the economy and marks an example of cooperative federalism as states have been partners in all the decisions related to the new indirect tax regime. He said the "smooth transition" of such a huge measure in a vast country involving crores of people was historic and can be a case study for

Benign GST, monsoon to pull down CPI at 3.1% in 2017: Report

Global brokerage firm Morgan Stanley has lowered its inflation forecast for 2017 to 3.1 per cent from 3.6 per cent earlier citing relatively benign outcomes of goods and services tax (GST) and monsoon. It, however, said headline inflation troughed in June and the trajectory is still that of a gradual rise in headline inflation.

Morgan Stanley Research has revised the headline consumer

RBI policy, Quarterly results to dictate markets this week:Experts

RBI's monetary policy review, macroeconomic data points and quarterly earnings would set the stock market trend in an eventful week ahead, say experts. "Upcoming RBI's monetary policy and ongoing June 2017 quarter earnings will drive the market sentiment this week," said Vijay Singhania, Founder-Director, Trade Smart Online.

Major companies scheduled to announce thei

As food prices slump, pressure grows for more interest rate cuts

LATUR, India - A nearly 60 percent drop in prices of a popular type of lentil is hurting Indian farmer Sanjay Somwanshi, but it is doing wonders for the country's inflation - and piling pressure on a stubborn central bank to cut interest rates more aggressively.

Standing next to sacks of "pigeon peas" in Latur, an agricultural hub about eight hours from

Government would not blink if larger national interests are involved: Arun Jaitley

Union Finance Minister Arun Jaitley on Sunday said the government would not blink first against the opposition if there are larger national interests involved.

Addressing a GST Conclave here, he also said that the GST was not an easy tax reform to implement and there are people who wanted to stall reforms.

"If reform is of national interest, then do not blink. There are

World Bank approves $570mn for Bangladesh

The World Bank has approved $570 million for two projects in Bangladesh to improve health, nutrition and population services and strengthen the country's public procurement.

The $515 million Health Sector Support Project will strengthen the country's health system and improve quality and coverage of essential service delivery, with a focus on Sylhet and Chittagong divisio

World will study India's GST experiment one day: Narendra Modi

Prime Minister Narendra Modi on Sunday hailed the Goods and Services Tax (GST) regime for bolstering the country's economic progress, and expressed the belief that one day the world would definitely study "India's GST experiment".

He said the pace at which the transition from the old tax regime to the GST has taken place, along with rapid migration and new registrati

Bank NPAs make opportunity for asset reconstruction firms: Arun Jaitley

Finance Minister Arun Jaitley on Saturday said the non-performing assets (NPAs) of banks present an opportunity for Asset Reconstruction Companies (ARCs) as the stressed assets have an inherent value and can be turned around.

"The opportunities presented by the Insolvency and Bankruptcy Code (IBC) framework and the government's emphasis on resolution represent a unique opport

ED attaches Rs 300 crore assets of Rose Valley group

The Enforcement Directorate (ED) has attached Rs 300 crore assets of Rose Valley group in its ongoing probe against the chit fund company for money laundering, an official said on Saturday.

The attached properties include six hotels in West Bengal, Assam and Bihar, 17 acres of an amusement park in Tripura, office space of 146,364 square feet in Kolkata, 11,445 square feet land in

RTI can hinder officials giving advice on decisions: Arun Jaitley

 The Indian Right to Information (RTI) Act can sometimes inhibit bureaucrats from giving their honest opinion during the process of decision making, Finance and Defence Minister Arun Jaitley said on Friday.

"Bureaucrats are free to render their advice and opinion during the process of decision making," Jaitley said at an event to release a book written by retired b

RBI Governor meets Jaitley before monetary policy review

Ahead of the Reserve Bank of India's (RBI) forthcoming monetary policy review next week, RBI Governor Urjit Patel held his customary meeting with Finance Minister Arun Jaitley here on Friday, according to official sources.

A Finance Ministry source here said that following his meeting with Jaitley, Patel also met the new Economic Affairs Secretary Subhash Chandra Garg.

Over Rs 13,300 cr transacted via shell companies in last 3 years

The Income Tax Department has detected over 1,155 shell companies in the last three years through which non-genuine transactions of more than Rs 13,300 crore were carried out, Parliament was informed on Friday.

"During last three financial years (2013-14 to 2015-16), investigations by the Income Tax Department have led to detection of more than 1,155 shell companies/entities

Government saved Rs 57,000 cr through use of technology: Minister

The Indian Government has said that it has saved Rs 57,000 crore by weeding out corruption from various schemes through the use of technology. Commenting on the issue, Minister of State for Finance Arjun Ram Meghwal told the media, "This is the first government which has been able to check corrpuption and plug the leakage through the use of Information, Communication and Technology (ICT).&

BRICS hails Indias GST; sign tax co-op pact

Heads of revenue of BRICS nations have signed a pact to identify areas of cooperation in tax matters among members of the group, and hailed India's indirect tax reform GST, finance ministry said as per the PTI report. The meeting of the BRICS (Brazil, Russia, India, China and South Africa) Heads of Revenue and Tax Experts was held at Hangzhou, China from July 25-27. India was represented by

No news on Rs 2,000 note 'withdrawal', Rs 200 to be issued soon: Santosh Kumar Gangwar

With rumours of the Centre planning a withdrawal of the newly-introduced Rs 2,000 note doing the rounds, Minister of State for Finance Santosh Kumar Gangwar has said there was no news of its scrapping, adding the Rs 200 note will be in circulation soon.

"No news that Rs 2,000 will be scrapped," Gangwar told IANS in an interview.

"The reduction in pri

RBI sets rupee reference rate at 64.1216 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.1483 against the US dollar and 74.9829 for the euro. The corresponding rates were 64.1216 and 75.2082, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8867 and 57.78 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Forces fully equipped, shortages being expeditiously addressed: Arun Jaitley

Defence Minister Arun Jaitley on Friday assured Parliament that the armed forces are "fully equipped" to face any contingency and any shortages in weaponry or ammunition are being "expeditiously addressed".

"As far as armed forces are concerned they are fully equipped to face any contingency and any shortages are being expeditiously addressed," Jaitl

Scope exists for consolidating GST rates: Asim Dasgupta

Former West Bengal Finance Minister Asim Dasgupta, who chaired the Empowered Committee of State Finance Ministers that prepared the first draft of the Goods and Services Tax (GST) framework in 2009, says there is "scope for consolidating existing GST rates" to improve the present structure and suggests the highest slab of 28 per cent be brought down to 18.

"The present