Karnataka offers Rs 400 cr fund to mentor 100 start-ups

Karnataka would provide Rs 400 crore fund to mentor 100 start-ups with idea validation, incubation facilities and expertise in accounting and legal norms, said state IT and BT Minister Priyank Kharge on Tuesday.

"We will identify 100 innovative start-ups from across the state through the 'Elevate 100 Programme' and provide them seed fund, venture capital, networking

GST: Delhi LPG consumers to pay Rs 32 more per cylinder

Most segments of the petroleum and gas industry are not included in the GST, but with liquefied petroleum gas (LPG) coming under the new indirect tax regime, consumers in Delhi will be paying Rs 32 more from this month for a subsidised cylinder of cooking gas.

Following implementation of the unified pan-India Goods and Services Tax (GST) from July 1, state-run oil marketers, which rev

5% GST on devices for disabled would lead to lower prices: Finance Ministry

The 5 per cent Goods and Services Tax (GST) on devices used by phyically challenged would actually lead to a reduction in their prices, the Union Finance Ministry said on Tuesday.

"5 per cent GST rate on these devices/equipments would enable their domestic manufacturers to claim refund of any accumulated input tax credit. That being so, the 5 per cent concessional GST rate on the

813 farmers from Mumbai also get loan waiver

 Perhaps unknown to most Mumbaikars, a tiny group of 813 farmers from the country's commercial capital, Mumbai shall become debt-free in the just announced loan waiver bonanza, Chief Minister Devendra Fadnavis said here early on Tuesday.

They include 694 farmers from Mumbai city and another 119 farmers from Mumbai suburbs, who will enjoy the loan waiver declared for thei

Government committed to development of economy: Minister

Union Minister for Agriculture and Farmers and Welfare, Radha Mohan Singh said that the government is committed to the continuous development of the Indian economy. Speaking to the farmers in Srinagar, Singh said that India can become one of the world's major economic powers by developing the enterprises related to agriculture, where the products can be stored, processed and are brought to

GDP growth not as encouraging as it seems: Bajaj

India's GDP growth of 7.1 per cent achieved last fiscal is not as encouraging as it might seem despite the expansion rate being better than all developed countries, according to Bajaj Auto Chairman Rahul Bajaj, reported PTI. Impact of lack of significant investments in the last 4-5 years; inability of private sector to put in fresh capital with availing of loans becoming an issue due to ris

RBI sets rupee reference rate at 64.8168 against dollar

he Reserve Bank of India today fixed the reference rate of the rupee at 64.8168 against the US dollar and 73.5995 for the euro. The corresponding rates were 64.7525 and 73.8567, as on July 03, 2017. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9118 and 57.49 per 100 yens, respectively, based on reference rates for the dollar and cross-cur

SC gives Centre, RBI time to devise plan for depositing demonetised currency

The Supreme Court today granted the Centre and the Reserve Bank of India two weeks to consider the option of granting a window to those who could not deposit their demonetised Rs 500 and Rs 1,000 currency notes for a compelling reason, reported PTI. A bench comprising Chief Justice J S Khehar and Justice D Y Chandrachud asked Solicitor General Ranjit Kumar, representing the Centre, to take inst

Inflation pain easing; 25 bps rate cut likely on Aug 2: BofAML

The Reserve Bank is expected to cut its key policy rate by 25 bps in its review meet on August 2 as June CPI inflation is expected to be around 1.5 per cent, a report says. According to Bank of America Merrill Lynch (BofAML), an August rate cut will signal banks to go for lowering lending rate before the busy industrial season begins in October. "We continue to see a 25 bps RBI rate cut ca

22 States abolish check posts for smooth GST rollout

The Goods and Services Tax (GST) was rolled out on July 01, 2017. With the roll-out of the GST, 22 States in India have abolished their check posts, the ministry of finance informed on Monday. Third day after the roll-out of Goods and Services Tax (GST) with effect from 1st July, 2017 has passed without any major problems being reported from the field, according to a statement released by the m

Sinha reviews GST, asks depts to keep a lid on price rise

Three days into GST regime, Cabinet Secretary P K Sinha asked all ministries and departments to ensure that their is no shortage of goods and prices of essential items are kept under check, reported PTI. Sinha held a review meeting to take stock of situation post implementation of the new tax regime, and departments have been asked to ensure that retailers, dealers/shopkeepers should display a

RBI ups FPI investment limit in g-secs by over 4% for Jul-Sep

Reserve Bank has raised the FPI investment limit in government securities by 4.7 per cent to Rs 2.42 lakh crore (Rs 2.42 billion) for July-September quarter, mainly to increase foreign capital inflows, reported PTI. Earlier, the limit was Rs 2.31 lakh crore (Rs 2.31 billion). Likewise, the foreign portfolio investors (FPIs) will be allowed to raise their investment in state development loans (S

India gets good ranks on FSB's reform report card to G20

The Financial Stability Board (FSB), an international body for global financial system, listed India among countries that are 'compliant or largely compliant' on implementation of priority area reforms, reported PTI. Ahead of the G20 Summit in Germany to be attended by Prime Minister Narendra Modi, among other world leaders, the FSB today submitted its status report on progress in finan

ADB grants $220 mn for better road connectivity in Rajasthan

The Asian Development Bank (ADB) on Monday signed a $220 million loan agreement with India for improving road connectivity, transport efficiency and safety on state highways of Rajasthan, an official said here.

"The ADB and the government on Monday signed a $220 million loan for improving connectivity as well as transport efficiency and safety on state highways of Rajasthan,"

Digital payments shoot up by 55 per cent in 2016-17: NITI Aayog

The number of digital payments shot up by around 55 per cent in 2016-17 fuelled by demonetisation, NITI Aayog said on Monday.

This steep rise in a single year is in sharp contrast to the 28 per cent increase over a five-year period ending 2015-16, NITI Aayog's Principal Advisor Ratan P. Watal said during a seminar on ‘Digital Payments - Trends, Issues and Challenges' org

India`s shadow economy to shrink to 13.6% of GDP: ACCA

A study by Association of Chartered Certified Accountants (ACCA) has said that the "shadow economy" in India will shrink to 13.6 per cent of the GDP by 2025. Shadow economy refers to the production of and trade in goods and services that are deliberately and often illegally concealed from public authorities. Commenting on the issue, the study said, “The shadow economy in India c

Jammu and Kashmir to roll out GST in next few days: Piyush Goyal

Union Power Minister Piyush Goyal has said that Jammu and Kashmir is expected to roll out GST in the next few days. Commenting on the issue, Union Power Minister Piyush Goyal told the media, "Jammu and Kashmir is the only state which failed to meet the June 30 deadline for the GST rollout. The new indirect tax regime will be implemented there in the next few days."

As per re

RBI sets rupee reference rate at 64.7525 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.7525 against the US dollar and 73.8567 for the euro. The corresponding rates were 64.7379 and 74.0019, as on Friday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 84.1718 and 57.54 per 100 yens, respectively, based on reference rates for the dollar and cross-currency

Sebi chief expresses concern over corp governance practices

Emphasising on the need for improved corporate governance practices at listed companies, Sebi chief Ajay Tyagi today said 20 per cent of public sector enterprises still do not have a single woman director. He also said that in many cases, independent directors are appointed and removed at whims and fancies of promoters of companies. "Twenty per cent of public sector companies still don'

Government relaxes combinations norm under competition law

Any individual or enterprise that is party to a combination will not be required to seek approval of fair trade regulator CCI within 30 days of finalising the particular deal, the government said as per the PTI report. Currently, combinations beyond a certain threshold need to be intimated to the Competition Commission of India (CCI) within 30 days of being finalised by the parties concerned.

GST will boost hiring by 11% across sectors: Rajiv Pratap Rudy

Union minister Rajiv Pratap Rudy said the GST will boost hiring across sectors by 11 per cent by creating an integrated national market which will promote domestic demand and drive job creation. The Ministry of Skill Development and Entrepreneurship announced a training programme to certify Goods and Services Tax practitioners under its flagship scheme Pradhan Mantri Kaushal Vikas Yojana to mak

Dont worry about foreign investors perception on GST: N R Narayana Murthy

Infosys Co-Founder N R Narayana Murthy said India should not be worried about the perception of foreign investors on GST regime, but hoped the respect for the country will improve in their eyes once they realise that the system is hassle-free, reported PTI. "I don't think India is very high on the radar screens of most nations.That is the reality, but this initiative will reduce hassle

GSTN unveils excel template to ease stress of filing

Goods and Services Network (GSTN) has unveiled a simple excel based template that will facilitate the taxpayers in preparing and filing their monthly returns with maximum ease and minimal cost, the ministry of finance notified. The excel template is a part of GST Council’s approach to make tax compliance highly easy and convenient for taxpayers and also reduce the time of compliance to im

Day 2 of GST passes without major issues, says Finance Minister

Second Day after the roll-out of Goods and Services Tax (GST) with effect from 1st July, 2017 has passed without any major problems being reported from the field, according to a statement released by the ministry of finance. The ministry said that Central and the State Governments’ officers are trying their best to provide the required and the correct information to the trade and industry

GST to expand tax net, make India Inc more competitive: CII

The GST rollout will impart major competitiveness to Indian industry, incentivise exports and help expand the tax net, CII said. The implementation of the crucial tax reform gives tremendous confidence to the industry that the government will continue to facilitate investments and simplify the business environment, the industry body said. "We have emerged...Into a new era of economic refor