The Centre and states have decided to exempt agriculturists from registering under the Goods and Services Tax regime, while the threshold for traders has been set at Rs 20 lakh turnover, reported PTI. The GST Council has also empowered commissioner-level officers to allow payment of GST levy by a taxpayer in instalments in order to mitigate any financial hardship being suffered by a taxpayer.
Minister of State for Petroleum and Natural Gas Dharmendra Pradhan has said that India's economy will continue its momentum despite demonetisation and achieve an eight per cent growth next year. Commenting on the issue, Minister of State for Petroleum and Natural Gas Dharmendra Pradhan told the media, "Last November, we demonetised 85 per cent of our currency in circulation and even af
A Nomura report has said that the probability of an El Nino formation in 2017 has led to some worries about India's monsoon season, but exact impact on rains and crop production will not be solely dependent on this event. According to the Australian Bureau of Meteorology (ABM), the likelihood of an El Nino forming in 2017 has risen. Six (out of eight) models surveyed by ABM suggest that El
The Indian Government has said that Aadhaar-based authentication is fully safe and secure and there has been no misuse of biometrics data. Moreover, subsidy transfers linked to Aadhaar has led the exchequer to save Rs 49,000 crore during the last two-and-half years. According to Unique Identification Authority of India (UIDAI), there has been no incident of misuse of Aadhaar biometrics leading
Traders association Confederation of All India Traders (CAIT) on Sunday made a case for delaying the roll out of Goods and Services Tax (GST) regime to September 1 as small businesses are not yet prepared for it, as per the media reports. Commenting on the matter, CAIT, Secretary General, Praveen Khandelwal said, quoted PTI that, nearly 70 per cent of small businesses in the country are yet to
The Public Accounts Committee has said that it wants action against people who had availed service tax amnesty scheme in 2013 but never filed any taxes thereafter. As per reports, the suggestion has been made after the PAC examined the CAG report on service tax compliance scheme of 2013. According to sources, the PAC has held discussions with the officials of the revenue department with regard
The Indian Government has said that it has instructed banks to link all savings accounts with mobile and Aadhaar numbers by March 31, 2017, and enable mobile banking for such customers. As per reports, all banks have been advised to undertake this in campaign mode. Mobile number seeding and enabling the same for m-banking are a pre-requisite for making mobile payments while Aadhaar number seedi
The Rajasthan Government has said that it has provided loans worth Rs 44,000 crore to the farmers in the state in the last three years. Commenting on the issue, state Co-operative minister Ajay Singh Kilak told the media, “The government now aims to take this figure to Rs 70,000 crore in the next two years.” “The government is providing loans at 7.1 per cent interest rate thro
Admitting to an instance of attempt to misuse biometrics data, the Unique identification Authority of India (UIDAI) on Sunday said that the information on individuals enrolled by it is safe and secure.
This clarification by the UIDAI, which administers the Aadhaar project, comes in the wake of recent reports of breach in the security of Aadhaar data, which were misused for creating pa
Parallels can be drawn between the ongoing protest by the people of Pudukottai district against a hydrocarbon project and the three-year-long agitation by the People's Movement Against Nuclear Energy (PMANE) targeting the Kudankulam Nuclear Power Project (KNPP), activists said.
"The protest against KNPP is the mother of all protests against projects (that harm) the en
The government's "Make in India" programme to boost manufacturing should target on priority basis high import-intensive items like electronics, machinery, steel and transport equipment, industry chamber Assocham said on Sunday.
"There are other major import items like crude oil, gold and precious stones which cannot be produced indigenously or are used for re-
Delhi's Deputy Chief Minister Manish Sisodia on Saturday demanded that real estate be brought under the ambit of The Goods and Services Tax (GST), saying that the move will help in curbing black money.
In a letter to Union Finance Minister Arun Jaitley, Sisodia requested to bring real estate under GST and said: "The change will bring transparency and control hoarding of land
NEW DELHI - India moved a step closer on Saturday towards launching a new national sales tax from July after a panel of federal and state finance officials finalised two key bills to be put before parliament.
The Goods and Services Tax (GST) has missed several launch dates. On Saturday, Finance Minister Arun Jaitley said the measure is on track for a rollout from July
Finance Minister Arun Jaitley on Saturday said that the Goods and Services Tax (GST), the new indirect tax regime, was on track and July 1 was going to be its likely date of implementation.
"It (GST) looks on track. Subject to Parliament approval, it looks like the possible date of implementation of GST is July 1," Jaitley said after the 11th GST Council meet concluded here.
Former Finance Minister and senior Congress leader P. Chidambaram on Friday questioned the Central Statistical Organisation's GDP growth figure and termed demonetisation a fixed match between the government and Reserve Bank of India (RBI).
He said demonetisation has interrupted India's economic story and "to recover from this, it would take between 12-18 months, maybe rig
In a move to promote digital transactions post-demonetisation, the government on Friday said it has asked banks to provide mobile banking facility to all customers by the end of the current fiscal on March 31.
"Ministry issues advisory to banks to enable mobile seeding, Aadhaar seeding of bank accounts along with enablement of Mobile Banking for all its savings bank customers on
Meghalaya's taxation department is fully geared up for the smooth implementation of the Goods and Services Tax (GST), Governor Banwarilal Purohit said on Friday.
"This new indirect tax regime in India will be the most significant tax reform which will merge the two spheres of indirect taxation currently collected under the Central Sales Tax Act," he said while addressing
India's Finance Minister Arun Jaitley on Friday said the currency notes scrapped by his country on November 8 last year but still in Nepal's financial system will be exchanged soon.
Interacting with journalists here, Jaitley said he has not yet received a study report prepared by a two-member team of the Reserve Bank of India that visited Nepal to take stock of the situation i
The Reserve Bank of India today fixed the reference rate of the rupee at 66.8354 against the US dollar and 70.3509 for the euro. The corresponding rates were 66.7433 and 70.3074 previously.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 81.9603 and 58.55 per 100 yens, respectively, based on reference rates for the dollar and cross-cu
ASSOCHAM, apex industry body today welcomed the budget proposals presented by Kerala Finance Minister, T M Thomas Issac in the state assembly. "Major thrust on infrastructure sector is likely to further encourage private sector participation in Kerala," D S Rawat, National secretary general of The Associated Chambers of Commerce and Industry of India (ASSOCHAM) said in a release here.
The services sector rebounded in February – for the first time since October – as businesses recovered from the demonetisation-led disruptions seen in the previous three months, a monthly survey showed on Friday. The Nikkei India Services Purchasing Managers' Index (PMI), which tracks services sector firms on a monthly basis, stood at 50.3 in February, up from 48.7 registered in
The Union Minister of Finance Arun Jaitley has said that India and Nepal have wide ranging engagement in trade and investment and the neighboring nation is well poised to attract further FDI from India by creation of a conducive legal and regulatory framework.
“India is Nepal’s largest partner in trade and investment with more than 2/3rd of Nepal’s trade being with I
The Competition Commission of India is assessing regulations across sectors in efforts to weed out "obsolete regulatory restrictions" and improve the ease of doing business. CCI Chairman D K Sikri said that the regulator is assessing policies, laws and regulations relating to different sectors of the Indian economy from competition perspective. He also said the regulator would be conn
Decentralisation and empowerment of people are needed for developing world-class cities in India, said Mahindra & Mahindra's chairman Anand Mahindra, reported PTI. "Decentralisation and empowerment of people in India is much needed," said Mahindra here adding "real essence of design in a city is its people and community."
For developing a good city, interac
Indo-US cooperation in fighting terror looks set to grow under the Trump administration, with the two sides resolving to further strengthen the bilateral security training mechanism. A delegation of officials from the US met their counterparts in the Home Ministry yesterday and discussed ways to streamline the training programmes which include negotiations in hostage situations, terror crime sc