Commerce Minister amends duty exemption procedures in sync with GST norms

The commerce ministry amended certain provisions related to duty exemption procedures to bring them in line with the Goods and Services Tax (GST) regime, reported PTI. As per the amendments in Hand Book of Procedures (2015- 20), the directorate general of foreign trade (DGFT) said that at the time of exports of gems and jewellery parcel by post, the exporter will have to submit documents includ

Government sets terms for biz deregistering brands for lower GST

The government said businesses that want to deregister their brands for availing the benefit of lower GST will have to file an affidavit before the tax commissioner about forgoing the rights, reported PTI. Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily foregone actionable claim or enforceable ri

Fan sales down 10% in first quarter mainly due to GST: Manufacturers

 Fan manufacturers on Wednesday said their sales declined by 10 per cent in the April-June quarter due to destocking by dealers and postponement of purchase decision before the implementation of the Goods and Services Tax (GST) from July 1.

"There had been a decline of fan sales by 10 per cent in the first quarter compared to previous year and mostly it was due to GST," Indian Fan Ma

80,000 returns uploaded per hour on GSTN site on last day: Chairman

Over 80,000 GSTR-3B compliances for August were uploaded every hour on the GST Network (GSTN) portal on the last day of filing initial returns for the last month, GSTN Chairman Ajay Bhushan Pandey said on Wednesday.

"Currently, the GSTN system is working smoothly and accepting more than 80,000 GSTR-3B returns per hour," Pandey told reporters here.

Till September 16

Cabinet nod for extension of time for Udaan

The government on Wednesday approved extending till December 31, 2018 the time period of Udaan scheme which provides job training to the youth in Jammu and Kashmir.

The Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, cleared the extension without any modification and cost escalation.

The Union Home Ministry had proposed the extension of

Increase public spending to arrest economic slowdown: SBI

SBI Research has said that the slowdown in GDP is real and not technical and called for more public spending to stop the slide. Commenting on the issue, a SBI Research Official told the media, "We certainly believe that we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to Q1 of this fiscal year is technically not short-term in nature or even transient.&q

Package soon to boost economy; no cuts in fuel rates: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday hinted at a package of measures to boost the economy, while virtually ruling out any cut in duties on petroleum products to check the spike in fuel prices.

"We have taken note of all the economic indicators that are available. This has been a pro-active government on the reforms agenda. Over the last two days, I have had a series of disc

Government will announce additional measures to boost growth: Finance Minister

Finance Minister Arun Jaitley today said the government is considering additional measures to bolster economy that has hit a three-year low of 5.7 per cent in the first quarter of the current fiscal. The minister said an announcement with regard to the additional steps will be made after consulting Prime Minister Narendra Modi. Jaitley has held a series of meetings in the last few days with som

Finance Minister Arun Jaitley says discussing steps to revive economy

NEW DELHI  - The Indian government is discussing steps to revive the economy, Finance Minister Arun Jaitley said on Wednesday.

Jaitley's comments came after India's economic growth slipped to a three-year low of 5.7 percent in the last quarter.

(Reporting by Rajesh Kumar Singh; Editing by Malini Menon)

Cabinet approves merger of 17 government presses into 5 units

The Union Cabinet today approved rationalisation of 17 Government of India Presses by merging them into five units. "Cabinet approves rationalisation/merger and modernisation of 17 Government of India Presses (GIPs) into 5 GIPs at Rashtrapati Bhawan, Minto Road and Mayapuri in New Delhi, Nashik in Maharashtra and Temple Street in Kolkata," an official statement said. Modernisation of

Cabinet approves 78 days productivity-linked bonus for rail employees

The Union Cabinet on Wednesday approved 78 days productivity-linked bonus for non-gazetted rail employees, Finance Minister Arun Jaitley said.

The decision was taken at a Cabinet meeting chaired by Prime Minister Narendra Modi.

Addressing a press conference, Jaitley said, "The Cabinet has approved 78 days Productivity-Linked Bonus for non-gazetted rail employees for 201

P2P lending platforms to be RBI-regulated NBFCs

The crowd funding mechanism of peer-to-peer (P2P) lending platforms will be treated as non-banking financial companies (NBFCs) and as such, regulated by the Reserve Bank of India (RBI), the central bank said on Wednesday.

"The Reserve Bank of India specifies a non-banking institution that carries on 'the business of a peer-to-peer lending platform' to be an NBFC," an

Tax evasion through stocks: Sebi revokes ban on 114 entities

Markets regulator Sebi has revoked trading ban imposed on 114 entities, which had come under the scanner for alleged manipulation and misuse of stock market platform for tax evasion, saying it did not find any adverse evidence against them. This comes after Sebi, earlier this month, had revoked ban on a total of 307 entities in the First Financial case as well as in the matter of dealing in sha

RBI sets rupee reference rate at 64.3637 against dollar

The Reserve Bank of India on today fixed the reference rate of the rupee at 64.3637 against the US dollar and 77.2493 for the euro. The corresponding rates were 64.1769 and 77.0187, on yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.0262 and 57.76 per 100 yens, respectively, based on reference rates for the dollar and cr

GST Council to meet on October 6, may dole out sops to exporters

The 22nd meeting of the GST Council, chaired by Union Finance Minister Arun Jaitley, will be held on October 6 to deliberate on GSTN glitches and ironing out issues faced by exporters, a ministry official said as per the PTI report. The meeting was scheduled to be held on October 24 but was preponed in view of the engagements following Diwali festival.

The next meeting of the Council

Arun Jaitley reviews state of economy

Finance Minister Arun Jaitley reviewed the state of economy, including export scenario and infrastructure spendings, as the government looks to perk up economic activity to boost growth, reported PTI. The review meeting, which lasted for over two hours, was also attended by Commerce Minister Suresh Prabhu, Railway Minister Piyush Goyal and Niti Aayog Vice Chairman Rajiv Kumar, said government s

Corporate affairs secretary, IBBI chief inducted into FSDC

The government has inducted the corporate affairs secretary and insolvency board chairman into the Financial Stability and Development Council (FSDC), reported PTI. The FSDC was set up in 2010 as an apex body to improve coordination among financial sector regulators. Headed by the Union Finance Minister, the FSDC was established to institutionalise and strengthen the mechanism for maintaining f

GST a tectonic shift, takes India closer to 8% plus growth

World Bank India chief Junaid Ahmad described GST as a "tectonic shift" in the country's taxation policy which has increased the possibility of 8 per cent plus growth, reported PTI. India recorded a growth rate of 7.1 per cent in 2016-17 and 5.7 per cent in the first quarter of the current fiscal.

"Today India is at the brink of a possibility of moving into 8 per ce

CII expects economy to rebound in October - March

Industry body CII said it expects a recovery in India's economy in the second half of this financial year, reported PTI. The chamber said that lowering interest rates by 100 basis points could inject a huge growth impulse. In a statement, the Confederation of Indian Industry pointed out that in many sectors, including automobiles, production and sales have rebounded after a temporary slowdo

GST refund delays causing capital crunch: Exporters

Calling on the Central government for urgent steps to avert a "mini social crisis", exporters on Tuesday said the inordinate delay in getting Goods and Services Tax (GST) refunds was causing difficulties in paying salaries and Diwali bonuses to their workers owing to the working capital crunch.

The exporters' bodies conveyed their concerns at a meeting here with Revenue

Green panel approves industrial project in Karnataka:Report

A Government Official has said that central green panel has given environment clearance for developing the Rs 151.60-crore Jakkasandra industrial area in Kolar district, Karnataka. As per reports, the final clearance will be given by the Union Environment Ministry, which takes a decision on the basis of the recommendation of the green panel, Expert Appraisal Committee (EAC).

As per th

Prime Minister employment scheme faces delays in loan sanctioning: Study

The Prime Minister's Employment Generation Programme (PMEGP) is plagued by delay in the process of sanctioning of loans at different stages, a study commissioned by the MSME Ministry has observed. The evaluation study, conducted by the Management Development Institute, Gurugram, to examine the impact of the programme and identify issues, has suggested linkage with Aadhar to authenticate the

Foodgrain output in 2017-18 to be at last yr`s level: Agriculture Secretary

India's foodgrain production is expected to be around last year's record level of 275.68 million tonnes despite deficient rains as well as floods in some parts of the country. The government has fixed a target of 274.55 million tonnes for ongoing 2017-18 crop year (July-June) which is generally conservative. "We have achieved record production of 275.68 million tonnes in 2016-17. W

Government to launch mobile app for retiring government staff

A mobile application will be launched tomorrow for central government employees who are about to retire to help them monitor the progress of their pension settlement cases. Retired employees will also be able to assess their superannuation funds and record complaints, if any, through the pension calculator, an official release issued by the Personnel, Public grievances and Pensions Ministry tod

RBI sets rupee reference rate at 64.1769 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.1769 against the US dollar and 77.0187 for the euro.

The corresponding rates were 64.0371 and 76.4923, as on yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 86.8121 and 57.45 per 100 yens, respectively, based on reference rates for the dollar and cr