As many as 1.6 lakh businesses that were previously not registered for either VAT, service tax or excise duty have enrolled for Goods and Services Tax (GST) in the past four days, reported PTI. As the GST Network portal reopened for the third time registration for both new assessees and existing excise, service tax and VAT payers on June 25, businesses rushed to get themselves registered ahead
The Reserve Bank of India today fixed the reference rate of the rupee at 64.4715 against the US dollar and 73.5233 for the euro. The corresponding rates were 64.5288 and 73.3757, as on yesterday.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.5615 and 57.40 per 100 yens, respectively, based on reference rates for the dollar and cr
America's economic and strategic posture in Asia will be strengthened by investing in ties with India, Indian-origin Congressman Raja Krishnamoorthi has said. Krishnamoorthi told the U House of Representatives on Monday that Prime Minister Narendra Modi's visit to the country this week served as an occasion to celebrate the "growing bonds of friendship between India and the United
Loan waiver schemes being doled out to farmers could have a significant impact on state government finances and pose risk of further fiscal slippages, Fitch Ratings said. Four states-- Uttar Pradesh, Maharashtra, Punjab and Karnataka, which account for around one-third of India's population-- have announced farm loan waivers and other state governments are likely to feel pressure to impleme
The Union Cabinet in its meeting on Wednesday approved signing of a Memorandum of Understanding (MoU) between India and Israel on National Campaign for Water Conservation in India. “This will benefit the country in conserving water for future generations,” according to a Cabinet statement. The two countries shall work to enhance cooperation at the national, regional and internationa
The Union Cabinet chaired by the Prime Minister Shri Narendra Modi on Wednesday approved signing of a Memorandum of Cooperation between India and the United States of America on Homeland Security.
The memorandum of cooperation will further strengthen bilateral security relations between India and the USA and will also help in coordination and interactions among the six Sub-Groups that
In a boost to 48 lakh central government employees, the Union Cabinet on Wednesday approved the recommendations of the 7th CPC on allowances with some modifications, with effect from July 01, 2017. While approving the recommendations of the 7th CPC on 29th June, 2016, the Cabinet had decided to set up the Committee on Allowances (CoA) in view of substantial changes in the existing provisions an
With two days left for roll out of GST, the Finance Ministry has started notifying various provisions of law relating to interest calculation, input tax credit and valuation, reported PTI. Provisions in the Central GST Act (CGST), Integrated GST (IGST) Act and Union Territory GST Act and rules under them are being notified. These include those relating to tax invoice, credit and debit notes, ac
Finance Minister Arun Jaitley rejected demands for deferring the Goods and Services Tax (GST) rollout saying the Constitution does not give luxury to delay the nation's biggest economic reform by six months, reported PTI. Not ruling out a few initial glitches when more than a dozen state and central taxes are abolished and barriers between 29 states done away with, Jaitley said the system i
India has contributed $100,000 to a UN fund to promote the participation of developing countries in a panel dealing with international cooperation in tax matters.
Ashish Sinha, a First Secretary in India's Mission to the UN, handed over the cheque for the UN Tax Fund to Shari Spiegel, chief of the Policy Development and Analysis Branch of the UN Department of Economic and Social A
Fitch Ratings maintained the negative outlook on the Indian banking sector based on an assessment on the sector's core capitalisation, a top official of the ratings agency said on Wednesday.
"We have maintained the negative outlook on the sector and the large part of that is from our concerns on capitalisation levels at public sector banks and how they have eroded becau
Yet again ruling out deferring the implementation of the Goods and Services Tax (GST), Finance Minister Arun Jaitley on Wednesday appealed to the opposition parties, their MPs and states where these parties run the governments to attend the midnight launch of the new tax law in Parliament on June 30.
"It is neither partisan nor dictated by any pressure. I appeal to all the partie
The Central Board of Direct Taxes (CBDT) has entered into five unilateral Advance Pricing Agreements (APAs) with Indian taxpayers in June along with a bilateral APA involving the United Kingdom, the Finance Ministry said on Wednesday.
The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and determining the a
The Cabinet on Wednesday gave in-principle approval for Air India stake divestment, Finance Minister Arun Jaitley said here.
"In-principle approval for Air India divestment has been given. The Civil Aviation Ministry's proposal for formation of a group under the chairmanship of the Finance Minister to decide the modalities of divestment process has also been accepted," h
GST Network has said that its operations have not been affected by the global cyber attack and registrations have been going on smoothly. Commenting on the development, GSTN Chief Executive Prakash Kumar told the media, “The IT company has taken all necessary precautions to prevent such ransomware attacks and all data are safe.” Under the new indirect tax regime GST, GSTN will be ha
The Indian Government has said that the Indian industry borrowed USD 1.05 billion from foreign markets last month, including the rupee denominated bonds (RDBs) route. As per reports, in contrast, the borrowings were USD 1.32 billion in May last year. However, the two sets of data are not comparable as the RDB route was not there until September. As per RBI data, of the total in May this year, e
Finance Minister Arun Jaitley has said that political parties should refrain from indulging in politics over GST launch, saying all decisions with regard to the new tax regime were taken unanimously by the GST Council. As per reports, the GST Council is the first federal institution which is chaired by the Union finance minister and has representatives from all states. As per reports, the Gover
According to media reports, former chief economic advisor Kaushik Basu has taken over as president of the International Economic Association (IEA). Basu's three-year term began from June 23. Commenting on the development, a Cornell University Official told the media, "Basu's leadership kicked off with the closing of IEA's 18th World Congress in Mexico, at which Basu spoke, alon
Loan growth in the country is expected to pick up to 15 per cent in 2017-18, from 9.1 per cent in the previous fiscal, as demonetisation shock fades, says a report. According to a Bank of America Merrill Lynch report, loan growth in the country is now at a historic low and is expected to bottom out. "Our BofAML liquidity model forecasts that loan growth will pick up to 15 per cent from 9.1
The government today decided not to hike prices of foodgrains sold under the Food Law via ration shops for one more year. Under the National Food Security Act (NFSA), which was passed in 2013 during the previous UPA regime, there is a provision for revision of the issue prices of foodgrains every three years. At present, the government supplies highly subsidised foodgrains at Rs 1-3/kg to over
The Reserve Bank of India today fixed the reference rate of the rupee at 64.5288 against the US dollar and 73.3757 for the euro. The corresponding rates were 64.4572 and 72.1921, as on June 27.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.6614 and 57.44 per 100 yens, respectively, based on reference rates for the dollar and cros
The government has made it mandatory to link existing Aadhaar numbers with PAN of taxpayers with effect from July 1. Amending income tax rules and notifying the same, the government has made quoting of the 12-digit biometric Aadhaar or the enrolment ID a must at the time of application of permanent account number (PAN). Finance Minister Arun Jaitley through an amendment to tax proposals in the
A report has said that the hike in minimum support prices for kharif crops for this fiscal year has been higher than last year but seems to be modest, especially in light of recent farm protests. According to Japanese financial services major Nomura, the MSP hikes are larger than last year's and are a signal to farmers to increase production. However, market prices of some crops have gone b
NEW DELHI - India should rein in its lofty coal output target as power demand is growing at a slower pace than expected, a government policy think-tank said, even as state monopoly Coal India Ltd (CIL) struggles to sell already-mined coal.
A turnaround in India's coal sector, from crippling shortages three years ago to a surplus thanks to faster governme
The Reserve Bank of India on Tuesday said it has launched the June 2017 Round of Consumer Confidence Survey (CCS). The central bank has been regularly conducting CCS which aims at capturing subjective assessments on economic conditions and households‘ financial situation, of around 5,400 respondents, across 6 metropolitan cities viz., Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and New