GST on int`l freight to make air cargo non-competitive

Levying GST on international freight is likely to make air cargo "non-competitive", an industry body said as per the media reports. Freighters were not liable to pay any tax under the service tax regime, while now they have to pay 18 per cent GST. "Subjecting international freight at 18 per cent GST is totally unfair as it will stifle the growth of air cargo.

"Why

India on track to grow at 7.4% in 2017: ADB

India is expected to achieve the projected growth rate of 7.4 per cent in 2017 and further up 7.6 per cent next year on strong consumption demand, with South Asia leading the growth chart in Asia and the Pacific, an ADB supplement report said. "India, the sub-region's largest economy, is expected to achieve previous growth projections of 7.4 per cent in 2017 and 7.6 per cent in 2018, p

RBI sets rupee reference rate at 64.4273 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4273 against the US dollar and 74.1880 for the euro. The corresponding rates were 64.3211 and 74.2265 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.9166 and 57.45 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Cadre review of defence accounts service approved

The Union Cabinet today approved the cadre review of the Indian Defence Accounts Service (IDAS) under the defence ministry which provides for increasing 23 posts. The additional positions sanctioned include one post at secretary level (apex scale) and six at higher administrative grade (at par with additional secretary).

As per the decision, 10 posts at the level of junior administrat

Cabinet okays revision of ICWF guidelines

The Union Cabinet, chaired by Prime Minister Narendra Modi, has approved revision of the Indian Community Welfare Fund (ICWF) guidelines, to expand scope of welfare measures that can be extended through the fund to overseas Indian nationals in times of distress and emergency. The ICWF, set up in 2009, is aimed at assisting overseas Indian nationals in times of distress and emergency in the most

Robust export demand to boost Asian economies: ADB

Surging global demand for Asian exports and low oil prices will help China and the region's developing economies grow faster than expected this year and next, the Asian Development Bank said. The region should now grow by 5.9 per cent this year and 5.8 per cent in 2018, the Manila-based lender said in a report. The bank updated its earlier forecasts, released in April, that predicted 5.7 pe

Cabinet clears MoU with Netherlands on space technology

The Union Cabinet has approved the Memorandum of Understanding (MoU) between India and Netherlands on cooperation in the exploration and uses of outer space for peaceful purposes. The MoU was signed on May 11 & 22, 2017 at Bangalore and The Hague respectively, according to a Cabinet statement released on Wednesday.

This agreement shall enable the following areas of cooperation suc

Cabinet okays Central Goods and Services Tax (Amendment) Bill, 2017

The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.

The Ordinance has extended the provisions of the Central Goods and Services Tax Act, 20

Cabinet approves signing BRICS MoC on tax matters

The Union Cabinet chaired by the Prime Minister Narendra Modi on Wednesday approved signing of Memorandum of Cooperation (MOC) in respect of tax matters between India and the Revenue administrations of BRICS countries namely, Brazil, Russian Federation, China and South Africa. The MoC aims to further promote cooperation amongst the BRICS Revenue administrations in international forum on common

Cabinet gives nod for Hindustan Petroleum merger with ONGC

The Union Cabinet on Wednesday gave its in-principle approval to the merger of oil marketer Hindustan Petroleum Corp Ltd (HPCL) with state-run explorer Oil and Natural Gas Corp. (ONGC), official sources here said.

The cabinet approved the sale of the government's stake in HPCL to ONGC. Under the arrangement, the exploration giant will not have to make an open offer after buying th

Revenue from imports up 11% in first 15 days of GST: CBEC

 Though the complete revenue flows from the GST cannot be guaged before October when the new indirect tax regime completes its first quarter, the revenue collection from imports under the Goods and Services Tax has seen an 11 per cent month-on-month increase in the first 15 days, the CBEC has said.

The total revenue flow from imports stands at Rs 12,673 crore from July 1-15

Nothing is perfect immediately, take GST's example: Manohar Parrikar

Goa Chief Minister Manohar Parrikar, cornered by the Opposition in the assembly over a controversial order, on Wednesday cited the example of the GST to illustrate how legislations sometimes are not perfect in the immediate sense.

The Opposition was forcing him to tweak a recent government order that disallows government employees to attend public grievances meetings at homes of elect

States planning to improve ease of doing business: Official

A Government Official has said that state governments are taking several steps such as setting up of single window system for approvals with an aim to improve ease of doing business. Commenting on the issue, Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek said that as many as 17 states had made laws to provide single window system.

“Powers of sever

RBI to issue Rs 20 notes with Urjit Patel`s signature

The Reserve Bank of India on Wednesday said it will shortly issue Rs 20 denomination banknotes in the Mahatma Gandhi Series, with the inset letter 'S' in both the number panels. “The design of these banknotes to be issued now is similar in all respects to the 20 banknotes in the same series issued earlier,” RBI notified today. All the banknotes in the denomination of Rs 20 i

Bajaj Finance net rises 42% at Rs 602 cr

Bajaj Finance today reported a jump of 42 per cent in its net profit at Rs 602 crore for the first quarter ended June of 2017-18. Net profit in April-June of 2016-17 was at Rs 424 crore. Total income rose 39 per cent to Rs 3,165 crore for the June quarter as against Rs 2,282 crore a year ago, the company said in a regulatory filing. Shareholders also approved the proposal of Rs 4,500 crore fund

Banks to take Rs 2.4 tn haircut to resolve top 50 stressed accounts

Banks are likely to take a haircut of Rs 2.4 trillion, or nearly 60 per cent, to resolve 50 large stressed accounts, said a Crisil report said as per the PTI. These 50 companies are from the metals (30 per cent of total debt), construction (25 per cent) and power (15 per cent) sectors, and account for half of the Rs 8 lakh crore non -performing assets (NPAs) in the banking system as on March 31

GDP may rise to $8 trn in next 15 years: Arvind Panagariya

NITI Aayog has said that India's GDP may rise to about USD 8 trillion over the next 15 years if the country registers an economic growth of 8 per cent annually and come very close to eliminating abject poverty entirely. Commenting on the issue, NITI Aayog Vice Chairman Arvind Panagariya told the media, “With that level of economic growth, living standards and amenities that are taken

GST win-win deal for all: Arun Jaitley

Finance Minister Arun Jaitley described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods, reported PTI. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitl

GST rates not to be revised unless there is anomaly: CBEC

GST rates will not be revised unless there is an anomaly or the rates are unjustified, CBEC Chairperson Vanaja Sarna said as per the PTI report. Her comments came in the wake of textile traders' demand of lowering five per cent GST on textiles. "It is an issue that has snowballed but it is not something which cannot be settled... The issue is that textile sector is taxed for the first

Jaitley to inaugurate Delhi Economics Conclave-2017: Finance Minister

The Union Finance Minister, Arun Jaitley will inaugurate the Delhi Economics Conclave-2017 on Saturday, 22nd July, 2017 in the national capital, according to a statement released by the Ministry of Finance. On this occasion, Tharman Shanmugaratnam, Deputy Prime Minister, Republic of Singapore will deliver the Inaugural Address on ‘India Development Strategy and International Engagement Po

MSME schemes: Government to set up small industry for rural women

In a bid to encourage and promote women entrepreneurs in the country, Ministry of MSME is implementing Prime Minister’s Employment Generation Programme (PMEGP) which is a major credit-linked subsidy programme aimed at generating self-employment opportunities through establishment of micro-enterprises in the non-farm sector.

“The maximum cost of projects is Rs 25 lakh in th

GST rollout not glitch-free: CBEC Chairperson

The rollout of the Goods and Services Tax (GST) has not been glitch-free and has thrown up issues on various fronts, including the entertainment tax, textile and MSME sectors, CBEC Chairperson Vanaja Sarna said on Wednesday.

Sarna added that the issues will, however, get ironed out over time.

"The last 18 days of GST have thrown problems, it has not been glitc

RBI sets rupee reference rate at 64.3211 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3211 against the US dollar and 74.2265 for the euro. The corresponding rates were 64.3301 and 74.1469 yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8554 and 57.43 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quot

Unfeasible to isolate effect of note ban on GDP: Minister

The Indian Government has said that it isn’t possible to isolate the impact of demonetisation on India's GDP as economic growth of a country depends on a number of factors, including monetary ones. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, "The Gross Domestic Product (GDP) of a country depends on a number of factors including mon

455 markets from 13 states integrated to e-NAM: Agriculture Minister

A total of 455 markets in 13 states have been integrated with Prime Minister Narendra Modi’s flagship scheme- eNAM (electronic National Agriculture Market). According to an official statement, 585 markets across the country are targeted for integration to e-NAM by March, 2018. The ministry of agriculture informed that financial assistance of Rs 30 lakh per market is given for this pupose.