Crucial GST Council meet underway in Hyderabad

A crucial meeting of the Goods and Services Tax (GST) Council was underway here on Saturday to discuss key issues relating to implementation of the new tax regime.

Chaired by Finance Minister Arun Jaitley, the 21st meeting of the GST Council was being attended by finance ministers of states and GST Secretariat officials.

Over 150 delegates were attending the meet being held

Indias forex reserves rise to nearly $400 bn

Continuing a recent trend, Indian foreign exchange reserves shot up by a massive $3.572 billion to touch a high of $398.122 billion for the week ended September 1, Reserve Bank of India (RBI) data showed on Friday.

The country's foreign currency assets (FCAs), a major portion of the overall reserves, increased by $2.808 billion, to $373.641 billion for the week in consideration.

UIDAI head A.B. Pandey given additional charge as GSTN Chairman

Aadhaar authority UIDAI Chief Executive Ajay Bhushan Pandey was on Friday given additional charge as chairman of the Goods and Services Tax Network (GSTN), an official said here.

"Dr Ajay Bhushan Pande will hold charge of chairman GSTN in place of Navin Kumar who retired recently. He is DG UIDAI (Aadhar)", Revenue Secretary Hasmukh Adhia said in a tweet. Kumar retired as Cha

Electric car makers seek cut in batteries` GST from 28% to 12%

Ahead of the GST Council's next meeting on Saturday, the Society of Manufacturers of Electric Vehicles (SMEV) has called for reducing the GST of 28 per cent on batteries. It has pointed out the anomaly of the higher tax on these when sold separately as against 12 per cent when sold with the vehicles.

"Lithium batteries usually need to be sold separately from the electric two-

Nuclear, defence cooperation key to future India-Japan ties: Subrahmanyam Jaishankar

New Delhi,  Ahead of Japanese Prime Minister Shinzo Abe's visit to India later this month for the annual bilateral summit, Foreign Secretary S. Jaishankar said that the future of India-Japan ties lies in nuclear and defence cooperation.

"Cooperation in civil nuclear energy and in defence are two domains that portend the future direction of our ties,

RBI sets rupee reference rate at 63.8664 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.8664 against the US dollar and 77.0357 for the euro. The corresponding rates were 64.0276 and 76.3593, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8757 and 59.28 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Focus on power, exports & infra to boost growth: Raghuram Rajan

Former RBI Governor Raghuram Rajan has said that India needs to focus on three areas -- infrastructure, power and exports -- to stimulate GDP growth, which has been hit by factors like demonetisation.

Commenting on the issue, former RBI Governor Raghuram Rajan told the media, "We should not be so pessimistic and say that good times are over but we should be worried...growth had s

Government sets up online service facility to resolve foreign trade issues

The government has set up an online service facility that can be used by importers and exporters to resolve all foreign trade-related issues, an official statement said today. The directorate general of foreign trade (DGFT), which comes under commerce ministry, has asked all exporters and importers to use the system - Contact@DGFT - for resolution of their matters.

Traders can raise a

India`s CAD to widen in 2nd Qtr of 2017: Nomura

A report has said that the country's current account deficit is likely to widen to 3 per cent in the second quarter of 2017 due to sharp deterioration in trade deficit. In the quarter ended March or first quarter of 2017, current account deficit widened to USD 3.4 billion, or 0.6 per cent of gross domestic product (GDP).

Commenting on the issue, a Nomura Official told the media, &

Government has to give more push to rural sector: ASSOCHAM

Pointing out that the demand for manufacturing industry goods are not picking up, the Industry chamber ASSOCHAM said that government will have to give more push to the rural sector and create demand. A top official of the chamber also noted that the sectors which will give a strong base for manufacturing, which are in difficult situation, should improve and generate jobs in order to increase de

India, Singapore trade ties to improve by 2019-20: FIEO

Exporters' body FIEO has said that there is a huge potential to increase bilateral trade between India and Singapore to USD 25 billion by 2019-20. Commenting on the issue, Federation of Indian Export Organisations (FIEO) President Ganesh Gupta told the media, “India's export to Singapore grew by 23 per cent last fiscal, though overall exports expanded by only 4 per cent.

Indian government urged to inject more funds into lenders

MUMBAI  - Viral Acharya, deputy governor of the Reserve Bank of India, called on the government to inject "substantial additional capital" into state-owned lenders, saying the country had to urgently address the weak balance sheets in its banking sector.

Acharya's comments come after data last week showed gross domestic product grew only 5.7 percent

Former RBI governor Raghuram Rajan pitches for state asset sales to bail out banks

NEW DELHI  - India could sell stakes in state-owned companies to fund a bank recapitalisation and revive growth without straying from the path of fiscal consolidation, the former head of the Reserve Bank of India (RBI) said on Thursday.

Stronger, better-managed banks should be given the capital they need to absorb losses as a matter of high priority, Raghuram Raj

GST Council meets in Hyderabad on Saturday

The 21st meeting of the Goods and Services Tax (GST) Council, composed of states' finance ministers and headed by Union Finance Minister Arun Jaitley, is slated to be held in Hyderabad on Saturday.

Following the council's previous meeting here last month, Jaitley had appealed to the Indian industry to pass on to customers the benefits of the novel input credit system introduce

Revenue collection from GST touches Rs 94,700 cr: Reports

The Indian Government has said that around six lakh more businesses have filed returns and paid taxes in last one week, taking maiden revenue collections from GST to about Rs 94,700 crore. As per reports, Finance Minister Arun Jaitley had last week stated that 38.38 lakh businesses had filed their returns and paid Rs 92,283 crore in taxes for the month of July - the first month of implementatio

Weak investment demand bigger challenge than GST: Experts

According to experts India's economic activity has lost momentum in the June quarter and critics blamed GST as well as demonetisation for the slip, but its weak investment demand that is a bigger challenge. According to Kotak Institutional Equities, weak investment demand which accounts for 30 per cent of GDP is a far bigger 'structural' challenge.

As per reports, India

Government working on ways to promote startups: Suresh Prabhu

The government is working on ways to remove obstacles and promote startups in the country, Commerce and Industry Minister Suresh Prabhu has said. Addressing startups in a video message, he said that the "Power of the State" will push the startup ecosystem towards greater success. He said that the budding entrepreneurs play an important role in building economy. "World around is c

RBI to recoup forex reserves to combat global contagion: Report

The Reserve Bank is expected to buy forex reserves at every opportunity to combat global contagion, a Bank of America Merrill Lynch report said. The report said the rupee is expected to reach Rs 66.75/USD level by December. According to BofAML, the RBI has bought about USD 16 billion in the spot market since April. "We continue to expect the RBI to recoup forex reserves to combat global co

RBI sets rupee reference rate at 64.027against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.0276 against the US dollar and 76.3593 for the euro. The corresponding rates were 64.2146 and 76.5438, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.4664 and 58.70 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo

Inequality in India increased rapidly since 1980s: Report

India has witnessed rapid increase in inequality beginning 1980s with top one per cent of the population cornering as much as 22 per cent of the national income, says a report as per the PTI. The share of national income accruing to the top 1 per cent income earners is now at its highest level since the creation of the Indian Income tax in 1922, says the paper on 'Indian income inequality,

Ind-AS transition sees 500 cos` profit dipping 6.2% since FY16

Adoption of the Ind-AS of accounting standards since FY16 has led to a 6.2 per cent decline in profit for the 500 listed companies but positively impacted their networth, said a study as per the PTI report. The study has analysed 500 listed companies' performance and has found that their profit declined by Rs 13,680 crore over the previous year under the older system of calculation, which i

NITI Aayog sets up task force on employment, export

The NITI Aayog on Wednesday constituted an Expert Task Force led by its Vice Chairman Rajiv Kumar to boost employment in the country through increased exports.

The task force would propose an action plan to create well-paid, formal sector jobs and alleviate underemployment in both goods and services sectors, the planning body said in a statement.

"Given the importance o

NSDL commences operation of its GST platform

E-governance service provider NSDL on Monday said that it has commenced operations of its GST platform -- NSDLgst -- for providing ASP (Application Service Provider) and GSP (GST Suvidha Provider) services.

"This is a comprehensive and secure platform, which enables traders, dealers, businesses, chartered accountants (CAs) and tax consultants to upload invoices, file returns and

India cracks down on directors of shell companies

NEW DELHI  - Directors of Indian shell companies that have not filed tax returns for at least three years have been disqualified from re-appointment or from being appointed to similar roles elsewhere, India's finance ministry said on Wednesday.

The move, part of a crackdown on illegal transactions and tax evasion, comes a day after authorities froze the bank

EMs have become main engine of world growth: XI Jinping

Chinese President Xi Jinping has said that emerging market economies and developing countries have become the main engine of world economic growth. Commenting on the issue, Chinese President Xi Jinping told the media, "I wish to announce that China will provide USD 500 million for assistance fund for South-South Cooperation.

The money will be used to help fellow developing countr