No farm loan waiver, Centre has to meet fiscal deficit target: Arun Jaitley

Ruling out Central funding for any state's farm loan waiver, Finance Minister Arun Jaitley on Tuesday said that the government has to meet its fiscal deficit target.

"We have got Fiscal Responsibility and Budget Management (FRBM) Act and fiscal deficit target, we intend adhering to it," the Finance Minister told reporters here during a press briefing when asked about the

Credit card bill, insurance premium to get costlier post GST

Credit card providers, banks and insurers have started alerting their customers to pay higher tax post implementation of Goods and Services Tax (GST) from July 1. Customers currently pay 15 per cent service tax for such services. Starting from July 1, 2017 the GST will replace all indirect taxes like service tax and VAT.

Financial services and telecom have been put in the 18 per cent

'RBI to ensure supply of Rs 25,000 cr to meet currency demand'

Union Minister of State for Labour and Employment Bandaru Dattatreya said that the Reserve Bank will ensure supply of another Rs 20,000 crore to Rs 25,000 crore in the next two to three months to meet the currency demand of Telangana, reported PTI.

Banks in Telangana had received currency deposits of around Rs 70,000 crore during demonetisation period, while the Reserve Bank supplied

Commerce ministry in talks with departments on exporters' GST issues

The commerce ministry said it is engaged in an inter-departmental consultation to resolve issues of exporters related with Goods and Services Tax (GST), reported PTI.

GST related concerns were raised by exporters during the second meeting of the Board of Trade, chaired by Commerce Minister Nirmala Sitharaman.

"The government is fully seized with the concerns of the expo

Exempt food items with registered trademark from GST: CAIT

Traders' body CAIT urged the government to exempt food items, branded as well as non- branded, having a registered trademark from the GST.

The traders' body argued that the distinction made by the GST council by levying 5 per cent on branded items having a registered trademark will encourage adulteration and lead to less remunerative prices to farmers even for good quality pro

Companies may lose CGST registration if indulge in profiteering

The proposed anti-profiteering authority can cancel registration of any entity or business if it fails to pass on to consumers the benefit of lower taxes under the Goods and Services Tax (GST) regime, reported PTI.

The five-member National Anti-Profiteering Authority, headed by a secretary-level officer, can order reduction in price commensurate with the lowering of incidence of taxat

EXIM container volume growth dips on note ban: Report

Demonetisation and the subsequent dip in consumption resulted in a dip in the country's EXIM container trade volume growth for the January-March this year, a report said as per the PTI report. The container volume growth dropped to 7 per cent as compared to 10 per cent in the same period last year, it said, adding export growth stayed flat at 8 per cent while import expansion slid to 5 per

Delay in GSTN security clearance not to affect GST launch: Arun Jaitley

Finance Minister Arun Jaitley said GST rollout will not be impacted by any delay in security clearance to GST Network, the IT backbone provider for the new indirect tax system, reported PTI. "It (GSTN) is already functioning," he told reporters here. Security clearance to GSTN is a "procedural matter". "These are all procedural matters, they go on," he said. "

Centre not considering farm loan waiver: Arun Jaitley

The Centre is not considering any proposal for farm loan waiver, Finance Minister Arun Jaitley said , a day after Punjab approved waiving of loans for nearly 10 lakh farmers in the state, reported PTI. "There is no such proposal. We have got FRBM Act and fiscal deficit target, we intend adhering to it," he said.

In Union Budget 2017-18, the fiscal deficit has been pegged at

Infosys veterans launch new age solution for GST regime

 Infosys veterans on Tuesday launched GSTSTAR, a comprehensive solution catering to Goods and Services Tax (GST) regime needs of businesses, professionals and large organisations.

"It caters to the GST needs of small and big enterprises. Minimum fee will be Rs 500 and maximum Rs 40 lakh per month based on the size of the organization," GSTSTAR co-founder Shailesh Agrawa

ADB to provide $275 mn loan for water supply project in Madhya Pradesh

Asian Development Bank (ADB) will provide USD 275 million loan for a piped water supply project for rapidly urbanising small towns, covering 3 lakh households, in Madhya Pradesh, reported PTI. The state government will provide a USD 124 million counterpart support for the project which is estimated to be completed by June 2022, ADB said.

The loan agreement for USD 275 million has been

Cash crunch led to 'material impact on spending': Fitch

Demonetisation of old Rs 500 and 1,000 notes had a "material impact on spending" as reflected in significant slowing of GDP growth in January-March, Fitch Ratings said , warning that the ongoing steep decline in investment could spell risks to growth potential, reported PTI. In its latest Global Economic Outlook (GEO), Fitch said Indian GDP growth slowed "significantly" to 6

RBI sets rupee reference rate at 64.4672 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.4672 against the US dollar and 71.9583 for the euro.

The corresponding rates were 64.3788 and 72.1043, as on June 19. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.1506 and 57.80 per 100 yens, respectively, based on reference rates for the dollar and cros

Arun Jaitley to leave for 3-day visit to Russia

The Minister of Defence, Finance and Corporate Affairs Arun Jaitley, accompanied with a high level Indian delegation, will leave for three day visit to Russia today, to attend two meetings with the Government of the Russian Federation.

“On June 21, Jaitley will co-chair the first meeting of the India-Russia High Level Committee on Science & Technology with the Deputy Prime M

Finance Ministe rules out farm loan waivers; will stick to fiscal targets

Finance Minister Arun Jaitley has ruled out any waiver of farm loan and said the Centre will adhere to the fiscal targets. The remark came as Punjab became the third state after Uttar Pradesh and Maharashtra to announce waiver of loans given to farmers. Replying to questions from reporters, Jaitley said the Centre is not considering any such plan.

The government had in 2008 waived far

No excuse for firms not to be ready for GST - Arun Jaitley

By Manoj Kumar

NEW DELHI  - Indian small business has been given enough time to prepare for the July 1 rollout of a new national Goods and Services Tax (GST), Finance Minister Arun Jaitley said on Tuesday, ruling out any further slippage in the timeline.

Jaitley, addressing a news conference, said there would be initial challenges after launching the ta

BSE SME platform receives 214 draft prospectus

BSE's small and medium enterprise (SME) platform seems to be generating significant interest from investors with as many as 214 firms filing draft papers to raise funds through IPOs since the launch of the segment, nearly five years ago. Out of 214 companies, 183 of them are already listed and have raised Rs 1,440 crore from the market.

Currently, these firms have a market capital

GST to be launched on June 30 midnight in Parliament

 The Goods and Services Tax (GST) regime will be launched on the midnight of June 30 at the Central Hall of Parliament, Finance Minister Arun Jaitley announced on Tuesday.

President Pranab Mukherjee, Vice President Hamid Ansari, Prime Minister Narendra Modi and former Prime Minister Manmohan Singh will be among those who will attend the special event, Jaitley told the media 

CBDT notifies rule for secondary adjustments in transfer pricing

The Central Board of Direct Taxes (CBDT) on Monday said it has operationalised the provisions of secondary adjustment in transfer pricing.

The Finance Act, 2017 with effect from April 1, 2018 provided for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise, in order to make the actual allocation of funds consistent with that o

Banks yet to refer 12 bad loan cases to NCLT: IBBI

Insolvency and Bankruptcy Board of India Chairman M.S. Sahoo on Monday said that there is a process which banks need to follow post which the 12 non-performing assets (NPAs) cases would come before the IBBI for resolution.

There is a process that needs to be followed as the banks need their Board approval after which they need to file cases with National Company Law Tribunal (NCLT), w

GST to bring down tax on several goods: Jitendra Singh

The Union Minister of State for Development of North Eastern Region (DoNER), Jitendra Singh has said that GST will bring down tax on several goods and contrary to a perception held in certain quarters.

“The rollout of GST from 1st of July will bring a huge relief to the poor and lower middle class by resulting in a tax rate lower than the present tax rate,” said Jitendra S

Nirmala Sitharaman launches online platform Startup India Virtual Hub

The Commerce & Industry Minister Nirmala Sitharaman on Monday launched theStartup India Virtual Hub, an online platform for all stakeholders of the entrepreneurial ecosystem in India to discover, connect and engage with each other. Speaking about the need to bring the entire ecosystem together on one platform, Nirmala Sitharaman mentioned that Startup India Virtual Hub is an effort to creat

Board of Trade to discuss ways to boost exports today

Commerce and Industry Minister Nirmala Sitharaman will chair the meeting of 70-member Board of Trade (BoT) today to discuss ways to boost exports, reported PTI. The meeting assumes significance as the ministry is reviewing the foreign trade policy (2015-20), which is expected to be released by the end of this month. It will be the second meeting of the BoT, a top advisory body on trade.

RBI's move on NPA resolution credit-positive for banks: Moody's

Global credit rating agency Moody's Investors Service on Monday dubbed as 'credit-positive' for Indian banks the RBI plans to resolve 12 large bank loan accounts accounting for 25 per cent of the banking system's non-performing assets (NPA).

The rating agency said it expects that the effectiveness of the resolutions under the Insolvency and Bankruptcy Code (IBC), 2016,

GST Council sets tax rates for lotteries, hotels

The Goods and Service Tax (GST) Council has decided to tax state-run lotteries and state authorised lotteries at 12 and 18 per cent respectively and to tax 28 per cent in hotels starting from Rs 7,500 and 18 per cent below Rs. 7,500. Union Finance Minister Arun Jaitley said the GST on restaurants in these hotels will be at par with other air-conditioned restaurants.

Jaitley said the G