To facilitate a smooth GST regime, the government has asked field offices of CBEC to turn into "one-stop solution" for taxpayer's needs by hand-holding them to meet compliance requirements, reported PTI. India ushered in Goods and Services Tax on July 1 which unifies 17 different taxes. It transforms India's USD 2 trillion economy and 1.3 billion consumers into a single market
As per a report, despite the Government seeking to deflect criticism that higher economic growth is not creating jobs, the labour department data has shown employment generation to be declining. As per the labour department data collected by JM Financial, the ratio of the number of degree-holders (undergraduates and above) to new jobs created has worsened from 9x for the three-year period FY11-
Grain exporters body AIREA has said that harsh norms by the European Commission will hit the exports badly as the trade worth over Rs 1,700 crore could shift to Pakistan. The Indian delegation is scheduled to visit the EU to resolve the basmati rice issue. The Indian government team is scheduled to visit Brussels, Belgium, on July 12 to discuss the matter.
As per reports, the European
According to experts, Indian farmers who are forced into giving up their land for industry are facing dwindling earnings and fewer job options. As per reports, increased mechanisation is taking away some manual labour, while a lack of training of farmers and farm workers for alternate jobs is leaving them with few livelihood options. According to analysts, the Indian Government's rural empl
The government should permit wider utilisation of duty credit scrips by exporters as any limited use would impact liquidity situation of exporters, FIEO said as per the PTI report. Implementation of the Goods and Services Tax (GST) has limited their use by exporters as these can now be utilised only for payment of basic Customs duty and not IGST. The Federation of Indian Export Organisations (F
Minister for Information & Broadcasting, Venkaiah Naidu has said that the government under the leadership of Prime Minister has been working proactively with the States/UTs to enhance the cooperation in the field of communication & outreach. The minister said that cooperation between Centre and States in content generation in Indian languages and local dialects was critical to effective
The Reserve Bank of India today fixed the reference rate of the rupee at 64.7779 against the US dollar and 73.4322 for the euro. The corresponding rates were 64.7209 and 73.5035, yesterday. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.8226 and 57.25 per 100 yens, respectively, based on reference rates for the dollar and cross-currency quo
Indian economy is expected to recover in the coming quarters and the country is expected to clock a real GDP growth of 6.9 per cent in this financial year, says a report. According to a report by BMI Research, India's growth is expected to pick up following the negative ramifications from the demonetisation drive in November 2016, but weak public banks will likely cap the recovery.<
A study has indicated that the industry is expected to contribute USD 280 billion to India’s GDP in eight to nine years due to a positive fallout of the Goods and Services Tax (GST) as structural changes in the ease of doing business will propel growth. As per reports, the study was done by ASSOCHAM-Ashvin Parekh Advisory Services. The Mumbai-headquartered body is a global management cons
The government should take steps to curb black market transactions in gold which have an adverse effect on the economy, according to Y.V. Reddy, a former Governor of the Reserve Bank of India.
"Some of the demand for gold today stems from black market transactions, which have a nefarious influence on the economic systems and social fabric and deserve immediate and serious at
Former finance minister and BJP veteran Yashwant Sinha says that there is a threat of indiscipline and unravelling of the Goods and Services Tax (GST) if states follow the example of Tamil Nadu levying additional taxes over the agreed rate in a particular sector.
He also feels that the new law is not a perfect GST as it is fraught with multiplicity of rates and full of compromise
Prime Minister Narendra Modi has told chartered accountants that they have an important role to play in creating an India that is free from corruption and black money, reported PTI. Days after sending out a strong message to chartered accountants at ICAI foundation day function here, Modi has also emphasised that they play a "big role in safeguarding the economic health of the country"
India and Israel on Wednesday launched a five-year technology fund, reminiscent of a fund that boosted the Jewish state's ties with US over four decades, and agreed to holds talks for an investment protection treaty in a bid to boost trade and business ties, reported PTI. A joint statement, issued during Prime Minister Narendra Modi's unprecedented visit to Israel, identified st
In a bid to boost trade relationship, India and Jordan have emphasized the need for diversification of bilateral trade and deepening their engagements for greater cooperation in investment sector, according to a statement released by Ministry of Commerce & Industry. The 10TH India-Jordan Trade and Economic Joint Committee (TEJC) Meeting was held in New Delhi on 4th and 5th July, 2017 under
Union Agriculture and Farmers Welfare Minister, Radha Mohan Singh said that the idea of development of agriculture sector was being contemplated for a long time, but since independence, this is the first government that has been working at the ground level for the development of agriculture and the economic growth of the farmers.
Speaking at a meeting of the State Ministers in-charge
Union Minister of State for Home Affairs, Hansraj Gangaram Ahir has said that the Centre would provide funds for enhancing the coastal security of Kerala. Talking to media after reviewing the overall law and order situation with state officials in Thiruvananthapuram today, he said that funds would be made available from the Police Modernisation Fund for buying more vehicles and patrol boats. Ah
The Indian Government has said that it is revamping the consumer protection law to safeguard consumers in view of new challenges posed by e-commerce, direct selling and multi-level marketing sectors. Commenting on the issue, Minister of State for Consumer Affairs C R Chaudhary told the media, "The emergence of global supply chains, lowering of trade barriers, rise in international
President Pranab Mukerjee has said that India and Vietnam should take steps to achieve USD 15 billion bilateral trade target by 2020. Commenting on the issue, President Pranab Mukerjee said, "The status of present bilateral trade between India and Vietnam is satisfactory. However, the two countries should work together to achieve the target of USD 15 billion bilateral trade by 2020."<
The Indian Government has said that the proposed Regional Comprehensive Economic Partnership (RCEP) with ASEAN countries will offer immense possibilities, accounting for about 40 per cent of world trade. Commenting on the issue, External Affairs Minister Sushma Swaraj told the media, “The next round of RCEP meeting will be held in Hyderabad later this month.
The ASEAN-India FTA
Delhi Finance Minister Manish Sisodia on Wednesday said that the current form of Goods and Services Tax (GST) could give a rise to black market and "inspector raj" because of its higher tax slabs, which will trigger lower compliance.
Expressing concern on the higher tax rates decided for different commodities and services under the GST, Delhi Deputy Chief Minister Sisodia sa
Prime Ministers Narendra Modi of India and Benjamin Netanyahu of Israel on Wednesday called for realizing the full potential of bilateral trade and investment.
"The two Prime Ministers noted the importance of realizing the full potential of bilateral trade and investment," a joint statement issued following delegation-level talks led by Modi and Netanyahu said.
Finance Minister Arun Jaitley on Wednesday said that despite the anticipation of initial disruptions on account of the Goods and Services Tax (GST), the roll-out of the new indirect tax regime from July 1 was smooth and without any significant glitches.
"When GST was implemented from July 1, it was anticipated that huge amount of disruptions would be caused. We in the government
India and Israel on Wednesday signed seven agreements, including three on space cooperation, following delegation-level talks headed by Prime Minister Narendra Modi and his Israeli counterpart Benjamin Netanyahu.
A Plan of Cooperation was signed between the Indian Space Research Organisation (ISRO) and the Israel Space Agency (ISA) regarding cooperation in atomic clocks.
The Jammu and Kashmir assembly on Wednesday passed the Goods and Services Tax (GST) resolution amid bedlam.
The resolution, moved in the house on Tuesday by state Finance Minister Haseeb Drabu, was passed by a majority vote amid noise and protest by the opposition National Conference, Congress and independent MLAs who held that the passing of the resolution amounted to surrenderi
The five per cent Goods and Services Tax (GST) rate will apply only on those branded cereals which are registered with the Register of Trade Marks, while others will remain exempted, the Finance Ministry said on Wednesday.
The government clarification comes as doubts were being raised over the meaning of "registered brand name".
"GST rate of five per cen