GST council finalises tax on services; exempts education, healthcare

The all-powerful GST Council finalised tax rates for services under the Goods and Service Tax (GST) regime, scheduled to kick-infrom July 1, reported PTI. Healthcare and education would be exempt from GST.

Kerala Finance Minister Thomas Issac said there will be four rates for services at 5, 12, 18 and 28 per cent, similar to tax slabs for goods. The tax rate on gold has not been final

India finalises four GST rates for services

NEW DELHI   India has finalised four tax rates that will apply to services including telecoms, insurance, hotels and restaurants under the new Goods and Services Tax (GST) which should be rolled out on July 1, Finance Minister Arun Jaitley said on Friday.

The tax rates for services will be 5, 12, 18 and 28 percent - in line with those applying to goods.

Delhi High Court grants DMRC four days to file reply in RInfra case

The Delhi High Court on Friday granted four days time to the Delhi Metro Rail Corporation (DMRC) to file its reply in the RInfra case, according to sources.

The next hearing will be on May 29, 2017.

The high court said it will dispose off the matter before vacations starting on June 1, 2017 in view of the huge interest burden on the petitioner.

The Delhi Airport Me

RBI sets rupee reference rate at 64.9906 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.9906 against the US dollar and 72.2955 for the euro. The corresponding rates were 64.3441 and 71.6214, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.3063 and 57.80 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

BSE allows F&O trading in RBL Bank, Nalco, 3 others

Leading stock exchange BSE will introduce futures and options contracts in five companies, including RBL Bank and state-run National Aluminium Company (Nalco), from May 26. Hindustan Construction Company, Kajaria Ceramics, and Ramco Cements are other companies in which futures and options trading has been allowed.

"Trading members are requested to note that futures and options co

State Bank of India Q4 net profit more than doubles as expected

By Devidutta Tripathy

MUMBAI  State Bank of India reported its highest profit in six quarters on lower provisions for bad loans last quarter, but investors were wary about the outlook for its asset quality after the amalgamation of its five subsidiary banks from April.

SBI, which accounts for more than a fifth of India's banking assets, merged its f

MFIs suffer note ban blues; stressed loans balloon to 14%

The demonetisation move has severely affected microlenders, with their stressed assets ratio shooting up to 14.1 per cent as of March 31, 2017. The portfolio at risk, measured by loans which are unpaid for over 30 days, increased to 14.1 per cent from 0.40 per cent in the year ago period, the Microfinance Institutions Network, an industry body that acts as a self regulatory organisation, said i

GDP numbers may be revised upwards for FY-2016-17: Nomura

A Nomura report has said that the new series for industrial production and wholesale prices suggest that the GDP numbers for financial year 2016-17 could be revised up from 6.7 per cent to 7.4 per cent. As per reports, the Central Statistical Office (CSO) revised India's wholesale price index (WPI) and industrial production (IP) series last week, changing the base year to 2011-12 (from 2004

Tax rate set up GST council to be positive for industry: Experts

According to experts, tax rates cleared by the GST Council will bring cheer to the industry as prices of consumer products are likely to drop with the implementation of the new indirect tax regime from July 1.

As per reports, the GST Council, comprising state finance ministers and headed by Union Finance Minister Arun Jaitley, finalised the rates on a host of items. Commenting on the

GST rate of 5% on coal to stabilize steel prices: Reports

The Indian Government has said that fixing of the GST rate on coal at 5 per cent will lead to stabilisation of steel prices. As per reports, the GST Council has decided to keep coal in the 5 per cent tax slab under the new sales tax regime against current tax incidence of 11.69 per cent.

Commenting on the issue, Steel Secretary Aruna Sharma told the media, "That (five per cent) i

RBI urges banks to appoint qualified CTOs: Reports

The RBI has said that it has urged banks to appoint qualified chiefs to head the critical finance and technology functions to deal with the rapidly changing banking sector.

As per reports, the central bank also came out with minimum qualifications for the chief financial officers (CFOs) and chief technology officers (CTOs). Commenting on the issue, a RBI Official told the media, "

UBI posts net profit of Rs 73.56 crore in Q4

State-run United Bank of India on Thursday reported a net profit of Rs 73.56 crore for the quarter ended March 31, compared with a net loss of Rs 413.04 crore for the same period a year ago.

The lender's total income in the quarter under review fell by close to 3 per cent year-on-year (y-o-y) to Rs 2,672.88 crore from Rs 2,752.35 crore in the year-ago period, but its net inte

GST rates decided on 1,211 items, except gold

The Goods and Services Tax (GST) Council on Thursday decided the tax rates for 1,211 items with a majority of items being kept at 18 per cent, though the rates on gold and beedi remained undecided.

"There is no increase in taxes of the items considered today. In fact, for many of them, taxes have come down," Finance Minister Arun Jaitley told media after the first day o

GST implementation to be a milestone: Arjun Ram Meghwal

The implementation of Goods and Services Tax (GST) from July 1 would be a major milestone in the growth of the country, Union Minister Arjun Ram Meghwal said as per the PTI report.

Speaking after inaugurating a workshop for beneficiaries of 'Pradhan Mantri Mudra Yojana' and Start Up initiatives at Sahyadri college at Adyar near here, the Minister of State for Finance and Corpo

GST rates will bring cheer to industry: Experts

Tax rates cleared by the all powerful GST Council will bring cheer to the industry as prices of consumer products are likely to drop with the implementation of the new indirect tax regime from July 1, experts said according to the PTI report. The GST Council, comprising state finance ministers and headed by Union Finance Minister Arun Jaitley, yesterday finalised the rates on a host of items.

India finalises tax rates for goods and services

By Manoj Kumar

NEW DELHI   India on Thursday finalised tax rates that will apply to different goods and services under a new sales tax which New Delhi aims to roll out from July 1.

A panel comprising central and state finance ministers fixed the rates for over 1200 items under the Goods and Services tax, amid demand by some states to keep essential

Consumers to pay less for common items under GST: Paswan

Consumers stand to gain from the GST rates announced for daily consumption items which will also help keeping a check on prices, Consumer Affairs Minister Ram Vilas Paswan said according to the PTI report. FMCG firms Dabur and Emami welcomed the rates on commonly used consumer items stating it would be beneficial but said more clarity is needed to understand overall impact.

"The

RBI mandates rating by two companies for corp bonds PCE

The Reserve Bank made changes to the partial credit enhancement (PCE) framework for corporate bonds, making it mandatory for companies to get the paper rated by two agencies throughout its lifetime, reported PTI.

"To be eligible for PCE from banks, corporate bonds shall be rated by a minimum of two external credit rating agencies at all times," the apex bank said in a notifi

RBI liberalises tier-I presence in new bank branch policy

RBI came out with final guidelines on branch authorisation, with a refined definition on what constitutes a bank branch and liberalised policies on presence in tier-I centres, reported PTI.

It also widened the role of bank boards, making them responsible for complying with the new guidelines. The RBI removed the restriction on tier-I branches, which was earlier linked to the number of

RBI sets rupee reference rate at 64.3441 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 64.3441 against the US dollar and 71.6214 for the euro. The corresponding rates were 64.0214 and 71.1598, yesterday.

According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.3063 and 57.80 per 100 yens, respectively, based on reference rates for the dollar and cross-cu

Indian microfinance loans grew 26% in Q4 of last fiscal

The Microfinance Institutions Network (MFIN) on Thursday said the organised industry in this segment has grown by 26 per cent through loan disbursements in the fourth quarter of last fiscal ended March, though this growth was much slower than the 89 per cent recorded in the same quarter of 2015-16.

"The microfinance industry has witnessed a growth of 26 per cent over last ye

Government to bring law to confiscate assets of economic offenders

In a bid to deal with economic offenders like liquor baron Vijay Mallya, who flee the country to escape the legal process, the government on Thursday said it has prepared a draft legislation to enable confiscation of their assets.

The draft law -- Fugitive Economic Offenders Bill, 2017 -- has been prepared and put in public domain at the Department of Economic Affairs, Ministry o

India has entered an economic era of integrity & inclusiveness

Union minister M J Akbar today hailed the economic and foreign policy initiatives of the Modi government and said the country has entered an economic era of integrity and inclusiveness, where no one will be left behind. "India has entered an economy of integrity and inclusiveness. An integrity where talent will rise, which will ensure development for all. You are in the first year of proce

Government modifying '2011 vintage' national manufacturing policy

The "2011 vintage" manufacturing policy is being modified to align it with initiatives like 'Make in India' as also Industrial Revolution 4.0, which refers to high end automation, Industry Minister Nirmala Sitharaman has said. The national manufacturing policy (NMP) "is of 2011 vintage", which envisaged that manufacturing should contribute 25 per cent in India's

I-T Department disloses names of 5 defaulters in Delhi

 As part of its strategy to "name and shame" big defaulters, the Income Tax Department on Thursday published names of five entities who owe over Rs 10 crore in taxes.

Through advertisements issued in leading dailies, the department published its latest list of income tax and corporate tax defaulters, all based in Delhi, along with details like PAN card number, last