RBI to transfer Rs 30,659 crore surplus to government

The Reserve Bank of India on Thursday said it will transfer Rs 30,659 crore surplus to the government for the year ended June 30, 2017.

According to RBI, the decision to transfer the surplus was taken by its Central Board which met here on Thursday.

"The Reserve Bank's Central Board, at its meeting held today, approved the transfer of surplus to the govern

Delay in resolving NPA affecting banks`lending: Arun Jaitley

The delay in enacting the Banking Regulation (Amendment) Bill which seeks to empower the Reserve Bank of India to direct lenders to act against big defaulters is hindering the banks' capacity to support growth, Finance Minister Arun Jaitley said on Thursday.

"You ask what is the urgency... it is already too late," Jaitley said replying to a debate in the Rajya Sabha

June IIP to be anaemic at 0.3% on GST destocking: BofAML

India's industrial production is expected to be "anaemic" 0.3 per cent for June, partly on account of retailers reducing stocks before the implementation of GST, says a report according to the PTI. Industrial output growth stood at 1.7 per cent in May. Before the implementation of Goods and Services Tax (GST), destocking was triggered largely owing to a steep fall in demand from c

Tax-GDP ratio to increase 30 bps for next two fiscals

The tax-GDP ratio will see an increase of 30 basis points (bps) each in 2018-19 and 2019-20 due to the impact of demonetisaion and the roll-out of the Goods and Services Tax (GST), according to the Medium-Term Expenditure Framework (MTEF) Statement tabled in the Lok Sabha on Thursday.

"Going forward in the years 2018-19 and 2019-20, the gains from expansion of the tax base due to

`Casual Taxpayer`registration goes live on GSTN portal

GST Network said it has started the facility for registration of casual taxpayers -- those who conduct businesses occasionally, reported PTI. A casual taxpayer is a person who occasionally undertakes business transactions in a state/Union Territory where he/she has no place of business. Goods & Services Tax Network (GSTN) Chairman Navin Kumar said that the registration as 'casual taxpay

RBI sets rupee reference rate at 63.9437 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.9437 against the US dollar and 75.0635 for the euro. The corresponding rates were 63.7491 and 74.8606, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 83.0053 and 58.15 per 100 yens, respectively, based on reference rates for the dollar and cross-currency qu

Variety of GST rates still a challenge: Rakesh Mohan

Former RBI Deputy Governor Rakesh Mohan has said that the GST rollout was a huge task achieved after over a decade but the multiplicity of rates still remains a challenge. As per reports, the Goods and Services Tax has tax-slabs of 5, 12, 18 and 28 per cent. Gold is at a special rate of 3 per cent. In addition to the tax rates, there is also a cess rate on luxury and sin goods like high-end car

Wouldn`t have approved demonetization: Bimal Jalan

Former Reserve Bank of India (RBI) Governor Bimal Jalan has said that he would not have approved demonetization if he had been at the helm of the country's central bank. Commenting on the issue, former Reserve Bank of India (RBI) Governor Bimal Jalan told the media, “There is need to tackle the problem of black money at the root and see whether taxes are high. On balance, if a rupee h

GST to lead to rise in GDP in next 6 months: Adi Godrej

Industrialist Adi Godrej has said that the Goods and Services Tax (GST) will lead to considerable increase in the GDP in the next six months. Commenting on the issue, industrialist Adi Godrej told the media, "This (GST) could add tremendously to our GDP growth. There are some teething problems here and there, I think they are being resolved.”

"The government is taking

NAFTA won`t solve Mexico`s slow growth: Moody`s

Mexico's economy has structural flaws that will not be resolved with the upcoming renegotiation of the North American Free Trade Agreement (NAFTA), credit rating agency Moody's has announced.

Mexico has for years relied on its poorly-paid work force to compete with other economies, and that is part of what is holding the country back, the agency said in a report on Wednes

Defence ministry seeks additional Rs 20,000 cr

The Defence Ministry has sought additional allocation of Rs 20,000 crore primarily for procurements, as a substantial part of its budget has already been exhausted due to speeding up of acquisitions, said informed sources.

The additional allocation has been sought at a time when a stand-off with China continues in the Sikkim sector. Sources however said the demand had nothing to

Feel strongly for welfare of Indian workers abroad: Sushma Swaraj

External Affairs Minister Sushma Swaraj, known for coming to the rescue of Indians in distress abroad, on Wednesday said that she feels strongly for the welfare of Indian workers abroad.

She said this during a meeting with United Arab Emirates's Minister of State for Foreign Affairs Anwar Gargash here.

"I strongly feel for the welfare of our workers who are abroad,&

Direct tax collection up 19.1% in April-July

Direct tax collection was up by 19.1 per cent to Rs 1.90 lakh crore in the April-July period, the government said on Wednesday.

"Direct tax collection during the said period, net of refunds, stands at Rs 1.90 lakh crore which is 19.1 per cent higher than the net collections for the corresponding period of last year," the Finance Ministry said in a statement.

The co

Date of filing first GST returns notified

 In line with the recommendations of Goods and Services Tax (GST) Council, the government has notified the date of filing the first GST returns for the month of July and August.

The date of filing returns was extended earlier by the Council by a month to give more time to the taxpayers to come into the system.

Under the GST, three forms -- GSTR 1, GSTR 2 and GSTR 3 -- n

Government expenditure up 27% in Quarterly result FY18: Finance Minister

The Indian Government has said that its expenditure went up 27 per cent in April-June of the current fiscal to over Rs 6.50 lakh crore as a result of Budget advancement by a month. Commenting on the issue, Finance Minister Arun Jaitley told the media, “The advancement of the budget by a month to February 1 was intended to utilise the full working season, including the first quarter (April

99 FDI proposals pending in various ministries: Nirmala Sitharaman

As many as 99 foreign direct investment (FDI) proposals were pending in various ministries and departments, Parliament was informed according to the PTI report. In a written reply to Rajya Sabha, Commerce and Industry Minister Nirmala Sitharaman said the work of granting approval for foreign investment in eleven notified sectors/activities under FDI policy has now been entrusted to the concerne

GST Network starts facility for return filing on its portal

The Indian Government has said that businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal. Commenting on the issue, GSTN Chairman Navin Kumar told the media, "The window for filing GSTR-3B has opened on August 5 and is fully functional now. Taxpayers c

RBI sets rupee reference rate at 63.7491 against dollar

The Reserve Bank of India today fixed the reference rate of the rupee at 63.7491 against the US dollar and 74.8606 for the euro. The corresponding rates were 63.7382 and 75.2876, previously. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 82.9248 and 57.94 per 100 yens, respectively, based on reference rates for the dollar and cross-currency qu

More Indians going online for banking: Survey

More Indians are now using a mobile banking app or going online rather than just talking to a banking adviser on phone to address complex issues, a new survey said on Wednesday.

The survey, 'Customer Experience in Banking', by global tech company Avaya, which covered India, Britain, Australia and the UAE with 5,000 respondents, showed that customers in India were more lik

Multiplicity of GST rates is a challenge: Ex-RBI official

Former RBI Deputy Governor Rakesh Mohan on Wednesday said the GST rollout was a colossal task achieved after over a decade but the multiplicity of rates still remained a challenge.

"GST has been achieved after a decade. Multiple rates is an issue," Mohan said here at the 'Economics and Governance' event organised by Penguin publishers.

The Goods a

Government notifies timeline for filing of tax returns under GST

The government has notified the timeline for furnishing final tax returns for July and August under the Goods and Services Tax (GST) regime. The GST Council, chaired by Finance Minister Arun Jaitley and comprising state counterparts, had in June allowed businesses extended timeline for filing final GST returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August. In the interim period, busine

India retail inflation seen picking up for first time in four months in July: Reuters poll

BENGALURU - India's retail inflation is expected to have picked up slightly in July after cooling in the previous three months, a Reuters poll showed, but likely remained well below the central bank's 4 percent medium-term target.

Much of the increase is attributed to the return of food inflation. Vegetable prices have risen sharply following erratic monsoon r

RBI asks banks to conduct periodical vulnerability test

The Finance Ministry has said that cyber security preparedness is a continuous activity and the RBI has asked banks to periodically conduct vulnerability test. Commenting on the issue, Minister of State for Finance Santosh Kumar Gangwar told the media, “The RBI has issued Cyber Security Framework in Bank to help them deal with any future cyberattacks.

” According to the Re

GST rollout lowers overall tax burden: Niti VC designate

Niti Aayog Vice-Chairman designate Rajiv Kumar said the implementation of GST has brought down overall tax burden on the economy, reported PTI. Kumar will replace incumbent Arvind Panagariya who is leaving the government think tank on August 31. "Overall tax burden on the economy has come down after the implementation of the Goods and Services Tax (GST)," he said at an event organised

Amarinder urges Modi, Jaitley to enhance borrowing limit

Punjab Chief Minister Amarinder Singh on Tuesday urged the central government to relax the Fiscal Responsibility and Budget Management (FRBM) Act, 2003, and enhance the state's borrowing limit to enable it meets its commitment of waive agricultural debts.

In separate meetings with Prime Minister Narendra Modi and Finance Minister Arun Jaitley here, the Chief Minister sought t