Reduce GST rate on crop protection chemicals: CropLife India

Industry body CropLife India demanded that the government reduce the GST rate of 18 per cent on crop protection chemicals, saying the high rate will burden farmers, reported PTI. The historic Goods and Services Tax (GST), which will subsume over a dozen taxes including excise, service tax, VAT and other local levies, is slated for a mid-night launch from July 1. "The GST rate for crop prot

Sebi bans Assda Agro Projects from capital markets

The Securities and Exchange Board of India has barred Assda Agro Projects Ltd and its directors from capital markets for not complying with public issue norms. The move follows SEBI receiving complaints against the company with regard to mobilisation of money by way of issue of shares. According to a SEBI probe, the company had allotted redeemable preference shares worth about Rs 61.67 lakh to

Exclusive: Indian Railways safety overhaul at risk due to rail shortage - documents

By Neha Dasgupta

NEW DELHI- A planned $15 billion safety overhaul of India's ageing rail network is facing delays as the country's state steel company is unable to meet demand for new rails, according to two government documents seen by Reuters.

State-owned Steel Authority of India Ltd (SAIL) has promised to meet only around 78 percent of demand in t

RBI sets average base rate for NBFC-MFIs at 9.22%

The Reserve Bank today said the average base rate applicable for lending by Non-Banking Financial Company – Micro Finance Institutions (NBFC-MFIs) for the quarter beginning July 01, 2017 will be 9.22 per cent. "The Reserve Bank of India has today communicated that the applicable average base rate to be charged by Non-Banking Financial Company – Micro Finance Institutions (NBFC-

Airlines require specific GST clarifications: IATA

The International Air Transport Association (IATA) on Thursday said that clarification on specific issues with respect to the application of the Goods and Services Tax (GST) will help the airline industry keep up with international standards and principles.

"Nonetheless there are still information gaps. We look forward to receiving the guidance notes to be provided by the GST Cou

Commerce Minister issues report on export promotion schemes

The commerce ministry has released a report on export promotion schemes, which is expected to serve as a handy tool for stakeholders in evaluation of the foreign trade policy. The 'MIS Report on Export promotion Schemes 2017' is an initiative taken by statistics division of the Directorate General of Foreign Trade (DGFT) as part of the monitoring and evaluation of the Foreign Trade Poli

RBI to issue new Rs 10 coins

The Reserve Bank will soon put into circulation new Rs 10 coins that have been minted to commemorate 150th birth anniversary of Shrimad Rajchandra. “The Government of India has minted the above mentioned coin which the Reserve Bank of India will shortly put into circulation. The coin has been released by the Hon’ble Prime Minister of India,” RBI said in a notification.

GST rate on construction sector hiked to 18%

The government hiked the GST rate for the construction sector to 18 per cent from 12 per cent, but removed land value from computation of tax liability, reported PTI. While notifying the tax rates for central GST, IGST and Union Territory GST, the Central Board of Excise and Customs (CBEC) tweaked the tax rate and the mode for calculation. Construction of complex, building, civil structure, inc

Telcos staring at another difficult year; pretax net to fall 28% this fiscal: Icra

Battered telcos are staring at another difficult year with domestic ratings agency Icra estimating an additional 6 per cent dip in growth and a massive 28 percent shave-off in pre-tax profit this financial year, reported PTI. This is over and above the 5 per cent decline in revenue to Rs 2.56 trillion in FY17, which pulled down their pre-tax profit by 10 per cent to Rs 64,000 crore. "Compe

GST`s red-carpet entry: Impact on consumers, traders, government

 With the biggest tax reform set to receive a red carpet welcome in Parliament's Central Hall when the clock strikes midnight on June 30, the Goods and Services Tax will irreversibly impact consumers, traders, businesses as well as the revenue collection machines of the states and the centre.

Though the real impact of the government's big-bang reform can be assessed only

IndiGo eyes Air India stake in possible privatisation

NEW DELHI  - India's biggest airline, IndiGo, has expressed unsolicited interest in buying a stake in state-owned Air India, the junior aviation minister said on Thursday, a day after the cabinet approved plans to privatise the carrier.

Several other airlines, domestic and international, have also expressed an interest in buying part of Air India, Jayant Sinh

Coal India to generate 1 GW clean energy this fiscal: Piyush Goyal

State miner Coal India (CIL) will generate one gigawatt (GW) power from renewable energy during the current fiscal as part of its plan to produce around 10 GW power overall from renewables, Union Coal, Power and Renewable Energy Minister Piyush Goyal said on Thursday.

"This is a contribution towards a better planet, towards greening the country and greening the world," Goyal

Share of solar in electricity to rise by 2040: Niti Aayog

According to Government think-tank Niti Aayog's draft National Energy Policy (NEP), the rooftop solar set-ups would become the norm in the country by 2040. As per reports, the draft NEP has maintained that in an increased electricity share and in the immediate run-up towards universal coverage of electricity, it may not be viable to tap rooftop solar for homes. According to the draft, the s

RBI to remain open to facilitate transactions on July 1

The Reserve Bank of India today said that its offices will remain open on July 1 to facilitate public transactions and settlement of market transactions. “On account of Reserve Bank’s annual closing of accounts on June 30, 2017 (Reserve Bank’s accounting year being July to June), and July 1, 2017 being a working Saturday, the Reserve Bank of India has decided that it will rema

Power demand & generation sees improvement in May: Reports

An India Ratings report has said that power demand and generation has improved in May, but declining coal stock may lead to power shortage. Commenting on the issue, an Ind-Ra Official told the media, "Power demand in May 2017 increased 6.3 per cent year on year to 105.5 billion units (BUs). Even after the sharp increase in year on year demand in May 2017, India was able to manage the power

NITI Aayog in favour of higher taxes on SUVs: Reports

The Government think tank NITI Aayog has said that there should be a higher tax on big cars and SUVs and is in favour of promotion of mass transport system like metro rail to improve air quality. As per reports, the proposed National Energy Policy has also pitched for providing conducive regulatory framework to encourage investments in the energy sector in India which would around USD 3.6 trill

P-note investments hit 7-month high of Rs 1.81 lakh cr in May

Investments in domestic capital markets via participatory notes (P-notes) have surprisingly surged to a seven-month high of Rs 1.81 lakh crore at the end of May despite stringent norms put in place by Sebi to curb inflow of illicit funds, reported PTI. P-notes are issued by registered Foreign Portfolio Investors to overseas investors who wish to be a part of the Indian stock markets without reg

India to launch $ 250 mn i3 program to boost biopharma dev

India’s first ever Industry-Academia mission will be launched on June 30, 2017 to boost biopharmaceutical development in the country, as per the government release. The Ministry of Science & Technology said in a release that, “The first ever Industry-Academia mission to accelerate biopharmaceutical development in India will be formally launched by the Cabinet Minister for Scienc

No plans to make CIL arms into separate entities: Piyush Goyal

Union Power Minister Piyush Goyal has said that the Government is not considering any proposal to make Coal India arms into independent companies. As per reports, Government think tank Niti Aayog had suggested in its draft National Energy Policy to spin off Coal India's seven arms into independent firms and imbibe competition, saying the coal behemoth was supplying coal to consumers at high

Delayed 13K MW hydro projects to cost Rs 52,600 cr more: Study

Hydro power projects of 13,363 megawatt capacity are stranded at various stages of development and reported a cost overrun of Rs 52,697 crore, a study has found. "Despite significant hydropower potential, till now, only 30 per cent of India’s total economically feasible hydropower potential has been harnessed, the ASSOCHAM-PwC study titled. Accelerating hydropower development in Indi

Railway earns Rs 14 bn via reserved ticket cancellation in FY17

The Indian Railways collected Rs 14.07 billion through cancellation of reserved tickets on the request of the commuters in FY 2016-17, registering a 25.29 per cent rise over previous year's earning under this head, reported PTI. This information was revealed by the Centre for Railway Information Systems (CRIS), an autonomous organisation under the Ministry of Railways, in response to a quer

Coal projects provide growth scope for mine developers: Ind-Ra

With the central and state utilities expected to invite bids for coal mining in the near future, domestic mine developer and operators (MDOs) with a good track record will have a big growth opportunities, said India Ratings as per the PTI report. "The MDO route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relev

Cabinet gives nod for 6-laning of Chakeri-Allahabad highway

The Cabinet Committee on Economic Affairs (CCEA) has approved the development of 6-laning of Chakeri-Allahabad highway of NH-2 in UP, as per the government release. The CCEA said in a release that, “The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi, has given its approval for development of six laning of Chakeri-Allahabad section of National Highway (N

Textile traders extend 3-day strike against GST

The ongoing three-day strike of textile traders against imposition of GST, was on Wednesday extended till June 30 after getting support from the Bhartiya Udyog Vypar Mandal which has also called for a trade shutdown on that day.

"Our textile strike was supposed to end on June 29. But we will extend our strike by one day till June 30 after the Bhartiya Udyog Vypar Mandal supported

MDO route offers growth opportunity for EPC players: Ind-Ra

The mine developer and operator (MDO) route presents a large growth opportunity for domestic engineering, procurement and construction (EPC) players with a demonstrated relevant track record, subject to attractive mine economics, says India Ratings and Research (Ind-Ra). The rating agency said that credit profile of the appointed MDOs during the mine development phase is perceived to be risky,