The government said in the resolution that GST is one of the most sweeping indirect tax reforms in any federal polity in the world, in which complexities such as multiplicity of taxes, multiple compliances, and cascading of taxation will be removed.
According to Nasscom, the industry added over $11 billion in revenue during 2016-17, growing at 7.6 per cent in reported currency terms. This was lower than their revised range pegged at 8-10 per cent from 10-12 per cent growth estimated originally.
Allaying the fears of increased compliance burden in the GST regime, Adhia said that this was rather a “myth” as just the software used by businesses for the interface with the taxman needed a one-time tweaking.
Sinha’s assurance came after the operators stressed on the points they had earlier made at their meetings with the IMG, which underlined the division between the incumbents like Bharti Airtel and Idea Cellular on one side and Reliance Jio on the other.
The expansion follows promulgation of the Banking Regulation (Amendment) Ordinance, 2017 last month. The ordinance had outlined the reconstitution of the OC with an expanded mandate. The OC was originally constituted by the Indian Banks Association in consultation with the RBI.
Steel companies account for 50 per cent of 12 large corporate defaulters identified by the Internal Advisory Committee of the RBI for insolvency proceedings. The total debt of 12 companies is estimated to be around Rs 2.5 lakh crore.
‘Not overly pessimistic about jobs scenario in IT; start-ups can compensate’
The IPO received bids for over 421 crore shares against the total issue size of 2.48 crore, according to the NSE data.
The letter was prompted by a communication from the finance ministry to HUPA where the former brought the issue to Naidu’s notice.
The vote marked the first non-unanimous decision in the five meetings since the MPC was formed in September 2016.
Kerala on Wednesday issued an ordinance approving the SGST Act, while West Bengal had issued it on June 15. Given the special status under the Constitution, J&K needs to ratify all GST-related laws in its Assembly, unlike states which had to pass only SGST Act.
Within the proposed JV, Reliance Defence will have a 51 per cent shareholding, whereas the remaining 49 per cent will be held by Thales
Debt waivers would engender an additional burden on the respective states’ fiscal balances, necessitating further debt raising beyond our baseline estimate of Rs 4,50,000 crore for FY2018, said Jayanta Roy.
The discussions are being done through Ganz Engineering and Energetics Machinery, a 100 per cent Hungarian subsidiary of the Rosatom’s engineering division Atomenergomash.
Sebi wants to know whether investors could have been alerted and rating actions on RCom could have been initiated earlier.
Chief Minister Devendra Fadnavis had earlier held meetings with Union finance minister Arun Jaitley to discuss the issue of junked notes in DCCBs.
Sebi to check if brokers made unfair gains
The central bank is yet to release the data on how much of the banned currency was deposited with the banking systems
Markets regulator’s move likely to help tackle the bad loan crisis in domestic banks
The stock closed higher by 16.94 per cent to Rs 35.20 on the BSE on Tuesday.
Banking stocks came under heavy selling pressure after the Punjab government announced farm loan waiver for small and marginal farmers, which is likely to impact the PSU banks.
SpiceJet’s latest order will help further take forward the government’s vision to provide air connectivity to the common man, civil aviation secretary R N Choubey said.
While education and healthcare are out of the GST net, various rates are applicable to drugs, equipments, APIs etc.
Sunset clause of two years inserted; 8-11 months provided for the process
The GST will be launched in presence of President Pranab Mukherjee during the function, which is being organised by the Parliamentary Affairs Ministry.
The petition states that this rule is prescribed by the ministry/regulatory body and not by individual airlines and since it is a question of their employment contract, the ministry should not have a role in the same.
Minimum support price of several kharif crops to increase by 5-8%
India’s exports grew at its fastest pace in the last five years by 4.7 per cent to $274.65 billion in the financial year 2016-17.
Allowing the request, the bench said "if the balance amount is not paid by that date, we will be compelled to send the contemnor (Roy) to the custody and we are sure he shall not give rise to such an occasion."
This follows British oil firm losing in an international arbitration tribunal its challenge against India’s I-T department taking coercive action to recover the tax dues.
The market watchdog has directed municipalities to disclose all the price sensitive information and financial results to the stock exchanges.
Shankar faced controversy after being suspended from the current post in February 2015 for alleged irregularities in an unawarded Rs 23-crore tender for buying 21 blowout preventers.
The meeting was chaired by PM’s additional principal secretary P K Mishra and attended by senior officials, including financial services secretary Anjuly Chib Duggal and corporate affairs secretary Tapan Ray.
Amtek Auto's scrip dived 19.97 per cent to close at Rs 23.45 and Bhushan Steel tanked 16.16 per cent to Rs 58.90 on the BSE.
The sentiment was also boosted after market regulator Sebi said it plans to relax norms for direct registration of foreign investors and fast-track the listing process as part of efforts to make the Indian stock market more attractive.
Russia’s nuclear energy corporation, Rosatom, is in advanced stages of implementing a plan to develop advanced metal additive manufacturing technology by producing 3D printed parts for the country’s nuclear industry.
Wizards, Witches and Quidditch: Harry Potter turns 20