Aanchal Magazine

Profile

Citing reforms that lift growth, Moody’s upgrades India first time since 2004
Sat, Nov 18, 2017

The relatively fast pace of growth in incomes will continue to bolster the economy’s shock absorption capacity, Moody’s said.

Moody’s India rating upgrade: Concerns over NPAs, private funds persist
Sat, Nov 18, 2017

Moody’s has already cautioned about the debt scenario. High debt/GDP ratio is likely to increase in the next two years on slower growth

GST rate cut: Union Cabinet gives nod for body to guard against profiteering
Fri, Nov 17, 2017

The authority will have the power to cancel registration of any entity or business if it fails to pass on the benefit of lower taxes under the GST regime to consumers.

GST rate cut on restaurants: High input tax credit claims by big eateries a major factor
Wed, Nov 15, 2017

Big restaurants were claiming about 6-7 per cent of the GST rate as ITC, with the highest claim being against the overhead of rent, three officials close to the development said.

GST on 178 items slashed: Dealers told to cut prices immediately to avoid anti-profiteering provisions
Wed, Nov 15, 2017

Some companies have assured dealers of compensation against any potential revenue losses.

Only 50 items left in highest GST slab, list slashed three-quarters to ease tax burden
Sat, Nov 11, 2017

The GST Council, at its 23rd meeting, moved 178 items out from the list of 228.

GST Council meeting: State finance ministers want lesser items in 28 per cent tax slab
Fri, Nov 10, 2017

The Council will also consider lowering tax rates on 100-150 items in the 28 per cent tax bracket such as handmade furniture, plastic products and daily use items like shampoo

GST Council meeting today: Congress states flag sustainability of compensation, lower revenue
Fri, Nov 10, 2017

Right time to bring real estate, petroleum, electricity under GST: Punjab, Karnataka & Puducherry.

Demonetisation anniversary: New numbers are in, 1.5 million jobs lost in January-April this year
Wed, Nov 08, 2017

Demonetisation anniversary: According to CMIE data, the estimated total employment during January-April 2017 was 405 million compared to 406.5 million during the preceding four months, September-December 2016.

Paradise Papers: Very welcome, evaders can’t escape, says Hasmukh Adhia
Wed, Nov 08, 2017

Hasmukh Adhia said that investigative reports such as the Paradise Papers and Panama Papers are helpful and will make people think twice before engaging in tax evasion through tax havens.

One year of demonetisation: Tax compliance better, more funds for banks
Tue, Nov 07, 2017

According to Income Tax Department, these figures show “marked improvement in the level of voluntary compliance” as a result of action taken on the basis of data of cash deposits following demonetisation.

Ease of business: New insolvency rules, tax norms lift India 30 ranks to top 100
Wed, Nov 01, 2017

Proof of reform, says PM Narendra Modi; protecting minority investors also key to surge

Capital infusion: Prepping strong banks to acquire the weak
Tue, Oct 31, 2017

Well capitalised banks can better absorb weak ones and can also speed up NPA resolution as they will have resources to write down potential losses.

More GST rate cuts likely, eating out at AC restaurants could get cheaper
Mon, Oct 30, 2017

If approved by the GST Council, this will be the second round of relief measures for small and medium businesses within a month.

Post-GST Gujarat, Haryana surveys found no ‘earthshaking’ issues: CBEC chief
Fri, Oct 27, 2017

Sarna conceded that there have been mismatch issues with the refunds to exporters and they are working to provide manual refunds, in cases where the online utility is unavailable.

Recapitalisation monumental step, says RBI Gov Urjit Patel, better banks ahead in line for capital
Thu, Oct 26, 2017

Of the total of 22 PSU banks, as many as eight currently have gross non-performing assets (GNPA) above 15 per cent while 14 banks have GNPA of more than 12 per cent.

Govt has a 2-lakh-crore bank capitalisation plan to spur economy
Wed, Oct 25, 2017

Finance Minister Arun Jaitley said the Indian economy is on a strong wicket, with growth having bottomed out and a rebound expected in the coming quarters based on the back of “strong macroeconomic fundamentals”.

Mismatch between GSTR-1 invoice and exporters’ quote
Tue, Oct 24, 2017

Rs 150 cr sanctioned so far against claim of Rs 753 cr of IGST paid on exports in July.

Income Tax dept opens chat window to address queries
Thu, Oct 19, 2017

TAKING A leaf out of the Goods and Services Tax (GST) implementation book, where a troubleshooting window was created to engage with taxpayers, the Income Tax Department has decided to replicate the initiative for direct taxes too, opening a chat window to address taxpayers queries on a real-time basis. The I-T Department’s newly launched “online […]

GST revenue loss: Centre pays Rs 8,698 crore to states, UTs
Wed, Oct 18, 2017

Payout stands at 58% of total Rs 15,060 cr raised from cess in first 2 months of GST.

Goods and Services Tax: E-way bill roll-out in abeyance on IT infrastructure concerns
Tue, Oct 17, 2017

The Council also is learnt to have agreed upon the need to have a proper module and adequate pilot testing in place to ensure that the IT backbone for e-way bill is stable.

GST composition scheme: GoM consensus on providing relief to small restaurants
Mon, Oct 16, 2017

Suggestions to cut composition rate to be taken up in next GST Council meeting.

DRI cases pending for adjudication: 233 out of 403 case records unavailable with Kolkata Customs Commissionerate
Wed, Oct 11, 2017

The total 403 cases pending for adjudication involve revenue of over Rs 782 crore and have seizure value of Rs 5,437 crore.

Arun Jaitley slams Yashwant Sinha: India at 70, PM Modi at 3.5, job applicant at 80
Fri, Sep 29, 2017

Without naming predecessors Yashwant Sinha and P Chidambaram, Arun Jaitley said they have “decided to act in concert because speaking on persons and then bypassing the issues is something which is very easily done”.

Slowing economy: Growth revival hinges on targeted intervention
Tue, Sep 26, 2017

Analysts warn against overshooting fiscal deficit goal, but advise well-targeted capital expenditure on medium & small enterprises, roads, railways and urban development

Commerce minister to meet India Inc next week, discuss ways to spur growth
Sat, Sep 23, 2017

The lower-than-expected GDP growth followed large-scale destocking undertaken by manufacturers ahead of the goods and services tax rollout and the lingering impact of demonetisation.

Pradhan Mantri Kaushal Vikas Yojana flounders: 30 lakh trained in skills, less than 3 lakh get job offers
Thu, Sep 21, 2017

With the scheme floundering, the Centre is now planning to shift focus to district-level schemes to yield better results in the short-term for its skilling initiative.

GST-related petitions in high courts: CBEC directs officers to appeal orders where levy is questioned
Tue, Sep 19, 2017

The CBEC in its instruction said that the Supreme Court allows SLP only when there is a substantial question of law of general or public importance or there is manifest injustice resulting from the impugned order or judgment.

GSTN glitches: 80 days later, hiccups remain
Tue, Sep 19, 2017

Slow processing, popping up of incorrect data in the error report and portal's inability to take a large amount of data in GSTR-1 in one go are some of the issues still being faced by those filing returns

GST compensation math for states: Centre seeks June, July VAT details to finalise revenue gap
Sat, Sep 16, 2017

Officials from Centre and states also monitoring high level of GST credit claims

Focus on deadlines for swift action: CBDT chief to taxmen
Fri, Sep 15, 2017

Panama Papers case, HSBC probe among the 11 ‘high priority’ issues discussed

21st GST Council Meet: GSTN glitches, revenue worry at meeting of GST Council
Sun, Sep 10, 2017

The Council decided to levy an additional cess of 2 per cent on mid-sized cars, 5 per cent on large cars, and 7 per cent on SUVs, along with lowering tax rates on 40 items, including idli/dosa batter etc.

Demand exemption on certain farm commodities: Agricultural traders protest at GST council meet venue
Sun, Sep 10, 2017

Traders from Agricultural Produce Market Committee of Kolhapur, Sangli and Solapur also demanded removal of the commission on turmeric fingers, coriander, raisin and dried red chillies, saying they are purely “agricultural products”.

Outside GST Council meet venue, agricultural traders protest
Sat, Sep 09, 2017

At present, most agricultural commodities are exempt under the GST regime except the processed agricultural commodities.

Rajiv Pratap Rudy replaced after skilled fail to find employment opportunities
Mon, Sep 04, 2017

During his term India signed Memorandum of Understanding (MoU) with Qatar for cooperation in Skill Development and recognition of qualifications to facilitate workforce mobility, skill development and placement of youth in overseas jobs in Qatar.

Government needs to move fast on labour reforms, say experts
Mon, Sep 04, 2017

"As of now, for industrial units employing more than 10 workers, they need state governments’ permission to close down a factory. Legislative changes through Factories Act have been pending. It needs to be fast tracked,” an expert at FICCI said.