ECONOMY NEWS - Page 194

Goods and Services Tax — E-way bill: Key to plugging revenue leaksSubscriber Only

January 18, 2018 01:19 IST

Amid falling revenues, the low rate of collections under the composition scheme in the first quarter of GST roll-out has led the government to discuss ways for checking tax evasion and improve compliance, including speeding up work for early introduction of the e-way bill system.

Direct tax collections rise 18.2 per cent in April-December

January 10, 2018 01:07 IST

The increase in direct tax collections is primarily due to a 12.7% growth in advance tax collections that were recorded at Rs 3.18 lakh crore up to December 2017.

GST council approves simplified tax return filing system

GST: Action against 17,527 ‘tax evaders’, Uttar Pradesh tops listSubscriber Only

January 10, 2018 06:13 IST

Only one action recorded by Central authorities in Punjab, rest taken by state authorities.

private medical college hikes fee by 300% after Uttarakhand govt gives free hand

Markets to see healthy FPI inflows at Rs 2.2 trillion in FY’18: ICRA

January 5, 2018 16:07 IST

Foreign portfolio investors (FPIs) have pumped in investments amounting to Rs 484 billion ($7 billion) in 2016-17, ICRA said in a report.

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India’s GDP growth to slip below 7% this fiscal, say experts

January 3, 2018 19:31 IST

The Central Statistics Office (CSO) is scheduled to release its advance estimates of national income 2017-18 on Friday.

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Economy uptick: PMI surge in December fastest in five years

January 3, 2018 06:42 IST

This is the fifth consecutive month that the index stood above 50-point mark that separates expansion from contraction.

GST anti-profiteering: FinMin serves notices to McDonald’s franchisee, 2 others, after complaints ariseSubscriber Only

December 31, 2017 13:05 IST

The notices have been served “to collect information/documents and evidence to investigate and determine whether the benefit of reduction in GST rate or the benefit of input tax credit (ITC) has been passed on to the customers by commensurate reduction in prices”.

Maharashtra: Profits of DCCBs decline, bad loan ratio rises

Govt elbow room shrinks: At 112% of estimate, fiscal deficit breaches year’s target

December 30, 2017 07:15 IST

The fiscal deficit during the corresponding period in the previous year had stood at 85.8 per cent of the Budget estimate for 2016-17

GST return deadline extended till January 10

December 30, 2017 01:09 IST

For businesses with a turnover of more than Rs 1.5 crore, GSTR-1 has to be filed for the period July-October by January 10, earlier supposed to be filled by December 31.

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Arun Jaitley terms opposition comments on economy ‘exaggerated’

December 29, 2017 21:35 IST

The minister said there was no demonetisation effect visible as there was currency available with people in order to make the purchases.

Policy framework needed for logistics sector: Bibek Debroy

December 28, 2017 02:21 IST

The report says while the government is taking all the right reform measures, the involvement of multiple departments and agencies is somewhere limiting the efficacy of these reforms.

GST Council to consider rate cut on items with low revenue impact

Deferred measures may be back on table as GST mop-up continues to tankSubscriber Only

December 28, 2017 01:44 IST

The GST Council is expected to look at matching of GST returns and the corresponding invoice-matching before the start of the next financial year, they said

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Fiscal deficit target under pressure: Centre to borrow Rs 50,000 crore more via G-secs in Jan-Mar

December 28, 2017 01:39 IST

T-bills to be trimmed from present Rs 86,203 crore to Rs 25,006 crore by March-end.

GST collections decline to Rs 80,808 crore in November, lowest since roll-out

December 27, 2017 01:00 IST

Mop-up 11% lower than projected Rs 91,000 crore; 14% lower than July collection.

GST collections decline to Rs 80,808 crore in November

December 26, 2017 18:52 IST

GST collections in July was over Rs 95,000 crore, while in August the figure was over Rs 91,000 crore. In September, it was over Rs 92,150 crore and in October it was over Rs 83,000 crore.

India seeing challenging times in global trade for first time: Suresh Prabhu

Commerce Ministry panel suggests change in SEZ rules

December 26, 2017 17:24 IST

In order to align the SEZ (special economic zones) rules 2006 with the GST (Goods and Services Tax) laws as well as for removal of various difficulties faced, the committee was constituted by the ministry to make necessary recommendations.

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Sebi directs Suvidha Farming to complete refund by March

December 26, 2017 15:46 IST

The Tribunal in September this year had directed Suvidha to file a representation before Sebi within three weeks wherein the details of money refunded and mode and manner of repayment of balance amount should be stated.

2G licence cancellation: Experts say arbitration better route for cos seeking compensationSubscriber Only

December 26, 2017 02:51 IST

The Central Bureau of Investigation, which was the prosecutor in the case at the trial court, has said that it would appeal the order given by Justice OP Saini last week.

Falling GST revenue: CBEC asks officials to go after non-filers

December 26, 2017 02:32 IST

July-October saw only about 60 lakh taxpayers filing even the summary returns.

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Mere 1.7% Indians paid income tax in AY 2015-16, says official data

December 25, 2017 22:19 IST

The number of income-tax return filers increased to 4.07 crore in assessment year 2015-16 (FY 2014-2015) from 3.65 crore in the previous year but only 2.06 crore actually paid tax as the others claimed income below taxable limits.

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As crude oil plays spoilsport, RBI likely to extend pause on rate cut

December 25, 2017 18:23 IST

The RBI too has upped its inflation projection to 4.2-4.6 per cent by March 2018 due to firming global oil prices and uncertainty on kharif farm output. It aims to achieve a medium-term target of 4 per cent for retail inflation with a band of plus/minus 2 per cent.

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Reduce pending litigations in service matters: Revenue officers’ body to Finance Ministry

December 25, 2017 16:59 IST

The CBEC is entrusted with the administration of Goods and Services Tax (GST) and customs related matters. Srivastava said lakhs of cases are pending in appellate courts because of indiscriminate filing of appeals by the government.

Indian economy may reach 7% growth in 2018: AssochamSubscriber Only

December 24, 2017 17:07 IST

Assocham expects the forthcoming Union Budget to be "heavily tilted" towards the farmers while the industrial focus would be on sectors which create jobs.

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India’s GDP to grow at 7.5 per cent in 2018, says Nomura report

December 24, 2017 15:05 IST

The Reserve Bank in its fifth bi-monthly review of this fiscal kept repo rate unchanged at 6 per cent and reverse repo at 5.75 per cent, while raising the inflation forecast for the remainder of 2017-18 to 4.3-4.7 per cent.