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ECONOMY NEWS - Page 198
High Court judges, experts brainstorm on likely Goods and Services Tax litigations
November 19, 2017 10:55 IST
A bench of Acting Chief Justice Gita Mittal and Justice C Hari Shankar said sanitary napkins are a necessity and there cannot be any explanation for taxing them and exempting other items by bringing them in the category of necessity.
Moody’s rating upgrade: Should celebrate at Parliament Central Hall and damn Standard and Poor, says Yashwant Sinha
November 17, 2017 14:34 IST
Moody's, after 13 years, upgraded India's sovereign rating from Baa3 to Baa2 on Friday.
Moody’s India rating upgrade: Arun Jaitley says it’s a belated recognition of positive steps taken in last few years
November 17, 2017 20:26 IST
Moody's India rating upgrade: "This is not something that's happening in isolation," emphasised Arun Jaitley, adding that India is the fastest growing among the major economies for three years in a row if one looks at the big picture.
Moody’s upgrades India’s sovereign rating to Baa2 with a stable outlook, says reforms will foster growth
November 17, 2017 12:56 IST
Moody's also said in a statement that it believes that recent reforms offer greater confidence that the high level of public indebtedness which is India's principal credit weakness will remain stable, even in the event of shocks, and will ultimately decline.
GST rate cut: Union Cabinet gives nod for body to guard against profiteeringSubscriber Only
November 17, 2017 09:48 IST
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.
Arun Jaitley hints at change in future fiscal glide path
November 17, 2017 01:48 IST
Recapitalisation of PSBs will be linked to strict performance parameters, said Arun Jaitley.
Businesses need not deduct GST on advances received for goods supply
November 16, 2017 17:58 IST
The CBEC last month said that businesses with turnover up to Rs 1.5 crore are exempt from deducting GST on advance payment for supply of goods.
Chief Economic Adviser Arvind Subramanian hints at fewer slabs, more items
November 16, 2017 01:29 IST
Retail inflation touched a seven-month high of 3.58 per cent in October.
10-year benchmark bond: Yield closes above 7% for second session
November 16, 2017 01:21 IST
The government has so far borrowed Rs 4.46 lakh crore of the budgeted Rs 5.8 lakh crore for the fiscal year 2018 leaving close to Rs 1.34 lakh crore of borrowings over the next four-and-a-half months.
Eating out, items of daily use get cheaper on lower GST
November 15, 2017 18:48 IST
The government has notified lower GST rates in over 200 items, including chocolates, waffles, furniture, wrist watch, cutlery items, suitcase, ceramic tiles and articles of cement.
GST rate cut on restaurants: High input tax credit claims by big eateries a major factorSubscriber Only
November 15, 2017 11:53 IST
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 provisionsSubscriber Only
November 15, 2017 01:55 IST
Some companies have assured dealers of compensation against any potential revenue losses.
Wholesale Price Index inflation at 6-month high of 3.59% on costlier food, fuel
November 14, 2017 18:45 IST
As per the Consumer Price Index (CPI) data released on Monday, retail inflation for October rose to a 7-month high of 3.58 per cent on costlier food items, especially vegetables.
Bring realty under GST with stamp duty, moderate rate: Assocham
November 14, 2017 18:18 IST
The Associated Chambers of Commerce and Industry of India (Assocham) said the Centre is certainly in favour of realty under the Goods and Services Tax (GST) but the states have to be brought on board because there are revenue implications.
Food, fuel prices push retail inflation to 7-month high, 3.58% in October
November 14, 2017 01:35 IST
The rise was led in part by an unfavourable base effect, a surge in inflation for vegetables and a rise in price levels for eggs and milk
Linking GST cuts to elections ‘juvenile politics’, says Finance Minister Arun Jaitley
November 13, 2017 21:48 IST
Former Finance Minister P Chidambaram said, "Ministry of Finance must be complimented for 'improving' macro-economic situation in 4 months and 10 days! This is the time taken for common sense to germinate, flower and ripen into a fruit".
India to overtake Japan as third largest economy by 2028 : Bank of America report
November 13, 2017 21:40 IST
The report also said that falling dependency ratios, financial maturity and increasing incomes and affordability would be the key drivers that would lead to the country's growth.
Retail inflation rises to 3.58 per cent, touches seven-month high
November 13, 2017 19:11 IST
The retail inflation in September was 3.28 per cent.
Future GDP growth to come from manufacturing: Suresh Prabhu
November 13, 2017 00:09 IST
Commerce and industry minister Suresh Prabhu on Sunday said the services industry had grown at the expense of manufacturing and agriculture and his government would look at increasing the share of manufacturing to 25 per cent in an expanded GDP. “The future of India’s GDP growth should come from manufacturing. We need to get new […]
No question of scrapping discussion on spectrum auction: Trai
November 12, 2017 12:09 IST
R S Sharma said there was nothing wrong in holding a consultation process to understand the views of various stakeholders as it underscored transparency.
Russia eyes over 50% localisation for new Kudankulam reactors
November 12, 2017 10:27 IST
Russia has also offered India the latest "generation 3-plus" nuclear reactors for the yet-to-be designated site in parallel to the ongoing Kudankulam project.
Chidambaram mocks Finance Ministry, says they must be complimented for ‘improving’ macro-economic situation in 4 months
November 11, 2017 13:13 IST
"Four months and 10 days is the time taken for commonsense to germinate, flower and ripen into a fruit," Chidambaram said, pointing at the GST Council's decision to slash tax rates.
Full list of 177 items with updated GST tax rate at 18%
November 11, 2017 09:18 IST
The GST council meeting trimmed the list of items in the top 28 per cent GST bracket to just 50 from current 228. Only luxury and sins goods are now in highest tax bracket.
Eating out to become cheaper as government slashes GST rates to 5% for restaurants
November 10, 2017 21:14 IST
Addressing a media briefing after the 23rd GST Council meeting, Finance Minister Arun Jaitley said all restaurants in the country will be levied a GST of 5 per cent and no restaurant will have the input tax credit (ITC) benefit.
GST Council slashes tax rates on mass consumption items to 18%, only 50 items to remain in top 28% bracket
November 10, 2017 20:37 IST
GST council meeting: The Council had been facing widespread criticism from opposition-ruled states over keeping mass used goods in the 28 per cent slab which was meant for luxury and de-merit goods.
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