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ECONOMY NEWS - Page 214
SUVs, luxury cars to cost more as GST cess raised to 25 per cent
August 7, 2017 16:32 IST
Under the new tax regime, cars attract the top tax rate of 28 per cent, besides attracting a cess of 1-15 per cent in order to create a corpus to compensate states for loss of revenue from GST implementation.
27 per cent jump in monsoon holiday bookings in India: Survey
August 7, 2017 07:12 IST
The data also revealed that Goa, Manali (Himachal Pradesh), Mysore (Karnataka), Ooty (Tamil Nadu) and Shimla (HP) were the top domestic leisure destinations preferred by Indians during the monsoon this year.
Looking forward to serve the nation: Niti Vice-Chair Kumar
August 6, 2017 14:06 IST
The appointment for the post of Niti Aayog Vice Chairman was necessitated as the incumbent Panagariya on August 1 had announced that he will leave the government think-tank on August 31 and return to Columbia University.
GST council’s 20th meeting: Rate on textile job works, tractor parts loweredSubscriber Only
August 6, 2017 02:32 IST
In-principle nod to e-way bill rules which are likely to come into force from Oct 1
Economist Rajiv Kumar replaces Arvind Panagariya as new NITI Aayog vice-chairman
August 5, 2017 22:04 IST
Rajiv Kumar was a senior fellow at public policy think-tank Centre for Policy and Research (CPR) and has authored several books on the Indian economy and India's national security. Earlier this week, 64-year-old Panagairya had stepped down as vice-chairman of the Niti Aayog.
Income Tax Return (ITR) filing deadline ends in a few hours: What you need to know
August 5, 2017 16:59 IST
Income Tax Return filing deadline today: On Friday, the income tax department said its field offices will remain open till Saturday midnight to facilitate very senior citizens and those with income below Rs 5 lakh to file tax returns for financial year 2016-17.
Social damages might have more lasting impact on economy than wrong policies: Economist Kaushik Basu
August 5, 2017 13:32 IST
India is a society that is poor, but is respected for its scientific temper and research, and "we should not backtrack on that," the former World Bank chief economist said.
Mumbai’s inflation perception highSubscriber Only
August 5, 2017 03:25 IST
Mumbai residents thought inflation in June was 8.5%, but actual retail inflation was 1.54%; only Guwahati had a higher perception, says survey
GST Council to discuss e-way bill, rate on textile job work
August 5, 2017 02:47 IST
Currently, the GST for job works related to textile yarns, other than man-made fibres and textile fabrics is 5 per cent, while for manmade fibres, it is 18 per cent, the official said.
Sikkim standoff may derail business progress achieved in recent yearsSubscriber Only
August 5, 2017 14:36 IST
Doklam standoff: The investment exposure of Chinese companies in India over the last 17 years, which remains limited to a cumulative FDI inflow of $1.63 billion (Rs 10,094 crore) as on July 31, 2017, shows a notable rise in Chinese business interest over the last three years.
Services sector PMI falls most in 4 years on GST
August 4, 2017 06:23 IST
A reading above 50 indicates expansion, while a score below this mark means contraction. This is the first time in six months that the services index has slipped into contraction territory.
CBEC clarifies on GST rates for sweets
August 4, 2017 06:07 IST
“The sale value referred to in the notification refers to the transaction value and not the retail sale price of such ready-made garments,” CBEC said.
Job, business opportunities can open up if we tap linguistic diversity: Manmohan Singh
August 3, 2017 13:36 IST
Singh also emphasised on the "crucial importance" of research drawing upon the vast linguistic diversity for making fresh break-through in the fields of knowledge and nurturing innovations in sciences and technology.
Services PMI contracts to 4 year low in July, post GST
August 3, 2017 13:13 IST
The Nikkei India Services Purchasing Managers' Index (PMI), a pointer to services output on a monthly basis, plunged to 45.9 in July, the lowest since September 2013, from June's eight month high of 53.1.
GSTN portal: Nearly 40 per cent taxpayers not yet enrolled
August 3, 2017 02:10 IST
Over 71 lakh taxpayers of VAT, service tax and central excise have activated their accounts at the GST portal but only 44 lakh have so far completed the process by filling up Part B of the form.
Lok Sabha passes two bills extending CGST, IGST to Jammu and Kashmir
August 2, 2017 19:37 IST
Arun Jaitley hit out at the Congress for its reported claim that GST would infringe upon the special status of J&K. The finance minister said a national party such as the Congress should not have got itself entangled by taking such a stand which is the "argument of the separatists".
‘General insurance firms need `37,000-cr capital over 5 years’
August 2, 2017 02:44 IST
To maintain a solvency level of 1.65 times, the general insurance sector would require around Rs 37,000 crore of capital over the next five years.
MPC meet begins amid rising hopes of rate cut
August 2, 2017 02:34 IST
Some expect that the central bank may go for an even more aggressive rate cut of 50 basis points as the retail inflation touched historic low of 1.54 per cent in June.
Nirmala Sitharaman talks trade deficit with Chinese counterpartSubscriber Only
August 2, 2017 02:27 IST
This was Sitharaman’s second meeting with Chinese minister of commerce Zhong Shan after having met on the sidelines of the Regional Comprehensive Economic Partnership (RCEP) ministerial meet in Hanoi in May this year.
Post GST Launch: Manufacturing PMI slumps to the lowest since 2009
August 2, 2017 02:19 IST
The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) stood at 47.9 in July, down from 50.9 in June, and highlighted the first deterioration in business conditions in 2017 so far.
All-Over India ‘750 projects awaiting environmental clearance’
August 2, 2017 02:03 IST
According to an answer given by Union minister Harsh Vardhan to a question in the Lok Sabha last month, 1,877 proposals for environmental clearance were received by the Centre between January 2014 and December 2016, of which 1,168 were given the nod.
Arvind Panagariya steps down as chief of Niti Aayog, will return to academia
August 2, 2017 06:15 IST
Panagariya said the university was not giving him further extension and he would be leaving Niti Aayog on August 31. He said he had met Modi two months ago to convey the situation, but was in touch with the authorities there to try and get his leave extended
Next GST Council meet to decide on anti-profiteering mechanism
August 1, 2017 22:10 IST
The anti-profiteering law simply states that businesses have to pass on the benefits arising out of lower taxes to the consumer. As per Clause 171 of GST Act, it is mandatory to pass on the benefit due to reduction in rate of tax or from input tax credit to the consumer by way of commensurate reduction in prices.
Niti Aayog vice-chairman Arvind Panagariya steps down, says he will return to academia
August 1, 2017 18:54 IST
Arvind Panagariya resigns as Niti Aayog vice-chairman: In August 2014, PM Narendra Modi had announced that the Planning Commission had become redundant, and handpicked Panagariya to head the organisation in its new avatar, the National Institution for Transforming India.
Fiscal deficit soars to 81% of FY18 target in Apr-Jun
August 1, 2017 08:38 IST
The fiscal deficit in the first three months was 61.1 per cent of the annual estimate; in the corresponding period of 2015-16, it was 51.6 per cent.
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