GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only.
The Reserve Bank of India is expected to maintain status quo tomorrow at the sixth bi-monthly monetary policy meet, while it may sound ‘caution’ on higher crude oil price and fiscal slippage for the third time in a row.
About 82 per cent of the growth in global wealth accrued to the world’s top one per cent over the last year while the bottom 50 per cent saw no increase at all.
The finance minister also said that most of the fiscal deficit slippage of 30 basis points from the target for this fiscal would have been bridged had the government factored in full-year GST collection, instead of that of 11 months following the introduction of a new accounting system.
The Trai on Monday said it is encouraging users to give their consent for capturing more information related to evaluation of mobile data speeds to help in better validation of results.
The decade-long fight between Enercon GmBH and its Indian arm, Wind World India, is proving to be a serious issue for the wind energy sector, as turbines with over 3,000 MW capacity have become near non-functional for want of servicing and lack of components, people close to the development told FE.
The aim of the bank recapitalisation plan is to strengthen the MSMEs to the tune of Rs 5 lakh crore, Finance Secretary Hasmukh Adhia said on Monday.
When Finance Minister Arun Jaitley was reminded of his four-year-old promise of reducing the corporate tax rate from 30% to 25% for all companies, he defended his decision by saying that he had promised the cut alongside the phasing out of exemptions, and with current exemptions, companies are paying an average of 22-23% of corporate tax.
Finance Minister Arun Jaitley today said the states are not in favour of including petrol and diesel into GST at the moment, ruling out any immediate levy of the new indirect tax on these petroleum products.
Central Board of Direct Taxes (CBDT) chief Sushil Chandra today said the companies which are claiming profit-linked deductions will have to file I-T returns in time.
The economy will growth 7.5 per cent level in the first half on a lower base, but will slip down to 7 per cent in the second half of the next fiscal, says a foreign brokerage.
The fears on inflation are overdone as the fall in prices of onions and tomatoes suggests the same, says a report released by Bank of America Meryll Lynch. In addition, Indian economy will grow at 7.5 percent level in the first half on a lower base, but will fall down to 7 percent in the second half of the next fiscal, says Bank of America Meryll Lynch.
The Jammu and Kashmir Legislative Council today passed a Rs 95,666.97-crore budget for the state for 2018-19, comprising a revenue component of Rs 51,244.72 crore and a capital component of Rs 44,422.24 crore.
The budget session of the Rajasthan Assembly began today on a stormy note with the opposition Congress, buoyant after winning the bypolls in the state, corning the BJP government over farmers’ issues and law and order situation in the state.
Budget 2018: To have a deeper insight on the budget 2018 announcements, FICCI on Monday organised a post budget interactive session with Finance Ministry officials. Addressing the gathering, Finance Secretary Hasmukh Adhia highlighted the two key facets of the budget. Rural areas including agriculture and MSME sector are the two focus areas of budget 2018, Hasmukh Adhia said.
CBDT Chief Sushil Chandra today asked the industry to refrain from misusing provisions of laws to evade taxes, saying the effective tax rate for big companies is already 26 per cent on account of various exemptions.
Finance Secretary Hasmukh Adhia said today that while implementing GST, the government has sacrificed revenue in the hope that compliance would improve in the future.
Expediting public services and ensuring fairness in procurement will supplement rapid economic growth in the South Asian region including India, Finance Minister Arun Jaitley said today.
The food ministry has proposed doubling of the import duty on sugar to 100 per cent to curb cheaper imports, check falling wholesale prices of sweetener and ensure timely payment to cane farmers, sources said.
Towards such an end, the Government has granted infrastructure status to affordable housing which will enable these projects to avail the associated benefits such as lower borrowing rates, tax concessions and increased flow of foreign and private capital.
Budget 2018, the last Budget of the current government ahead of the General Elections in 2019, was touted as pro-farmer and pro-poor Budget, Credit rating agency Moody’s has said that the Budget will benefit the corporate, infrastructure and insurance sector.
Finance Minister Arun Jaitley on Monday said the government cannot act like a commercial entity even when it comes to the “commercial activities of the State”, and cannot just “pick and choose” in matters of public procurement.
The government will construct high-tech silos for storage of rice in producing states once the technology for the same is fully ready, a senior Food Ministry official said today.
The exports promotion council for special economic zones (SEZ) today said the government should reconsider their demand to restore tax benefits for supporting growth of the sector and generating jobs as the budget did not bring any concrete measure.
Firming inflation, rising oil prices and government’s plans to raise crop support price are likely to restrain the RBI, for the third time in a row, from slashing benchmark lending rate on Wednesday, say experts.
Even as the trial run for E-way Bill began from January 16, on the day of the roll-out, technical glitches took the toll and led to a halt of merchandise or goods movement on February 1.
The Indian service sector remained in expansion mode in January, registering the fastest rise in activity in three months driven by a renewed increase in new business orders, says a monthly survey.