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GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

GAAR from April 1, 2017; to be invoked in fair, rational manner: CBDT

GAAR, it said, will come into force from April 1 and can be invoked only through a two-stage process involving a nod at the level of principal commissioner of income tax and a panel headed by a high court judge.

States' fiscal deficit soars to Rs 4.93 trillion in FY16 States' fiscal deficit soars to Rs 4.93 trillion in FY16

According to the second edition of RBI's statistical publication titled 'Handbook of Statistics on States 2016-17', which was released on Saturday, the gap is projected to improve to Rs 4,49,520 crore as per the budget estimates of the states for fiscal 2017.

Ordinance likely to amend SEZ Act for alignment with GST

Certain provisions in the special economic zone (SEZ) Act, 2005, are not consistent with the GST regime and need to be made compatible before the July 1 rollout date.

Petrol, diesel price on 24th June 2017: Check out the rates here Petrol, diesel price on 24th June 2017: Check out the rates here

Know the price of petrol and diesel in your city as on 24th June 2017.

Forex kitty at record high of $381.955 billion

Expressed in US dollar terms, Foreign Country Asset's include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

India's forex kitty at record high of $381.955 billion

Expressed in US dollar terms, Foreign Country Asset's include the effects of appreciation/depreciation of non-US currencies, such as the euro, pound and the yen, held in the reserves.

GST registrations for e-commerce, new companies to begin on June 25 GST registrations for e-commerce, new companies to begin on June 25

Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.

Petrol, diesel price on 23rd June 2017: Check out the rates here Petrol, diesel price on 23rd June 2017: Check out the rates here

Here is the list of Petrol, diesel price for 23rd June 2017 (Price as per IOC)

RBI expands oversight committee; inducts 3 member on panel

The Reserve Bank has expanded the oversight committee by appointing three more members to the high-level panel that will vet the process to resolve mounting bad loans bogging down the banking sector.

Leniency in GST laws for genuine mistakes initially: Hashmukh Adhia Leniency in GST laws for genuine mistakes initially: Hashmukh Adhia

With the countdown to GST rollout underway, government on Thursday promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime.

Cabinet passes resolution on GST, calls it game-changing reform Cabinet passes resolution on GST, calls it game-changing reform

The Union Cabinet on Thursday passed a resolution expressing gratitude to Chief Ministers of States and others for their cooperation in introduction of GST.

India to take corrective steps to ensure telecoms growth India to take corrective steps to ensure telecoms growth

India`s telecoms minister said on Thursday that the government would take corrective steps to ensure growth in the sector, the world`s second-biggest by number of users, amid worries about financial stress.

GST to lower overall tax burden over time, says RBI governor GST to lower overall tax burden over time, says RBI governor

Reserve Bank governor Urjit Patel on Thursday said the soon-to-be implemented goods and services tax (GST) will not only create a national market but will also broaden the tax base which in turn will lower the overall taxes in the long-term.

No possibility of power tariff hike after GST rollout: Piyush Goyal No possibility of power tariff hike after GST rollout: Piyush Goyal

Power Minister Piyush Goyal sees no possibility of increase in power tariff across the country post GST, saying industry associations have not sought its deferment.

Modi's US visit: PM to discuss job creation with top American CEOs Modi's US visit: PM to discuss job creation with top American CEOs

Job creation in India will be a key agenda when Prime Minister Narendra Modi meets top American CEOs of global giants like Walmart, Apple and Caterpillar this Sunday during his visit to the US.

MPC minutes strengthen case for a rate cut: Analysts MPC minutes strengthen case for a rate cut: Analysts

Minutes of the RBI meeting in June reveal more flexibility among MPC members and the central bank might deliver a 25 bps rate cut in its August review, said analysts.

India farm protests push for rise in edible oils import tax

India`s government is facing mounting pressure to raise import duties on edible oils after farmers staged mass protests in key farm states amid a slump in oilseed prices to below government support levels.

Wind, solar projects to lead to three lakh new jobs: Study

More than 300,000 new workers can be employed in wind and solar jobs and more than one million total employment opportunities can be created in achieving India`s ambitious clean energy goals to install 160 GW of renewable power by 2022, a study said on Wednesday.

Urjit Patel for avoiding premature policy action by RBI: MPC minutes Urjit Patel for avoiding premature policy action by RBI: MPC minutes

RBI Governor Urjit Patel had argued for avoiding premature policy action citing "high uncertainty" on inflation outlook while voting for status quo on interest rates at the monetary policy review earlier this month.

Govt asks banks to deposit junked notes at RBI by July 20 Govt asks banks to deposit junked notes at RBI by July 20

This is the second window the government has provided to banks, post offices and cooperative banks for depositing the junked notes with RBI. The earlier window was open till December 31, a day after the 50-day period of demonetisation of high value currency.

GST rollout: Govt launches webpage to facilitate IT, electronic goods taxpayers GST rollout: Govt launches webpage to facilitate IT, electronic goods taxpayers

In order to ensure preparedness for the Goods and Services Tax (GST) roll-out from July 1, the Ministry of Electronics & Information Technology has launched a dedicated webpage for facilitating taxpayers with regard to addressing issues related to IT services and electronic goods.