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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.

CSO to change GDP base year to 2017-18 from 2011-12: Gowda

The statistics ministry is set to change the base year of national accounts to 2017-18 from 2011-12 after completion of the household consumer expenditure survey and labour force data by the end of 2018.

Govt working on new industrial policy Govt working on new industrial policy

The government is working on a new industrial policy with a view to promoting and developing frontier technologies, innovation and enhancing competitiveness of domestic products.

Cooling food inflation to pull June CPI to sub-2%: BofAML

Falling food inflation is expected to pull June CPI inflation to the sub-2 percent level and may prompt the Reserve Bank to go in for a 25 bps rate cut in its policy review in August, says a report.

 

GST impact: Prices of many essential drugs to rise up to 2.29% GST impact: Prices of many essential drugs to rise up to 2.29%

Prices of majority of essential drugs will increase by up to 2.29 percent when the Goods and Services Tax regime kicks in from next month.

Employer confidence in India dips to lowest since 2005 Employer confidence in India dips to lowest since 2005

Indian employers expect steady hiring outlook for next three months, but their confidence have dipped to the least optimistic level since 2005 amid uncertainties in global markets, says a report.

RBI introduces new batch of banknotes of Rs 500 with inset letter A; old notes to remain valid RBI introduces new batch of banknotes of Rs 500 with inset letter A; old notes to remain valid

RBI has introduced new batch of banknotes of Rs 500 with inset letter A while old notes of E series will continue to stay valid.

Veggies, pulses drag inflation to record low of 2.18% in May Veggies, pulses drag inflation to record low of 2.18% in May

Retail inflation fell to a record low of 2.18 percent in May as prices of kitchen staples like vegetables and pulses declined sharply although there was a marginal spike in fruit rates.

India's economy gets double dose of good news; industrial output rises 3.1%, inflation hits record low of 2.18% India's economy gets double dose of good news; industrial output rises 3.1%, inflation hits record low of 2.18%

India's industrial production grew by 3.1 percent in April due to good performance of electricity, mining and manufacturing sectors, as per data released by Central Statistics Office (CSO).

States will have to bear farm loan waivers from own coffers: FM Jaitley States will have to bear farm loan waivers from own coffers: FM Jaitley

Finance Minister Arun Jaitley on Monday said the union government will not partake in state's fiscal leverage in waiving farm loans and made it clear that the cost has to be borne by them.

Many US firms plan to incrementally invest in India, China: UBS

There is significant potential for cross border investments to India and China as large and medium sized US firms plan to incrementally invest in these Asian economies than in Western Europe, says an UBS report

GST rollout: Centre proposes to defer e-way bill citing lack of software GST rollout: Centre proposes to defer e-way bill citing lack of software

With just a few days left for GST rollout, the Centre is in favour of postponing by a few months the implementation of the e-way bill, which requires movement of good above Rs 50,000 to be to pre-registered online.

Despite leaving Goa 3 hours late, Tejas Express reaches Mumbai a minute early Despite leaving Goa 3 hours late, Tejas Express reaches Mumbai a minute early

Tejas Express reached Mumbai at 7.44pm, a minute early than the exact arrival time.

GST will help in e-commerce export, but clarity on policy needed: Stakeholders

Though e-commerce players are expecting a surge in exports after the roll-out of India`s landmark Goods and Services Tax (GST) reform, industry stakeholders feel there is a need to expand the categories for benefits under the export policy.

Petrol, diesel rates to be revised daily from June 16: Here's how you can check rates everyday Petrol, diesel rates to be revised daily from June 16: Here's how you can check rates everyday

Here's how you can check daily revision of petrol and diesel rates.

GST Council lowers tax rate for 66 items: Here's the complete list GST Council lowers tax rate for 66 items: Here's the complete list

Tax rates for as many as 66 items including kitchen staples like pickles and mustard sauce under the ensuing GST regime have been cut to meet demands from various quarters as the country prepares for rollout of one- nation-one-tax regime in less than three weeks.

Rajiv Gandhi's famous 15 paise remark finds mention in SC verdict Rajiv Gandhi's famous 15 paise remark finds mention in SC verdict

Former prime minister Rajiv Gandhi's famous remark in 1985 that only 15 paise of every rupee meant for welfare of downtrodden reaches them has found mention in the judgement of the Supreme Court which said this "malaise" can be taken care of by Aadhaar scheme.

India likely to be power surplus nation in FY18 India likely to be power surplus nation in FY18

India may become a power surplus country in the current fiscal as the energy shortage and peak power deficit was already less than 1 per cent in April with many states reporting nil electricity deficit.

FM Jaitley to meet PSU bank chiefs tomorrow to review NPA situation FM Jaitley to meet PSU bank chiefs tomorrow to review NPA situation

Finance Minister Arun Jaitley will meet heads of PSU banks on Monday to discuss the issue of non-performing assets (NPAs) and the steps being taken by them to expedite the recovery of bad loans which have crossed Rs 6 lakh crore.

GSTN asks Suvidha Providers to get systems audited as per ISO GSTN asks Suvidha Providers to get systems audited as per ISO

With the looming July 1 deadline for new indirect tax regime, GST Network has asked the GST Suvidha Providers to get their systems audited as per ISO standards before they start feeding data into the network.

Forex kitty at life-time high of $381.167 billion Forex kitty at life-time high of $381.167 billion

 India's forex reserves surged by USD 2.404 billion to reach life-time high of USD 381.167 billion in the week to June 2 on account of rise in foreign currency assets, the Reserve Bank said on Friday.