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.
Successful demonetisation will help in raising revenues on sustained basis as more and more people will come under the tax net, says a World Bank report.
Tata Consultancy Services (TCS) applied for only a third of the H-1B work visas this year compared to 2015, helped by increased hiring from engineering campuses and B-schools in the US.
The Goods and Services Tax, to be implemented from next month, will be an exciting development from data point of view and help provide a more complete description of the economic activity, Chief Statistician T C A Anant has said.
The GST Council on Saturday decided to tax gold at 3 percent, footwear below Rs 500 at 5 percent and biscuits at 18 percent under the Goods and Services Tax, which will be rolled out from July 1.
The GST Council on Saturday cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax.
The GST Council had last month fitted over 1,200 goods and 500 services in the four tax brackets of 5, 12, 18 and 28 percent. Beside, it had imposed cess over and above the peak rate of 28 percent on demerit and luxury goods.
NITI Aayog's task force on elimination of poverty has submitted its report to Prime Minister Narendra Modi, the Aayog's vice chairman Arvind Panagariya said on Friday.
Ahead of the next monetary policy review, Reserve Bank Governor Urjit Patel on Friday called on Finance Minister Arun Jaitley and believed to have discussed various macro-economic issues.
Prime Minister Narendra Modi on Friday invited global businesses to invest in sectors like manufacturing, healthcare, defence and services, saying India was never a better investment destination than it is now.
The GST Council will on Saturday finalise taxes to be levied on six commodities, including gold, textiles and biscuits, as the Centre and states gear up to roll out the new indirect tax regime from July 1.
Allaying concerns of exporters related to GST, the commerce ministry on Friday said it is looking at all options to ensure timely refund of taxes under the new indirect tax regime to be rolled out next month.
A state-run Chinese daily said on Friday that India has suffered a setback and a "nasty surprise" in the "elephant versus dragon" race as its GDP growth slowed down in the January-April quarter helping China re-emerge as the fastest growing major economy.
Indian economy is out of the woods as far as the impact of demonetisation is concerned and a turnaround will be seen in the first quarter of the current fiscal, NITI Aayog vice chairman Arvind Panagariya said on Friday.
India's GDP growth is expected to recover from 7.1 percent in 2016-17 to 7.2 percent this fiscal and further to 7.7 percent in 2018-19 largely driven by the government's reform push and recovery in private investments, says a report.
A parliamentary committee may postpone calling RBI governor Urjit Patel on the issue of demonetisation, as BJP members expressed their unavailability this month.
The Goods and Services Tax (GST) Council will meet again on June 3 to decide on the levy on remaining goods, including gold, footwear and textiles, Minister of State for Finance Arjun Ram Meghwal said on Thursday.
India will regain the crown of the fastest growing major economy, overtaking China, as early as the first quarter of 2017-18, NITI Aayog Vice Chairman Arvind Panagariya said on Thursday.
India's manufacturing sector needs to grow at 12-14 percent for the country's overall growth rate to touch 8 percent, NITI Aayog member V K Saraswat said on Thursday.
Finance Minister Arun Jaitley on Thursday asked industry to look into the existing incidence of indirect tax before seeking reduction in Goods and Services Tax rates as proposed by the GST Council.
Amusement park operators on Thursday asked the government to revise GST rate on the sector saying it was unfair to put entertainment industry for children at par with casinos, betting and race courses.