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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.

India's GDP to expand post demonetisation: Meghwal India's GDP to expand post demonetisation: Meghwal

Demonetisation of old high value currency and the government's push towards digital economy will definitely expand India's GDP, Minister of State for Finance Arjun Ram Meghwal said on Thursday.

Remonetisation: RBI closely monitoring cash position on a daily basis, says FM Jaitley Remonetisation: RBI closely monitoring cash position on a daily basis, says FM Jaitley

Finance Minister Arun Jaitley on Thursday said that situation is normal as far as remonetisation is concerned.

Cabinet nod for 31 bids for small oil, gas fields exploration

The Cabinet Committee on Economic Affairs, Wednesday gave its approval to award contract in 31 contract areas (44 fields – 28 onland and 16 offshore) of discovered small fields of Oil and Natural Gas Corporation (ONGC) and Oil India Limited (OIL). 

Non-life insurance sector looks for lower GST rates

The non-life insurance industry is looking for centralised registration facility and comparatively lower rates for a smooth implementation of GST, a senior official from the sector said Wednesday.

 

Iran becomes 3rd largest oil supplier for India Iran becomes 3rd largest oil supplier for India

Iran has zipped past the likes of Venezuela and Nigeria to become India's third largest oil supplier as easing western sanctions enabled Indian companies to increase purchases from that country.

India's exports rise for 5th month in January; gold imports drop 30% India's exports rise for 5th month in January; gold imports drop 30%

India's exports continued to grow for the fifth straight month, expanding by 4.32 percent to USD 22.11 billion in January against USD 21.19 billion in the same month of 2016.

Government projects record foodgrains output in 2016-17 Government projects record foodgrains output in 2016-17

The government has set a target to achieve a record foodgrains production of 271.98 million tonnes in 2016-17 crop year on back of good monsoon after two consecutive drought years.

I-T dept to scrutinise tax relief claims by sick companies I-T dept to scrutinise tax relief claims by sick companies

The I-T Department has asked Assessing Officers to scrutinise tax relief being claimed by sick companies as part of the rehabilitation scheme approved by the BIFR.

'India knocking at rare club of fast, steady growth economies' 'India knocking at rare club of fast, steady growth economies'

Indian economy is becoming more efficient through five broad themes -- fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.

 

Insurance penetration in India may cross 4% mark in 2017: Report Insurance penetration in India may cross 4% mark in 2017: Report

By the end of 2017, insurance penetration in India is expected to cross the 4 percent mark amid proliferation of insurance schemes, says a report.

WPI inflation to rise in next 3 months, likely to average around 4.4% in 2017: Nomura WPI inflation to rise in next 3 months, likely to average around 4.4% in 2017: Nomura

WPI inflation is expected to rise in the next three months and is likely to average around 4.4 percent in 2017, much higher than 2 percent in 2016, says a Nomura report.

Reliance Jio to Delhi HC: TRAI held its free offers perfectly legitimate Reliance Jio to Delhi HC: TRAI held its free offers perfectly legitimate

Reliance Jio on Tuesday told Delhi High Court that telecom regulator TRAI has held that its free offers to subscribers was perfectly legitimate.

Govt issues draft norms for voluntary liquidation

The norms have been prepared under the Insolvency and Bankruptcy Code.

GST Council to discuss anti-profiteering clause at Feb 18 meet GST Council to discuss anti-profiteering clause at Feb 18 meet

A critical anti-profiteering clause in the draft Goods and Services Tax law to ensure that the benefit of lower taxes gets shared with consumers is likely to be finalised at the 10th meeting of the all-powerful GST Council this weekend.

Economy to grow at 7.4% next fiscal: Ind-Ra Economy to grow at 7.4% next fiscal: Ind-Ra

The Indian economy is likely to grow by 7.4 percent in the next fiscal year, India Ratings and Research (Ind-Ra) on Tuesday said.

'Government must provide incentives, tax breaks to curb cyber crimes' 'Government must provide incentives, tax breaks to curb cyber crimes'

To check cyber crimes, government and regulators must design policies entailing incentives and tax breaks to encourage private sector participation in curbing the menace, a report has suggested.

January WPI inflation shoots up to 5.25% versus 3.39% for December January WPI inflation shoots up to 5.25% versus 3.39% for December

The provisional headline inflation rate based on WPI for January, 2017 is 5.25% as against 3.39% for December, 2016., as per government data.

India job market records overall increase by 3% compared to a year ago India job market records overall increase by 3% compared to a year ago

In an overall buoyant job market, January 2017 recorded growth in jobs, beyond the top metro cities, when compared with January 2016, as recorded by Naukri Job Speak Index.

Consumer price inflation set to see upside pressure: Crisil Consumer price inflation set to see upside pressure: Crisil

Even as consumer price inflation (CPI) has come down due to a dip in food inflation and Index of Industrial Production (IIP) also seen a slip as a fallout of demonetisation, the former could see upside pressure hereon, Crisil said today.

RBI currency press refuses to disclose printing capacity RBI currency press refuses to disclose printing capacity

The currency note printing press of Reserve Bank of India has refused to disclose its printing capacity, even as similar information is available on its website.