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.
After years of decline, Indian exports to China rose sharply in the first four months of this year registering a 20 percent increase to USD 5.57 billion, though the trade deficit continued to persist.
India growing at 7-8 percent is "fairly reasonable" in the current global context, Finance Minister Arun Jaitley said on Thursday while maintaining that the decline in fourth quarter GDP print cannot be attributed to demonetisation alone.
Reform measures undertaken by India will broaden its tax base and help government cut down on debt, but high stressed assets in the banking sector pose contingent liability risks.
Jaitley said that the government took key initiatives to reduce scope for corruption and discretion in governance in last three years.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- an indicator of manufacturing activity -- declined from 52.5 in April to a three-month low of 51.6 in May.
The State Bank of India (SBI) has made revision in service charges,additions/ modifications on various banking activity like ATM withdrawal, online transaction, issue of cheque book.
Petrol price was hiked by Rs 1.23 a litre and diesel by 89 paise per litre on Wednesday.
The government's note ban move clearly had a debilitating impact on India's economy, the industry said on Wednesday, after GDP data showed growth declined to 6.1 per cent in the January-March quarter.
The government on Wednesday said it has achieved the fiscal deficit target of 3.5 percent of GDP in 2016-17.
The growth of eight core sectors declined to 2.5 percent in April mainly due to lower coal, crude oil and cement productions.
India`s economy grew 6.1 percent in the three months through March from a year earlier, slowing from a provisional 7 percent in the previous quarter, government data showed on Wednesday.
Indian Prime Minister Narendra Modi on Wednesday urged Spanish firms to invest in India, saying the fast-growing country offered "many opportunities" in areas ranging from tourism to energy.
India is set to hang onto its status as the world`s fastest growing major economy thanks to stronger consumer demand, if data due out later on Wednesday matches economists expectations for a 7.1 percent year-on-year expansion in the March quarter.
RBI deputy governor S S Mundra said once account number portability becomes a reality, banks will see silent customer moving away from them without even talking to them.
The Reserve Bank of India is likely to keep interest rates unchanged at a review on June 7, but with inflation well below target its policy statement is likely to sound less hawkish than when the monetary policy committee last met.
India's economic growth will accelerate to 7.5 percent in current fiscal and the government's reform push will help achieve 8 percent GDP growth rate in about four years, Moody's said today.
Revenue Secretary Hasmukh Adhia on Tuesday said there is scope for rationalisation of tax rates fixed for GST regime and the intention of the government is to increase the revenue without hiking tax rates.
Average airfares dropped 18 percent in 2016 and additional capacities can further bring down the fares, Union Minister Ashok Gajapathi Raju today said as he disfavoured the idea of capping ticket prices.