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 foreign exchange reserves dropped by USD 360.9 million to USD 362.785 billion in the week to February 10 due to decline in foreign currency assets (FCAs), a key component, the Reserve Bank said today.
The GST Council, which is meeting on Saturday, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers.
The government's demonetisation move has led to widespread adoption of online payment and is expected to have a positive long term impact on the economy, according to a report.
Unfazed by criticism of the way the note ban was handled, RBI Governor Urjit Patel on Friday said the central bank has grown a thick skin fast doing its job and stressed that the economy will make a "sharp V" recovery after a short drop.
The impact of demonetisation is still visible and cash levels in the economy are not expected to be sufficient until March, which may keep trade volumes depressed for the next two months, says a Nomura report.
There is no currency shortage in the country as printing presses of RBI, SPMCIL have ensured normalcy within a few weeks of demonetisation, Finance Minister Arun Jaitley said on Friday.
The Reserve Bank of India needs to look beyond the country's so far muted headline inflation figures, as it has committed to meeting a 4 percent inflation target, said its Governor Urjit Patel in a television interview on Friday.
The first Antodaya Express is slated to be pressed into service from Mumbai for Tatanagar this month.
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.
Finance Minister Arun Jaitley on Thursday said that situation is normal as far as remonetisation is concerned.
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).
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 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 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.
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.
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.
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.
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 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 on Tuesday told Delhi High Court that telecom regulator TRAI has held that its free offers to subscribers was perfectly legitimate.