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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.

 Imposing service charge is unfair trade practice; consumers need not pay: Ram Vilas Paswan Imposing service charge is unfair trade practice; consumers need not pay: Ram Vilas Paswan

Consumer Affairs Minister Ram Vilas Paswan said on Wednesday that imposition of service charge is unfair trade practice and consumers need not pay for the same.

RBI continuing to press ahead for smooth transmission of monetary policy: Urjit Patel RBI continuing to press ahead for smooth transmission of monetary policy: Urjit Patel

RBI Governor Urjit Patel on Wednesday said that the central bank will continue to press ahead for a more fluid and smooth transmission of monetary policy.

 

FM Jaitley hopeful of resolving issues to roll out GST from Apr 1 FM Jaitley hopeful of resolving issues to roll out GST from Apr 1

Finance Minister Arun Jaitley on Wednesday reiterated that the Centre is still aiming to roll out the Goods and Services Tax (GST) regime from April 1 if all pending issues are sorted out.

World Bank's first growth projection post-demonetisation: India's economy to grow 7% this fiscal World Bank's first growth projection post-demonetisation: India's economy to grow 7% this fiscal

The World Bank, however, asserted that the country would regain momentum in the following years with 7.6 and 7.8 percent growth.

 

Need bold reforms to transform economy: Arun Jaitley Need bold reforms to transform economy: Arun Jaitley

Finance Minister Arun Jaitley on Wednesday said that bold reforms are required to transform economy.

No effect of note ban on rabi sowing, prices of crops: Niti Aayog No effect of note ban on rabi sowing, prices of crops: Niti Aayog

The Centre's demonetisation drive did not have any impact on rabi sowing and prices of crops like paddy, soyabean and maize, Niti Aayog member Ramesh Chand has said.

 

India on threshold of becoming world's most digitised economy: PM Modi India on threshold of becoming world's most digitised economy: PM Modi

Prime Minister Narendra Modi on Tuesday said that India is on threshold of becoming most digitised economy in the world.

RBI recommended note ban after govt's advice: Central bank to Parl panel RBI recommended note ban after govt's advice: Central bank to Parl panel

Contrary to popular belief, it was the Government which had "advised" the Reserve Bank to junk Rs 500/1000 notes on November 7 and the board of the central bank the very next day recommended the demonetisation.

 

Note ban: SBI chief says situation will normalise by February-end Note ban: SBI chief says situation will normalise by February-end

State Bank of India Chairman Arundhati Bhattacharya today said the prevailing situation arising out of demonetisation will get normalised by end-February, emphasising the need to promote digitisation of economy.

Note Ban: 10% currency won't come back: Niti Aayog member Note Ban: 10% currency won't come back: Niti Aayog member

While the Reserve Bank of India (RBI) is still reconciling the quantum of demonetised currency that has been returned to banks by the December 30, 2016 deadline, NITI Aayog Member Bibek Debroy feels about 10 per cent of such notes won`t return to the system.

Reforms, policy effectiveness to decide India rating: Moody's Reforms, policy effectiveness to decide India rating: Moody's

Government's capacity to implement reforms and policy effectiveness will decide India's rating going forward, Moody's Investors Service said today.

Debit card transactions: SBI waives MDR charges for small merchants for one year Debit card transactions: SBI waives MDR charges for small merchants for one year

Country's largest lender SBI has waived Merchant Discount Rate (MDR) on debit card transactions for all small merchants with annual turnover of up to Rs 20 lakh for one year.

HSBC pegs GDP growth at 6.3% on note ban pains HSBC pegs GDP growth at 6.3% on note ban pains

Foreign brokerage HSBC on Monday projected sharply lower growth numbers for the year at 6.3 percent, way lower than the official CSO estimate of 7.1 percent for 2016-17.

House panel may summon PM Modi on note ban issue and ask these questions House panel may summon PM Modi on note ban issue and ask these questions

Prime Minister Narendra Modi may have to meet the Public Accounts Committee (PAC) of Parliament on the issue of demonetisation if the panel decides that the explanations given by top finance ministry officials and the RBI Governor Urjit Patel are are inadequate.

Demonetisation: FM Jaitley dismisses slowdown concerns, says higher tax mop up indicates uptick in economic activity Demonetisation: FM Jaitley dismisses slowdown concerns, says higher tax mop up indicates uptick in economic activity

Finance Minister Arun Jaitley on Monday said that the indirect and direct tax collections between April and December this year increased by 25 percent and 12.01 percent respectively compared to the same period last year.

Petrol pumps defer decision to not accept card payments till January 13 Petrol pumps defer decision to not accept card payments till January 13

Petrol pump owners on Sunday night deferred till January 13 their decision to not accept credit and debit card payments for fuel sales after banks put off the move to levy the transaction (MDR) charge.

 

Petrol pumps to not accept credit/debit card payments across India from Monday Petrol pumps to not accept credit/debit card payments across India from Monday

With banks deciding to imposed transaction (MDR) charges on them instead of consumers, petrol pumps across India will not accept credit and debit card payments for fuel sales from Monday.

From April 1, Aadhaar compulsory for MGNREGS work From April 1, Aadhaar compulsory for MGNREGS work

If you are one of those registered under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS), remember this – from April 1, Aadhaar will be compulsory under the scheme for work.

PAN a must for excise, service taxpayers for GST registration PAN a must for excise, service taxpayers for GST registration

The tax department has made it mandatory for central excise duty and service taxpayers to obtain a valid PAN number before they can be migrated to the new goods and services tax (GST) set-up.

Period of cash crunch over, economic activity is being restored: Arun Jaitley Period of cash crunch over, economic activity is being restored: Arun Jaitley

The government is absolute clear from day one that it would move against the shadow economy and black money, said Finance Minister Arun Jaitley on Sunday, adding the period of pain and inconveniences post demonetisation is getting over and economic activity is being restored.