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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.

Cabinet approves Noida-Greater Noida metro corridor to be built at Rs 5,503 crore Cabinet approves Noida-Greater Noida metro corridor to be built at Rs 5,503 crore

The Union Cabinet on Wednesday approved Noida-Greater Noida metro corridor to be built at a cost of Rs 5,503 crore.

'Decision to place 28% GST rate on cinema halls discouraging' 'Decision to place 28% GST rate on cinema halls discouraging'

The government's decision to put cinema exhibition industry in the highest tax slab of 28 per cent under GST regime along with luxury items will affect quality of contents and growth of multiplex industry, said PVR Chairman and MD Ajay Bijli.

Govt proposes changes in UDAN scheme; to award routes by August Govt proposes changes in UDAN scheme; to award routes by August

The government is likely to award air routes under the second round of the regional connectivity scheme (RCS) by August, for which it has invited comments from stakeholders on certain changes it has proposed.​

Cabinet approves hike in sugarcane fair price by Rs 25 per quintal for 2017-18 Cabinet approves hike in sugarcane fair price by Rs 25 per quintal for 2017-18

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved hike in sugarcane fair price by Rs 25 per quintal for 2017-18.

Cabinet approves abolition of 25-year-old Foreign Investment Promotion Board Cabinet approves abolition of 25-year-old Foreign Investment Promotion Board

The FIPB was initially constituted under the Prime Minister's Office in the wake of economic liberalisation in the early 1990s.

I-T unearths 400 benami deals, attaches Rs 600-crore properties I-T unearths 400 benami deals, attaches Rs 600-crore properties

The Income Tax Department on Wednesday said it has identified over 400 benami transactions and attached properties worth Rs 600 crore in about 240 cases.

Note ban 'successful political coup': French economist Sorman Note ban 'successful political coup': French economist Sorman

Globally acclaimed French economist Guy Sorman has described demonetisation as a "successful political coup", although it failed to meet the objective of weeding out corruption for which more steps are needed.

GST to add 0.40% to growth rate; won't stoke inflation: HSBC GST to add 0.40% to growth rate; won't stoke inflation: HSBC

The GST rollout will add 40 bps to GDP, lower than earlier estimates as multiple tax rates and exemptions announced under it are far from an 'ideal' structure and could blunt the growth impact of the reform process, says an HSBC report.

India may look elsewhere for coal requirements: Australian minister

India could look elsewhere for its coal requirements if Queensland government delays its decision on a royalty holiday deal with the Indian energy giant Adani Group, Australian Resource Minister Matthew Canavan has warned.

PM Modi's bold decisions in last 3 years to transform perception of India on global platform: USIBC PM Modi's bold decisions in last 3 years to transform perception of India on global platform: USIBC

India's liberalisation across numerous sectors of its economy sends a clear message to the global investment community that the country is open for business and reforms are also on-track, a top US advocacy group has said.

'Bill to address bankruptcy in fin sector in next Parliament session'

The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs.

75% employers not comfortable with work-from-home option: Study 75% employers not comfortable with work-from-home option: Study

While a whopping share of 90 per cent employees say they want a 'work from home' option, 75 percent of employers are not comfortable with the idea, said a recent study.

Indian Railways contemplating Rajdhani Express-like superfast train; Delhi-Mumbai in just 12-13 hours Indian Railways contemplating Rajdhani Express-like superfast train; Delhi-Mumbai in just 12-13 hours

The idea had come after the successful trial of Talgo train on the Delhi-Mumbai route.

'Bill to address bankruptcy in financial sector in next Parliament session' 'Bill to address bankruptcy in financial sector in next Parliament session'

The government is likely to introduce in the monsoon session of Parliament a separate bankruptcy law to deal with insolvency in financial sector companies that include banks and NBFCs.

RBI refuses to disclose list of loan defaulters RBI refuses to disclose list of loan defaulters

The Reserve Bank of India (RBI) has refused to make public the list of loan defaulters with public sector banks despite an order of the Supreme Court in 2015 to make this information public.

Entertainment, cable, DTH to attract lower taxes under GST Entertainment, cable, DTH to attract lower taxes under GST

Taxation on entertainment, cable and DTH services shall come down under the Goods and Services Tax regime as the 'entertainment tax' levied by states has been subsumed in the GST, the government said on Tuesday.

India must be an engine of global growth: PM Narendra Modi India must be an engine of global growth: PM Narendra Modi

Our aim is that India must be an engine of growth as well as an example in climate friendly development in the years to come, Prime Minister Narendra Modi said on Tuesday.

Hold back price hikes till GST roll out: Hasmukh Adhia tells India Inc Hold back price hikes till GST roll out: Hasmukh Adhia tells India Inc

The government on Monday asked industry to hold back price increases till GST roll out from July 1, saying such hikes might later lead to inquiry of balance sheet by a specified authority.

RBI to reconstitute oversight committee to deal with bad loans RBI to reconstitute oversight committee to deal with bad loans

After central government armed it with additional powers to resolve bad loans with banks that have crossed Rs 8 lakh crore, the RBI on Monday decided to reconstitute the oversight committee with more members.

Industrial alcohol, ethanol to attract 18% GST: Hasmukh Adhia Industrial alcohol, ethanol to attract 18% GST: Hasmukh Adhia

Portable alcohol has been kept out of the Goods and Services tax (GST) regime but industrial alcohol, including ethanol, will be taxed at 18 per cent once the new regime rolls out from scheduled July 1, Revenue Secretary Hasmukh Adhia said on Monday.