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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.

Gaikwad effect: Air India to fine ‘unruly passengers’ up to Rs 15 lakh Gaikwad effect: Air India to fine ‘unruly passengers’ up to Rs 15 lakh

In a bid to crackdown on unruly passengers, Air India has formulated new rules, under which it proposes to impose a fine of up to 15 lakh for causing a delay beyond 2 hours.

WPI inflation plunges to 5.70% in March vs 6.55% in February WPI inflation plunges to 5.70% in March vs 6.55% in February

Wholesale inflation eased to 5.70 percent in March on softening prices of pulses, potato and onion, making the case for a rate cut in August even stronger.

World Bank optimistic on India, predicts this year economic growth at 7.2% World Bank optimistic on India, predicts this year economic growth at 7.2%

India’s economic momentum is expected to pick up speed from 6.8 percent in 2016 to 7.2 percent by 2017 after a modest setback due to weaker than expected investments and the effects of the withdrawal of large denomination bank notes.

Govt may soon allow 100% FDI in cash, ATM management companies Govt may soon allow 100% FDI in cash, ATM management companies

Cash and ATM management companies will soon be allowed to attract 100 percent foreign direct investment as they are not required to comply with the Private Security Agencies (Regulation) Act (PSARA).

Credit growth plunges to over 60 year low at 5% in FY17

For the year to March, banks' outstanding credit stood at Rs 78.81 trillion compared to Rs 75.01 trillion as of April 1 2016, show the central bank data.

Withdrawal trend reverses in Jan Dhan accounts; deposits up Rs1,000 crore Withdrawal trend reverses in Jan Dhan accounts; deposits up Rs1,000 crore

Arresting the trend of withdrawals that began in December, the net balance in Jan Dhan accounts swelled by Rs 1,000 crore to Rs 63,971.38 crore during the week ended April 5.

Centre, states taxmen to decide services rate in GST this week Centre, states taxmen to decide services rate in GST this week

Tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the Goods and Services Tax (GST) regime from July 1.

Petrol price hiked by Rs 1.39 per litre, diesel by Rs 1.04 Petrol price hiked by Rs 1.39 per litre, diesel by Rs 1.04

The price of petrol late on Saturday hiked by Rs 1.39 per litre and diesel by Rs 1.04 a litre in sync with firming international rates.

AITAF urges Jaitley to scrap proposed E-way bills under GST

The All India Tax Advocates` Forum (AITAF) has urged Finance Minister Arun Jaitley to completely scrap the proposed E-way bills under the new tax regime of the Goods and Service Tax (GST) for convenience of small time traders as well as prevention of their probable harassment.

CBEC sanctions Rs 1 crore to each zone for GST outreach CBEC sanctions Rs 1 crore to each zone for GST outreach

Racing against time for GST rollout, Central Board of Excise and Customs (CBEC) chief Vanaja N Sarna has sanctioned Rs 1 crore to each of 23 zones to conduct an outreach programme about the new tax regime.

Liquor ban on highways to affect 30% premium hotels: Crisil Liquor ban on highways to affect 30% premium hotels: Crisil

The ban on alcohol sale within 500 metres of highways will impact up to 30 percent of premium hotels.

Nirmala hard sells India as investment destination

Union Commerce Minister Nirmala Sitharaman on Friday invited Japanese companies to explore investment opportunities in India and highlighted the Centre's various reform initiatives to boost infrastructure landscape in the country.

Govt to buy pulses till Apr 22 but only from farmers: Paswan

The government has created buffer stocks of 18 lakh tonnes of pulses so far and also decided to procure dals from farmers till April 22, Food and Consumer Affairs Minister Ram Vilas Paswan said today.

GST: CBEC proposes e-way bill for goods worth Rs 50,000 in transit GST: CBEC proposes e-way bill for goods worth Rs 50,000 in transit

Moving goods worth more than Rs 50,000 under GST will require prior online registration of the consignment and securing an 'e-way bill' that tax officials can inspect anytime during the transit to check tax evasion.

Forex reserves down $956.4 million to $368.998 billion Forex reserves down $956.4 million to $368.998 billion

The reserves had increased by $2.022 billion to $369.954 billion in the previous reporting week.

India should aspire to become global power of happiness: President Pranab Mukherjee India should aspire to become global power of happiness: President Pranab Mukherjee

President Pranab Mukherjee on Friday underscored the need for India to be a global powerhouse not just in terms of economic parameters but also 'Gross National Happiness'.

ACs, power backup devices sales to rise sharply: Assocham

The survey observed that the demand for air conditioners (ACs) has shot up in the last three weeks in all major cities across the country, with sales expected to increase by 40-45 percent this year.

Trademarks by foreign firms doubled in 2015-16: Report

Trademark applications in the country filed by foreign companies have doubled to 15,670 in 2015-16, reflecting renewed interest in Indian market.

'Credit profile to improve if India sticks to fiscal path' 'Credit profile to improve if India sticks to fiscal path'

Moody's Investors Service on Friday said India's credit profile would improve if it follows the fiscal discipline path and set up a fiscal council as recommended by the FRBM panel.

PM Narendra Modi launches BHIM-Aadhaar Pay app, says it will revolutionise Indian economy PM Narendra Modi launches BHIM-Aadhaar Pay app, says it will revolutionise Indian economy

Prime Minister Narendra Modi on Friday launched the BHIM-Aadhaar digital payments platform to boost the digital payments revolution.