Service tax rates have seen an increase over the last two years. In 2015-16, service tax was increased from 12.36% to 14%. The Swachh Bharat cess of 0.5% also was hitched to it. This financial year, the Krishi Kalyan cess of 0.5% was imposed, taking the tax rate to 15%.[Read More…]
Central government is planning to revive a cluster of colonial-era gold mines – shut for 15 years but with an estimated $2.1 billion worth of deposits left – as India looks for ways to cut its trade deficit, officials told media. State-run Mineral Exploration Corp Ltd has started exploring the[Read More…]
After the Supreme Court dismisses the plea seeking to reschedule the date of budget on Monday, now all eyes are on Union Budget 2017 as alot sops are expected to woo the voters ahead of Assembly elections in five states. This Union budget 2017 is the first budget after demonetisation,[Read More…]
As Indian economy struggles with low consumer rate post demonetisation, PM Modi is expected to lower taxes in the Feb. 1 budget to spur consumption. The risk is that a cut in tax will rob Modi of a short-term revenue rush, which his administration had been endorse as proof of[Read More…]
In order to encourage digital transaction, Indian government is now pushing to popularise Aadhaar Pay which ensures financial transactions by just using fingerprint. The officals confirm that this sort of transaction is secure and there is barely any loops of misuse. This service is exclusively to cater the rural population of India.[Read More…]
The primary motif of demonetisation according to PM Modi was the elimination of fake notes and black money which eventually result in financing terrorist actvities. After weeks of banning notes, the Finance Ministry has come up with a verdict supporting the decision of scapping notes. According to the Finance Ministry,[Read More…]
The note-ban rule announced by the Central government on November 8 last year may leave the Delhi government dry during the upcoming of the budget season. India Today reports reveal that Delhi’s already poor revenue collection went a stack down during December The overall reduction in revenue collection during December[Read More…]
Japan should push back if President-elect Donald Trump uses “wrong economics,” said an adviser of Prime Minister Shinzo Abe to Reuters in an unusually direct expression. As Trump takes over White House on Friday, January 20, 2017; his policies to impose border tax on import and unsettles the global trade.[Read More…]
In an exclusive interview to Firstpost, Pratip Chaudhuri, the former chairman of SBI claimed that The Reserve Bank of India (RBI) has been “lying on the face” to the public about the cash situation of India. As per Firspost reports, Chaudhuri said, the central bank should have been more honest[Read More…]
Former Prime Minister Manmohan Singh saved RBI Governor Urjit Patel on Wednesday from the possible grilling by a parliamentary committee over the demonetisation issue. While Patel was struggling with the tough questions by MPs, Singh intervened and said that the central bank and the Governor’s position as an institution should[Read More…]
The Centre and states finally managed to break the logjam after months of tough negotiating on two critical issues concerning the goods and services tax (GST) and ended up pushing the rollout date from April to July. Notably, both sides decided to cede some space to draw an agreement that[Read More…]
Dating back to colonialism, the western powers have extracted resources from the poor. They have capitalized themselves by sucking the man power and deep pockets of the slave labours. However, the rich countries give more than $125bn (£102bn) in aid each year, to the poorer nation giving a solid evidence to their[Read More…]
PM Modi wanted the non-residential Indians to contribute in dollars to build the nation. However NRIs have taken a step back by withdrawing the net $17 billion from Indian banks in October and November. As a result, the rupee stoops to its historic low of `68.855 against the dollar in[Read More…]
An ATM at a village in Khargone, Madhya Pradesh dispensed two new Rs500 denomination with one blank side. Although the bank officials said the misprinted notes were received as such from the Reserve Bank of India. “We have changed these ‘misprinted’ currency notes after the consumer’s complaint. We are now[Read More…]
Sashi G was an ordinary 59-year-old coconut climber, who is partially paralysed. Sashi was bed-ridden after a fall from a coconut tree 18 years ago in Thiruvananthapuram. Over the years, his right arm and leg were left paralysed and he could walk only slowly. His house was in the rural[Read More…]
Sugar price across the country hit the highest in seven years following higher physical demand from stockists and lower production rate. The benchmark Sugar M 30 variety closed on Tuesday at Rs 39.35 per kg. The price has jumped by over 3 per cent in the last 10-days, Business Standard[Read More…]
According to Indian Express, an information available to the Reserve Bank of India (RBI) says that post demonetisation about ₹ 14 lakh crore in demonetised currency have been deposited with banks, so far. Which is also an indication that the notes that got extinguished was much lower than expected. However[Read More…]