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GST : An Instrument to Help Poor Move up the Ladder (Opinion)

gst launch

By Prakash Chawla A short and crisp video unveiled by President Pranab Mukherjee and Prime Minister Narendra Modi for the launch of the Goods and Services Tax  in the majestic Central Hall of Parliament  captured the clear objective  behind country’s most important tax reform till date. Unlike what economists and other commentators have been telling us as to how the ...

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Revenue Secretary Clarifies on GST’s Seven ‘Myths’

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

Revenue Secretary, Government of India, Dr. Hasmukh Adhia clarified on seven misconceptions about newly implemented law relating to Goods and Services Tax (GST) through a series of tweets from his twitter handle @adhia03 on Sunday. These myths relating to GST and Reality of each one is given below. Myth 1: Do I need to generate all invoices on computer/ internet ...

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GST Highest in World, Arbitrary and Bizarre, Says Cong Leader Surjewala

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

Unlike what Congress proposed as a simple three-tier GST capping at 18%, the BJP-led NDA government has made it 4-slab and added 28% slab imposing one of the worst taxation system in the world, said Congress leader Randeep Singh Surjewala. Besides the Goods and Services Tax (GST), the cess included, some products will be as costlier as 43% more than ...

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Why is GST Anti-Middle Class but Pro-Rich, Pro-Farmer?

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

When Indian Prime Minister Narendra Modi visited the White House, the pat came from the President for undertaking the daunting taks of bringing the entire 1.3 billion consumers of the country under one tax regime, making it easy for market access by sellers. The huge transition to GST-managed tax regime may benefit those who buy white goods as discounts are ...

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GST Regime Offers Huge Discounts on Mobile Phones, Cars, Gadgets, Not on Food

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

GST roll out has turned a retail sales extravaganza across the country with car makers and retailers turning it into a sales pitch with huge discounts on goods based on GST rate slabs and large queues were seen from Mumbai to Bhubaneshwar and New Delhi to Bangalore on Friday night. Beginning today, Saturday, July 1, 2017, India switched over to ...

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GST Roll-Out at Midnight Signifies Power Shift to Centre, Common Man at Receiving End?

The President, Mr Pranab Mukherjee and the Prime Minister, Mr Narendra Modi at the ceremony to launch the Goods & Service Tax (GST), in Central Hall of Parliament, in New Delhi, in the midnight of June 30- July 01, 2017.(PIB)

India ushered in GST amid historic midnight session of Parliament, replicating the mid-night transfer of Independence from the British Raj on August 15, 1947. However, GST inauguration speaks volumes on the tax burden than power transfer. President Pranab Mukherjee, Prime Minister Narendra Modi, and Finance Minister Arun Jaitley addressed the gathering, before the President and the Prime Minister pressed a ...

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After 20 Years, McDonald Shuts 43 Outlets in Delhi

ATTACHMENT DETAILS Photograb-of-McDonalds-Twitter-Page

The global food giant McDonald which had made headlines in 1997 when it opened first outlets in India at Delhi with veg burgers replacing its iconic beef burgers elsewhere, hit an unexpected controversy almost 20 years later over ownership issue. The franchisee given to Connaught Plaza Restaurants Pvt Ltd (CPRL) in North and Eastern India has run into trouble over ...

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RBI Silent on Rs.200 New Currency Notes in Print

Is RBI coming out with new Rs.200 note?

The Reserve Bank of India is planning to go ahead with the printing of Rs.200 currency notes to replenish the 18 percent gap in currency circulation owing to November 8 demonetisation drive that banned Rs.1000 and old Rs.500 notes, said a media report. The Economic Times report said the RBI did not confirm or deny to a query on this ...

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Rentals in IT-Centric Cities May Come Down in Next 3 Quarters: Assocham Report

it hub rentals

Amid huge layoffs by IT companies, IT-centric companies are witnessing pressure on rentals of homes in cities such as Bengaluru, Hyderabad, Chennai, Pune, Gurgaon and Noida, which may decline to the extent of 10 to 20 percent over the next three quarters, said Assocham. The worst hit was Bengaluru where the fresh inflows of young professionals is declining over the ...

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India’s Spice Exports Rise 12% to Record All-time High

The Minister of State for Commerce & Industry (Independent Charge), Mrs. Nirmala Sitharaman lighting the lamp at the Orientation programme for Spices Farmers Producers’ Companies (SFPCs) Buyer- Seller Meet, in Itanagar on April 26, 2017. The Minister of State for Home Affairs, Shri Kiren Rijiju is also seen.(PIB)

Amid stringent food safety regulations imposed by countries across the globe, Indian spices and spice products surged to a record export growth worth Rs.17664.61 crore (US$ 2633.30 million) and a volume of 9,47,790 tonnes in 2016-17, said a statement. The buoyancy in exports of spices and related products, both in terms of value and volume, compares favourably with figures of ...

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CSIR Signs Pact with Ethiopia on Metals

CSIR sign pact on metals with Ethiopia

The Council of Scientific & Industrial Research (CSIR) has signed an Agreement with the Metal Industries Development Institute (MIDI), Ethiopia to implement a twinning programme. The program is aimed at R&D capacity building of MIDI. CSIR has clinched this multi-million US dollar assignment through a process where many international organisations were considered.  The twinning is one of the largest programs ...

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Leading Importers and Exporters Participate in Mango Buyer-Seller Meet

File Photo of Minister of State for Commerce & Industry (Independent Charge), Nirmala Sitharaman addressing the 2nd meeting of the Board of Trade, in New Delhi on June 20, 2017.(PIB)

Twenty one leading importers from China, Iran, Japan, Australia, Mauritius, Republic of Korea and UAE, participated in the Mango Buyer Seller meet(BSM) organized by APEDA today, June 5, 2017. More than 100 exporters from across the country participated in the Buyer Seller meet. One of the leading importers M/s Dalian Yidufrom China having a chain of stores interacted with the ...

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India, Georgia to Study Free Trade Agreement Scope

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference on Budget proposals pertaining to the Ministry, in New Delhi on February 06, 2017.(PIB Photo)

A high level delegation led by the Minister of Economy and Sustainable Development of Georgia, Mr.Giorgi Gakharia called on the Commerce & Industry Minister Nirmala Sitharaman today on 11th April 2017, ahead of a Joint Statement on the launching of the Joint Feasibility Study on the Free Trade Agreement between the two nations. Upon the completion of the Joint Feasibility ...

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South Asia SASEC Program of ADB Expands with Myanmar Joining as 7th Member

South Asian Subregional Economic Cooperation (SASEC) program of Asian Development Bank (ADB) has expanded with the inclusion of Myanmar aas the 7th member in 2017. Shaktikanta Das, India’s finance secretary said on the occasion that Myanmar is key to realizing greater connectivity and stronger trade and economic relations between the SASEC sub-region and the countries of East and Southeast Asia. ...

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First Time India Becomes Net Exporter of Electricity

India’s Central Electricity Authority for the first time has turned around from a net importer of electricity to Net Exporter of electricity in 2016-17. During the current financial year 2016-17, as of February, India has exported around 5,798 Million Units to Nepal, Bangladesh and Myanmar which is 213 Million units more than the import of around 5,585 Million units from ...

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Third Protocol of Amended India-Singapore DTAA Comes into Effect

The Third Protocol amending India-Singapore Double Taxation Avoidance Agreement (DTAA) which was signed on 30th December, 2016, has come into force on 27th February 2017, said a statement. The India-Singapore DTAA currently provides for residence based taxation of Capital Gains of shares in a company. The Third Protocol amends the DTAA with effect from 1st April, 2017 to provide for ...

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Delegates for Commonwealth Auditors General Conference Meet President

The delegates participating in the Commonwealth Auditors General Conference called on the President of India, Mr Pranab Mukherjee today (March 23, 2017) at Rashtrapati Bhavan. Speaking on the occasion, the President expressed happiness that the multilateral forum of Auditors General of Commonwealth countries has met in India this year to discuss contemporary issues of relevance to the member Supreme Audit ...

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India Signed Air Services Agreements or Drafts with 114 Countries So Far

India has so far signed and initiated Air Services Agreement with 114 countries and latest one was with Rwanda, signed on 20th February 2017 at Kigali, informed Minister of State for Civil Aviation Jayant Sinha in written reply to a question in Lok Sabha on Wednesday. The Air Services Agreements between India and other countries have the potential to spur ...

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Indian Railways Increasing Foreign Collaborations for High Speed Trains, Travel

india unep

Ministry of Railways have signed the Memorandum of Understanding (MoU), Memorandum of Cooperation (MoC), Joint Declaration of Intent (JDI), and Protocol with the following foreign Ministries and Railways for Technical Cooperation in Railway Sector, said Minister of State for Railways Rajen Gohain in a written reply to a question in Rajya Sabha on 17.03.2017 (Friday). The agreements include cooperation areas such as ...

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Indian Minister to Participate in Nairobi Conference on Devolution

The Union Minister of State for Finance and Corporate Affairs, Mr. Arjun Ram Meghwal will represent the India in the 4th Annual Devolution Conference to be held from 6th to 9th March, 2017 at Nakuru County of Kenya. He is expected to share the experience of devolution system and its progress in India and specifically highlight the 73rd-74th Constitutional Amendments ...

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ADB Gives $375 Mln Loan for Visakhapatnam-Chennai Industrial Corridor

Visakhapatnam-Chennai Industrial Corridor

The Asian Development Bank (ADB) and the Government of India signed in New Delhi $375 million in loans and grants to develop 800-kilometer Visakhapatnam-Chennai Industrial Corridor, which is the First Phase of a planned 2,500–kilometer long East Coast Economic Corridor (ECEC). The Corridor is expected to spur development on India’s eastern coast in line with the Government of India’s Make ...

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World Bank Provides $63 Mln for Tejaswini Program for Girls in Jharkhand

A Financing Agreement for IDA credit of US$ 63 million for the “Tejaswini” Socio-Economic Empowerment of Adolescent Girls and Young Women Project” was signed in New Delhi last week with the World Bank. The Financing Agreement was signed by Mr. Raj Kumar, Joint Secretary, Department of Economic Affairs, Ministry of Finance on behalf of the Government of India and Mr. ...

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64 Indian Food Exporters to Participate in Gulf Food 2017 in Dubai

dubai gulf food 2017

With 64 Indian exporters of Agriculture and Processed Food products are participating under APEDA (Agricultural and Processed Food Products Export Development Authority) will particiapte in the Gulf Food 2017 in Dubai to be held from 26th February to 2nd March, 2017. APEDA pavilion will be inaugurated by Ms. Rita Teaotia, Commerce Secretary. APEDA is an apex organization under the Ministry ...

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Arun Jaitley Undertakes 5-day UK Sojourn to Invite Investors

Budget FIPB

The Union Finance Minister Arun Jaitley will leave tomorrow, Febrary 24, 2017, for London on a five-day official visit to hold business interaction with UK-India Business Council, meet his UK counterpart and the Chancellor of Exchequer, besides delivering a talk at London School of Economics on ‘Transforming India: Vision for the Next Decade”. On Saturday, he will deliver a talk ...

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FDI Rules Relaxed to Push SME Sector: Nirmala Sitharaman

The Minister of State for Commerce & Industry (Independent Charge), Smt. Nirmala Sitharaman addressing a press conference on Budget proposals pertaining to the Ministry, in New Delhi on February 06, 2017.(PIB Photo)

Commerce and Industry Minister Nirmala Sitharaman in a written reply in Rajya Sabha on Wednesday said separate data regarding investment made by foreign companies in Small and Medium Enterprises (SMEs) is not maintained but remittance-wise data is available in public domain at the website of Department of Industrial Policy & Promotion at www.dipp.nic. Foreign Investments bring international best practices and ...

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India Seeks Belgium Cooperation in Sagarmala Project

The Deputy Prime Minister of Belgium, Mr. Alexander De Croo meeting the Union Minister for Electronics & Information Technology and Law & Justice, Shri Ravi Shankar Prasad, in New Delhi on February 07, 2017.(PIB Photo)

India’s Minister of Shipping and Road Transport & Highways Mr. Nitin Gadkari on Monday 7th Feb, 2017, met the Deputy Prime Minister of Belgium Mr. Alexander De Croo, in Mumbai to seek greater participation of Belgian companies in Sagarmala projects, inland waterways and development of industrial clusters. The minister explained the immense opportunities in India in coastal shipping, inland water ...

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India Surrendered 2 Mozambique Coal Mining Licences: Minister

Coal India Limited (CIL) has surrendered two licenses held by its subsidiary Coal India Africana Limited in Mozambique and with this has no foreign coal assets. However, CIL is looking for coking coal assets abroad since viable domestic coking coal reserves in the country are facing constraints, both commercial and technical, said Mr. Piyush Goyal, Minister of State for Coal ...

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India Seeks to Revise Tax Treaties with Foreign Nations: Minister

tax treaty

Indian government is planning to revise the tax treaties with partner countries to enable the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to use the data for prosecution of those who have stashed black money abroad, said a statement. Treaty partner countries have been requested to modify the tax treaties to explicitly include provisions that will enable information ...

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India Signs Agreement on $201 Mln Loan From World Bank for Quality Tech Education

TEQIP II

India has signed an Agreement for IDA credit of US$201.50 million for the “Third Technical Education Quality Improvement Programme” (TEQIP III) on February 1, 2017 in New Delhi. The loan agreement envisages an active funding participation in Indian Engineering Education Institutes and improve the efficiency of the Engineering Education System in Uttarakhand, Himachal Pradesh, Bihar, Uttar Pradesh, Madhya Pradesh, Chhattisgarh, ...

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Foreign Investment Promotion Board to be Demolished Next Year

Budget FIPB

Presenting the General Budget 2017-18 in the Lok Sabha on Wednesday, Feb. 1, 2017, Indian Finance Minister Arun Jaitley said that the Foreign Investment Promotion Board (FIPB) will be abolished in a phased manner by the end of fiscal year 2018-19. Since the Government has already introduced substantive reforms in FDI policy with more than 90% of the total FDI ...

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