New Delhi [India], Apr 26 : Union Finance Minister Arun Jaitley on Wednesday asserted that that the Centre has no plans to impose any tax on agriculture income, while acknowledging that as per the Constitutional Allocation of Powers, the central government has no jurisdiction to impose tax on agricultural income.
"I have read the paragraph in Niti Ayog Report entitled 'Income tax on agriculture income'. To obviate any confusion on the subject, I categorically state that the Central Government has no plan to impose any tax on agriculture income," said Jaitley.
However, NITI Aayog member Bibek Debroy made strong case for taxing agriculture income, an opinion contrary to the government's stated position.
New Delhi [India], Apr 26 : The Reserve Bank of India (RBI) on Wednesday imposed monetary penalty on the Hongkong and Shanghai Banking Corporation Ltd. and the Kotak Mahindra Bank for violation of instructions on reporting requirements of FEMA 1999.
The central bank penalised The Hongkong and Shanghai Banking Corporation Ltd. for Rs. 70,000 and the Kotak Mahindra Bank for Rs. 10,000 in exercise of powers vested in the RBI.
As per the provisions under section 11(3) of FEMA 1999, the bank is required to take into account the violations of the instructions/directions/guidelines issued by the RBI.
The RBI had issued a show cause notice to the banks, in response to which the banks submitted a written reply and also made oral submissions thereon.
New Delhi [India], Apr 26 : The market on Wednesday witnessed a surge in the Indian rupee in its initial gains and breached the 64 mark against the US dollar.
The rupee was trading at 63.99 a dollar, the highest level since August 10, 2015.
Earlier, it opened higher by seven paise at 64.19 per dollar today versus 64.26 Tuesday.
As per the market analysts, the rupee can breach the stiff resistance of 64.20/dollar and may head higher. Expectations are high that the spot of USD-INR pair will trade in a range of 64-64.40/dollar in the days' trade. (ANI)
New Delhi [India], Apr 6 : The Reserve Bank of India (RBI) on Thursday kept its repo rate unchanged at 6.25 percent, but made changes in the reverse repo rate at 6 percent after all the six members of the monetary policy committee (MPC), headed by Reserve Bank of India Governor Urjit Patel, voted in favour of the decision.
"For 2017-18, inflation is projected to average 4.5 percent in the first half of the year and 5 percent in the second half," said Reserve Bank of India (RBI) Governor Urjit Patel.
He said that the MPC believes that the inflation developments have to be closely and continuously monitored, with food price pressures kept in check so that inflation expectations can be re-anchored.
Patel further added that there is scope for transmission of rates.
New Delhi [India], Apr 5 : PayU India on Wednesday announced the launch of a first-of-its kind premium deferral payment facility for consumers 'LazyPay' aimed at those who transact digitally for any amount between Rs. 500 and 2500, and is an option to pay later.
The aim of the product is to drive faster purchase experiences and convenience by reducing friction on online checkouts and achieving a zero drop situation for online payments.
It is a convenience product for anyone to pay later and the facility could extend for amounts from Rs. 3,000 and even up to Rs. 10,000, depending upon customer behaviour.
New Delhi [India], Apr. 5 : The much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.
The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. The Bills are related to Central GST, Integrated GST, UT GST and GST Compensation.
The Central GST deals with taxation related to Centre, integrated GST deals in taxation of inter-state movement of goods and services while the Union Territory GST Bill covers taxation in Union Territories.
The compensation law has been prepared to give a legislative backing to the Centre's promise to compensate the states for five years for any revenue loss arising out of GST implementation.
New Delhi [India], Apr 4 : Central Board of Direct Taxes on Tuesday said that the provisional figures for revenue collections up to March, 2017 showed a gross Direct Tax collection of Rs. 10.09 lakh crore.
As per a notification by the company, the net collection after issue of refunds stands at Rs. 8.47 lakh crore which is 14.2 percent higher than the net collection for the corresponding period last year.
With this the CBDT has accomplished 100 percent of the direct tax target for Financial Year 2016-17.
Refunds amounting to Rs. 1.62 lakh crore have been issued during April 2016-March 2017, which is 32.6 percent higher than the refunds issued during the same period for FY 2015-16. This has substantially reduced the grievances of tax payers.
New Delhi [India], Apr.4 : Union Revenue Secretary Hasmukh Adhia on Tuesday revealed that the provisional tax collection for fiscal 2016-17 shows net growth of 18 percent.
Addressing media in the national capital, Adhia said that the government would shortly be issuing a detailed report on provisional tax collection.
In a tweet, he said, "Provisional tax collection figures for 16-17 released. Total net tax revenue grows at 18% to 17.10 lac cr, highest in last 6 years. Direct tax growth rate is 14.2% and indirect tax growth rate is 22%."
He said that direct tax collections upto March 2017 stood at Rs. 8.457 lakh crore, while indirect tax collections (Central Excise, Service Tax and Customs) for fiscal 2016-17 stood at Rs.8.63 lakh crore
New Delhi [India], Apr 3 : Taxi aggregator Ola on Monday announced its effort to promote digital economy across the country as it integrated with Unified Payment Interface (UPI) to further simplify digital payment options for millions of customers.
The integration will allow Ola customers to use their unique UPI IDs to pay for all their rides on the Ola platform. UPI integration will lead to one of the fastest mode of payment for millions of Ola users.
As the country has made significant stride towards cashless economy, UPI itself has seen great acceptance, with the value of transaction through the interface reaching to more than 1300 crore, according to recent RBI report.
For a nation that is looking to migrate completely onto a digital medium,
New Delhi [India], Mar 29 : Union Finance Minister Arun Jaitley on Wednesday called the Goods and Services Tax (GST) Bill revolutionary, saying it will benefit all with the free movement of goods across the country.
"We are keeping two standard rates of 12 percent and 18 percent and provided for a cess for five years to fund compensation," said Jaitley while announcing usage of a cess on luxury, sin goods for GST compensation.
"Aim of GST Council is to decide everything with consensus," said Jaitley.
" CGST Law shall apply to the whole of India except the State of Jammu and Kashmir," he said while mentioning that the GST Council met 12 times till date.
He further said that GST will ensure one single tax and will ensure free movement of goods across country.
New Delhi (India), Mar. 27 : Union Finance Minister Arun Jaitley on Monday tabled the Central Goods and Services Tax (GST) Bill 2017 in the Lok Sabha.
Looking forward to a consensus on GST Bill, Union Parliamentary Affairs Minister Ananth Kumar earlier in the day expressed hope that the above legislation is passed in the ongoing Budget Session of Parliament.
Kumar told the media here that all parties have been consulted on the GST.
"Hope everyone will support the government on it. The government is committed to ensure the passage of GST in the ongoing Budget Session," he added.
The GST Council and Union Cabinet have already given their nod to the Central GST, Integrated GST, Union Territory GST and Compensation Bill.
New Delhi [India], Mar. 20 : The Union Cabinet on Monday gave its nod to four legislations of the much-awaited Goods and Services Tax (GST) bill, namely Central, State, Union Territory and Integrated GST, along with the Compensation Bill.
The aforementioned legislations are reported to be taken up for discussion in the Parliament later this week.
The meeting held earlier today was chaired by Prime Minister Narendra Modi, exclusively to discuss the outcomes of the above legislations, subsequently enabling the GST to be rolled out as per schedule on July 1, 2017.
The Central, State, Union Territory and Integrated GSTs were earlier approved by the GST Council after multiple discussion over 12 meetings of the Council held in the last six months.
New Delhi [India], Mar 16 : Hailing the decision of the US Fed to overnight increase the funds rate to a target range of 0.75 percent to one percent, Chief Economic Adviser Arvind Subramanian on Thursday said that it was anticipated with a probability of 100 percent and added that this move should not be seen as a surprise.
Talking about the affect of the rate hike on the Indian market, Subramanian said there is very little volatility in the market, adding there is, however, pressure on the rupee to strengthen in the coming weeks.
"There is very little impact on India and Indian rupee in terms of capital outflows because export numbers have been good so far," added Subramanian.
New Delhi [India], Mar 16 : The Federal Reserve on Wednesday increased its benchmark interest rate a quarter point amid rising confidence that the economy is on the path of robust growth.
It for the second time in three months that the Fed has increased its interest rates, which is widely anticipated by the financial markets as it has taken the overnight funds rate to a target range of 0.75 percent to one percent and set the Fed on a likely path of regular hikes ahead.
"The market was bracing for a much more hawkish tone from the Fed. The early reaction looks to be one of relief, that the market's worst fears were averted," said Michael Arone, the chief investment strategist at State Street Global Advisors.
New Delhi [India], Mar 16 : The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Thursday announced the panels' consensus on significant issues including fixing the threshold limit for registration and full compensation for five years to the states for losses on account of the GST implementation.
The GST Council is expected to endorse the remaining two crucial bills including the State GST (SGST) and Union Territory GST (UTGST) here today.
The Council's nod will act as another decisive step in the run up to the implementation of the overhauled tax regime from July 1.
New Delhi [India], Mar. 16 : The State Bank of India (SBI) and the Confederation of Real Estate Developers' Associations of India (CREDAI) on Wednesday inked a Memorandum of Understanding (MOU) to jointly conduct various initiatives towards the development of the Real Estate Sector for a period of three years.
SBI and CREDAI have a common objective of providing housing for all.
Each of them will leverage their individual strengths and collaborate in areas which will be beneficial to the sector and the consumers at large.
The MOU was exchanged between Rajnish Kumar, Managing Director SBI and Geetambar Anand, President CREDAI at the CREDAI National Conclave held in Delhi on March 6 and March 7.
Union Minister Venkaiah Naidu was also present for the occasion.
New Delhi [India], Mar. 15 : Retail inflation rose to a four-month high of 3.65 per cent in February this year, mainly due to an increase in the prices of food items.
Inflation measured in terms of the Consumer Price Index had stood at 3.17 per cent in January this year. Retail inflation was 5.26 per cent in February last year.
According to data released by the Central Statistics Office, retail inflation in food items rose to 2.01 per cent in February, from 0.61 per cent in January.
But prices of vegetables declined by 8.29 percent and of pulses by 9.02 per cent.
The increase in prices may weaken the case for an immediate interest rate cut by the RBI, which had kept lending rates unchanged at the last review in February, citing risks to inflation. (ANI)
New Delhi [India], Mar 14 : The Wholesale Price Index (WPI) or inflation for the month of February rose by 0.5 percent to 185.5 (provisional) from 184.6 (provisional) for the previous month.
The annual rate of inflation, based on monthly WPI, stood at 6.55 percent (provisional) for the month of February, 2017 (over February, 2016) as compared to 5.25 percent (provisional) for the previous month and -0.85 percent during the corresponding month of the previous year.
Primary articles index rose by 0.9 percent to 258.1 (provisional) from 255.7 (provisional) for the previous month.