Businesses have flocked to the GST Network portal on the last day of filing initial returns for August with over 80,000 GSTR-3B being uploaded every hour, its Chairman Ajay Bhushan Pandey said today.
Plan and Policy
Plan & Policy
Noting that the economy has been on a downslide since September 2016, SBI Research on Tuesday said the slowdown is real and not technical and called for more public spending to arrest the slide. “We believe we are in a slowdown mode since September 2016 and a slowdown that has been prolonged to the first quarter of this financial year is technically not short-term in nature or even transient,” SBI Research said in a report.
The report said continuing slowdown has “raised the spectre of whether slowdown is temporary or not” but stopped short of answering the question.
The Group of Ministers (GoM) on Air India may recommend raising FDI limit in aviation to 51 per cent so that the disinvestment process of the domestic public carrier is completed smoothly. According to a statement by the commerce ministry, the foreign direct investment (FDI) limits are applicable in a situation where there is no investment by foreign airlines. The consolidated FDI policy statement had said that the relaxation given for the sector is not applicable to Air India, which has now been identified for strategic sale.
Hit hard by a weak first quarter GDP growth and rising prices, finance minister Arun Jaitley (in Pic) on Tuesday held discussions with his key officials and commerce minister Suresh Prabhu to chart out a detailed plan for bringing the economy back on track.
Round one to Reliance Jio. Losing a key battle against archrival Reliance Jio, incumbent telcos Airtel, Vodafone and Idea Cellular are set to lose a significant portion of their revenues.
The Telecom Regulatory Authority of India (Trai) on Tuesday cut interconnect usage charges (IUC) by over 58 per cent to 6 paise per minute from the current 14 paise per minute.
This is set to further worsen the telcos’ already precarious financial position, forcing them to raise tariffs to cover their costs.
A clutch of high profile foreign and domestic firms, including the allegedly tainted and debarred De La Rue (DLR) India, participated in bids for supply of security features for Indian banknotes to the Reserve Bank of India.
As Financial Chronicle had earlier reported, RBI had issued a global tender for procurement of currency security features for currency notes in July.
The capital market regulator’s new debt disclosure norms that kick in from October 1 are a double-edged sword. It requires listed companies to disclose their loan defaults, which would instil credit discipline among borrowers. Non-payment of interest to banks by a day could lead to downgrade in a company’s rating.
India is poised to emerge as an economic superpower, driven in part by its young population, while China and the Asian Tigers age rapidly, according to Deloitte.
The Department of Telecom (DoT) has asked public sector giant BSNL to ensure timely completion of USOF projects and float tenders on time to avoid inordinate delays in implementation, a charge BSNL has countered by saying it is the USOF which is responsible for such lapses. The PSU further alleged that funds are not getting released in time.
One of the objectives of the Universal Service Obligation Fund (USFO) is equitable distribution of the fruits of the telecom/digital revolution and fair allocation of national resource (pooled by a USO levy) through targeted subsidies.
The Centre has put the responsibility of making petrol and diesel cheaper on states by way of a cut in duty, but in reality it is the Central government that has walked away with the lion’s share of tax collection from the oil sector.
According to the Petroleum Planning & Analysis Cell (PPAC) in the oil ministry, the Centre earned a staggering Rs 2,73,502 crore as taxes and duties from the petroleum sector in FY17 against Rs 1,88,435 crore raised by states during the same period.