Retail inflation rises to five-month high of 3.36 per cent in August

Retail inflation rises to 2.36% in July

Retail inflation rose to a five-month high of 3(point)36 per cent in August due to costlier vegetables and fruits. According to the data released by the Central Statistics Office, the consumer price index (CPI) based inflation stood at 2.36 per cent in the previous month. The August inflation number is the highest since March this year, when it was recorded at 3.89 per cent. Overall food inflation in August also moved up, reversing the deflationary trend, to 1.52 per cent.

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Central govt employees, pensioners to get 1 % additional DA from July 1

Notes in circulation at 85% of pre note-ban level: Govt

The Union Cabinet has approved the release of additional installment of one percent Dearness Allowance to Central Government employees and Dearness Relief to pensioners. A decision in this regard was taken during Cabinet meeting in New Delhi on Tuesday. It will be effective from 1st of July this year and benefit around 50 lakh Central government employees and 61 lakh pensioners. The Cabinet also approved the Payment of Gratuity (Amendment) Bill- 2017 to revise gratuity ceiling for private sector employees. With the implementation of the 7th Pay Commission, the gratuity…

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Consider service charge by hotels as income while assessing tax returns: Consumer Affairs Ministry

Consider service charge by hotels as income while assessing tax returns: Consumer Affairs Ministry

The Consumer Affairs Ministry has asked the Central Board of Direct Taxes to consider service charge by hotels and restaurants as income while assessing tax returns. At present, some hotels and restaurants are levying service charge in the range of 5 to 20 per cent despite the government’s guidelines to make levy of such charge as optional. Consumer Affairs Minister Ram Vilas Paswan said in a tweet that renowned hotel and restaurants have complied with the guidelines, but complaints are still being received through the National Consumer Helpline about service…

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GoM to monitor, resolve IT challenges faced in implementation of GST

GoM to monitor, resolve IT challenges faced in implementation of GST

Union Finance Minister Arun Jaitley has constituted a Group of Ministers to monitor and resolve the IT challenges faced in the implementation of Goods and Services Tax (GST). The GoM will be headed by Bihar Deputy Chief Minister Sushil Kumar Modi and assisted by the Chairman and ceo of GST Network. Besides, a Committee on Exports has also been constituted under the convenorship of Revenue Secretary Hasmukh Adhia. The committee will look into the issues of exports and recommend the GST Council a suitable strategy for helping the sector in…

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Commerce & Industry Ministry to organise state startup conference today

Commerce & Industry Ministry to organise state startup conference today

The commerce and industry ministry is organizing a state startup conference today to deliberate on issues including incubation facilities and making regulations easier for budding entrepreneurs. The ministry, in a statement, yesterday said that a framework for ranking states and Union Territories on the basis of initiatives taken by them to promote startups will also be discussed in the conference. The move is expected to provide momentum towards building a positive startup ecosystem in states. The conference will be attended by senior functionaries from states, Union Territories, incubators, accelerators, funding…

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Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug

Direct tax revenue grows 17.5% to Rs 2.24 lakh cr in Apr-Aug

Direct Tax Collections has shown a growth of 17.5 percent upto August this year, standing at 2.24 lakh crore rupees which is 17.5 percent higher than net collections for same period last year. This collection is 22.9 percent of the total Budget Estimates of Direct Taxes for the Financial Year 2017-18. In a series of tweet, Finance Ministry said, the growth rate for Corporate Income Tax (CIT) during the period is 5 per cent while that for Personal Income Tax, it is 16 percent. However, after adjusting for refunds, the…

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Steps taken for recovery of loans from big defaulters via insolvency route: FM Arun Jaitley

Steps taken for recovery of loans from big defaulters via insolvency route: FM Arun Jaitley

Union Finance Minister Arun Jaitley said that big defaulters are responsible for higher Non Performing Assets, NPAs, of banks. Speaking in Pune on the occasion of the Centenary year of Pune District Central Cooperative Bank yesterday, Mr Jaitley said that recovery of money from these big defaulters has become a big challenge. He said NPA is low where smaller amount of loans have been taken for agricultural and smaller businesses and even in MUDRA scheme the defaulters are miniscule. Finance Minister said that for the first time, government is taking…

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21st GST Council meeting on under chairmanship of FM Arun Jaitley in Hyderabad

21st GST Council meeting on under chairmanship of FM Arun Jaitley in Hyderabad

The 21st meeting of the Goods and Services Tax (GST) Council has begun under the chairmanship of Union Finance Minister Arun Jaitley in Hyderabad this morning. The day-long meeting will discuss several aspects relating to the implementation of the GST including the IT systems of the Goods and Services Tax Network, the problems being encountered during the tax return filing process and the difficulties faced by industry in filing GST returns. The council will also discuss during its deliberations over the demands for exempting unbranded agriculture produce and relief to…

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India slaps countervailing duty for period of 5 years on some Chinese steel products to guard domestic players

India slaps countervailing duty for period of 5 years on some Chinese steel products to guard domestic players

India has slapped countervailing duty (CVD) for a period of five years on certain Chinese flat steel products to guard domestic players from imports that are subsidised by the exporting nation. The notification issued by the Ministry of Finance prescribes a total of 18.95 percent CVD on imports of Stainless steel flat products from China for the next five years.The decision to impose CVD was taken by the finance ministry after the DGAD’s recommendation. The commerce ministry’s investigation arm, Directorate General of Anti-Dumping and Allied Duties (DGAD) in its probe…

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Goods and Services Tax (GST) Council to meet in Hyderbad today

Goods and Services Tax (GST)

Goods and Services Tax (GST) Council will meet in Hyderbad today. Chaired by Finance Minister Arun Jaitley, the 21st meeting of the GST Council will consider the nitty-gritty of the cess on large cars. On the 3rd of this month, Union government promulgated an ordinance raising the maximum cess that may be levied on medium-sized to large cars and sports utility vehicles from 15 to 25 percent. The GST council will now decide the quantum of increase to be enforced in view of revenue requirements. The cess goes to a…

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