Business, Economy, 24th May 2017, News & Stories from India

Saturday, Apr 20, 2024 | Last Update : 12:33 PM IST

Business Economy 24 May 2017

Business, Economy, 24 May 2017

Only local suppliers eligible in procurement of Rs 50 lakh or less, if sufficient local capacity and competition ensured.

Govt nod to public procurement policy for local goods

20 per cent margin of purchase preference for local suppliers in procurement of more than Rs 50 lakh.

24 May 2017 8:18 PM

Credai demanded that the govt should minimise double taxation of real estate by treating land as zero rated under the GST regime.

Realtors differ over GST's impact on housing prices

Exemption from service tax on construction of low-cost houses not being continued under GST.

24 May 2017 8:10 PM

Finance Minister Arun Jaitley's budget pledge in February to abolish the FIPB..

Govt abolishes FIPB, new mechanism for FDI approval on anvil

India embarked on its first market reforms in 1991, in a departure from decades of socialist planning.

24 May 2017 7:02 PM

Income Tax department has launched massive crackdown on tax evaders.

I-T dept unearths 400 benami deals, attaches Rs 600-cr properties

Crackdowns form part of tax dept's efforts to implement new Benami Act to ensure visible outcomes.

24 May 2017 6:49 PM

Lowering of tax rate on economy class travel is in line with the focus of the civil aviation ministry to make flying affordable for the masses.

GST impact on air travel to be marginal: ICRA

GST on business class air travel has been announced to be 12 pc, which is 3 pc more than the existing service tax rate.

24 May 2017 5:40 PM

GST Council may review steep levy on hybrid cars

Incidence of GST on mid and large-sized hybrid cars has been kept at same level as passenger cars.

24 May 2017 4:56 PM

The GST law provides for as many as 21 kinds of penalties for various offences.

GST execution from July 1 a challenge for industry: Assocham

GST will provide a huge fillip to the industry in the medium to long term as the tax compliance.

24 May 2017 4:36 PM

Sorman calls demonetisation a 'successful political coup'

Prime Minister Narendra Modi on November 8 last year had announced demonetisation of Rs 1,000 and Rs 500 notes.

24 May 2017 4:20 PM

3 yrs of Modi govt: Digital economy to cross $1-trn mark

IT Minister Ravi Shankar Prasad says main focus would be on services and offerings in digital space.

24 May 2017 3:56 PM

Almost all goods and services have been classified into groups attracting GST rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent respectively.

GST to add 40 bps to growth rate; won't stoke inflation: HSBC

New GST regime is expected to make the Reserve Bank of India more relaxed about lingering inflation fears.

24 May 2017 3:36 PM

The downgrade adds to warnings about China's reliance on credit to propel growth after the 2008 global crisis.

Moody's cuts China credit rating over rising debt

Chinese economic growth fell from 14.2 per cent in 2007 to 6.7 per cent last year.

24 May 2017 1:23 PM

7th Pay Commission has recomended an increse in House Rent Allowances.

Decision on 30 pc House Rent Allowance likely today

Empowered Committee of Secretaries to discuss today allowance structure for central govt employees.

24 May 2017 1:15 PM

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Shobhaa De