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NCLT helped creditors recover Rs 80k cr: Jaitley

PTI   NEW DELHI Finance Minister Arun Jaitley Thursday said Rs 80,000 crore has been recovered by creditors in 66 cases resolved by NCLT and around Rs 70,000 crore more is likely to be realised by March-end. Accusing the Congress of leaving behind a legacy of an “anachronic system” of resolving commercial insolvency, Jaitley said the NDA government acted swiftly ... Read More »

GoAir commences daily direct flight service to Phuket from Bengaluru

UNI   BENGALURU Homegrown airliner GoAir, which had recently announced commencement of its international operations has further expand its operations to Phuket with the launch of daily direct flights from Bengaluru effective January One. GoAir recently expanded its global footprint by becoming the first airline to commence direct flights from India to Phuket from Bengaluru, Delhi and Mumbai. In the ... Read More »

Solapur eyes to be sourcing hub for uniforms

IANS   BENGALURU Textile city Solapur in southeast Maharashtra is eying to be the country’s uniform sourcing hub, said a trade official on Thursday. “We plan to have about 2,000 garment units in the textile city to become the world’s uniform sourcing hub by 2022,” Solapur Garment Manufacturers Association president Darshan Kochar told IANS from Solapur, about 400 km from ... Read More »

Like airlines, railways may soon make public status of reserved, vacant seats

PTI NEW DELHI Just like airlines, the Indian Railways is working on a plan to enable passengers to see the status of seats available for booking a particular train by making the reserved charts public, a source in the ministry said Thursday. Railway Minister Piyush Goyal has instructed senior officials of the national transporter to make the reservation charts public ... Read More »

GST Council meet on Jan 10

PTI   New Delhi The GST Council is slated to meet on January 10 to discuss lowering GST on under-construction flats and houses to 5 per cent, as well as hiking exemption threshold for small and medium enterprises. The council, in its previous meeting on December 22, 2018, had rationalised the 28 per cent tax slab and reduced rates on ... Read More »

Direct tax-GDP ratio of 5.98% during FY18 best in 10 years: Fin Min

PTI   New Delhi The direct tax-to-GDP ratio of 5.98 per cent achieved during 2017-18 fiscal is the best in the last 10 years, the finance ministry said Wednesday. It was 5.57 per cent in 2016-17 and 5.47 per cent in 2015-16. The ministry said the larger purpose of demonetisation was to move India from a tax non-compliant society to ... Read More »

GST collection drops to Rs 94,726 cr in Dec

PTI   NEW DELHI GST collection dropped to Rs 94,726 crore in December 2018, lower than Rs 97,637 crore collected in the previous month. Compliance however improved during the month as the total number of sales returns or GSTR-3B filed in December stood at 72.44 lakh, as against 69.6 lakh filed in November. The Finance Ministry in a statement said ... Read More »

Cos failing to comply with Aadhaar Act norms may be liable for up to Rs 1-cr fine

PTI   NEW DELHI The government has proposed a penalty of up to Rs 1 crore on entities that violate the provisions of the Aadhaar Act, with an additional fine of up to Rs 10 lakh per day in case of continuous non-compliance, sources said. Amid privacy concerns over Aadhaar, amendments have been planned in the Act, under which the ... Read More »

Welcome changes in GST, it still remains work in progress

By D M Deshpande The GST Council has preferred an incremental reform and rationalisation of taxes. It has decided to lower rates of 23 goods and services; this covers a range of white goods and services-cinema tickets, refrigerators, computers, televisions etc. The move has been hailed as advance New Year’s gift to the citizens of India. Yet, the highest rate ... Read More »