Monday , 10 December 2018
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Business

Jaitley sees GST rate cut on cement, ACs, TVs with rise in revenue

PTI   NEW DELHI Union Minister Arun Jaitley Friday exuded confidence that GST rates on cement, ACs and televisions will be cut as tax revenues from them increase, and only luxury and sin goods will attract the highest slab of 28 per cent. In a Facebook post, Jaitley termed the pre-GST indirect tax regime, during which most of the household ... Read More »

Over Rs 50,000 cr lost so far due to truckers’ strike: ASSOCHAM

IANS NEW DELHI The ongoing countrywide strike by truckers has led to an estimated direct and indirect loss of over Rs 50,000 crore to the economy and the government and transporters should resolve the crisis through negotiations, an ASSOCHAM statement said on Friday. Around 90 lakh trucks have been off the roads since July 20 with truckers protesting against high ... Read More »

Parliament passes bill amending Negotiable Instruments Act

IANS   NEW DELHI Parliamentary approval was accorded on Thursday to the Negotiable Instruments (Amendment) Bill 2018, which amends the 1881 bill to specify penalties for bouncing of cheques, and other violations with respect to such negotiable instruments with the Rajya Sabha passing the law. The Lok Sabha had passed the Bill on July 23. The Bill has a provision ... Read More »

Govt gives final nod to Vodafone-Idea merger

PTI   NEW DELHI Government Thursday gave final approval to the mega merger of Vodafone and Idea Cellular which creates India’s largest mobile operator with about 35 per cent market share and nearly 430 million subscribers. The new telecom behemoth — Vodafone Idea Limited — will dislodge Bharti Airtel, the current market leader with 344 million customers from its pole ... Read More »

Facebook lost $120 bn in market value over slow growth

IANS   SAN FRANCISCO Facing global backlash over the massive Cambridge Analytica data scandal, Facebook stock nosedived 20 per cent — wiping over $120 billion off the  company’s market value — after its revenue and user growth in the second quarter of 2018 fell short of investor expectations. The social media giant late on Wednesday reported 2.23 billion monthly active ... Read More »

Iran extends shipping, insurance cover to keep oil flowing to India

PTI NEW DELHI With the US sanctions threatening to block its oil trade, Iran has started providing ships as well as insurance cover to continue exporting crude oil to India, its second-biggest buyer after China, people familiar with the development said. The US, which in May pulled out of a landmark nuclear deal and said sanctions will be re-imposed on ... Read More »

ECONOMIC SCAN

The Muthoot Group flags from Mount Everest PANAJI: The Muthoot Group, one of India’s leading business conglomerates, proudly waved its flag on Mount Everest, world’s highest mountain above sea level. The expedition was led by famous mountaineer and expedition leader, Philip James Crampton, along with his group of 5 members and 6 sherpas. The flag carried the message “Always On ... Read More »

Sorry state of state finances

Dr D M Deshpande Generally speaking, lesser attention is paid to the fiscal performance of states. Actually, states collectively spend more than the Central Government. States’ expenditure over and above their revenues, add up to the consolidated deficit with the centre. Sometimes, despite centre’s fiscal prudence, the overall fiscal deficit goes out of control essentially because the States have not ... Read More »

Hotel prices globally may rise 3.7%, airfares 2.6% in 2019

PTI   MUMBAI Cost of travelling is likely to rise sharply in 2019 globally, with hotel prices expected to go up by 3.7 per cent and airfares by 2.6 per cent, driven by growing economy and rising oil prices, a report said on Tuesday. “Prices are expected to spike in many global markets even as inflation remains subdued,” said Kurt ... Read More »

Plan to align SEZ rules with GST laws in final stage

UNI   NEW DELHI The centre will come out with amendments to Special Economic Zones (SEZ) Rules, 2006 to synchronise it with Goods and Services Tax (GST) laws by the end of this month, a top official in the Union Ministry of Commerce and Industry said. “We have been working for a few months on the amendment of SEZ Rules, ... Read More »