BUSINESS AWAAZ

Modi Govt Sanctions Rs 2600 Crore for Leather Industry

Cabinet approves special package for employment generation in leather and footwear sector ANDALIB AKHTER /NEW DELHI At the time when country is facing acute shortage of leather, the BJP government led by Prime Minister Narendra Modi today sanctioned Rs. 2600 Crore for the development of leather and footwear industry. The Union Cabinet chaired by Prime … Continue reading Modi Govt Sanctions Rs 2600 Crore for Leather Industry

Govt to bear MDR charges up to Rs 2000 made through debit cards

AMN / NEW DELHI The government has decided to bear the Merchant Discount Rate (MDR) charges on transactions up to 2,000 rupees made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions. The decision was taken at a Union Cabinet meeting chaired by Prime Minister Narenda Modi. Briefing reporters after the … Continue reading Govt to bear MDR charges up to Rs 2000 made through debit cards

Govt sets aside Rs 10000 cr service tax demand notices on IT firms

AMN In a relief to IT companies, government has set aside a 10,000 crore rupee service tax demand notices on IT companies. In a statement, the Finance Ministry said, as a result, apprehensions about the negative effects on the software industry are without basis. The government’s move came a day after IT companies raised the … Continue reading Govt sets aside Rs 10000 cr service tax demand notices on IT firms

Govt raises customs duty on electronic items including TV, mobile

AMN / NEW DELHI The Finance Ministry has raised customs duty on some electronic items including television, mobile phone, projector and water heater in order to boost domestic manufacturing. As per a government notification, customs duty on television set has been increased to 15 per cent from the existing 10 per cent. Similarly, the duty … Continue reading Govt raises customs duty on electronic items including TV, mobile

Strengthening PSU banks is most important agenda for next year: Jaitley

Finance Minister Arun Jaitley has said that strengthening the public sector banks is most important agenda for the next year. He was addressing FICCI’s Annual General Meeting in New Delhi yesterday. Mr Jaitley said there are important tasks at the next year and fixing the banks and completing the unfinished task of strengthening the public … Continue reading Strengthening PSU banks is most important agenda for next year: Jaitley

AITAF urges FM to allow full Excise Duty exemption as granted earlier

ADITYA RAJ DAS / NEW DELHI The All India Tax Advocates Forum (AITAF) has urged the Finance Minister Arun Jaitley to prevail upon the GST Council to allow the full Excise Duty exemption granted earlier under the erstwhile Industrial Policy available to North – Eastern States in the form of refund of Excise Duty paid … Continue reading AITAF urges FM to allow full Excise Duty exemption as granted earlier

I-T raid at bitcoin exchanges across India

AMN The Income Tax Department has conducted survey operations at major bitcoin exchanges across the country on suspicion of alleged tax evasion. Official sources said the department detected several lakh entries of high-net-worth individuals (HNIs) in their databases. The operations that held at nine major exchanges in Delhi, Ghaziabad, Gurugram, Pune, Bengaluru, Hyderabad and Kochi … Continue reading I-T raid at bitcoin exchanges across India

Govt keeps window open on PAN, Aadhaar for financial dealings

AMN The government has extended the deadline till 31 of March next year for submission of Aadhaar number, and Permanent Account Number or Form 60 by the client for certain financial transactions like opening of a bank account. It has amended rules requiring mandatory quoting of Aadhaar and PAN. A new rule modifying the Prevention … Continue reading Govt keeps window open on PAN, Aadhaar for financial dealings

Industrial output growth hits to 3-month low of 2.2% in Oct

AMN / NEW DELHI India’s industrial production hit a three-month low of 2.2 % two point two per cent in October this year. Factory output, measured in terms of the Index of Industrial Production, had increased 4.2 percent in October last year, and 4.14 percent in September this year. Data released by the Central Statistics … Continue reading Industrial output growth hits to 3-month low of 2.2% in Oct

Retail inflation rises to 4.88% in November

AMN / NEW DELHI Retail inflation has risen to 4.88 per cent in November this year on account of costlier fuel, vegetables and eggs. According to the Ministry of Statistics and Programme Implementation, the inflation, based on Consumer Price Index (CPI), was at 3.58 per cent in October. It was 3.63 per cent in November … Continue reading Retail inflation rises to 4.88% in November

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OPEN HOUSE

Mallya case: India gives fresh set of documents to UK

AMN India has given a fresh set of papers to the UK in the extradition case of businessman Vijay Mallya. Ex ...