Friday, November 3News That Matters

Economy

No proposal to lower the excise duties on petrol and diesel: Finance Ministry

No proposal to lower the excise duties on petrol and diesel: Finance Ministry

Economy, National
Consumers will continue to pay higher taxes on petrol and diesel as the government has no plans to lower the excise duty on fuel.This is because notwithstanding the robust collections from the Goods and Services Tax, the Centre continues to remain vigilant about its fiscal health.“There is no proposal to lower the excise duties on petrol and diesel. We are not looking at anything of the sort at the moment,” said a senior government official.While the dividend payment from the Reserve Bank of India at ₹30,659 crore is lower than estimated ₹58,000 crore and uncertainty over the projected ₹72,500 crore from disinvestment receipts, the Centre is keeping a close eye on its fiscal projections.Global prices still lowA major source of comfort is the still low prices of crud
Petrol prices spiked – Rs 79 per litre in Mumbai, Rs 70 per litre in Delhi, at highest since August, 2014

Petrol prices spiked – Rs 79 per litre in Mumbai, Rs 70 per litre in Delhi, at highest since August, 2014

Economy, National
National and Financial capitals of India- Delhi & Mumbai witnessed a drastic hike in the petrol pricing on Saturday and the new price is at a pinching rate of Rs 70.03 per litre and Rs 79.14 per litre respectively, highest since August 2014. As per news report, this rise has taken petrol rates to the highest in last eight months. Since July, the price of petrol and diesel has seen a rise of Rs 7.11 and Rs 5.09 per litre in Delhi.As per the report by PTI, the state-owned oil companies in June dumped the 15-year old practice of revising rates every 15 days, that is on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight dropped but have been on the rise since July 3. Oil Minister Dharmend
Centre collects Rs 92,000 crore through GST in July, Exceeded Target

Centre collects Rs 92,000 crore through GST in July, Exceeded Target

Economy, National
Finance Minister Arun Jaitley on Tuesday said that the government has collected Rs 92,283 crore in Goods and Service Tax (GST) for the month of July so far. The total amount collected includes the Central GST of Rs 14,894 crore, State GST of Rs 22,722 crore and integrated GST of Rs 47,469 crore. He further said that the Integrated GST will be allotted between the states and the Centre. Within the IGST, the tax collected from imports stands at Rs 20,964 crore. The Rs 92,283 crore includes a compensation cess of Rs 7,198 crore. The Finance Minister said that around 38 lakh entities had filed their returns. Jaitley said that it was "best to put the GST numbers authentically in the public domain." The Finance Minister said that little more than 64 percent eligible tax payers had complie...
7th pay commission: Good news for 47 lakh central government employees

7th pay commission: Good news for 47 lakh central government employees

Economy
Now, there is some good news for Central government servants and people who are directly or indirectly connected with 7th Pay Commission and hiked salaries. According to a report, the government may finalise 7th pay commission allowances, including HRA (House Rent Allowance), later this month. According to National Joint Council of Action (NJCA) convenor Shiv Gopal Mishra, the 7th Pay Commission may be finalised by the end of this month, as reported National Joint Council of Action (NJCA) is a joint organisation of unions representing central government employees. Moreover, the employee union leader who held discussions with top government officials recently, also says that there is a possibility of central government officials getting higher HRA than that recommended by the 7th pay co...
GST will put millions of Indian youth  to work

GST will put millions of Indian youth to work

Economy
In a bid to gear up for the rollout of Goods and Services Tax (GST), companies across sectors are pushing to sort their GST teams, which has led to an increase in the hunt for tax and technology professionals. Some of the sectors such as FMCG, consumer goods, pharmaceuticals, real estate, banking and insurance, are burning the candle at both ends to form a firm team to benefit from the new tax regime, as per industry experts. As per estimates, it has been predicted that the GST is set to create jobs for 1.3 million professionals. Consultants and experts in the field have stated that the GST portal, where companies are registered, will eventually need about 9 million assesses. For instance, if one per cent of large companies requires five people to handle GST-related issues, and 10 per...
CAG will audit GSTN: Arun Jaitley

CAG will audit GSTN: Arun Jaitley

Economy
Clearing the air on audit of the firm providing IT backbone for GST, Finance Minister Arun Jaitley on Monday said the Comptroller and Auditor General of India will audit the Goods and Services Tax Network (GSTN).In a rebuff of party colleague Subramanian Swamy, he defended the equity structure of GSTN saying that he did not find anything wrong in government holding 49 per cent stake in the company.Swamy has repeatedly questioned the shareholding pattern in the GSTN, terming it "a shady organisation" that was a "grave security" issue."The present structure of GSTN was decided by the United Progressive Alliance (UPA) when Mr P Chidambaram was the finance minister. I have personally reviewed the entire structure and I saw no reason to disagree with him," Jaitley told CNBC TV18...
Tata Motors reduced its managerial force by up to 1,500 people as part of an organisational restructuring exercise

Tata Motors reduced its managerial force by up to 1,500 people as part of an organisational restructuring exercise

Economy
Tata Motors today said it has reduced its managerial workforce by up to 1,500 people domestically as part of an organisational restructuring exercise. “The reference (total managers) on which we started (the exercise) was in the vicinity of 13,000…we do see as far as the white collar population is concerned, an overall reduction in the vicinity of 10-12 per cent (up to 1,500),” managing director and chief executive Guenter Butschek told reporters here.He was speaking after announcing the company’s earnings for the fiscal 2016-17.The company joins a growing number of organisations adopting such strategies for a variety of reasons, ranging from cutting the flab to automation. These job cuts, which have led to concerns on ‘jobless economic growth’ in various quarters, have been ac
Is it Modi Govt’s First Rs 1300 crore Scam ????

Is it Modi Govt’s First Rs 1300 crore Scam ????

Economy
Was it clairvoyance on part of the UPA Government to float a Section 25 company in 2013, called Goods and Services Tax Network (GSTN) to control the accounting and tax collection management of Goods and Services Tax (GST)? For a government that tended to be slow, it was a swift move to float this company with 51 percent private shares (see the graphic below). Centre and State Governments have only 49 percent in GSTN. Being a Section 25 company, GSTN is a not-for-profit organization. Then why do private entities have a majority stake in it? What is in it for them? As of Jan 31st, 2016 the list of shareholders in GSTN is-Creation of GST involves Constitutional Amendments and this GST administration and tax management company should have been ideally created by a consortium of Centre ...
Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Reserve Bank of India (RBI) has cleared a proposal to introduce notes of Rs 200

Economy
The Country’s supreme banking authority, the Reserve Bank of India (RBI), has cleared a proposal to introduce new currency notes of Rs 200 denomination, according to a report by LiveMint.The decision was taken at the Reserve Bank Of India board meeting held in March, two officials of the RBI were quoted as saying in the news report. They didn’t want to be identified as they aren’t authorized to speak to the media.The process of printing the new Rs 200 notes is likely to begin in June after the central government officially approves this new denomination note, said one of the two people cited earlier.When contacted Reserve Bank Of India spokesperson declined to comment.The move to introduce lower denomination notes comes against the backdrop of the Central government’s mov
These items will turn expensive from 1st Apr 2017 – Check out the complete list

These items will turn expensive from 1st Apr 2017 – Check out the complete list

Economy
From the next fiscal year, that is from April 1, a lot of things of your daily needs as well as things of your comfort is going to get dearer.During the presentation of Budget 2017-18, Finance Minister Arun Jaitley hiked custom and excise duty on some, while it has been reduced on some products which will eventually lead to commodities getting costlier or cheaper.Here is a list of things that will become dearer from April 1, 2017Cigarettes Pan masala Cigar Cheroots Paper-rolled handmade bidis Chewing tobacco LED lamp components Cashew nuts (roasted and salted) Aluminum ores and concentrates Polymer coated MS tapes used in manufacturing of optical fibres Silver coins and medallionsApart from this, you will have to pay more premiums for car...