Thursday, March 23, 2017
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GST rollout to make goods cheaper: FM

23 Mar 2017 | 12:12 AM

NEW DELHI: Finance Minister Arun Jaitley today said the Goods and Services Tax (GST) will reduce the prices of items by avoiding tax on tax and will help in curbing tax evasion.

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Tribune News Service

New Delhi, March 22

Finance Minister Arun Jaitley today said the Goods and Services Tax (GST) will reduce the prices of items by avoiding tax on tax and will help in curbing tax evasion.

Listing the advantages of GST, which is likely to be rolled out from July 1, Jaitley said it will bring transparency and efficiency in tax administration, reduce the prices of various items by avoiding tax on tax and ensuring seamless transfer of goods from one region to another, among others.

Speaking at the 23rd Conference of the Commonwealth Auditors General, Jaitley said India has “hugely” a non-tax compliant society and the government banned higher denomination notes to curb the tendency of people to deal in cash that lead to tax evasion and terror financing.

The Finance Minister also said the major indirect tax reform in the history of the country since independence, GST is likely to be rolled out from July 1 this year which will simplify the most complicated indirect tax system in the country by subsuming various Central and State indirect taxes.

“The laws which enable Goods and Services Tax are now before Parliament, which hopefully should get cleared and once they do get cleared, then by the middle of this year we hope to see the implementation as far as this law is concerned,” the Finance Minister said.

In terms of tax compliances, he said India ranks fairly high as a non-compliant state.

“Therefore, one of the efforts of the state has been how to bring non-compliance to an end. Once the Goods and Services Tax is introduced, it will be a great check as far as evasion is concerned,” he said, adding that the government has amended direct taxation law by bringing in curbs on cash currency.

The Finance Minister also touched upon the issue of demonetisation stating that by withdrawing the legal tender character of Rs 500 and Rs 1,000 notes, anonymity attached with the cash is over and informal sector has to a large extent integrated with the formal sector, thereby making the Indian economy cleaner, transparent and efficient.

He said cash was incentivising crime, corruption, tax evasion and black money among others.

The Finance Minister said demonetising on the one hand helped in tackling all these problems while on the other hand, it led to increased digitisation of transactions and reducing the overall impact of shadow economy among others.

GST rollout to make goods cheaper: FMFinance Minister Arun Jaitley speaks at XXIII Commonwealth Auditors General Conference in New Delhi on Wednesday. PTI

Govt has not accepted demands of Apple, says MoS Sitharaman

23 Mar 2017 | 12:12 AM

NEW DELHI: The government today said it has not accepted ‘most of the demands’ of iPhone maker Apple which wants to set up manufacturing unit in India.

Sensex records biggest decline
since December

Sensex records biggest decline since December

23 Mar 2017 | 12:12 AM

MUMBAI: In its biggest single-day fall in over three months, the BSE Sensex today plunged by 318 points to close at a nearly two-week low of 29,167.68 as investors cut down exposure amid weak global cues.

Airtel eyes buyouts

23 Mar 2017 | 12:12 AM

NEW DELHI: The Vodafone-Idea merger has sent ripples across the country’s telecom sector with other players also looking to consolidate their positions with more mergers and acquisitions.

Briefly

Samsung unveils mobile payment service

23 Mar 2017 | 12:12 AM

Mumbai: Samsung Electronics on Wednesday launched mobile payment service in the country. Apart from allowing users to simply tap and pay on the go using their registered cards, the service, Samsung Pay, has integrated Paytm and the government’s Unified Payments Interface into the application, it said.

Axis Bank dismisses CEO resignation buzz

22 Mar 2017 | 1:47 PM

NEW DELHI: Private sector lender Axis Bank on Wednesday said its MD & CEO Shikha Sharma is not resigning.

GST will be biggest reform; govt trying to implement it by July 1: Jaitley

GST will be biggest reform; govt trying to implement it by July 1: Jaitley

22 Mar 2017 | 12:41 PM

NEW DELHI: Finance Minister Arun Jaitley on Wednesday said that the government was hoping to implement the Goods and Services Tax (GST) by July 1, after the enabling Bills get Parliament nod in the current Budget Session.

Rupee rallies to 17-month high of 65.30 vs $

22 Mar 2017 | 12:33 AM

MUMBAI: The rupee gained further ground against the US dollar to end at a nearly 17-month high of 65.30 on Tuesday in a fairly volatile trading on increased selling of the American currency by exporters and banks.

Use of e-wallets came down in Jan-Feb, says report

22 Mar 2017 | 12:33 AM

CHANDIGARH: With cash back in people’s hands, the use of e-wallets has decreased in the first two months of the current year as compared to November and December last year, a survey on ‘Understanding the usage of e-wallets post-demonetisation’ has pointed out.

Tobacco farmers seek support under GST

22 Mar 2017 | 12:33 AM

NEW DELHI: The Federation of All India Farmer Associations has asked Finance Minister Arun Jaitley to protect the interests of Indian tobacco farmers while formulating the GST laws.

Ahead of April 1, SBoP staff offered VRS

22 Mar 2017 | 12:33 AM

CHANDIGARH/PATIALA: Ahead of merger with the State Bank of India on April 1, State Bank of Patiala employees have been offered a Voluntary Retirement Scheme (VRS). It is open to permanent staff and officers who have put in 20 years of service or have completed 55 years of age, as on February 28, 2017.

Will auction Aamby Valley if Rs 5,092 cr not paid: SC to Sahara

22 Mar 2017 | 12:33 AM

NEW DELHI: The Supreme Court on Tuesday sternly told Sahara Group that it would auction its Aamby Valley in Maharashtra if it failed to pay Rs 5,092.6 crore by April 13 as ordered by the court.

SBI to close nearly half of associate banks’ offices after merger

22 Mar 2017 | 12:33 AM

NEW DELHI: Country’s largest lender SBI, which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them. This process will start from April 24.

Avenue Supermarts’ shares zoom over 114% on debut

22 Mar 2017 | 12:33 AM

NEW DELHI: Shares of Avenue Supermarts, the operator of retail chain D-Mart, made a remarkable debut at the bourses today by soaring over 114% against the issue price of Rs 299.

SC seeks explanation on exchange of banned notes

SC seeks explanation on exchange of banned notes

22 Mar 2017 | 2:21 AM

NEW DELHI: The NDA government on Tuesday faced some tough questions from the Supreme Court which asked it to explain why it didn’t give time to those who could not deposit demonetised currency notes before December 31 if they had genuine reasons for not meeting the deadline.

SBI to close 47% associate banks' offices post merger

SBI to close 47% associate banks' offices post merger

21 Mar 2017 | 4:23 PM

NEW DELHI: The SBI, which will see five associate banks merge into it on April 1, has decided to shut down almost half the offices of these banks, including the head offices of three of them.

India home to 101 billionaires; Mukesh Ambani tops list

India home to 101 billionaires; Mukesh Ambani tops list

21 Mar 2017 | 8:51 PM

NEW YORK: India is home to world's fourth highest number of billionaires with Mukesh Ambani leading the club of more than 100 super rich Indians, according to a new list by Forbes.

Rupee weakens 8 paise against dollar in early trade

21 Mar 2017 | 9:35 AM

MUMBAI: The rupee weakened by 8 paise to 65.44 against the US dollar in early trade on Tuesday at the Interbank Foreign Exchange due to appreciation of the American currency overseas.

Idea, Vodafone tie knot, biggest operator is born

Idea, Vodafone tie knot, biggest operator is born

21 Mar 2017 | 1:01 AM

MUMBAI:British telecom major Vodafone and Aditya Birla group firm Idea Cellular today announced the merger of their Indian operations, creating the largest mobile operator by customer and revenue market share.

RoC to strike off 1,200 defunct cos from MCA website

21 Mar 2017 | 1:01 AM

CHANDIGARH:Acting on the directions of the Ministry of Corporate Affairs, the Registrar of Companies (RoC) — Chandigarh, Punjab and Himachal Pradesh — is working on identifying defunct companies.

Shoolini University inks pact with three Chinese varsitiesTHE TRIBUNE CORPORATE BROADBAND

Shoolini University inks pact with three Chinese varsities

21 Mar 2017 | 1:01 AM

In its efforts to extend international cooperation, Solan-based Shoolini University has signed MoUs with three premier Chinese universities.

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