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West Bengal FM writes to Sitharaman, seeks ‘comprehensive paper’ on GST
According to sources, the West Bengal Finance minister also said that the key concern with the GST is huge complexity in the rules and procedures, especially those relating to return forms.
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ICICI Bank cuts rates by 10 bps; PNB, Central Bank by 5 bps
ICICI Bank cut its one-year MCLR, the benchmark for most customer loans, by 10 bps to 8.65 per cent.
Passenger vehicle sales muted for 12th straight month in June
Analysts said weak retail demand and inventory correction affected carmakers’ wholesale despatches to dealers. Besides, the rise in vehicle prices due to regulatory changes and higher financing costs are likely to hit car sales for a few more months till the festive season.
Core sector growth at 5.1% on better electricity, steel output
The growth of India’s eight core sectors — coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity — is a lead indicator of the monthly industrial performance.
ICRA board sends CEO Naresh Takkar on leave
While ICRA did not specify the reasons for the move, the decision has come at a time when credit rating agencies are under a cloud following the collapse of IL&FS, which was enjoying top rating right till the time of its first default in late August last year.
Nimesh Shah interview: ‘NBFC crisis an isolated, company-related event … does not pose any systemic risk’
Nimesh Shah, MD and CEO, ICICI Prudential AMC said that while the issue does not pose any systemic risk, fund houses will have to make distinction between NBFCs which possess securitisable portfolios.
‘Few unscrupulous traders’ actions make majority of honest taxpayers uncompetitive’
Finance Minister Nirmala Sitharaman, in a written reply in the Lok Sabha on Monday, said 535 cases of fake invoices involving a total fraudulent claim of Rs 2,565 crore of input tax credit (ITC) have been booked and 40 persons have been arrested so far in the current financial year.
New policy to aim to bring e-tailers, brick-and-mortar businesses closer
Government also looking to set up National Traders’ Welfare Board.
Govt may enhance RBI powers for better supervision of NBFCs
Sources said some regulatory changes and measures relating to NBFCs sector are likely to be announced in the Union Budget slated on July 5. The RBI has already reduced the periodicity of the NBFC supervision to 12 months from 18 months earlier.
Now, debt-laden Anil Ambani plans to lease out Mumbai headquarters
The group's flagship infra arm Reliance Infrastructure, which is sitting on a debt of over Rs 6,000 crore, Monday said it has put Reliance Centre on the block for a long-term lease.
Budget 2019 expectations: ‘Govt needs to take fiscal measures to address NBFC liquidity crisis’
Budget 2019 Expectations India: In her budget, Sitharaman will have to address slowing economy, financial sector troubles like rising NPAs and liquidity crisis in NBFCs, job creation, private investments, exports revival, agrarian crisis and raise public investment without compromising on fiscal prudence.
NS Vishwanathan re-appointed RBI deputy governor for one year
The Appointments Committee of the Cabinet has approved re-appointment of Vishwanathan as the deputy governor for a period of one more year with effect from July 4 this year.
GST may become two-tier tax with merger of 12, 18 % slabs: Arun Jaitley
Observing that a sudden reduction of tax rates on all categories of goods can lead to a massive loss of revenue for the government leaving it without resources to spend, Jaitley said "this exercise had to be done in a gradual manner as the revenues increased".
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