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import duty on oils

India has traditionally been the the world’s biggest palm and soybean oil importer. Over 70 percent of the edible oils consumed by the people of our country are now imported. Back in 2001-2002 we were importing only about 44 percent of the total demand. Even after accounting for increase in demand, this can only mean that we have failed to support domestic producers and prefer imported edible oils. Yesterday on 11 August, 2017, the government [...]

delhi ncr leads in startups

Bengaluru can be regarded as the technical hub of India but right now Delhi NCR (National Capital Region) has the highest number of start ups at 8772. This has been revealed in data brought out by Tracxn Technologies. Bengaluru is right next on the list with 6818 start ups. Mumbai comes next with 4825 such enterprises. There are 2913 start ups in Hyderabad followed by 1843 start ups that operate in Pune. There are 449 [...]

GST impact on festive season

The festival season in India is fast approaching with Rakhi, Durga Puja, Diwali and many other celebrations just around the corner. The festival season in India is synonymous with shopping, when people splurge on everything from clothing to jewellery and food items. Retail shops, branded stores and malls in the pre-GST (Goods and Services Tax) Era used to make the most of this season and tried to woo consumers with hefty discounts and freebies. The [...]

RBI New BI-Monthly Policy

The newest macro-economic information of India has shown that inflation in the country is now at a record low, the likes of which have never been seen before. Similarly, the levels of factory production in the country have fallen as well. It is expected that in light of this situation Reserve Bank of India (RBI) will be reducing its repo rate. Repo rate is basically the short-term lending rate used by the apex banking body [...]

Income Tax Returns Filing

Today marks the deadline for filing the Income Tax Returns (ITR). The last date for filing the income tax will not be extended by the Central Board of Direct Taxes. A tax which is levied directly on personal income is called Income Tax. The Tax is fixed according to the income slabs by the government. The slabs undergo revision in the annual budget. According to the recent revision, people with income between Rs. (2.5 to [...]

jio phone

Reliance Jio has brought out a 4G feature phone and that too for almost next to nothing. Reliance has named it JioPhone. It was unveiled on July 21 by Mukesh Ambani, owner of Reliance Industries Limited (RIL). The aforementioned deposit means that the owner will basically be paying nothing for the phone. Some experts are also saying that this would cause some disruption to the Indian telephony system yet again and would change its very [...]

roadblocks to gst

It has been more than two weeks since the goods and services tax (GST) has been rolled out and yet people from all sectors of the economy are facing teething problems day in and day out. Right now, confusion over customs norms has meant that exports that are worth millions of dollars are lying in the factories. The government has attempted to come forward and tried to resolve the issues. It has already issued some [...]

How to Register for GST?

The steps to get registered for GST (goods and services tax) are quite simple. First of all you need to log on to the online portal of GST – gstn.org – and create a log in ID over there. After that you need to fill the form GST-REG-01 or Part 1 of the registration form. Here you would need to fill out details such as PAN (permanent account number), e-mail address, and mobile number. Your [...]

FMCG Consumption Growth

It’s a matter of great pride for India’s FMCG (fast-moving consumer goods) sector as for the first time in two years, FMCG consumption growth in rural India was in 2 digits. What is most surprising is that rural India’s growth was more than the rate of expansion in urban cities. Reasons behind Consumption Increase in Rural India One prime cause for increase in FMCG consumption in Rural India is due to higher agricultural income because [...]

about form-16

The last date to file income tax returns for individuals is July 31 for individuals and for businesses the date is September 30. Form 16 can be described as the TDS (tax deducted at source) certificate that is issued to you by your employers after they deduct the same. When TDS is deducted by employers on salaries they are required by the Income Tax Act to provide a certificate to you for the same. This [...]