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Taxation system has become transparent since GST implementation

According to Government, the implementation of Goods and Services Tax, GST, will be beneficial for the country as well as the states. The government sources stated that the taxation system in the country has become more transparent after GST came into existence.

Wholesale inflation falls to 0.9% in June

According to reports, Wholesale inflation for June 2017 fell to 0.9 per cent as prices of food articles, including vegetables, declined. The inflation has dropped to the lowest level in the last two quarters. Inflation in food articles was negative (-) 3.47 percent in June and inflation in vegetables stood at -47.32 percent in June 2017.

India foodgrain output at record 273.38 Metric Tonnes in 2016-17

According to reports, Foodgrain production in the country has been estimated at a record level of over 273 million tonnes during 2016-17. This information was provided by Minister of State for Agriculture SS Ahluwalia. The production of rice, wheat, coarse cereals and pulses touched new record levels in the last fiscal.  

Growth of India's industrial output is at 1.7% in May

According to reports, India's industrial output has grown at a slower rate of 1.7 per cent in May 2017 year on year basis. Industrial output had grown 8 per cent in May last year. According to the data released by the Central Statistics organization, mining sector output contracted 0.9 per cent in May, while manufacturing sector output grew 1.2 per cent. Output in the capital goods segment,declined to 3.9 per cent in May. But electricity generation grew by 8.7 per cent in May.

Aircraft, aircraft engines import exempt from GST

According to reports, government is exempting the import of aircraft, aircraft engines and its parts via leasing route from the purview of the Goods and Services Tax (GST).The notification from the Finance Ministry states that airlines will not have to pay GST at the time of import. However, lease rentals will be subject to GST. 

World Bank states that India is emerging as front runner in fight against climate change

According to reports, World Bank has stated that India is emerging as a front runner in the global fight against climate change. According to World Bank publication, India with a sweeping commitment to solar power, innovative solutions and energy efficiency initiatives to supply its people with 24x7 electricity by 2030, is emerging as a front runner in the global fight against climate change. The Indian government ambitious targets of 160 gigawatts of wind and solar by 2022 has been sighted as positive initiatives.

CGST won't apply on items not registered under trademark law

According to a statement from the Finance Ministry, the 5 per cent Central GST will not apply to products that are not registered under the Trade Marks Act. It further stated that the CGST rate on supply of certain goods such as paneer, natural honey, wheat, rice and other cereals, flour, and pulses is zero. However, supply of such goods, when put up in unit container and bearing a registered brand name would attract 2.5 per cent CGST. The clarification comes amid doubts being raised with regard to the meaning of registered brand name for the purpose of GST.

Prices for Petrol and Diesel to be Changed Daily from 1 May

As per reports, keeping with the international rates, the prices for petrol and diesel are going to change on daily basis from 1 May. The pilot project is going to be launched by the major oil companies such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) in five cities. The five cities include Vizag in Andhra Pradesh, Puducherry, Udaipur in Rajasthan, Jamshedpur in Jharkhand and Chandigarh.

SoftBank Pushes for a Merger Between Flipkart and Snapdeal

As per reports, Japanese giant SoftBank has called for a merger between Flipkart and Snapdeal. SoftBank is likely to acquire around 15% shares in the merged entity of Snapdeal and Flipkart. SoftBank currently owns 30% shares in Snapdeal being the largest investor. Flipkart which is based out of Bangalore is estimated to be valued at $10-11 billion.

Flipkart would be getting a strong anchor investor in form of SoftBank’s arrival giving it the required footing to battle Amazon.

Kumar Mangalam Birla to Handle Vodafone-Idea Merged Entity as its Chairman

As per reports, Kumar Mangalam Birla is going to be the chairman of Vodafone-Idea merged entity. Over a period of time, both the companies will have equal stakes, said sources.

As both the companies are strong brands, Vodafone and Idea will be operating separately.

GSM Association Report Says India will be the Leader in Smartphone Adoption

GSM Association has conducted a global survey across 56 countries on mobile usage trend. In the GSMA Intelligence Consumer Survey 2016, the Association has categorically mentioned that in terms of smartphone adoption, India will lead the race with the net addition of 350 million connections during the period 2016-2020. The report also says that the smartphone adoption rate will be highest in countries such as India, China, and Indonesia. 

Uber India President Amit Jain Clears Air on Drivers' Earnings

Uber India President Amit Jain, in a blog post, has said that 80 per cent of their drivers throughout India earn anything from Rs. 1,500 to Rs. 2,500 (after paying service fee) by working for 6 hours a day. He also said that Uber is providing communication support (through video messages, texts, phone, and in-person support at their greenlight centres) for resolving their concerns. At a time when some drivers are accusing Uber regarding their earnings and incentives, Jain pointed out that only a “small number of individuals” are preventing majority drivers wanting to work for Uber.

Few Banks to Charge More after Four Free Cash Transactions

A few banks like HDFC Bank, Axis Bank and ICICI Bank are charging at least Rs150 per transaction for withdrawals as well as cash deposit after exceeding four free transactions in a month. The charges are applicable for both savings and salary accounts and is effective from 2 March 2017.

Forex Reserve falls to US$362,729 Million

As per Reserve Bank of India’s (RBI) Weekly Statistical Supplement, total Foreign Exchange Reserve of India has decreased to US$362,729.0 million (as on 17 February 2017) from US$362,785.8 million (as on 10 February 2017), a fall of $56.8 million. Major reason of this fall is the drop in Foreign Currency Assets (FCAs) by $59.1 million during the same period (from $339,778.9 to $339,719.8). Besides US Dollar, FCAs include major non-US securities, bonds, and global currencies. Reports say, one of the reasons behind falling of reserve’s value is individual movement of these major global currencies again US$. Gold reserve of India remained stagnant at $19,248.4 million. However, India’s reserve position in the IMF increased from $2,315.9 million to $2,317.3 million, an increase of $1.4 million.

Norway's Telenor to Sell its India Telecom Business to Bharti Airtel

Norway's Telenor group is going to exit the telecom market in India and sell its venture to Bharti Airtel.

The customer base of Telenor is 44 million and operates in circles like Assam, Bihar, Uttar Pradesh East and West, Andhra Pradesh, Maharashtra and Gujarat.

According to Airtel, it has already put its step forward for a "definitive agreement" in order to acquire the Norwegian company's operations and the regulatory approvals are awaited for a final go-ahead.

Forever 21 scales up India operations, debuts in Tamil Nadu

Scaling up its IndiaIndia operation, American fast fashion retailer Forever 21, managed by Aditya Birla Fashion and Retail Ltd, has launched its first store in Chennai. This launch marks brand’s foray in Tamil Nadu, thus strengthening its foothold in the Southern market.

After establishing a strong affinity with fashion conscious Indians in Mumbai, Delhi, Bangalore, Pune and Hyderabad, the brand is looking forward address the fashion needs of Chennai with its trendy, runway fashion.

The store spread over 10,000 sq ft of retail space, is located at the Express Avenue Mall. The store will also feature the retailer's other brands, including 21MEN, Love & Beauty cosmetics line and Forever 21's lingerie and shoe line. With this new store, the brand has increased its store count to 14.

 

Apple to make iPhones in Bengaluru

Reports say that Apple is going to set up a factory in Bengaluru where it will manufacture iPhones.

On Thursday, Karnataka Government issued a release to welcome Apple's proposal to start the initial manufacturing operations in the state.

The state IT minister Priyank Kharge signed the release and said manufacturing iPhones in Bengaluru will help the country to compete globally.

The production is expected to start in June.

New Delhi: RBI Governor says Rs 9.2 Lakh Crore in New Currency Introduced

As per reports, Reserve Bank of India Governor Urjit Patel spoke to the Standing Committee on Finance panel members in New Delhi about new currency that have been introduced. He said that around 9.2 lakh crore in new currency have been released. He also spoke about the demonetisation issue and the impact it left on the economy, and even the steps that have been taken by the central bank in regard to deal with the cash crunch.

Reports say that he mentioned to the panel that discussion about demonetisation started between the banks and the government last year.

The RBI Governor will be appearing before the Public Accounts Committee of Parliament on 20 January.

ATM Withdrawal Limit Increased, Reports from Delhi

Reports from Delhi say that the RBI has increased the withdrawal limit of the daily transaction in ATM to 10,000 from 4,500 on Monday. However, the weekly withdrawal limit will remain the same, 24,000.

The limit on withdrawal from the current accounts has been increased to 1,00,000 from 50,000 per week.

TCS Veteran to take Charge as Executive Chairman in Mumbai

Tata Consultancy Services veteran, Natarajan Chandrasekaran is going to take charge as Executive Chief on 21 February in Mumbai. The 53-year-old Managing Director and CEO of the group’s software unit has been chosen for the position by the Tata Sons, the holding company of the Tata group on Thursday.

Reports say that he was selected on the basis of three decades he spent with the Tatas and proved his potential with the growth of TCS.

The other candidates for the position were UK industrialist George Buckley, Unilever Chief Operating Officer Harish Manwani and Trent Chairman Noel Tata.




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