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Ever since the Modi government was elected to power at the centre in 2014, Foreign Direct Investment (FDI) has been in prime focus. Many economic policies, the ones pertaining to tax reforms and ease of doing business in particular, have been crafted with foreign investors in mind. The launch of Make in India is an attempt to channelize these FDI into key sectors thereby turning India into an important manufacturing and services hub of the [...]

Cryptocurrencies in India

The trading of the popular crypto currency, Bitcoin, started in 2010 with the earliest Bitcoin exchange listing its value at USD 0.003. By early 2011, each Bitcoin came to cost about USD 1 (approximately INR 44.50 at the time). Today, some 6 years later, the cost of Bitcoin has crossed the USD 10,000 mark for the first time. This means that had you invested approximately INR 4450 into Bitcoins in 2011, today you could have [...]

Future of Electric Vehicles in India

In what can be termed a giant step forward for the electric vehicle manufacturing industry in the country, state owned oil and gas company, the Indian Oil Corporation (IOC), announced the launch of the country’s very first (public) electric vehicle charging station. This station has been set up in an IOC petrol pump in the city of Nagpur in Maharashtra. This electric vehicle charging station is a collaboration between IOC and popular cab-on-call service provider, [...]

New GST Tax Rates-2017

The 23rd GST Council Meeting was held on Friday, 10 November 2017, and the council has decided to hand the taxpayers of the country a big bonanza. The GST on about 200 items was slashed; 178 of these were moved from the top slab attracting 28 percent tax to the lower tax bracket that attracts 18 percent. This leaves only 50 (of the original list of 228 items) in the top tax bracket now. Consumers [...]

Demonetisation Anniversary

It has been exactly one year since Prime Minister Narendra Modi launched what has been decreed India’s greatest offensive against black money – the demonetisation of INR 500 (old) and INR 1000 notes. Delivered a bolt from the blue, the PM addressed the nation on Friday (8 November, 2016) at about 8 pm and said that the aforementioned currency notes would be withdrawn with immediate effect. The government also announced the introduction of new INR [...]

November 7, 2017

After about 17 years in the planning stage and after months of deliberation and negotiation with state governments the NDA led central government finally implemented the Goods and Services Tax (GST) on 1 July, 2017. Many hailed it as the greatest tax reform of independent India. The GST is a consolidated tax that replaces the various taxes previously charged on various goods and services. The VAT (Value Added Tax), service tax, entertainment tax, central excise [...]


On July 1, the Goods and Services Tax was introduced by the government of India. Referred to by its short form GST, the tax has replaced the various taxes that are levied by the state as well as the central government. With GST, the process has been simplified as the consumers just have to pay one tax instead of many. In October, the Goods and Services Tax Council extended the deadline for filling the GSTR-2 [...]

New GST Rule

In order to replace innumerable Central and state taxes, the government of India introduced the Goods and Services Tax (GST) on 1 July 2017. The intricacy of GST following tedious compliance burden could not satisfy small businesses as well as exporters, and complaints, began pouring in. It has been three months since GST was rolled out and pertaining to its effects, the Goods and Services Council (GST Council), offered several reforms pertaining to GST. While [...]

Shell Companies in India

The government has launched concerted efforts to streamline the economy by rooting out black money and unscrupulous companies. In the month of August, the Securities and Exchange Board of India issued a directive to stock exchanges to take action against 331 shell companies. In his Independence Day speech, Prime Minister Narendra Modi too has said that around 1.75 lakh shell companies had been de-registered. What are shell companies? At present, there is no clear definition [...]

Rs 200 note in the circulation soon

The Government of India’s Ministry of Finance announced through a gazette notice that a new currency – an INR 200 rupee note will soon be issued by the Reserve Bank of India, the country’s central bank. “In exercise of the powers conferred by sub-section (1) of section 24 of the Reserve Bank of India Act, 1934 and on the recommendations of the Central Board of Directors of the Reserve Bank of India, the Central Government [...]