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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 [...]

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 [...]