A group of ministers will consult states if disaster relief cess should be levied on GST to meet demand for funds after calamity.
Customs duty on items such as smartwatches, voice over internet protocol equipment hiked to 20 percent from 10 percent.
More banks will join SBI in increasing their planned purchases of assets from NBFCs.
The cut in tax, according to a government notification, will be effective from Oct. 11.
The insolvent infrastructure company needs about Rs 100 crore a month to keep functioning, a senior government official said.
19 banks asked to pay more than Rs 15,000 crore tax on free services provided to customers who maintain a minimum account balance.
Banks may shutter their domestic remittance business on account of the new GST burden.
The government’s goods and services tax collections for August improved to Rs 94,442 crore.
The government will borrow Rs 2.47 lakh crore in the second half of the year.
The Goods and Service Tax Council will form a seven-member committee to debate a national disaster cess.
The GST Council may hike the cess on luxury cars to raise funds to help states affected by natural calamities, an official said.
The increase in rates of basic customs duty will be effective from midnight today,
The government expects state-run banks, in the current fiscal, to recover over double the amount from NPAs over previous year.
Shareholders of the insolvent infrastructure firm IL&FS Ltd. will consider all options to revive it, LIC chairman VK Sharma said.
The provisions that will kick in from Oct. 1 require e-commerce firms to collect 1 percent TCS on payments to suppliers under GST.
Interest rates on small saving schemes have been hiked by upto 40 basis points
The government will sell 4 subsidiaries of Air India and assets of 8 other state-run firms identified for strategic divestment.
India expects to merge five small state-owned companies with larger peers this year.
The merger of Bank of Baroda, Dena Bank and Vijaya Bank will create India’s third-largest lender.
The government is confident of meeting its 3.3 percent fiscal deficit target for the ongoing fiscal, says Arun Jaitley.
Public sector banks, along with the Indian Banks’ Association, are planning to launch an e-auction website.