Finance Minister Arun Jaitley presents his Budget for the year 2018-19 in Parliament. The budget is largely focused on uplift of agricultural sector, along with major push to healthcare and education sectors in the country. Stay with Times of India for latest updates
* PAN to be used as Unique Entity Number for non- individuals from April 1.
* Govt makes PAN mandatory for any entity entering into a financial transaction of Rs 2.5 lakh or more.
* This budget will accelerate economic growth, it is focused on all sectors: PM Modi
* Prime Minister Narendra Modi praises his finance minister Arun Jaitley for delivering a budget that is “farmer friendly, common citizen friendly, business environment-friendly and development friendly.”
* Govt’s health scheme to cover 10 crore poor families is world’s largest government-funded health protection scheme.
* Arun Jaitley proposed to tax long term capital gains exceeding Rs 1 lakh at 10 per cent without indexation. Continue reading
Posted in Economy, NATIONAL NEWS, New Schemes, Politics
Tagged 2018, arun jaitley, bank p.o., budget 2018, current affairs for govt. exams, finance minister of india, highlights of budget 2018 for exam purpose, ibps, most important points from budget, Narendra modi, new schemes of budget 2018, sbi clerk 2018, ssc cgl 2018, ssc chsl
Ahead of the Union Budget, corporate America has urged Finance Minister Arun Jaitley for further reduction in tax uncertainty for multinational companies and institutional investors, a step which it said would help attract more foreign direct investments to India.
“A significant positive step toward improving the investment climate would be to further reduce tax uncertainty for multinational companies and institutional investors in India,” Nisha Desai Biswal, the president of the Continue reading
Posted in Economy, NATIONAL NEWS, WORLD NEWS
Tagged america, America to india, arun jaitley, budget 2018, corporate policy, economic environment of india, finance minister, indian economy, investment in india, investors, modifications, tax policies, uncertainity
The Goods and Services Tax is a fundamental revolution in the way we think about indirect taxes in India. It has created a single market, helping move goods seamlessly across state borders. The GST system has enrolled close to 10 million businesses onto a single national technology backbone, the GSTN, and already collected over Rs 3 lakh crores in taxes in less than six months. GST was welcomed because it aimed at creating an incentive for compliance, rather than punishment for non-compliance.
The basic driver of the GST is the Input Tax Credit (ITC). The tax paid by your suppliers, should be subtracted from the tax you pay to the government. The ITC is not a small deal. Without ITC, the tax you have paid becomes a cost. This tax can often be higher than the profit margin of the business. The market encourages Continue reading
Posted in Banking, Business, Economy, NATIONAL NEWS
Tagged Business, buyer, direct tax, goods and services tax, GST, how to apply for GST, how to make business gst compliant ?, income tax department, income tax return, indirect tax, input tax credit, supplier, tax payers, what is GST
India’s income tax department has sent tax notices to tens of thousands of people dealing in cryptocurrency after a nationwide survey showed more than $3.5 billion worth of transactions have been conducted over a 17-month period, a tax official said.
Tech-savvy young investors, real estate players and jewellers are among those invested in bitcoin and other virtual currencies, tax officials told Reuters after gathering data from nine exchanges in Mumbai, Delhi, Bengaluru and Pune.
Governments around the world are grappling with how to regulate cryptocurrency trading, and policymakers are expected to discuss the matter at a G20 summit in Argentina in March.
The Indian government has issued repeated warnings Continue reading
The Budget Session of Parliament will begin on January 29, and the Budget for 2018-19 will be presented by the Finance Minister on February 1. It will extend till April 6, said Parliamentary Affairs Minister Ananth Kumar said on Friday. The Presidential address by Ram Nath Kovind will be delivered on Continue reading
Posted in Economy, NATIONAL NEWS
Tagged 2017, ananth kumar, arun jaitley, finance minister, houses of parliament, parliament affairs minister, parliament sessions, president of india, ram nath kovind, union budget 2018
The ministry of finance on Friday cautioned people against the risks of investing in virtual currencies such as Bitcoin that are not backed by government fiat, and compared them with Ponzi schemes.
This follows a crackdown by the South Korean government on trading of Bitcoins which led to a 8% drop in its value on Thursday. Currently, the value of Bitcoin is around $15,000. The rapid rise in the value of the virtual currency this year has attracted the attention of not just speculators but also unsophisticated retail investors who often do not understand the risks involved. The virtual currency was valued at $1,012.4 on Continue reading
Posted in Economy, NATIONAL NEWS
Tagged bitcoins, consumer, crash, currency, digital, electronic, finance ministry, industrialist, investment, investor, money, ponzi schemes, scam, virtual currency
Rail passengers may soon pay less for tickets on premium trains such as the Shatabdi, Rajdhani and Duronto during the off-season or even otherwise when the trains are not fully booked, railway minister Piyush Goyal said in an interview.
Indian Railways moved to a flexi-fare system for these trains in 2016, but this only saw fares moving in one direction — up. For instance, fares would rise 10% after 10% of the seats were sold. The move helped Indian Railways, which made an additional ₹540 crore from it between September 2016 and August 2017, according to media reports. Continue reading
Posted in Economy, NATIONAL NEWS, New Schemes
Tagged delhi to mumbai, doronto, express, fares, indian railway, minister of state (independent incharge), nizamuddin, piyush goyal, premium trains in india, railway minister, rajdhani, running status, schedule of train, shatabdi, status of train, timing change
NEWDELHI: Israeli Prime Minister Benjamin Netanyahu is scheduled to arrive in India for a threeday visit on January 14 as the two countries work towards a free trade agreement.
The two countries are also working on a proposal for the Heron TP, medium-altitude, long-endurance, unmanned aerial vehicle (UAV) developed by Israel Aerospace Industries (IAI) to meet multiple mission needs of the Indian armed forces.
Upon his arrival, Netanyahu will be received by Prime Minister Narendra Modi in Ahmedabad, like he did China’s Xi Jinping and Japan’s Shinzo Abe. Continue reading
Posted in Economy, NATIONAL NEWS, Politics, Technology, WORLD NEWS
Tagged asian partner, Benjamin Netanyahu, China’s Xi Jinping and Japan’s Shinzo Abe., defence security partner of india, first indian pm to visit israel, foreign leaders visits in india 2017, israel prime minister, Narendra modi
LONDON: India has 340,000 people in the top 1% of global wealth holders accounting for a 0.7% share, including 1,820 with wealth over $50 million and 760 having more than $100 million, according to a new global wealth report released Tuesday.
The Zurich-based financial services major Credit Suisse estimates there could be 370,000 millionaires in India in 2022.
Since the financial crisis broke in 2008, the report says global wealth has grown by 27%. In the 12 months to mid-2017, it grew at a faster pace than in recent years, with mean wealth per adult reaching a record high.
“The United States continued its unbroken spell of gains since the financial crisis, bolstered by strong market conditions. It added $8.5 trillion to the stock of global wealth, which is half of the wealth generated globally over the 12 months to mid-2017.”
In percentage terms, India’s stock of household wealth during the period grew at 10.1%, although its addition to total global wealth was limited to $451 billion.
Posted in Economy, NATIONAL NEWS, WORLD NEWS
Tagged billionaires in india, how rich india is, indians, investment in india, London, millionaires in india, money in india, poverty, switzerland, The Zurich-based financial services major Credit Suisse, U.S., wealth of india, wealth report 2017