New Delhi/Mumbai: The oil ministry is pushing for a cut in excise duty on petrol and diesel in the upcoming 2018/19 budget to cushion the impact of rising oil prices on its vast consumer base, two oil ministry officials told Reuters on Monday. Prime Minister Narendra Modi, who faces elections in key states later this year, and a nationwide election ... Read More »
Business
Indian rupee opens lower after hitting 2.5 year high
The Indian rupee on Wednesday slipped in early trade and opened lower by 7 paise at Rs. 63.55 per dollar versus Rs. 63.48 on Tuesday, where the local currency was up by 0.31 percent from its previous closing. The rupee on Tuesday had also hit its highest level against the dollar in about two and-a-half years amidst signs of weakness ... Read More »
SBI’s New Year gift: Base rate cut by 30 bps, home loan fee waiver extended
Eight million customers to gain from move designed to reward loyalty In a surprising move at the start of the year, State Bank of India (SBI) reduced its base rate and benchmark prime lending rates (BPLR) for existing customers by 30 basis points each effective from January 1. One basis point is a hundredth of a percentage point. The bank ... Read More »
Bail-in: Here’s why SBI report says small depositors have nothing to worry about
The FRDI Bill establishes a Resolution Corporation which will monitor the financial firms such as banks, insurance companies, stock exchanges, and depositories and pre-empt their failure, and resolve or liquidate them in case of failure. There has been considerable disquiet over the draft Financial Resolution and Deposit Insurance (FRDI) Bill. Industry chamber Assocham has also jumped into the ‘bail-in’ debate ... Read More »
Air India flight with aviation minister delayed, 3 officials suspended
Civil aviation minister P Ashok Gajapathi Raju was travelling in an Air India flight which was delayed when three Air India staff members and the pilot reached late for duty. Three Air India staff members were suspended and a warning letter was issued to a pilot after they reached late for duty and delayed a flight by one-and-half hours with ... Read More »
GST rate revision: CBEC asks consumer goods companies to immediately revise MRP on products
New Delhi: The Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna has written to Fast-Moving Consumer Goods (FMCG) companies asking them to immediately revise maximum retail price (MRP) on all products in line with the latest reduction in GST rates. The Goods and Services Tax (GST) rate was reduced on 178 items including detergents, shampoos and beauty products, ... Read More »
GST rate cut: Centre doubles down on GST’s gains for consumers
Cabinet nod for National Anti-profiteering Authority; entity to ensure fair pricing A day after the Centre notified the latest set of cuts in the rate of tax to be levied on a wide range of goods as part of the Goods and Services Tax (GST), the Union Cabinet on Thursday approved the creation of the National Anti-profiteering Authority to ensure ... Read More »
GST rates slashed: Eating out in hotels, restaurants to become cheaper from today
Eating out in hotels and restaurants will become cheaper from today (15 November) with the Goods and Service Tax Council having slashed rates to five percent from 12 and 18 percent earlier. Be it eating in restaurants or ordering takeaways, the tax will be the same, ie, 5 percent. However, there is no formal notification from the government as yet. ... Read More »