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Business

Budget 2018: Oil ministry seeks cut in excise duty on petrol, diesel to cushion impact of rising crude prices

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 »

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 »

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 »

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 »