The central government is likely to propose legislation during Parliament’s winter session to implement a tax on tobacco and related products, potentially replacing the existing GST compensation cess levied on these items.The present compensation cess, applied alongside the 28% GST, is expected to remain for a minimum of three months, allowing the government to complete…
Representative Image (AI-generated) NEW DELHI: Even as GST revamp will spur consumption, for companies, it also means some immediate onground challenges which they will have to tackle amid the festive rush.Whether prices of products go up or decline under the rejigged tax slabs, restickering/retagging of prices will need to be done. For consumer goods which…
MUMBAI: Bank of Baroda has classified Reliance Communications (RCom) and former non-executive director Anil Ambani’s loan accounts as ‘fraud’, adding to similar actions by SBI and Bank of India. The move, disclosed by RCom to the BSE and NSE on Sept 4, followed a forensic audit by BDO India LLP that flagged large-scale irregularities. The…
Gold futures for October delivery have risen substantially, climbing approximately Rs 6,500 within the last month to achieve an unprecedented Rs 1,07,807 per 10 grams on the Multi Commodity Exchange (MCX) on Friday.The upward movement persists despite recent profit collection preceding vital US employment statistics, whilst global economic uncertainty and central bank purchases continue to…
For most Indians, the fear of outliving retirement savings looms larger than ever as life expectancy rises and medical costs climb. Picture this: your morning coffee in retirement, bills paid, lifestyle intact — and all of it supported by a steady Rs 1 lakh monthly income. Financial planners say this is possible, but the secret…
The Reserve Bank of India (RBI) on Friday announced that investors of Sovereign Gold Bonds (SGB) 2020-21 Series VI, issued on September 8, 2020, will be able to opt for premature redemption on September 6, 2025. The redemption price has been fixed at Rs 10,610 per unit.According to the RBI statement, the price has been…
Mahindra & Mahindra on Saturday announced a reduction of up to Rs 1.56 lakh across its passenger vehicle range, passing on the benefit of the GST rate cut to customers.The move comes after the revamped Goods and Services Tax (GST) structure was cleared at the 56th GST Council meeting on September 3. The revised prices…
The Investor Education and Protection Fund Authority (IEPFA) has received a set of recommendations from a high-level committee that proposes a simplified process for low-value investor claims, the Ministry of Corporate Affairs (MCA) said on Saturday.According to the ministry, the changes are expected to reduce timelines, enhance transparency, and deliver hassle-free services to investors, PTI…
The sweeping GST reforms announced this week will give a major push to India’s cooperative and farm sectors by reducing costs, boosting demand, and raising incomes, the Ministry of Cooperation said in a statement.The ministry noted that the reforms will particularly benefit rural enterprises, farmer producer organisations (FPOs), and women-led self-help groups engaged in food…
The sweeping changes in Goods and Services Tax (GST) rates announced by the government will come into effect from September 22, the first day of Navratri, Union minister Ashwini Vaishnaw said on Saturday, calling it a transformative step for the economy.Speaking at a press conference at the BJP headquarters, Vaishnaw said the rationalisation of rates…
