FINANCE

CGST 5% Applicable Only for Branded, Trade Mark Products

CGST rate of 5% will not be applicable on the supply of goods unless the brand name or trade name unless the brand name or trade name is actually on the Register of Trade Marks and is in force under the Trade Marks Act, 1999, , said Finance Ministry in another clarification of GST taxes. The Central GST (CGST) rate ...

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GST Council Forms 18 Sectoral Groups for GST Roll-out

As decided in the 14th Meeting of the GST Council held on 18th-19th May, 2017 in Srinagar, 18 Sectoral Groups have been constituted representing various sectors of the economy in order to ensure smooth roll-out of GST. These 18 Sectoral Groups representing various sectors of the economy and containing Senior Officers of the Centre and the States are being set-up ...

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GST Council to Meet on Sunday to Finalise GST Roll Out

The Union Minister for Finance, Defence and Corporate Affairs, Mr Arun Jaitley will chair the 16th Meeting of the GST Council scheduled to be held on Sunday, 11th June, 2017 at Vigyan Bhavan in New Delhi. The one day Meeting will also be attended among others by the Finance Ministers of different States and UTs (having elected assembly) being the ...

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Govt to Review State-Owned Banks’ Performance

The Union Minister for Finance, Defence and Corporate Affairs, Mr Arun Jaitley will chair a meeting of CMDs/CEOs of the Public Sector Banks to review their performance on 12th June, 2017 in New Delhi. This will be the First Meeting in the Current Financial Year 2017-18 which will discuss issues and solutions relating to Non Performing Assets (NPAs) of the Public ...

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Aadhar, PAN Must from July 1, 2017 with One Rider

The Supreme Court in its judgement has upheld Section 139AA of the Income Tax Act,1961 as constitutionally valid which required quoting of the Aadhaar number in applying for PAN as well as for filing of income tax returns. The Court also held that the “Parliament was fully competent to enact Section 139AA of the Act and its authority to make ...

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SBI Slashes Home Loan Interest Rates to 8.35%

India’s largest bank State bank of India on Monday slashed the lending rates for home loan interest rate to 8.35 percent, from its existing 8.6 percent. The other home loan rates come at HDFC’s 8.65 to ICICI’s 8.7 percent. The SBI move, effective from Tuesday May 9, 2017, comes close on the heels of a new home scheme launched by the ...

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Disinvestment of State-Owned 3 Major ITDC Hotels Begins

The Cabinet Committee on Economic Affairs on Wednesday approved the disinvestment of hotels of the India Tourism Development Corporation Ltd. (ITDC) to enable running and managing hotels on professional lines. In the first stage of the disinvestment process, three hotels listed below have been taken up for disinvestment: (i) Hotel Lake View Ashok, Bhopal (ii) Hotel Brahmaputra Ashok, Guwahati (iii) ...

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New $50 Million Investment Fund Created by Water.org

WaterEquity, a WaterCredit Investment Fund 3 (WCIF3), with $50 million social impact investment fund, has been created by Water.Org to invest in enterprises serving water and sanitation needs among the world’s poor. WCIF3 will raise and deploy the investment capital to scale Water.org and its WaterCredit solution that is projected to help at least 4.6 million people in South and ...

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IMF Brings Down India Forecast Post-Demonetisation

IMF Managing Director Christine Lagarde on Thursday said India growth forecast has been revised down to 7.2 percent for 2017 due to the impact of demonetisation, which had affected the credit lines and repayments situation in rural areas. Addressing a press conference, Ms. Lagarde said, "We had slightly revised down our projection as a result of the demonetization process that ...

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New Lease of Life for Spandana Sphoorty Microfinance, Raises $270 Million

After 7 years of virtual hibernation, Hyderabad’s Microfinance lender Spandana Sphoorty Financial Ltd has raised $270 million of funding, to bail it out from the corporate debt restructuring cell (CDR). While $100 million will be in the form of equity from a Kedaara Capital-led consortium including Ontario Teachers’ Pension Plan, and the rest in the form of debt capital from ...

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Inditrade Forays Into Wholly Digital Microfinance, Opens Solapur Branches

Microfinance is catching the attention of major investors ranging from Ratan Tata to Ananya Birla and now a fully integrated tech-based microfinance provider is appearing in the horizon promising only online service to customer removing host of field officers, which may make it attractive to urban poor and low-income households. Inditrade, hitherto confied to financial services, has unveiled a new ...

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UP Govt Waives off Farmer Loans From Banks up to Rs.1 Lakh

The UP government under BJP has waived off crop loans taken from banks with a cap of Rs. 1 lakh for the fiscal year 2016-17. The ruling Bharatiya Janata Party’s (BJP) had promised during the elections to waive off crop loans owing to the impact of demonetisation and in its first cabinet meeting, the Yogi Adityanath government fulfilled the promise ...

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