Budget 2018 LIVE: LTCG tax upsets market, Jaitley punctures Bitcoin bubble

Finance Minister Arun Jaitley delivered Union Budget 2018-19 speech. Get live updates on Budget 2018

6:39 PM

2,706 BSE-listed companies to gain from cut in corporate tax rate

 

Over 2,700 companies listed on the Bombay Stock Exchange (BSE) are likely to gain from the proposed cut in corporate tax rate to 25% proposed by Budget 2018 from the existing 30%

3:41 PM

Despite price hike in Budget, Amazon, Flipkart selling iPhones at old rates

 

Apple Inc on February 5 revised the price of its iPhones and smart watches in India. The move from the US-based technology giant came after Finance Minister Arun Jaitley in his Budget 2018 speech announced a hike in import duty on smartphones to 20 per cent from 15 per cent earlier.

Apple said the price hike had come to effect starting February 5, but most e-commerce platforms in the country continue to sell the iPhones at their original launch prices – that is, lower than the revised prices.

2:55 PM

Markets slump: Will govt scrap LTCG tax? Adhia says will 'look into' fixes

The government will look into what it can do after a slump in local market reflecting global sell-off, the finance secretary said on Tuesday.

 

Hasmukh Adhia said he will discuss the issue of fall in local markets with Finance Minister Arun Jaitley.

2:28 PM

RBI to turn hawkish, keep rates on hold through middle of 2019: Poll

 

The Reserve Bank of India will keep interest rates on hold through at least the middle of 2019 even though inflation is above its medium-term target and is expected to stay that way, a Reuters poll found.  

 

A majority of economists also expect the central bank's tone to turn hawkish when it announces its latest policy decision on Wednesday. 

 

While retail inflation hit a 17-month high in December and is expected to remain above the RBI's 4 per cent target over the coming 12 months, growth in Asia's third-largest economy likely slowed markedly in the financial year ending March 31, complicating the RBI's policy path. 

6:35 PM

Murmurs of discontent among NDA allies over election-year budget

 

The Telugu Desam Party (TDP), a key ally of the Bharatiya Janata Party (BJP), on Friday said it was disappointed with the Union Budget but would not walk out of the National Democratic Alliance (NDA) just yet.

6:16 PM

Budget announcements on the farm sector: Markets, not MSP, is the focus

 

The budget announcements on the farm sector, especially the one that commits to ensure a minimum support price (MSP) for crops, which is equal to 1.5 times the cost of production—which the Swaminathan commission had recommended in 2006—raised eyebrows. 

6:05 PM

Budget 2018: Tax loophole plugged for corporate mergers and amalgamations

 

The Union Budget for 2018-19 has proposed to tax all mergers and amalgamations in which a company with higher accumulated profit merges with a company with lower profits, or with a company that made losses, and reduced capital to avoid paying dividend distribution tax (DDT).

6:04 PM

Budget 2018 impact: Steel sector to see a marginal increase in fuel cost

 

The steel sector is likely to see a marginal increase in fuel cost, since the new Customs duty surcharge will affect the price of imported coking coal. 

5:42 PM

Budget 2018: Proposal on A-rated paper likely to deepen bond market

 

Allowing fund managers to invest in 'A' rated securities paper is expected to expand the bond market, improve liquidity in debt instruments and allow long-term players like insurance and pension companies to earn higher returns.

5:38 PM

Budget 2018 impact: Govt volte-face on insurance merger surprises regulator

 

The government’s announcement in the Union Budget on Thursday to merge three state-owned general insurance companies — National Insurance, Oriental Insurance and United India Insurance — has caught the sector regulator Insurance Regulatory Development Authority of India (IRDAI) by surprise.

 

5:07 PM

It is not protectionism of kind other countries are doing: Hasmukh Adhia

 

It is not protectionism of the kind other countries are doing. We are saying our MSME (micro, small and medium enterprises) sector is capable of making certain goods that other countries are trying to dump in India. 

5:05 PM

Budget 2018: LTCG impact on markets is for short term, says Subhash Garg

 

A day after Budget 2018-19, Economic Affairs Secretary Subhash Garg defended the Centre’s fiscal stance and said that any revenue concerns arising from the goods and services tax were now a thing of the past.

4:36 PM

Budget 2018 impact: 10% surcharge on customs duty to pinch power sector

 

The 10 per cent surcharge on Customs duty for import of all items would hit the power sector. The equipment and generation industry is expecting an increase in cost across the value chain.

4:34 PM

Will 'ModiCare' succeed? Majority on Facebook, Twitter say no: BS poll

The mega healthcare plan (informally known as 'ModiCare', 'NaMoCare') announced in the Union Budget 2018-19 has been given an overwhelming thumbs-down in two public polls conducted by Business Standard.com. 68% voters on Facebook and 57% on Twitter are of the opinion that the scheme is unlikely to succeed. The healthcare plan aims to provide 100 million poor families with insurance cover against hospitalisation will cost up to Rs 12,000 crore annually.

4:28 PM

LTCG tax: Higher taxes spark panic among foreign portfolio investors

The government’s decision to reintroduce the LTCG tax has spooked foreign portfolio investors (FPIs), who rushed to the finance ministry on Friday to seek relief. Sources said FPIs were concerned about the escalation in the costs for investing in India vis-à-vis other Asian and emerging markets (EM). Overseas investors were also worried whether the ‘grandfathering’ relief would be extended to them.

4:26 PM

Twitter India registers over 14 lakh budget-related posts

Twitter India recorded over 14 lakh budget-related conversations in the past week (January 26 to February 2), with healthcare being the most talked about topic followed by demonetisation.

4:25 PM

How Jaitley punctured Bitcoin mania: Global prices slid 25% after Budget

Before Jaitley spoke about Bitcoin in his Union Budget speech on Thursday, the popular cryptocurrency was trading in the international market at $10,232. And then came the minister’s statement: "The government does not consider cryptocurrencies legal tender or coin and will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system.” Suddenly, the price started falling and it dropped to $7,614 by Friday evening before recovering later.

11:07 AM

Budget 2018: Jaitley told don't kill cryptocurrencies in India; here's why

 

Bipin Preet Singh, Co-founder of e-wallet MobiKwik, reacted that "the government should consider regulating cryptocurrencies than curbing their use entirely".

11:05 AM

Jaitley gives Defence budget 8% hike, unlikely to even cover rise in cost

The 2018-19 Budget has raised defence allocations from the current year’s revised estimate of Rs 3.74 trillion to Rs 4.04 trillion, an increase of Rs 303.61 billion, or 8.1 per cent, which, analysts say, is insufficient to even cover year-on-year inflation in manpower and equipment costs.

11:04 AM

Niti Aayog vice chairman Rajiv Kumar backs Budget 2018

 

Rajiv Kumar said that 'It's up to the Finance Minister and the Prime Minister to take a call on suggestions given to them, but if anyone is under the impression that this last budget will be a populist one then they're wrong.

10:58 AM

Kerala Budget: GST disappointing, benefits only corporates, says state FM

 

The Kerala government on Friday said GST was highly disappointing and that it benefited only corporates. Meanwhile, the state, which tabled its Budget for 2018-19, has said fiscal deficit will be reduced to 3.1 per cent in 2018-19, while revenue deficit will be reduced to 1.6 per cent

 

Thomas Isaac in the budget speech said the main issue with GST is lack of a full-fledged administrative system.

 

"Demonetisation was an ‘Ockhi’ (cyclone) on the economy. End consumers are not getting the actual benefits of GST as corporates are making the most out of this," he said.

10:54 AM

Jaitley budgeted Rs 2.48 billion for 2018-19 for the purpose of conducting elections. The EC had spent Rs 1.18 billion on conducting elections in the current fiscal, according to revised estimates of 2017-18.

10:53 AM

Polls on cards? FM Jaitley increases election budget by 110 per cent

 

Finance Minister Arun Jaitley gave 110 per cent more funds to the Election Commission (EC) in the financial budget for 2018-19 for the purpose of conducting elections in the country. This has given rise to the speculation that the Union government may advance the general elections scheduled in March next year.

10:48 AM

Budget 2018: FM Jaitley announces new tunnel in Arunachal to counter China

 

Finance Minister Arun Jaitley today announced the government's plan to build a tunnel through the Sela Pass located at an elevation of 13,700 ft which will ensure faster movement of troops in Tawang, a strategically-located town in Arunachal Pradesh bordering China.

 

The defence ministry said the approval for the construction of Sela pass in Arunachal Pradesh has given further impetus to the defence preparedness.

10:41 AM

No Other country has 5% tax slab, says Arun Jaitley to India Inc

10:40 AM

Investment tripled in rural, roads, housing in the last 3 years: FM to India Inc

10:38 AM

Nifty Midcap Index losses almost 1000 points in trade as Arun Jaitley addresses the industry

10:36 AM

Sensex slips over 500 pts; FM addresses India Inc post Budget

10:36 AM

India is out of high inflation era; oil prices are a matter of concern, Arun Jaitley tells India Inc

10:35 AM

A committee is looking at NPAs in SMEs, there will be a separate set of regulations: Arun Jaitley tells India Inc