Page 1907 - Economy & Policy News

I-T dept wants Goa PSUs to use Vivad se Vishwas scheme to resolve disputes

Total Rs 2 crore tax dues are still pending with five PSUs run by the state government, said Chief Commissioner of Income Tax (Goa)

Low petrol prices, phased rise in LPG rate to bring down subsidy

Analysts say the subsidy burden on both LPG and kerosene is likely to be around Rs 35,000 crore

Cabinet okays additional fixed cost of Rs 350 per tonne to 30 urea units

Sources said a cumulative impact of Rs 5,600 crore could be released to the fertilizer companies as result of the Cabinet decision

Don't hike GST rates amid tough times, says West Bengal FM Amit Mitra

He said the proposed hike, aimed to correct the inverted duty structure, must be deferred as markets in India were facing a double whammy of stagflation and coronavirus

Air traffic in China, Asia Pacific plummets by more than half over COVID-19

If you exclude China, in the rest of the Asia Pacific market, probably about 5000 flights a day and at one point in time we saw about 2500 or something like that. These are rough numbers," Hulst said

Govt, RBI to take necessary steps, says Sitharaman on coronavirus impact

'We are conscious of the developments. Together with the RBI, we are monitoring and making sure where necessary, we take steps' Sitharaman said

DGCA asks airlines to waive cancellation fees over Coronavirus outbreak

The aviation regulator issued the advisory as customers have been forced to cancel travel on government orders but are unable to claim a full refund from airlines because of fare rules

GST hike on mobile phones will be detrimental for local manufacturing: ICEA

It is a very inappropriate time to consider hike in GST rate of mobile phones from the current level of 12 per cent, it added

WTO-compliant remission of tax scheme for exporters gets canbinet nod

Under the scheme, an inter-ministerial committee will determine the rates and items on which the reimbursement of taxes and duties would be provided.

Coronavirus outbreak: Uncertainty looms large over steel's April price hike

The steel sector has been gradually recovering from lows since November

Vivad se Vishwas deadline likely to get extension: FM Sitharaman

Addressing criticism pertaining to tough target of 100 per cent cases for field officers, Sitharaman said the target was more for the outreach activity and not to get every assesse on board.

RBI may slash rates by 0.75% before next policy review on April 3: BofA

Amid talk of a review of the flexible inflation targeting framework, it said the revised contracts will introduce growth and financial stability as co-objectives of monetary policy along with price st

Govt approves Rs 7,660 cr green highway project in UP, 3 other states

The project comprises components like sustainable development and maintenance of National Highways, Institutional Capacity Enhancement, Road Safety and Research and Development.

Airports Authority of India to raise $300 mn to fund new infrastructure

The airport authority aims to spend a minimum of Rs 5,000 crore each year on the infrastructure in line with the government's announcement that 100 new airports will be developed in five years

Cabinet clears 4% DA hike for central government employees

Briefing the media I&B Minister Prakash Javadekar said the Cabinet had approved 4 per cent hike in DA to 21 pc for 4.8 million govt employees, 6.5 million pensioners.

Cabinet approves reconstruction scheme for cash-strapped YES Bank

The moratorium imposed on the bank will be lifted within three days after the notification is issued

Govt approves tax reimbursement scheme for exporters, MEIS to be phased out

These taxes include value added tax (VAT), electricity duties and fuel used for transportation, which are not exempt or refunded under any other existing mechanism.

Govt hikes milling Copra MSP by Rs 439/qtl; ball Copra up by Rs 380/qtl

The new MSP for milling copra for 2020 season will be Rs 9,960 per quintal and that of ball copra Rs 10,300 per quintal

Cabinet Highlight: YES Bank moratorium to be lifted within 3 days, says FM

Cabinet has cleared a draft resolution scheme for cash-starved YES Bank. Last week, the Reserve Bank of India (RBI) had announced a draft scheme of reconstruction for the lender. Follow LIVE UPDATES

RBI says closely monitoring situation, will take steps for market stability

Both Sensex and Nifty plunged over 10% in the opening session, hitting their lower circuit levels