LPG costlier by Rs 1.50 a cylinder, Jet fuel price hiked by 6%

LPG costlier by Rs 1.50 a cylinder, Jet fuel price hiked by 6%

Jet fuel or ATF price was on Sunday hiked by a steep 6% on firming international rates, the third straight increase in rates since August. Aviation turbine fuel (ATF) will now cost Rs 53,045 per kilolitre (kl) in Delhi, Rs 3,025 per kl more than Rs 50,020 previously, according to a price hike notification by Indian Oil Corp, the nation’s biggest fuel retailer. This is the third consecutive monthly hike in ATF price, the last being by 4% (Rs 1,910 per kl) on September 1. Also, cooking gas (LPG) price…

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Fewer GST slabs, once revenue neutral-plus level is reached: Jaitley

Fewer GST slabs, once revenue neutral-plus level is reached: Jaitley

Finance minister Arun Jaitley said on Sunday that Goods and Services Tax (GST) slabs may be reduced in the future, if a “revenue neutral plus” tax level is reached. Jaitley made the remark at the foundation day event of the National Academy of Customs, Indirect Taxes and Narcotics (NACIN). He said reduction in tax slabs under the current GST regime can happen, but only after the GST regime reaches a “revenue neutral plus” level. Since July 1, GST has replaced around a dozen central and state taxes into a single…

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India’s holdings of American govt securities touch $135.7 billion, highest in a year

India’s holdings of American govt securities touch $135.7 billion, highest in a year

India has sharply increased its exposure to US government securities with holdings worth USD 135.7 billion at the end of July, official data showed. Neighbouring China continued to top the charts with holding to the tune of USD 1.166 trillion, followed by Japan with exposure worth USD 1.113 trillion. In recent months, India has increased its purchase of American government securities and the country is the third largest holder among the BRICS group after China and Brazil (USD 271.9 billion). At the end of July, Russia held securities worth USD…

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India’s drug prices regulator calls for better oversight of private hospitals

India’s drug prices regulator calls for better oversight of private hospitals

India’s drug pricing authority called for better regulation of the country’s massive private healthcare industry on Friday to ensure government efforts to cut prices benefit patients. To cut the cost of procedures such as angioplasty and knee surgery, India’s National Pharmaceutical Pricing Authority (NPPA) has dramatically reduced prices of knee implants and cardiac stents in recent months. The move has been hailed as a major effort by Indian Prime Minister Narendra Modi to make healthcare affordable, but it has been met with stiff resistance from healthcare providers. Several hospitals across…

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Govt seeks asset valuer for Air India stake sale

Govt seeks asset valuer for Air India stake sale

As the government prepares to peg a price tag to Air India for its stake sale, it has invited applications for an asset valuer for the national carrier as well as its subsidiaries and overseas offices. The Union Cabinet has given its in-principal approval for disinvestment of the debt-laden Air India and has constituted a group of ministers to chart out the future course of action. According to the tender document floated by civil aviation ministry, the asset valuer will have to carry out the valuation of land, buildings, aircraft,…

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Paytm Mall eyes sales worth $500 million during festive season

Paytm Mall eyes sales worth $500 million during festive season

Paytm Mall on Wednesday said it expects to facilitate sales worth $500 million during the festive season through its platform. Like its rivals Amazon India and Flipkart, Paytm Mall is also offering a sale on its platform between September 20-23. “We are well on our way to achieve half a billion dollar of sales this festive season. We are giving a number of offers and discounts to consumers during the festive season,” Paytm Mall Chief Operating Officer Amit Sinha told PTI. Early this year, Alibaba-backed Paytm had spun off Paytm Mall…

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Indian economy to grow at lower rate in 2017-18 due to demonetisation: Paris-based think tank

Indian economy to grow at lower rate in 2017-18 due to demonetisation: Paris-based think tank

Indian economy is projected to grow at a lower than expected rate of 6.7 per cent this fiscal due to the “transitory effects” of demonetisation and the GST implementation, according to Paris-based think tank OECD. The Organisation for Economic Cooperation and Development (OECD) has also revised downwards its estimate for the country’s growth in next financial year (2018-19) to 7.2 per cent. For this period, the GDP expansion was pegged at 7.7 per cent in June. In 2017-18, India’s growth is forecast to be 6.7 per cent compared to June…

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‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

‘Ease of doing biz’ is not ‘ease of making money’: Steel minister

Steel minister Chaudhary Birender Singh on Tuesday said India needs to raise per capita consumption of the commodity, while asking the industry to play ethical by differentiating between ‘ease of doing business’ and ‘ease of making money’. It is not just the duty of the government or the steel ministry in specific, each one has a role to play, he said at KATM conference on raw materials for steel and power here. He was speaking on the key role society has to play with regard to various issues be it…

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67 of total 671 selected startups receive tax benefits so far, says minister

67 of total 671 selected startups receive tax benefits so far, says minister

The government has extended tax benefits to 67 startups so far with a view to promoting budding entrepreneurs in the country, minister of state for commerce and industry CR Chaudhary said on Tuesday. In January 2016, Prime Minister Narendra Modi had unveiled a slew of incentives to boost start-up ecosystem, offering them a tax holiday and inspector raj-free regime for three years, capital gains tax exemption and Rs 10,000 crore corpus to fund them. “3,576 startups have been recognised as on September 7 and tax benefits have been given to…

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