Business

Sensex sinks 300 pts to close below 35k-mark

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The benchmark Sensex slumped 300 points to end at 34,848.30 today on across-the-board selling amid political uncertainty in Karnataka and negative global cues. The broader NSE Nifty too cracked below the 10,600-level. No let-up in selling by foreign funds and surging crude oil prices in global markets dragged down the key indices. Investors remained on the sidelines amid doubts whether ...

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28% GST to be levied on e-rickshaw tyres: AAR

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E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as ‘motor vehicles’ under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR). The Maharastra-bench of the AAR passed the order on an application filed by tyre-maker Ceat Ltd, seeking to clarify whether e-rickshaw can be classified ...

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India will be fastest growing economy in 2018 according to IMF

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The International Monetary Fund (IMF) reaffirmed on Wednesday that India will be the fastest growing major economy in 2018, with a growth rate of 7.4 per cent that rises to 7.8 per cent in 2019 with medium-term prospects remaining positive. The IMF`s Asia and Pacific Regional Economic Outlook report said that India was recovering from the effects of demonetisation and ...

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Government to reconsider cess on Sugar says FM Arun Jaitley

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The 27th GST Council meeting has been completed. Finance Minister Arun Jaitley said that those who make cashless transactions will get a discount of 2 per cent. Though this exemption will upto a maximum of Rs 100. Finance Minister Arun Jaitley said that cess on sugar products will be considered. For this, there is a consensus on the formation of ...

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ONGC drills more than 500 wells in 2017-18

DAINIK NATION BUREAU Oil and Natural Gas Corporation Ltd (ONGC) has drilled 503 wells in 2017-18, which is the highest number of wells drilled in last 27 years. Among the 503 wells, 119 exploratory and 384 development wells were drilled. In order to assess the prospectivity of existing acreages in a time-bound manner and add to the company’s reserve base, more ...

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Govt collects Rs 7.41 lakh crore from GST in FY18

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The government mobilised Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18, according to the finance ministry. The government rolled out the GST regime from July 1 last year. “During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection ...

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Aditya Ghosh resigns as IndiGo President

DAINIK NATION BUREAU InterGlobe Aviation Ltd, which runs the country’s top carrier IndiGo, said on Friday its president, Aditya Ghosh, would step down effective July 31, after being with the company for 10 years. The airline’s board will in the coming months consider naming Gregory Taylor, an airline sector veteran, as its president and chief executive officer, pending approvals. Taylor ...

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Prices of energy commodities set to rise by 20 pc this year: World Bank

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Prices for energy commodities like oil, natural gas and coal are expected to jump by a whopping 20 per cent this year, the World Bank has said in a report. The increase in energy prices is expected to have adverse impact on India, given that the country is heavily dependent on import of major energy commodities. The latest World Bank ...

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Petrol, Diesel prices hit 5 year high

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Petrol price on Monday hit Rs 74.50 a litre – the highest level under the BJP-led government, while diesel rates touched a record high of Rs 65.75, renewing calls for cut in excise duty to ease burden on consumers. Petrol and diesel prices were hiked by 10 paise, according to an Indian oil price notification. State-owned oil firms have been ...

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RBI’s crypto ban challenged in Delhi High Court

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The Delhi High Court has sought the response of the Centre, the RBI and the GST Council on a plea challenging a circular which prohibits banks and financial institutions from providing any service in relation to virtual currencies such as ‘crypto-currencies’. A bench of justices S Ravindra Bhat and A K Chawla issued notice to the Ministry of Finance, the ...

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