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BusinessToday.in
New Delhi, May 15, 2018
Petrol prices shoot up after Karnataka pollsThe oil marketing companies incurred a loss of Rs 35 crore per day during the 19-day pre-Karnataka poll hiatus in fuel price hikes. The markets suffered a total revenue loss of Rs 380 crore in this period, according to an analysis by the Business Standard. This figure is based on the average consumption of petrol as well as diesel. Indian Oil Corporation Ltd's marketing margins, for instance, reduced from an estimated Rs 3.4 per litre to Rs 0.6 per litre for petrol and from Rs 3.8 per litre to Rs 0.8 per litre for diesel. What's more, the price freeze came at a time when international oil rates skyrocketed.Karnataka Assembly election country's costliest state poll everA fact that has emerged as a talking point in this Assembly election in Karnataka is that this was the \"costliest state election\" with total spending of around Rs 10,500 crore. Total 5.06 crore - around 72.13 per cent of people - had voted in the Karnataka Assembly election 2018 on May 12. According to a survey by the Central for Media Studies, the current election in Karnataka is a \"money guzzler\" election, with all the political parties collectively spending around Rs 9,500 to Rs 10,500 crore. The political parties have collectively spent double the amount than the 2013 Assembly election in the state. The survey says the current expense does not include expenditure incurred on Prime Minister Narendra Modi's poll campaigning. The survey, however, concludes that the Assembly election in Karnataka has proved to be more expensive than the state elections in Andhra Pradesh and Tamil Nadu.CBI claims PNB top brass failed to prevent Nirav Modi scam despite prior knowledge of modus operandiPunjab National Bank (PNB) has landed in more trouble with the authorities. According to a CBI charge sheet, the top management at the country's fourth largest bank not only \"misrepresented\" the factual position on letters of understanding (LoUs) to the RBI but also ignored the apex bank's warnings when credit facilities worth over $2 billion were fraudulently cleared by its branch in Mumbai. Sources also told PTI that according to the investigative agency, the bank's former MD and CEO Usha Ananthasubramanian and her top officials failed to prevent the Nirav Modi fraud despite having prior knowledge of how LoUs can be used to cheat banks.That's because Ananthasubramanian was heading PNB when Indian Overseas Bank (IOB), Chandigarh, reported a LoU fraud in 2016 wherein credits were issued by PNB's Dubai branch on the basis of these guarantees.Piyush Goyal in-charge of finance ministry till Arun Jaitley recoversIn a big cabinet reshuffle on Monday, Union Power Minister Piyush Goyal was given a temporary charge of the Ministry of Finance till current Union Finance Minister Arun Jaitley recovers from his surgery, while Smriti Irani has been moved out of the I&B Ministry to the Ministry of Textile again. The charge as independent MoS of I&B has now been given to Rajyavardhan Singh Rathore, who also had the MoS (Minister of State) independent charge of the Ministry of Sports.  Goyal will handle the power ministry too.


BusinessToday.In
New Delhi, May 14, 2018
Smriti Irani has been moved out of the I&B Ministry. The charge has now been given to Rajyavardhan Rathore, who was earlier given the MoS (Minister of State) independent charge of the Ministry of Sports. Smriti Irani will be in charge of the Ministry of Textile.


BusinessToday.In
New Delhi, May 11, 2018
The redevelopment plan has reportedly been assigned to the zonal railways with a one year deadline for completion.


PTI
May 8, 2018



PTI
May 8, 2018
To incentivise digital transaction, the GST Council had last week discussed giving a concession of 2 per cent in GST rate (where the tax rate is 3 per cent or more) to consumers making payment through cheque or digital mode. The ceiling for the discount would be capped at Rs 100 per transaction.


PTI
New Delhi, May 6, 2018
GST officers have started sending scrutiny notices to companies whose tax payment did not match the final sales return, after revenue authorities detected underpayment of GST by about 34 per cent, a source said.


PTI
May 6, 2018



PTI
May 4, 2018



PTI
May 4, 2018



PTI
May 4, 2018



Dipak Mondal
May 4, 2018
The GST Council has finally given its nod to a simplified Goods and Services Tax (GST) return filing process. Though it may take over a year to for the final system of return filing be in place, the system looks much simpler than the one earlier envisaged and the one currently followed.


BusinessToday.In
May 4, 2018
The move is aimed to enable integration of trading of various segments of securities market at the level of exchanges, Sebi said. Trading in equity derivatives will take place from 9:00 am to 11:55 pm, similar to the trading hours for commodity derivatives segment which are presently fixed between 10:00 am and 11:55 pm starting October.


BusinessToday.In
May 4, 2018
The GST Council meet, which took place via video conferencing, deferred the decision on levying a cess on sugar as it faced opposition from several states.


BusinessToday.In
May 4, 2018
The Central Government is planning to levy a cess of Rs 3 per kilo of sugar sold by sugar companies in a bid to raise funds for cane farmers. Sugar factories in the country have been running in losses.


BusinessToday.In
New Delhi, May 4, 2018
The government is also planning to impose a sugar cess of maximum Rs 3 on each kg sold by sugar companies.


PTI
New Delhi, May 3, 2018
The 27th meeting of the GST Council tomorrow will consider introduction of simplified tax return form, incentives for digital payments and a proposal to convert GST Network into a government company.


PTI
May 1, 2018



PTI
April 30, 2018



Joe C. Mathew
NA, April 30, 2018
The government would do well to fix flaws in the basic MSP structure before rolling it out for all crops.


PTI
New Delhi, April 29, 2018
As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The discount would be capped at Rs 100.


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