The BJP-led NDA government probably had the right intention when they knocked on the doors of Ravi Venkatesan, former chairman of Microsoft India and P S Jayakumar, an ex-citibanker turned entrepreneur, for helping them in conducting an experiment of sorts with Bank of Baroda.

The other issues which figured in the meeting included ways to control sale of counterfeit products through an online platform, and facilitating logistics for the sector.

Raghuram Rajan explained that loans under Modi government's popular flagship scheme Pradhan Mantri Mudra Yojana and the Kisan Credit Card needed to be examined \"more closely\" for potential credit risk.

The larger companies will make some noise, but will adopt it, because they have no choice and will start looking at productivity improvement and automation to compensate for the increase in costs. The MSME sector will be impacted.

The observations came after the committee noted that the rules introduced by Reserve Bank of India (RBI) to help banks to counter the non performing asset (NPA) problem have hit the MSMEs very hard.

Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.

According to the committee, the RBI should have engaged more in consultations with stakeholders on the matter before resorting to discontinuation of LoU/LoCs [letters of comfort].

It has not given bankers the realisations they had hoped for. Now the government has unveiled a new approach even while they are modifying the act.

The GST Council on Saturday cleared a proposal to offer cash backs to consumers on trial basis for digital payments through Rupay cards, BHIM app and UPI system to promote cashless transactions in rural and semi-urban areas.

The bill - Insolvency and Bankruptcy Code (Second Amendment) Bill 2018 - aims at giving relief to the homebuyers by recognising them as financial creditors, a status that will make them an integral part of  Committee of Creditors while dealing with bankruptcy cases.

LUB and SJM complain the move will only encourage micro and small scale units to shunt manufacturing and become traders or assemblers of imported products.

Merger of banks based on geography will result in lesser disruption in terms of rationalisation of branches and people. The merger of weak banks can be done once the bad assets are out of the system.

More than two years after the Nitish Kumar-led Bihar government passed the 'draconian' Prohibition Bill, the state legislature on Monday watered down some of the stringent punishments in the Bihar Prohibition and Excise Act.

With around 93 per cent of the registered taxpayers set to benefit from the GST Council's decision to allow quarterly return filing for businesses with turnover of up to Rs 5 crore, India Inc not only foresees increased compliance but also improved ease of doing business.

The trade deficit in June is the highest since November 2014 when the gap was $16.86 billion. Oil imports during the month were up 56.61 per cent to $12.73 billion.

Pronab Sen, former chief statistician of Indian and an economist, explains why it is difficult to measure the impact of GST on the unorganised sector.

A new breed of fintech lenders is creating a niche segment.

As the Goods and Services Tax turned one, Business Today organised a discussion to understand how the journey had been so far, and what needed to be done in future. The panel, comprising Anita Rastogi, partner, indirect tax, PwC; Abhishek A. Rastogi, partner, Khaitan & Co; Atul Gupta, senior director, Deloitte, Haskins & Sells LLP; Ajay Sahai, Director General & CEO, Federation of Indian Export Organisations; Harpreet Singh, partner, indirect tax, KPMG; and Anil Bhardwaj, secretary general, Federation of Indian Micro & Small and Medium Enterprises held a 90-minute discussion

The man at the centre of the government's mega tax reform, Finance Secretary Hasmukh Adhia, shares with Dipak Mondal his experience of seeing through the one year of GST.

Though the development offers some relief to the distraught home buyers and the defaulting promoters of micro, small and medium enterprises (MSME), it still leaves room for ambiguity and legal challenges.