FM Arun Jaitley introduces GST Bill in Lok Sabha

27-03-2017

New Delhi: Finance Minister Arun Jaitley on Monday tabled the four legislations for implementation of the goods and services tax in the Lok Sabha.The Union Cabinet has already cleared the four supplementary GST legislations -- CGST, IGST, UTGST and Compensation Law -- for introduction and passage in the ongoing session of Parliament. Besides, the Cabinet has approved amendments in the Customs and Excise Act relating to abolition of cesses and surcharges on various goods and services to facilitate the rollout. These will also be taken up in Parliament in due course. The government proposes to launch GST from July 1. Last week Jaitley had emphasised the urgency to pass the GST

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First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16
February 3, 2017

As per the First Advance Estimates released by the Central Statistics Office (CSO), the economy is estimated to grow at 7.1 per cent in 2016-17, as compared to the growth of 7.9 per cent achieved in 2015-16. Data on Gross Domestic Product (GDP) for the quarter October-December, 2016 and January-March, 2017 is yet to be released by the CSO. The

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100 per cent FDI in White Labelled ATM operations
February 3, 2017

Government has allowed Foreign Investment upto 100% in White Label ATM (WLA) operations, subject to the following conditions :- (i) Any non-bank entity intending to set up WLA should have minimum net worth of Rs. 100 crore as per latest financial year’s audited balance sheet, which is to be maintained at all times. (ii) (ii) In case the

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Demand of Point of Sales (PoS) / Electronic Data Capture (EDC) machines in the country
February 3, 2017

The demand of such machines in the country has increased after November 9, 2016, which is evident from the fact that during the months of November and December 2016, 2.52 lakh PoS machines have been installed. Neither the Government has undertaken any study to assess the number of PoS machines needed to ensure smooth cashless economy in the

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Proposal to waive off bank transaction charges and decrease interest rate for credit cards to promote cashless transactions
February 3, 2017

Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the approval of their respective Board of Directors subject to regulatory guidelines on interest rate on advances issued by RBI from time to

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Credit and debit cards including RuPay Cards issued by the public sector banks
February 3, 2017

Reserve Bank of India (RBI) collects information on the number of debit and credit cards outstanding by the Scheduled Commercial Banks (SCBs). The credit and debit cards outstanding for the last three years is placed below: (in millions)   2013-14 (As at the end of March 31, 2014) 2014-15 (As at the end of March 31,

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Use of Bitcoins – Promotion of Digital economy is in integral part of Government’s strategy to clean the system and weed out corruption and black money. The earlier initiatives of the Government to promote financial inclusion and the Jan Dhan-Aadhaar-Mobile (JAM) trinity were important pre-curser. However, RBI has cautioned the users, holders and traders of Virtual Currencies (VCs), including Bitcoins about the potential financial, operational, legal customer protection and security related risks that they are exposing themselves to. The creation, trading or usage of VCs including Bitcoins, as a medium for payment have not been authorised by the Reserve Bank of India. This was stated by Shri Arjun Ram Meghwal, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha
February 3, 2017

Promotion of Digital economy is in integral part of Government’s strategy to clean the system and weed out corruption and black money. The earlier initiatives of the Government to promote financial inclusion and the Jan Dhan-Aadhaar-Mobile (JAM) trinity were important pre-curser. However, RBI has cautioned the users, holders and traders of

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