BUSINESS

There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). In this context, the factual position is as follows: Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts – No service charge is applicable on the 60.04 crore BSBD accounts, …

The Union Government has extended the Emergency Credit Line Guarantee Scheme (ECLGS) by one month till November 30th, 2020, or till such time that an amount of Rs. 3 lakh crore is sanctioned under the Scheme, whichever is earlier, in view of the opening up of various sectors in the …

MD of Dubai-based ISHVAN Pharmaceuticals, Sanjeev Nanda talks about the rapid growth of the Indian medical consumables market The healthcare sector in India has undergone a major shift in the recent times, especially when it comes to medical consumables. According to a report released by Ken Research in 2019, the …

The Directorate General of GST Intelligence (DGGI) Gurugram Zonal Unit (GZU), Haryana has arrested one Kabir Kumar, resident of New Delhi on charges of creating and operating fictitious firms on forged documents and passing fake input tax credit by way of issuance of invoices without any actual receipt or supply …

Based upon specific intelligence, the officers of the Anti Evasion branch of Central Goods and Service Tax (CGST),Commissionerate, Delhi (East) have busted a major racket for generation of huge inadmissible input tax credit (ITC) through fake billing of Rs 1,278 crore (approx). The well established syndicate was being operated by …

Union Minister for Finance & Corporate Affairs Nirmala Sitharaman led the Indian Delegation in the 10th Round of Ministerial UK-India Economic and Financial Dialogue (EFD), held here today in virtually through video conferencing. The Indian delegation included representatives from Ministry of Finance, Reserve Bank of India and Securities and Exchange …

India today hosted the 19th Meeting of the Shanghai Cooperation Organisation (SCO) Ministers responsible for Foreign Economy and Foreign Trade Activities. In his opening remarks, Minister of Commerce and Industry Piyush Goyal said that the current crisis due to Covid-19 is a clarion call to the SCO countries to leverage …

Prime Minister Narendra Modi today interacted with CEOs of leading oil & gas companies in the annual event organized by NITI Aayog and Ministry of Petroleum and Natural Gas. During the interaction, Prime Minister highlighted that energy is at the centre of human development, which is why conversations around the …

The Government has been receiving a number of representations regarding need to extend due date for filing Annual Return (FORM GSTR-9) and Reconciliation Statement (FORM GSTR-9C) for 2018-19 on the grounds that on account of the COVID-19 pandemic related lockdown and restrictions, normal operation of businesses have still not been …

In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances due to the outbreak of COVID-19, the Government brought the Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance, 2020 (‘the Ordinance’) on 31st March, 2020 which, inter alia, extended various time limits. The Ordinance …