Latest News

Podcast News : A huge sell-off in the equity markets yesterday and a recovery in global markets overnight may prompt a rebound in domestic indices today. However, short-term risk from any new aggression on the US-Iran front remains intact. A reports by Reuters that the government is likely to cut spending for the current fiscal year to curb deficit as it faces one of the biggest tax shortfalls in recent years is also expected to weigh on investor sentiment. Apart from this, market participants will continue to follow the trajectory of the Rupee which plunged 13 paise on Monday to settle at 71.93 against the US currency. They will also be on the lookout for on any news flow regarding the upcoming Budget. Besides, investors will track stock-specific action, foreign fund flows, and global developments throughout the day for further cues. Among individual stocks, TCS will remain in focus as the IT bellwether is set to postpone the announcement of its Q3 results from the earlier ...

The government is likely to overshoot the budget deficit target previously set for the current fiscal year, three officials have warned, as a slowing economy creates a big shortfall in tax collections and prompts new stimulus plans. Budget 2019 New Finance Minister Nirmala Sitharaman presents her first budget on July 5, for the fiscal year ending March 2020. It is also the first budget of Prime Minister Narendra Modi's second term after his government was returned in a landslide election win last month. Since becoming prime minister in 2014, Modi succeeded in improving public finances, trimming the fiscal deficit to 3.4% of gross domestic product (GDP) from 4.5% in 2013/14, mostly through subsidies cuts and fuel taxes. He is now, however, under pressure to loosen the purse strings to follow through on election promises such as increased spending on roads and housing and tax cuts for companies and individuals. Read Complete Article

In-house functions of an organisation's office such as human resources, accounts and payrolls, if carried out from a centre in one state for offices in other states, will come under the GST net, Economic Times reported on Tuesday. Invoices for the same will have to be issued. What this means is that companies with multi-state offices will suffer as services provided by an office in one state to another office in any other state will face goods and services tax. The move would add to their transaction costs and compliance burden. Moreover, the issue of cross charge is likely to lead to a lot of confusion on the ground. Union Budget 2019 A circular endorsed by the GST Council, will be issued soon, a government official told ET, and it will spell out how the input tax credit will be distributed between head office and branch officers as also that value of service will be equal to employee cost and establishment cost of supplying that service. In December 2018 the Karnataka Ap...

Pushed with the aid of decrease refunds and a demonetisation-subsidized better base, direct taxes have come to the help of the government in its warfare to satisfy its financial deficit target for 2017-18. Direct tax series, net of refunds, has risen 18.7 in step with cent till Monday, in opposition to the 15.7 in step with cent projected within the Budget Estimates (BE). In absolute terms, the parent touched Rs 6.89 trillion, representing 70.3 in keeping with cent of the BE of Rs nine.8 trillion. which includes refunds, gross direct tax collection rose thirteen.five in step with cent to Rs eight.11 trillion. This may be attributed to lower refunds, to the music of Rs 1.22 trillion as on Monday, in opposition to Rs 1.34 trillion at this time a 12 months earlier than, in addition to a higher tax base due to demonetisation. Direct tax series has proven significant improvement throughout all parameters, in terms of increase in each zone. The increase of general gross dire...