The Tata group sharply escalated its battle with its ousted chairman Cyrus Mistry today, sacking him as head of the group's flagship Tata Consultancy Services (TCS) and blaming him for nearly pushing the group holding firm into losses.
The Goods and Services Tax (GST) rate will have four brackets - 5, 12, 18 and 28 per cent. Finance Minister Arun Jaitley has said it will be announced later how different items and services will be taxed, but essentials and food will be in the lowest tax slabs while luxury and sin goods like tobacco products will be in the highest and will attract an extra cess.
The country's two largest stock exchanges have demanded clarity from the Tata group's 27 listed companies after a lengthy email written by former chairman Cyrus Mistry became public, reports news agency Reuters. Markets regulator Sebi too is reportedly looking into these companies.
Leading stock exchanges BSE and NSE have asked six listed Tata companies for a clarification, after sacked Chairman Cyrus Mistry wrote to board members warning that the group faces a writedown of about $18 billion on these companies.
Ratan Tata told top CEOs of the Tata Group at its famous Bombay House office in Mumbai today that they should not worry about the changes in leadership, and must focus instead on business and making their companies market leaders.
The Finance Ministry has asked various agencies, including the Reserve Bank of India, to submit in 10 days their report on a data breach involving over 3 million debit cards, Press Trust of India reported citing ministry sources.
State Bank of India, the country's largest lender, has advised its customers to use the its own ATM network as a "pro-active measure" after the security breach of around six lakh debit cards issued by it.
Finance Minister Arun Jaitley said today that he has sought a report on the misuse of debit cards after a massive data breach compromised over 3 million cards. "The idea is to contain damage," Mr Jaitley said.
Sensex surged over 500 points and Nifty moved above its crucial psychological level of 8,650, rebounding from three-month lows hit in the previous session and posting biggest gain in nearly five months. Broad-based buying interest amid a rally in global markets helped Indian markets register strong gains.
In the biggest ever spectrum auction, the government has put mobile airwaves worth Rs 5.6 lakh crore (at the base price value) up for sale. The bidding started at 10 am today.
The Sensex fell 374 points and Nifty slumped below its crucial psychological level of 8,750 today, tracking weakness in global markets.
The BSE Sensex advanced as much as 365 points, while the 50-share Nifty moved closer to its crucial psychological level of 8,900, following US Federal Reserve's overnight decision to keep interest rates steady. The rupee also rallied, rising to 66.83 per dollar against its Wednesday's close of 67.02 per cent.
Billionaire Anil Ambani's Reliance Communications Ltd will combine its wireless business with smaller rival Aircel to create India's third-biggest cellular carrier by subscribers, the companies said on Wednesday, as intensifying competition fuels consolidation in the world's second-biggest telecom market.
India is the fastest-growing major car market in the world, with sales of passenger vehicles rising by 7.24 per cent for the year ended March 2016. By 2020, the country is likely to be the third largest passenger car market in the world. Interestingly, India's pre-owned or used car market is even bigger (1.2 times) and its growth faster, according to a Mahindra First Choice Wheels report.
National Payments Corporation of India (NPCI) today rolled out Unified Payments Interface (UPI), a mobile payment solution which, experts say, has the potential to revolutionise the payment system in the country. The UPI app is part of the Reserve Bank's initiative to promote a cashless society. Currently, customers of 21 banks can use the new payment solution. More banks are expected to join the UPI app platform later.
Urjit Patel will be the new governor of Reserve Bank of India, to replace popular central banker Raghuram Rajan when his term ends in September. The chief of RBI is typically chosen by the prime minister in consultation with the finance ministry, making Mr Patel the first governor to be chosen by Prime Minister Narendra Modi.
The Rajya Sabha backed a major tax reform on Wednesday that seeks to transform the country into a common market, though opposition benches urged Finance Minister Arun Jaitley not to overtax businesses and consumers. A government-appointed panel has suggested a standard goods and services tax (GST) rate of 17-18 per cent but states want a higher level.
Finally, the ambitious goods and services tax (GST) could be a reality. The GST Bill is set to be tabled in the Rajya Sabha today. Hailed as the biggest tax reform since independence, the one-nation-one-tax regime will convert 29 states into a single market. It will be beneficial for the Indian economy on multiple counts, say economists.
Banking operations across the country were hit today, with 8 to 10 lakh employees of 40 private and state-run banks striking work. Lenders, including State Bank of India, informed customers that banking services would be hit because of the strike today. However, private sector banks like ICICI Bank were working as usual.
Typically, the deadline for filing income tax return of the previous financial year is July 31. Though you have time in hand, it is always better to start preparing early to avoid the last minute scramble. You can use a checklist of documents that you need to keep in handy to avoid mistakes in filing your tax return.