Angel Tax Provisions For Start-Ups Removed, Says Finance Minister

The government today announced measures to revive economic growth and markets including the withdrawal of higher taxes for foreign portfolio investors (FPIs) and said it would release funds for bank recapitalisation upfront. Finance Minister Nirmala Sitharaman told reporters the government had decided to withdraw the surcharge on FPIs which she had unveiled in her bud...

Amitabh Bachchan kick-started the game with Chitrarekha, who hails from Chhattisgarh

The Congress today launched a point-by-point broadside against Prime Minister Narendra Modi for his speech on Independence Day that praised the centre's economic policies. The Congress claimed it has debunked PM Modi's comments that the centre would invest Rs 100 lakh crore for infrastructure development and the national tax GST has made "one nation, one tax" possible...

SIAM and several automakers have been asking for a reduction in GST rates for quite sometime in a bid to avoid any further job losses.

The FAME II (Faster Adoption and Manufacturing of Electric Vehicles) scheme came as reassurance for electric carmakers and reaffirmed that EVs are at the top of the government's agenda. Furthermore, Niti Aayog's proposal to impose a ban on combustion engine powered commuter motorcycles (below 150cc) and then the budget council moderating GST rates on EVs and promising...

Speaking at Mahindra Group's 73rd annual general meeting, Anand Mahindra suggested certain temporary measures that would have a positive impact on the industry. Short term measure like - reduction or removal of the goods and service tax (GST), revising the registration fee, and reduction of road tax, as short term measure to help revive the auto industry.

Gurgaon-based Okinawa Autotech has announced a price cut across its electric scooter range post GST rate revision for electric vehicles. The Okinawa range powered by the Lead Acid battery is affordable by Rs. 2,500-4,700, while the models using a Lithium-ion battery get a price cut between Rs. 3,400-8,600. Under the new rates, EVs are charged five per cent GST instead...

After denting the auto sector's profitability, the consumption slowdown along with the upcoming shift to BS VI standards will further decelerate production, leading to eventual job losses. Industry insiders point out that slowdown, which is a culmination of high GST tax rates, farm distress, stagnant wages and liquidity constraints, has led to the month-on-month sales...

The government recently announced a reduction in GST rates on electric vehicles in a bid to push faster adoption of EVs, and this has prompted automakers to pass on the benefits to customers. The latest to join the cause is Tata Motors, which has announced a price reduction of Rs. 80,000 on the Tigor EV. The new GST rate for EVs stands at five per cent as opposed to t...

Hyundai has reduced the price of the Kona from Rs. 25.3 lakh to Rs. 23.71 lakh on account of the government reducing the GST rates on electric vehicles. Hyundai has received about 152 bookings in 20 days for the Kona.

The Ather 340 and the 450 get a price reduction by up to Rs. 9000 on the on-road prices. The price drop comes with the change in the GST rates for EVs that now stands at five per cent instead of 12 per cent, applicable from August 1, 2019.

A year after the worst floods in almost a Century, Kerala has become the first state to impose an additional cess. Starting August 1, Kerala will be implementing 1 per cent Flood Cess, apart from the Goods and Services Tax (GST), with the aim to generate funds for rebuilding the state.

Government's proposal comes at a time when the auto industry has been witnessing decline in sales and automakers are demanding reduction in GST rates to uplift sales.

It also slashed the Goods and Services Tax (GST) on EV chargers from 18 per cent to 5 per cent, an official statement said after the 36th meeting of the council.