Petrol and diesel are likely to be taxed at the peak GST rate of 28 per cent, plus state sales tax, when the two auto fuels are brought under the goods & service tax regime, a top government official said.
The BJP-led central government is open to considering the Reserve Bank of India's demand for greater powers to regulate state-run banks. "If more powers are needed by the RBI, we are open to giving that," finance minister Piyush Goyal said on Tuesday after a meeting with state-run banks from eastern and northern India.
Leading brokerages on Tuesday supported the ICICI Bank board's decision to appoint Sandeep Bakshi as the new chief operating officer (COO), though the move received a lukewarm response from the stock market.
Officials from India and the US will meet next week to find a way out on visa concerns. They will also discuss extension for certain export concessions, duty on steel and aluminium, and prices of certain medical devices.
Union minister Arun Jaitley along with his senior ministerial colleagues and officials on Monday discussed the future course of action for debt-laden Air India, weeks after its strategic disinvestment proposal failed to attract any bidders, sources said.
Bengal finance minister Amit Mitra on Monday said the Goods and Service Tax Network (GSTN) is yet to completely deploy the online system of "auto verification", leading to delay in the refunds of exporters.