Government Doubles Goods And Services Tax Exemption Limit To Rs 40 Lakh

New Delhi: Addressing a key political constituency, ahead of the crucial general elections, the government has issued three notifications to implement a slew of concessions for small businesses, including doubling of Goods and Services Tax (GST) exemption limit to Rs 40 lakh. The move is expected to benefit an additional two million micro, small and medium enterprises (MSMEs).

“These notifications shall come into effect from the 1st of April, 2019,” a finance ministry statement said. The decisions were announced on January 10 after the GST Council’s 32nd meeting.

According to experts, the sector was expecting a formal execution of the decisions before the announcement of election dates that would lead to the implementation of the model code of conduct.


Asia To See The Fastest Billionaire Population Growth In The World Over The Next Four Years

New Delhi: Despite economic uncertainties in the region triggered by the China-US trade war, Asia will see the fastest billionaire population growth in the world over the next four years.

The number of Asian billionaires will rise by 27 percent to 1,003 between 2018 and 2023, making up more than a third of the world’s total billionaire population of 2,696, according to a report released Wednesday by Knight Frank LLP. The billionaire population growth rates for North America and Europe are 17 percent and 18 percent respectively.

Asia will also see the biggest increase in ultra-high net worth individuals (people with net assets of $30 million or more). India leads the world with an expected 39 percent surge, followed by the Philippines and China.


Industrialists Say, The Government Assured To Reduce Corporate Tax Once GST Collections Improve

New Delhi: Industrialists who met Finance Minister Arun Jaitley said that the government assured to reduce corporate tax to 25 per cent from 30 per cent once the goods and services tax (GST) collections improve.

“The Finance Minister has promised to look at the income tax rates for the corporate sector and lower them once the GST collections improve,” Sandip Somany, President, Federation of Indian Chambers of Commerce and Industry (FICCI), told reporters.

Somany, who led the FICCI delegation, made a presentation to the Finance Minister and other officials on important sectors that the industry body believe should be the focus areas for the next government, as and when it comes to power.


Robots Can Go Up In Flames To Work As Firefighters To Save Human Lives

New Delhi: The Andover fire brigade was alerted at 2.34 a.m. About 2 miles across town, a fire had broken out in the early hours of Feb. 5 at a state-of-the-art Ocado Group Plc warehouse. Within minutes, firefighters were tackling a blaze that eventually reduced the five-floor facility in southern England to a tangle of smoking metal.

Later that day, Ocado executives presented quarterly earnings in a conference room in London. Chief Executive Officer Tim Steiner touted the virtues of the company’s robotic warehouses, laying out plans for Andover. He didn’t mention the fire, which raged on for three more days.


Niti Aayog Has Been Asked To Draw Up A List Of Non-Core Assets Of Various CPSEs

New Delhi: Niti Aayog has been tasked with drawing up a list of non-core assets of various CPSEs, both healthy and sick ones, as a first step towards finance ministry’s plan to monetise such assets and unlock value to shareholders.

This is part of the overall plans of the government to lay down procedure and mechanism for monetisation of non-core assets of central public sector undertakings (CPSEs), which include mainly land and building.

“Niti Aayog will draw up the list of non-core assets owned by CPSEs which can be sold separately after discussion with a consultative group comprising officials from administrative ministries, Department of Economic Affairs, Department of Investment and Public Asset Management (DIPAM),” an official said.