Fri, Mar 31, 2017 | updated 06:07 AM IST

Passage of GST as a major step for ease of doing business, says SMEV corporate chief

Updated: Aug 04, 2016 17:51 IST

New Delhi, Aug.4 (ANI): The passage of of the Goods and Services Tax (Amendment) Bill in Parliament is a major step that will lead to ease of doing business in India, said Mr. Sohinder Gill, Director (Corporate Affairs) of the Society of Manufacturers of Electric Vehicles.

In a statement, Gill said, "It's a major step taken by the government as it intends to turn India into one common market which will lead to ease of doing business. Currently, the tax levied by state governments on green vehicles are varied between 0 to 5%, except three states i.e. Uttar Pradesh, Punjab and Bihar which charges more than 14 percent. Road tax is almost nil in majority of the states. If we consider the average VAT levied on green vehicles across India it comes up to approximately four percent. Hence, we hope as the bill progresses the government should keep it either at par or at a lower rate than the current tax structure, for a certain period. If the government manages to do it, it will definitely revive the electric vehicle industry in India, otherwise it will nullify the FAME incentive being passed on to the customers under NEMMP for inducting more and more EVS on Indian roads."

He further said, "In addition to the tax rationalisation and work simplification, that everyone is talking about, we feel that GST will do its bit in impacting the environment in a positive way. The miles long queue of slow moving trucks at multiple toll barriers and checkpoints across Indian highways and consequent traffic jams lead to a significant rise in pollution. At many places trucks detour/divert to travel much longer to avoid the green tax/ entry taxes. This indirect benefit of GST of reducing crude oil consumption and cutting down emissions is in line with the NEMMP objective of inducting 6 million EVs on Indian roads in 6 years making India less reliant on crude imports and improving the air quality of our cities."

The GST Bill was approved by the Rajya Sabha with 203 votes in favour and none against, after a seven-hour debate during which a rare bonhomie was witnessed among the ruling and the opposition parties.

Six official amendments, including scrapping of one per cent additional tax, moved by the government were approved with cent per cent votes.

The bill had been passed by the Lok Sabha earlier. It will now go back to the Lower House to incorporate the amendments approved by the Rajya Sabha. The bill will also have to be approved by 50 per cent of all the state assemblies.

The AIADMK was the only party to oppose the measure and its members staged a walkout from the House to register their unhappiness over the bill which lays the ground for rollout of uniform GST regime that will subsume all indirect taxes including central excise duty and state VAT/sales tax. (ANI)

New Delhi [India], Mar 30 (ANI): The Reserve Bank of India (RBI) on Thursday advised the users of Pre-paid Payment Instruments (PPIs), including mobile and electronic wallets that only non-bank entities authorised by RBI under the Payment and Settlement Systems Act, 2007 (the Act) can issue PPI wallets for purchase of goods and services from third parties and money transfer within India.

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New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Axis Bank, India's third largest private sector bank, has announced a strategic partnership with Wells Fargo and Company to offer seamless remittance facility to their NRI customers from The United States of America (USA). USA is one of the key corridors to receive remittances to India, which contributes to more than 30 percent of total remittance volume to India.

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New Delhi [India], Mar 30 (ANI): Adding special value and innovation to their existing product line up, India Yamaha Motor Pvt. Ltd. has announced the new variants of its range of motorcycles and scooters.

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New Delhi [India], Mar 30 (ANI): Carpet Export Promotion Council organized the 33rd Edition of India Carpet Expo from 27th to 30th March 2017 at Hall nos. 11, 12 and 12A Pragati Maidan, New Delhi, with an aim to promote the Cultural Heritage and showcase the weaving skills of Indian hand-knotted carpet artisans amongst the overseas hand-knotted carpet buyers.

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Tata launches Tigor, new sub four metre sedan

Updated: Mar 30, 2017 17:31 IST

New Delhi [India], Mar.30 (ANI): Tata Motors hase come out with an all new sub four metre sedan, Tigor, targeted at a younger car buyer.

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New Delhi [India], Mar 30 (ANI): Credit rating agency ICRA expects cement demand growth, which has been significantly impacted post demonetisation, to recover to around four to five percent during FY2018, driven by a pick-up in the infrastructure segment, mostly road and irrigation projects and the housing segment.

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New Delhi [India], Mar 30 (ANI): Honda Motorcycle and Scooter India on Thursday announced the launch of new 2017 edition of its youthful moto-scooter DIO with new style, colors, convenience and BS-IV and AHO compliance at Rs. 49,132 (Ex-showroom, Delhi).

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New Delhi [India], Mar 30 (ANI): India's most popular mobile app for transportation Ola BookMyShow, India's largest online entertainment ticketing platform on Thursday announced their exclusive partnership to enhance the entertainment experience of millions of users.

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New Delhi [India], Mar. 30 (ANI): Leading Solar EPC player Vikram Solar Pvt. Ltd. signed a Memorandum of Understanding (MoU) with Israel's Water-Gen, a pioneer in air-to-water technology, to develop and introduce their path-breaking clean, hygienic drinking water solutions in the country.

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New Delhi [India], Mar 30 (ANI): Continuing with the new label launch spree in the month of March, India's leading fashion e-tailer, Jabong has announced the addition of yet another leading American high-street fashion wear brand, Aeropostale, to its product portfolio.

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New Delhi [India], Mar 30 (ANI): The Goods and Services Tax (GST) has received unprecedented support from all quarters as it is a simple system of taxation, under which various taxation rates will be merged into one with no cascading effect of taxation, said Revenue Secretary Hasmukh Adhia on Thursday.

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New Delhi [India], Mar. 30 (ANI): Contrary to its previous announcement that was circulated with regards to banks being operational on April 1, the Reserve Bank of India (RBI) in a revised circular stated that all payment systems will be closed on the aforementioned date.

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New Delhi [India], Mar 30 (ANI): London Stock Exchange today welcomes the world's largest corporate Masala bond. The landmark bond issuance from Housing Development Finance Corp (HDFC), one of India's leading banking and financial services companies comes less than 12 months after HDFC's INR 30 billion (USD 450 million) debt issuance in London, the first ever Indian corporate to list a Masala bond.

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New Delhi [India], Mar 30 (ANI-BusinessWireIndia): Grameen Koota Financial Services Private Limited (Grameen Koota) has raised Rs. 250 crore from its holding company, CreditAccess Asia (CAA), headquartered in Amsterdam, which is the leading multi-country Microfinance operator in India and South-East Asia. Part of the infusion, Rs.50 crore, will be provided in the form of equity and the remainder, Rs.200 crore will be provided in the form of Compulsory Convertible Debentures (CCDs).

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New Delhi [India], Mar. 30 (ANI): SBI Card, one of India's leading credit card issuers announced the launch of a credit card, 'SBI Card Unnati', targeted at all State Bank of India (SBI) customers, including Jan Dhan account holders, throughout the country.

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New Delhi [India], Mar. 30 (ANI): Metropolitan Stock Exchange of India Limited (MSEI), the third national level stock exchange is all set to conduct a mock trading session in equity, equity derivatives and currency derivatives segments on April 1, 2017.

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New Delhi [India], Mar 29 (ANI): Cloudatix Biz India Ventures Pvt. Ltd, a young research startup emerging as a Smart City Solutions provider and Mediaguru, a global media services company that specializes in the entire life cycle of digital asset management services, digitization and monetization, recently launched 'Startup Accelerator Program and Internet College'.

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Dong Nai [Vietnam]/Tokyo[Japan], Mar.29 (ANI): Vietnam is experiencing a rapid economic growth as customers' purchasing abilities have increased that leads to opening up of supermarkets.

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Rajya Sabha passes Finance Bill

Updated: Mar 29, 2017 17:58 IST

New Delhi [India], Mar 29 (ANI): The Rajya Sabha on Wednesday passed the Finance Bill after various amendments presented by Union Finance Minister Arun Jaitley.

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New Delhi [India], Mar 29 (ANI): G-20 Framework Working Group (FWG) in its third meeting at Varanasi held discussions over the state of the global economy as well asG-20 agenda on inclusive growth and reports on strong, sustainable and balanced growth and G-20 enhanced structural reform agenda among others.

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