A file photo of Union Finance Minister Nirmala Sitharaman. (ANI)
A file photo of Union Finance Minister Nirmala Sitharaman. (ANI)

India Inc gets its mojo back

  • The NDA government slashed corporate taxes in the boldest economic step yet in its second term in an attempt to awaken animal spirits and revive private investment
  • Equity markets notched their best day in over a decade after the surprise cuts in corporate taxes

Finance Minister Nirmala Sitharaman during the 37th meeting of the GST Council.  (PTI)
Finance Minister Nirmala Sitharaman during the 37th meeting of the GST Council. (PTI)

GST Council lowers tax rates but tries to protect fiscal health

  • The Council also reduced tax rates on a host of services including on job work related to diamonds, which has been lowered from 5% to 1.5%
  • Nirmala Sitharaman, who chaired the GST Council meeting, said that the tax rates as well as slabs applying to hotel accommodation has been changed

To boost research and development initiatives of the companies in India, Minimum Alternate Tax has been also reduced from existing 18.5% to 15%. (Ramesh Pathania/Mint)
To boost research and development initiatives of the companies in India, Minimum Alternate Tax has been also reduced from existing 18.5% to 15%. (Ramesh Pathania/Mint)

Revival in auto sector may be round the corner with the corporate tax cuts

  • Vehicle prices may come down significantly following cut in corporate tax
  • Auto firms looking to make in India will have to pay an even lower tax rate of 15%, provided they start by 31 March 2023

Mumbai being the financial capital of the country, the tax cut is likely to resonate with India Inc. ahead of the state elections.
Mumbai being the financial capital of the country, the tax cut is likely to resonate with India Inc. ahead of the state elections.

Political levee breaks over the levy breaks

  • Ruling BJP calls move historic, while Cong-led Opposition terms it a U-turn
  • Political tussle is significant as it comes in the wake of economic issues taking the centre stage in national discourse

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The timeline for auto-reversal has been set at between one day after the transaction to five days. Photo: iStock
The timeline for auto-reversal has been set at between one day after the transaction to five days. Photo: iStock

Failed ATM services: RBI tightens norms for banks, up penalties

  • RBI prescribed a turnaround time (TAT) for banks to settle failed transactions for customers and notified compensations payable for various types of customer complaints
  • The compensation should be done suo motu by the bank, without waiting for a complaint or a claim by a customer

A general view of the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia. (REUTERS)
A general view of the damaged site of Saudi Aramco oil facility in Abqaiq, Saudi Arabia. (REUTERS)

Saudi Arabia reveals damage to giant Khurais oil field

  • The Khurais field has a maximum output capacity of 1.45 million barrels a day and processes all of its oil on site, according to Al Abdulkareem
  • Saudi and US officials have said that the drones and missiles used to attack Abqaiq and Khurais were made by Iran

Eco Boost
Finance minister Nirmala Sitharaman Photo: Pradeep Gaur/Mint

Is there a Sitharaman Put in India?

2 min read . 20 Sep 2019
The Sensex zoomed nearly 2,100 points, or about 6%, intra-day (Bloomberg file)

Opinion | Sensex: Up, up and away

1 min read . 20 Sep 2019
Corporate affairs and finance minister Nirmala Sitharaman. (ANI)

Govt expands scope of CSR spending

2 min read . 20 Sep 2019
To level the playing field between firms and individuals, and to potentially garner higher taxes, the FM should now extend this option to the individual income tax payers as well.  (ANI )
To level the playing field between firms and individuals, and to potentially garner higher taxes, the FM should now extend this option to the individual income tax payers as well. (ANI )

Opinion | The FM should extend the tax nudge to personal income tax too

To level the playing field between firms and individuals, and to potentially garner higher taxes, the FM should now extend this option to the individual income tax payers as well

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Indian airlines, except for GoAir, SpiceJet and IndiGo, are largely loss-making entities.
Indian airlines, except for GoAir, SpiceJet and IndiGo, are largely loss-making entities.

Welcome tail winds for an aviation sector facing turbulence

  • Corporate travel should get a lift. Govt move will not lead to low fares, but better demand for airlines, say some analysts
  • The tax relief is part of the government’s move to deal with the slowdown, after consultations with the industry on a weekly basis

Plain Facts
Real estate financier Altico Capital, which defaulted on an interest payment recently, has sought a moratorium on further repayments from its lenders. Mint
Real estate financier Altico Capital, which defaulted on an interest payment recently, has sought a moratorium on further repayments from its lenders. Mint

Altico Cap seeks debt moratorium

  • Firm in talks to monetize assets and infuse fresh funds
  • The NBFC has 4,361.55 crore of principal outstanding on loans from 27 lenders

Long Reads
The mindless consolidation of public sector banks is also not reform. (Reuters)

The roadmap for real banking reforms

10 min read . 20 Sep 2019
It’s been six weeks since the government revoked Jammu and Kashmir's special status and divided it into two union territories (Reuters)

Kashmir @ the UN: Managing the optics

9 min read . 19 Sep 2019
Bechal Kumar Singh, 23, delivers a cake to an office complex in Gurugram's sector 21 on a Sunday afternoon. Singh, who hails from Darbhanga, Bihar, joined online food delivery company Swiggy a year-and-a half. (Photo: Pradeep Gaur/Mint)

The loneliness of the delivery man

9 min read . 18 Sep 2019
The relief offered may help govt achieve its goal of growing exports to $1 tn in next 5 years.
The relief offered may help govt achieve its goal of growing exports to $1 tn in next 5 years.

Tax cut seen making domestic firms more competitive globally

  • Move to tax new manufacturing firms set up after 1 Oct at 15% is expected to strengthen the MSME sector
  • The move is likely to help the Centre achieve the target of growing India’s exports to $1 trillion in the next five years, as lower taxes will help homegrown firms compete with global peers

The relief is also applicable on gains made on the sale of units of equity-oriented funds and business trusts on which securities transaction tax has been paid. Photo: Dhiraj Singh/Bloomberg
The relief is also applicable on gains made on the sale of units of equity-oriented funds and business trusts on which securities transaction tax has been paid. Photo: Dhiraj Singh/Bloomberg

Super relief for the super-rich class as surcharge goes for all classes

  • The increase in surcharge, often referred to as the “super-rich tax”, stands withdrawn for all domestic and foreign investors, as far as income from listed equity shares is concerned
  • The increase in surcharge will continue for income from salary, profession or rent above 2 crore

The train will cover the distance between Lucknow and Delhi in six hours and 15 minutes.
The train will cover the distance between Lucknow and Delhi in six hours and 15 minutes.

Lucknow-Delhi Tejas Express AC car fare 1125, executive car 2310

  • The New Delhi-Lucknow Tejas Express will be the first train of Indian Railways that will be fully run by its subsidiary IRCTC
  • The train will cover the distance between Lucknow and Delhi in six hours and 15 minutes

Videos
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If your bank account is not pre-validated at the income tax department's e-filing website, then you will not get any tax refund.
You can either change your address in Aadhaar card online or offline. (Mint)
Latest FD rates offered by SBI, HDFC Bank, ICICI, PNB and BoB. (Reuters)
The revised claim rules were later extended to PPF and Senior Citizen Savings Scheme
Zomato Gold for dining-out and delivery is operational in 16 cities. (MINT_PRINT)
Zomato Gold for dining-out and delivery is operational in 16 cities. (MINT_PRINT)

Zomato rolls out 'Gold' program on delivery

  • Zomato Gold users will be able to use their membership while ordering food delivery
  • Zomato Gold was launched in 2017 as a membership program that would give diners ofders on eating out

Photo: Mint
Photo: iStock (iStock)
Finance minister Nirmala Sitharaman (PTI)
Photo: iStock
The total number of telephone subscribers in India stands at 1186.63 million as of June end.
Revised rates could see firms pass on benefits to consumers. (Mint )
Union Finance Minister Nirmala Sitharaman chaired GST council meeting in Old Goa on Friday. (ANI Photo)
Shaktikanta Das, governor of the Reserve Bank of India (RBI) (Photo: Bloomberg)
Shaktikanta Das, governor of the Reserve Bank of India (RBI) (Photo: Bloomberg)

Shaktikanta Das says more rate cuts hinge on incoming dataprints

  • Since February, the RBI has reduced repo rate by 110 basis points in four successive actions with the last one being an unconventional 35 bps
  • Das also said RBI started noticing signs of slowdown in the economy from February

Lander Vikram, with rover Pragyan housed inside it, lost communication with the ground station on 7 September.  (REUTERS)
Lander Vikram, with rover Pragyan housed inside it, lost communication with the ground station on 7 September. (REUTERS)

As Lunar night falls, hopes of waking up Chandrayaan-2's lander is all but over

  • The lander, designed to execute a soft-landing on the lunar surface, and rover have a mission life of one Lunar day, which is equivalent to 14 earth days
  • Lander Vikram, with rover Pragyan housed inside it, lost communication with the ground station on 7 September during its final descent

A file photo of a Rafale fighter jet. (Reuters)
A file photo of a Rafale fighter jet. (Reuters)

Indian Air Force 'accepts' Rafale, formal hand-over on Dussehra

  • The jet will be formally handed over to Defence Minister Rajnath Singh for induction into the IAF when he visits France
  • The IAF has said that the occasion of Dussehra was chosen for receiving the first Rafale jet because it falls this year on 8 October which is also celebrated as Air Force Day

To provide a fillip to domestic manufacturing, a bigger cut for newly set-up manufacturing companies was also announced, with their tax rate going down to 17.01%. Photo: Pradeep Gaur/Mint
To provide a fillip to domestic manufacturing, a bigger cut for newly set-up manufacturing companies was also announced, with their tax rate going down to 17.01%. Photo: Pradeep Gaur/Mint

Opinion | FM’s move a boost for India’s tax competitiveness

It’s now over to India Inc to utilize the extra cash flow through this tax savings bonanza

Sonam Kapoor in a still from ‘The Zoya Factor’.
On Sunday, Modi will assess the Indian-American and Indian community in Houston at an event christened “Howdy Modi” where the prime minister will share the stage with US president Donald Trump. Photo: AP
On Sunday, Modi will assess the Indian-American and Indian community in Houston at an event christened “Howdy Modi” where the prime minister will share the stage with US president Donald Trump. Photo: AP

Many challenges before international community: PM Modi ahead of US trip

  • India will also host at the UN an event to celebrate the 150th Birth Anniversary of Mahatma Gandhi
  • PM Modi will have a bilateral meeting with US president Trump in New York

As we look at the rates of tax in the Association of Southeast Asian Nations (Asean) or in other emerging economies, this is possibly one of the most competitive tax rates.
Union Finance Minister Nirmala Sitharaman. (ANI)
Traffic offenders request policemen after violating traffic rules. (PTI)
A file photo of Union Finance Minister Nirmala Sitharaman. (ANI)
The Sensex had gained 2,111 points on 18 May 2009, making today’s rally the biggest intra-day gain for the benchmark index (Mint file)
The Sensex zoomed nearly 2,100 points, or about 6%, intra-day (Bloomberg file)
The Sensex zoomed nearly 2,100 points, or about 6%, intra-day (Bloomberg file)

Opinion | Sensex: Up, up and away

  • Investors grew richer by 5 trillion within minutes of finance minister Nirmala Sitharaman announcing cuts in corporate tax

A file photo of WeWork—shared office spaces in Mumbai (Mint file)
A file photo of WeWork—shared office spaces in Mumbai (Mint file)

Opinion | The four inexorable trends shaping the future of work

Recent signs of trouble at WeWork, which has so far been a poster boy of coworking spaces, raise an important question: is the ‘future of work’ dead?

, chairman of Mahindra & Mahindra Ltd
Analysts see volatility continuing for a while but say opportunity in the long term. (Bloomberg)
Finance minister Nirmala Sitharaman (Pradeep Gaur/Mint)