Finance Minister Arun Jaitley has announced that the government would increase taxes for mid-sized, large, and sports utility vehicles, under the recently unveiled Goods and Services Tax regime. The Cess rates for mid-sized cars would be raised by 2 percentage points. The rate would rise by 5 percentage points for large cars, and 7 percentage points for sport utility vehicles. To the RELIEF OF auto manufacturers, the GST Council has raised the vehicle cess by less than the maximum possible. There has been no increase in the rates for hybrid Vehicles.
India has renegotiated the pricing of liquefied natural gas imported from Australia’s Gorgon project, to make the imported fuel more affordable for the domestic customers. India leveraged its position as one of the biggest energy consumers to strike better bargains for its companies. India’s top gas importer Petronet LNG signed a deal with Exxon Mobil Corp in 2009, to buy 1.5 million tonnes of LNG annually from Gorgon. The deal was agreed at 14.5 percent of the oil price and the shipping freight, but now Gorgon gas prices linked to about 13-13.5 percent of the global oil price on a delivered basis.
The Securities and Exchange Board of India’s mutual fund advisory panel has recommended strict definitions on how mutual funds are categorized. This move will bring down the number of schemes offered by asset managers by half. SEBI aims to ensure that an asset management company has only one product offering in each category. This move will help investors cut through the clutter of 2,000 investment schemes. At present 42 fund houses in India manage Rs20.6 trillion.
The State-owned BSNL is betting on national rollout of 4G VoLTE services, even as it begins preparatory work on 5G to stay future-ready. The company expects to get the government’s approval soon for using airwaves in 700 MHz band for offering 4G and 5G services. The telco had written to the Department of Telecom last year, to allocate airwaves in the 700 MHz band for rolling out 4G services. BSNL would be required to match the highest bidder’s price to acquire the spectrum, though historically it is not required to participate in auction.
As per a new notification by the department of Telecommunication, All the telecom equipment used by operators will have to undergo mandatory testing and get certified by authorised agencies from 1st October 2018. Telecom networks in the country are governed under Indian Telegraph Act and the new rules can be termed as the lndian Telegraph (Amendment) Rules, 2017. The notification also states that the fee charged for testing carried out by the telegraph authority shall not exceed Rs 50 lakh.