The GST Council, in its meeting on Saturday, is likely to decide on reducing tax rates on life and health insurance premiums, while hiking it on high-end wrist watches, shoes and apparels, besides considering a separate 35 per cent tax slab for sin goods. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, is likely to discuss rate rejig in about 148 items, besides, it will also deliberate on bringing Aviation Turbine Fuel (ATF), a major component for airline industry's operation cost, in the Goods and Services Tax (GST) fold.
The Life Insurance Corporation of India has the wherewithal to acquire a composite license, a top source aware of the development told Business Standard, adding that the insurance behemoth may look into entering the health and general insurance segments. "LIC has the scale, capacity, IT infrastructure, and the distribution reach to take advantage of the composite license. "LIC is looking at organic as well as inorganic growth opportunities.
The only case where there could be a change in insurance payout is if Air India's management were found to be aware of the accident and the accident was deliberate.
The government will introduce a new Income Tax bill next week to take forward the "trust first, scrutinise later" concept, Finance Minister Nirmala Sitharaman said on Saturday. In another major reform move, the minister announced that the Foreign Direct Investment (FDI) in the insurance sector will be increased to 100 per cent from 74 per cent.
'One has to be very mindful because it will be applicable for big tech platforms and even for banks and insurers, whose business is completely different.'
The debate over working hours flared up after Infosys Co-founder N R Narayana Murthy called for 14-hour workdays.
'I realised why the farmers and the rural folks are going for Trump. They are so insecure and vulnerable that anybody who is throwing a line of hope to them, they seize it.'
'Marathwada is the suicide capital of Maharashtra.' 'To stop such man-made disasters, the government should immediately come up with a rightful package, not this charitable approach to compensation.'
'In case a particular industry has not passed on the benefits and if we receive complaints, we will take up the matter with the industry body concerned.'
Prime Minister Narendra Modi launched a sharp critique of the RJD, emphasizing the hardships faced by women in Bihar under its governance. He highlighted the current government's initiatives for women's empowerment and urged them to prevent the RJD's return to power.
'In no way can an advocate be considered responsible for his or her client's actions.'
'That is going to have an impact on literally every one, whether you buy a toothpaste, a safety pin, a car, shoes or medicines or you go to a diagnostic centre.'
'They are totally disconnected with farm activities which their families have been involved in for years.'
LIC said USTR's views are based on an incomplete understanding of Indian insurance regulation and LIC's functioning.
Any defect identified by the expert would have to be rectified within one month, failing which compensation of 5,000 per day would be payable.
Simplifying GST rates, removing exemptions, easing disputes, and speeding up refunds can boost investment in India and offer the best reply to Trump's tariffs, observes V S Krishnan, former member, Central Board of Indirect Taxes and Customs.
Over 25 crore workers across India are set to strike against new labour codes and privatisation, potentially disrupting banking, postal, and other essential services.
The Supreme Court of India has reprimanded the central government for failing to implement a cashless treatment scheme for road accident victims. The court expressed its concern over the delay in formulating the scheme, which is designed to provide immediate medical care to accident victims within the crucial "golden hour." The court highlighted that despite a statutory provision requiring the scheme's implementation, the government has not taken any action, prompting the court to intervene. The court also criticized the General Insurance Council (GIC) for raising objections to the scheme and delaying its implementation. The court has now directed the government to notify the scheme within a week and has scheduled a hearing on the matter for May 13.
Insurance sector to get lot of foreign investment: Jaitley.
FDI cap may remain intact at 26% as Cabinet takes up legislation this week.
The Union Cabinet on Thursday deferred a decision on the much-awaited insurance law amendment Bill that aims to raise the foreign direct investment cap for insurance companies from 26 per cent to 49 per cent. No decision was taken today as Finance Minister P Chidambaram was not present at the meeting.
The move would help insurance firms to get much needed capital from overseas partners.
More than 25 crore workers engaged in sectors ranging from banking, insurance, postal to coal mining, highway and construction are expected to go on a nationwide general strike on Wednesday, potentially disrupting services across the country. A forum of 10 central trade unions and their associates has called for a general strike or 'Bharat Bandh' to "oppose the anti-worker, anti-farmer and anti-national pro-corporate policies of the government".
'If you want it to grow well and serve the true needs of the economy, it needs a lot of freedom and flexibility, which comes in terms of the reform objective set by the regulator.'
IndusInd International Holdings chairman Ashok Hinduja on Tuesday announced the acquisition of Reliance Capital, completing the three-year-long resolution process of the debt-ridden company. IndusInd International Holdings Ltd (IIHL) has transferred the bid amount to the escrow account of the lender, and the takeover of the management from the Administrator will happen on Wednesday.
Some of the suggested strategies include making thoughtful trade-offs between career choices and family responsibilities to avoid the guilt of not spending adequate time with elders and children at home; resisting the pressure to be a 'superwoman' by trying to manage everything alone; demanding, negotiating, and selecting jobs with flexible working hours; exploring work-from-home options; choosing an appropriate time for a career break; upskilling to re-enter the workforce after a break; and communicating openly with family members -- including spouse and in-laws -- about the support needed to grow professionally and the challenges faced at work, highlights N Ravichandran.
The Insurance penetration in India is very low at 3.9 per cent.
The Enforcement Directorate on Friday withdrew its summons to a senior lawyer for reportedly giving legal advice in a case after the Supreme Court Advocates on Record Association (SCAORA) wrote to the chief justice of India for taking note of the action.
Only a small percentage of passengers who traveled on the trains involved in the June 2, 2023 accident in Odisha had availed of travel accident insurance while booking their tickets online on the IRCTC portal.
The Insurance Regulatory and Development Authority on Monday proposed major amendments in the Insurance Act,
Reliance General Insurance Company (RGIC), a subsidiary of Reliance Capital, finds itself in a bind as the Directorate General of GST Intelligence (DGGI) has issued multiple Show Cause Notices (SCNs) amounting to Rs 922.6 crore. This development comes at a time when Reliance Capital is currently undergoing a debt resolution under the National Company Law Tribunal (NCLT) process in which the Hinduja group has emerged the winner. The Hinduja acquisition is currently awaiting the Supreme Court's approval after the Torrent group, the winner of the first round, challenged the second auction conducted by the lenders of Reliance Capital.
However, under several external factors -- such as technological disruption or advancement, regulatory or policy changes, or economic shocks -- the gig workforce may grow only to 32.5 million by 2047, a report points out.
The US Trade Representative noted that India's average applied tariff rate stood at 17% per cent, the highest of any major world economy.
Selected applicants will receive a monthly stipend of Rs 4,500 from the government and an additional Rs 500 from participating companies as a part of the Prime Minister Internship Scheme (PMIS) 2025.
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
In a letter to Prime Minister Manmohan Singh, Global Federation of Insurance Associations has said the global insurance industry is 'most encouraged' to learn that the government intends to bring up Insurance Laws (Amendment) Bill, 2008, for consideration in the current session of Parliament.
Foreign investment capped at 49 per cent.
The government had first mentioned raising foreign direct investment ceiling in insurance sector to 49 per cent from the current 26 per cent in the 2004 Union Budget and introduced a Bill to do so over a year ago.
'40 percent of voters in Bihar will be excluded.'
Ask rediffGURU and PF and MF expert Janak Patel your mutual fund and personal finance-related questions.
