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File your property tax till July 15 The North Delhi Municipal Corporation has extended the last date for payment of property tax and availing the rebate of 15% from June 30 to July 15. North Corporation mayor Aadesh Gupta said this date has been extended to facilitate maximum property tax payers to pay their due property tax on time and avail the rebate of 15%. “We expect to collect double the revenue by extending the date for submitting the house tax for current financial year,” said Tilak Raj Kataria, leader of house. The Hindustan Times, 30th June 2018, New Delhi

Getting PAN is faster now with e-facility One can easily get PAN on real time basis now. The government on Friday launched the allotment of e-PAN. The facility will be available free of cost. This facility, open for a limited period of time, is available only for resident individuals holding a valid Aadhar. No physical document is required to be submitted and you simply need to fill your Aadhar and upload the signature, said a note from the income tax department. The Business Standard, 30th June 2018, New Delhi

India's external debt went up 12.4% to Dollar 529.7 billion in March The external debt level, however, suffered from valuation loss after the US dollar depreciated against major currencies that time India's external debt increased 12.4 per cent in March 2018 from a year-ago figures, primarily on account of an increase in commercial borrowings, short-term debt, and deposits from non-resident Indians (NRIs).  At the end of March 2018, India's external debt was at  Dollar  529.7 billion, recording an increase of  Dollar  58.4 billion over its level at the end of March 2017, the RBI said in a notification. The external debt level, however, suffered from valuation loss after the US dollar depreciated against major currencies that time. The dollar has started strengthening now. Excluding the valuation effect, the increase in external debt would have been  Dollar  53.1 billion. The external debt to GDP ratio stood at 20.5 per cent at the end of March this year, higher than

Fiscal deficit hits 55% of full-year target on the back of higher capex The fiscal deficit target for 2018-19 is Rs 6.24 trillion, or 3.3 per cent of the gross domestic product (GDP) The Centre’s fiscal deficit for the first two months of fiscal year 2018-19 stood at Rs 3.45 trillion, or 55 per cent of the full year target, on the back  of higher capital expenditure.  However, the pace of spending in relative terms was slower than the same period last fiscal. Fiscal deficit for April-May 2017 touched 68.3 per cent of the full year target.  The fiscal deficit target for 2018-19 is Rs 6.24 trillion, or 3.3 per cent of the gross domestic product (GDP).  “Fiscal deficit for April-May 2018 recorded a welcome year-on-year decline on the back of robust growth in indirect tax and non tax revenues as well as near  stagnant revenue spending, allowing for a healthy rise in capital expenditure in the early part of the year,” said Aditi Nayar, principal economist at ICRA. Net tax revenues

GSTN portal to be shut on July 1 for disaster recovery drill In a mail to taxpayers, the authorities have said it is planning a disaster recovery drill and so services will not be available for 12 hours, between 9am  and 9pm, on July 1 On a day when the goods and services tax regime would mark the first anniversary of its roll-out, the tax-filing portal — GST Network (GSTN) — will stay  paralysed. On Sunday, the GSTN would conduct a 'disaster recovery drill' to create a backup system in Bangalore in order to cope with disasters such as a  terror attack, power grid failure or an earthquake.  "We are creating a backup so that the system remains safe, functioning, and available in case of any disruption or disaster. The objective is that normal  course of business should not get disrupted," Prakash Kumar, Chief Executive Officer, GSTN told Business Standard. In a mail to taxpayers, the authorities have said it is planning a disaster recovery drill and so services

Hopeful of sorting trade issues, India may scrap additional duties on 29 US goods India could withdraw the notification to levy additional duties on 29 US products from August 4, if both sides are able to resolve differences over tariffs before that date, official sources said, after three rounds of talks with representatives of the US administration in New Delhi. The two sides will also come up with a white paper at a meeting next month in Washington on issues that can be resolved over six months to 3-4 years. “We are hopeful of resolving trade issues before August 4,” said an official, adding that any country that notifies the World Trade Organization about tariffs has the right to withdraw or defer it. From the US side, assistant US Trade Representative (USTR) for South and Central Asian Affairs Mark Linscott, assistant USTR for agricultural affairs and commodity policy Sharon Bomer Lauritsen, deputy USTR Brendan Lynch and officials from the high commission attended the meetin

RBI to the Rescue Again, Offloads Greenbacks Sells Dollar 400-500 m in onemonth futures contracts and an almost equal amount in the spot market Two weeks after South Block had decided to swap high-denomination bills in the autumn of 2016, the rupee came within touching distance of the 69 mark to the dollar. On Thursday, it breached that level, reportedly requiring the central bank to enhance supplies of the world’s reserve currency to prevent the local unit’s rout. During the day, the rupee hit a record low of 69.09, sliding past its earlier trough of 68.86, reported on November 24, 2016. In early trading Thursday, the Reserve Bank of India (RBI) is said to have sold  Dollar  400-500 million in one-month futures contracts. Later, Mint Street sold an almost equal amount in the spot market, some dealers said.  The RBI could not be contacted immediately for comments.  Such moves collectively helped the local unit erase some of its early losses. The rupee closed at 68.79 on Thursda