A look at the headlines in the sector right now:
- GST will not have major impact on inflation, will favour growth, says Moody's: The rating agency said the new law will simplify the tax regime and reduce administration costs, hence boosting the government's revenues.
- RBI launches website to check illegal money pooling by firms: Apart from providing information about whether an entity is registered with any regulator, sachet.rbi.org.in will help people file and track their complaints.
- Cabinet clears 3% minimal spectrum usage rate, paving way for major auction in September: The new fee, recommended by the Telecom Commission, could help fetch the government Rs 5.6 lakh crore.
- GST will be inflationary if standard rate is very high, says Arvind Subramanian: The chief cconomic advisor said in an interview that the GST Council will try to agree on the lowest possible rate that is safeguards the current level of revenues.
- Centre will try to roll out GST on April 1, 2017, says Revenue Secretary Hasmukh Adhia: Finance Minister Arun Jaitley said the prices of some commodities might drop after the new tax regime is put in place.
- Bank of England cuts interest rates for first time since 2009, after Brexit vote: The central bank cut its main lending rate to 0.25% from 0.5% and also launched two bond-purchasing schemes to ensure that banks continue lending.
- Auto stocks rally on passage of GST Bill as Sensex ends 17 points up: Nifty ended 6 points higher at 8,551, where Tata Motors was the biggest gainer trading 3% higher at Rs 369.
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