GST tax portal is likely to offer from tomorrow forms to claim the credit on sales made before the rollout of GST which the taxpayers have to file by August 28, a government official said today.As GST return forms did not have a column for claiming transitional input credit, the government yesterday gave some breather to such taxpayers by giving them an extra week until August 28 to file returns.

Infosys board on Friday was all praise for the outgoing CEO for the services rendered. We differ in our assessment.

Though Vishal Sikka delivered better than the industry results, he misled small investors and didn’t measure up to the largest group of shareholders – the erstwhile promoters who collectively still hold 12.75 per cent in the company.

ICICI Bank the country’s largest private sector lender and, one of its public sector peer Union Bank of India reduced their savings bank rates by 50 basis points on Friday, expanding the number of banks that have cut their savings rates in recent times.

State Bank of India (SBI) started the trend on July 31 with a cut of 50 basis points on savings deposits. Bank of Baroda, Punjab National Bank, HDFC Bank, Axis Bank, YES Bank and now Union Bank and ICICI Bank have also cut to match competition. But, the baskets are different for different banks.

In a bid to give advertisers more flexibility and control to buy video ads to meet their target audience, Facebook has introduced an option to deliver ads on in-stream placements in videos on the social networking platform.

The move also gives advertisers an option to specify whether they would like their in-stream ads to appear on Facebook itself or across the range of websites and apps in Facebook's Audience Network ad network product, a Facebook blog post said late on Thursday.

The Indian telecom watchdog on Friday announced stricter rules over call drops and said telecom operators who don't meet the norms can be fined at least Rs 5 lakh.

"Graded financial disincentives in case service providers fail to meet the DCR (drop all rates) benchmarks have been introduced, in which amount payable may depend upon the extent of deviation from the benchmarks," the Telecom Regulatory Authority of India (TRAI) said.

Chennai: Talk of Tata Motors Ltd and what comes to mind is its only cash cow, Jaguar Land Rover Ltd (JLR), the UK subsidiary that rolls out luxury cars for global markets.

Unfortunately and perhaps coincidentally, since JLR’s acquisition, the standalone entity that was the clear supremo in the commercial vehicle (CV) market in India has run into rough weather. The behemoth’s market share has been steadily going downhill across segments from fiscal year 2010 (FY10) to FY17. If in medium and heavy CVs, it fell from 63.3% to 49.2%, in light CVs where it had a clear head start against competitors, the share contracted from 58.5% to 38.1%. Even in passenger vehicles, its share has slipped from 14.6% to 5.7%.

Mumbai: The rupee on Friday was trading little changed against the US dollar tracking the losses in the local equity and Asian currencies markets.

At 2pm, the rupee was trading at 64.15 a dollar, down 0.01% from its Wednesday’s close of 64.14. The rupee opened at 64.17 a dollar. On Thursday, currency markets were closed on account of Parsi New Year.

The Indian economy had stagnated in the last five decades of colonial rule. It is thus no surprise that Vallabhbhai Patel said in a speech a few days before independence that the economic regeneration of India was the main task of the new nationalist government. Most Indian nationalists other than M. K. Gandhi had believed that the best antidote to mass poverty would be rapid industrialization led by the state—Jawaharlal Nehru, Subhas Chandra Bose, B. R. Ambedkar and V. D. Savarkar, for example.

A large near-Earth asteroid will pass safely by our planet on September 1, at a distance of seven million kilometres, or about 18 Earth-Moon distances, according to NASA.

Asteroid Florence is among the largest near-Earth asteroids that are several miles is size. Measurements from NASA’s Spitzer Space Telescope and NEOWISE mission indicate it is about 4.4 kilometres in size.

STOCKHOLM: Swedish auto giant Volvo is betting on economic reforms of the Narendra Modi government, including the recently introduced goods and services tax, for growth in India, adding that there is scope to improve the flexibility of hiring and firing labourers in the country.

“The Narendra Modi government is driving the development agenda. The number of reforms, including GST, will work as an engine in developing a modern India,” Martin Lundstedt, President of the Volvo Group, told ET.

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