Reliance Jio Infocomm (Jio) has launched a low cost GST compliance software package for small traders and retailers to aid them in maintaining records and filing of the Goods and Services Tax (GST) returns. The telecom operator is one of the GST Suvidha providers. GST will come into effect from July 1 and the indirect tax regime will subsume most of the central and state taxes such as excise, service tax and VAT.

MUMBAI: Billionaire Mukesh Ambani has left his salary unchanged at Rs 15 crore for the ninth consecutive year, while remuneration of most other whole-time directors of the company has increased.

Ambani, who is the richest Indian, will still take home a hefty dividend payment for his shareholding in the energy conglomerate.

Bharatiya Janata Party (BJP) has backed Finance Minister Arun Jaitley's assertion that there should be no politics involved in the launch and implementation of the Goods and Services Tax (GST), to be rolled out at midnight on June 30.

The BJP on Wednesday said that the political parties resorting to criticism of the tax regime were hurting not only their interest, but the national sentiment as well, while also adding that the GST was a unanimous choice of the GST council members.

Accompanied by top Congress leaders, former Lok Sabha Speaker and Opposition Presidential candidate Meira Kumar on Wednesday filed her nomination for the upcoming election.

75-year-old Kumar is the joint opposition candidate of 17 non-NDA parties against the ruling dispensation's nominee Ram Nath Kovind.

Relaxing its offer-for-sale (OFS) norms, markets regulator Sebi today allowed companies' promoters to sell shares within two weeks from the OFS transaction to their employees.

Currently, promoters cannot buy or sell the company's shares for 12 weeks after the OFS.

The nation's largest lender State Bank today ruled out the additional provisioning towards the 12 largest NPA accounts which have been referred to insolvency proceedings denting the bottom line very hard as most of the provisioning has already been done.

"The increased provisioning requirements, more or less, in all of these accounts we have pretty large provisions. But yes, we have to make a little more but it should not very badly impact our earnings going forward," chairman Arundhati Bhattacharya told reporters after the AGM here this late evening.

Commercial vehicle major Ashok Leyland chairman Dheeraj G Hinduja said the company will continue to provide thrust to the core business of commercial vehicles and build a portfolio of profitable segments.

Hinduja said the company performance was "remarkable" last year and this was achieved in a year when the overall industry sales volume was static, and demonetisation and implementation of BS-IV emission norms had dampening effects on sales volume growth.

M&M’s tractors may not be as visible as its sports utility vehicles (SUVs) which vroom on Indian roads, but it is the tractor that is driving the auto major’s profitability while being a smaller contributor to revenues. As things stand this year, tractors could further expand its share in both revenue and profitability. This is because tractor sales, driven by prospects of a normal monsoon, have grown at 11 per cent this year against a decline in passenger vehicle sales.

The company’s profit before tax from the farm equipment segment (primarily tractors) rose 31 per cent last year to Rs 2,562 crore while the same from automotive (SUVs & commercial vehicles) declined over 17 per cent to Rs 2,162 crore. Automotive segment’s profit before tax was higher at Rs 2,623 crore in FY16 when farm clocked PBT of Rs 1,956 crore.

Stock markets saw an alarming slump on Tuesday as the equity benchmarks- Sensex and Nifty lost well over 0.50 per cent. The 30-share BSE Sensex closed 179.96 points below (0.58 per cent) at 30,958.25 while the broader 50-share NSE Nifty slipped 63.55 points (0.66 per cent) to end at 9,511.40.

In a turbulent day for the market, Sensex hit the day-low of 30,847.08, almost 300 points below closing mark of the previous session. It slipped below 31,000 for the first time since May 25. Nifty also lost more than 100 points in intra-day trade to touch the low point of 9,473.45, hitting a one-month low.

The deadline for the memorandum of understanding (MoU) for NTPC to take over Rajasthan’s 1,660 MW Chhabra power plant has been extended till September from May. Sources aware of the development said that NTPC and Rajasthan’s state electricity boards have not agreed on the tariff at which the plant would be selling power to the state after the proposed NTPC take-over.

Sources said that NTPC had earlier claimed that power prices would come down by more than 30 paise/unit after NTPC starts operating Chhabra. In order to improve the plant’s functioning, NTPC agreed to renovate and modernise the plant. However, it was found that modernisation of the plant would raise tariffs by about 10 paise/unit, sources said.

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