These are the top five business stories of the day so far.
These are the top five business stories of the day so far.
1) Krishi Kalyan cess to be applicable from June 1; will have you shell out Rs 5 per every Rs 1,000 spent
The Krishi Kalyan Cess announced by Finance Minister Arun Jaitley in his second budgetary statement, will come into force from June 1 (Wednesday).
While the cess is applicable on every taxable item, at the rate of 0.5%, you will be paying an additional; 50 paise per Rs 100 or Rs 5 per Rs 1,000 spent on any taxable item.
The cess will be levied on al taxable items, which will include your restaurant bills, mobile phone bills, rail and air travel, movies, spa, funds transfer via banks, and so on. Read more here.
2) Planning to buy new Rs 10 lakh-plus car? Do it today or pay more from tomorrow
If you are in the market for buying a car with a price tag of Rs 10 lakh or more, you should make the purchase before the day is over. This is because from June 1 (Wednesday), the luxury tax on luxury vehicles announced in Finance Minister Arun Jaitley's speech will be applicable.
From June 1, a 1% luxury tax will be applicable on the purchase of vehicles priced at Rs 10 lakh or more. Read more here.
3) 'Google tax' to be levied from June 1; here's all you need to know about it
The 'Google Tax' or 'Facebook Tax' which was first announced in the FY17 budget statement by Finance Minister Arun Jaitley will be levied from June 1. Here's all you need to know about it -- what Google Tax is, who will pay it, and its implications. Read more here.
4) One-time black money compliance window opens June 1
The four-month disclosure window giving an opportunity to domestic black money holders to come clean by paying tax and penalty of 45% on such assets will open on June 1. However, people who have made money through corrupt means will not be allowed to take advantage of the disclosure window.
Under the Income Declaration Scheme, persons making disclosure of unaccounted assets will be given time up to November 30 to pay taxes, penalty and surcharge totaling 45% at the fair market value. Read more here.
5) Reliance Industries sells entire 76% stake in African oil retailer Gulf Africa Petroleum
Reliance Industries has sold its stake in African fuel retailer GAPCO to Total SA of France for an undisclosed sum.
Total, which is already a leading retailer of petroleum products in Africa, will acquire Gulf Africa Petroleum Corporation's (GAPCO) assets in Kenya, Uganda and Tanzania, sources said.
RIL had in September 2007 bought a clutch of fuel stations and storage facilities in one of the fastest growing regions in Africa. Read more here.
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