MSMEs to lead current consolidation phase of economy: Arun Jaitley Terming the MSME sector as the backbone of the economy, Finance Minister Arun Jaitley on Saturday said the sector would lead the current consolidation phase of the economy. Read more Finance Bill 2018: End of the road for MAT on foreign companies The government has drawn up plans to bring the curtains down on the minimum alternate tax (MAT) on foreign companies. An amendment proposed by the Finance Bill 2018 seeks to exempt foreign companies that are engaged in shipping, air transport, oil exploration, and turnkey construction projects from the ambit of the MAT. Brought in with retrospective effect from April 1, 2001, this amendment would help abate pending litigation, said tax experts.
Any tax recovered from these companies would, however, have to be refunded. Read more Stocks in US tumble 2%, investors worried as recovery looks shaky Investors have spent much of the last year shrugging off geopolitical and economic risks, from the threat of nuclear conflict with North Korea to a potential trade war with China. Instead, they have focused on the strength of the United States economy, driven by banner corporate profits and President Trump’s push to lower taxes and reduce regulation. Read more E-way bill mess: Goods stop on tracks, transporters wary of field officers The e-way bill of the goods and services tax (GST) might have been put on the backburner after initial hiccups, but transporters in Gujarat are still wary of taking on dispatches. Of the 400 trucks that carry textiles from Surat every day, only 15-20 moved on Saturday. Read more