Business

Panagariyahe expressed hope that GST will be implemented as both parties concerned broadly agree on the comprehensive indirect tax reforms.

In the 2015's Budget, the government had reduced the rate of income tax on royalty and fees for technical services from 25 per cent to 10 per cent.

The NSE Nifty index after cracking 7,500-mark, touched the session's low of 7,487.80.

With the global economy looking shaky due to China's slowdown, traders said the outlook for oil remains for cheap prices for much of 2016.

Volatile currency market sentiment across Asia following a fresh round of China's yuan depreciation further added to gloom.

The reduction would have been more but for government move to mop up gains arising from oil prices slumping to 11-year low by way of an excise duty hike.

Almost all Indian IT companies would pay between USD 8,000 and USD 10,000 per H-1B visa from April 1, when the next annual H-1B visa filing session starts, thus making it quite economically unsustainable for them.

Concerns related to capital outflows in the aftermath of the first interest rate hike in nearly a decade predominantly weighed on the rupee trade.

The domestic currency opened substantially lower at 66.85 per dollar from Monday night closing level of 66.73 at the Interbank Foreign Exchange due to strong dollar demand in the wake of sustained foreign capital outflows.

The rupee had gained 27 paise, or 0.40 per cent, in the previous two days.

The move comes after CBI was snubbed by the Supreme Court for seeking custody of Maran for investigation.

The dollar hit a seven-month peak against a currency basket after minutes of the last Fed policy meeting suggested that a December rate increase was on the cards.

The revised pay scale will be effective from January 1, 2016 and will benefits nearly 40 lakh serving central government employees and more than 55 lakh pensioners.