News digest: GDP growth, Tata airlines, HPCL stake sale, and more

From top firms getting GST notices to GDP growth in FY19, BS brings you up to date with the latest news

Demonetisation, GST effects: GDP growth seen at 4-year low of 6.5%

Economic growth in 2017-18 is estimated to slow to a four-year low of 6.5 per cent, against 7.1 per cent in 2016-17. This will be the lowest growth rate under the BJP-led National Democratic Alliance, largely because of the adverse impact of the goods and services tax (GST) and the lingering effects of demonetisation. (Full report)

RBI likely to transfer additional funds to govt this fiscal year

The Reserve Bank of India (RBI) is likely to transfer additional funds to the government this fiscal year. The finance ministry has been seeking Rs 430 billion in dividends from the RBI against the Rs 306.5 billion that the central bank has already paid for 2017-18. (More details)

HPCL stake sale to ONGC hits valuation hurdle; deal may complete this FY

The sale of the government's stake in Hindustan Petroleum Corporation (HPCL) to Oil and Natural Gas Corporation (ONGC) is stuck on valuation. According to persons close to the development, the effort was to close the deal before the end of the month but the government was looking at getting a higher value for its 51.1 per cent stake in HPCL. (Read more)

Top firms get GST notices on credit claims; replies sought within hours

Goods and services tax (GST) officers sent notices to hundreds of companies across Gurugram, Mumbai and Bengaluru on Friday, demanding they reply with exhaustive lists of documents within hours. The notices sent to firms including Google India, Honeywell International, DLF City Centre, Panasonic, Hitachi Zochen, Yamaha Music India, Suzuki Motorcycles, leading banks and insurance companies, among others, pertain to transitional credit claimed for pre-GST stocks. (Click here to know more)

Tata airlines Vistara and AirAsia India gear up for international runways

Around two years after the government made it easier for airlines to fly abroad, two Tata group airlines are preparing to start international operations. While Vistara, Tata group’s full-service carrier, will begin international flights in the second half of this year, its low-cost airline AirAsia India is likely to follow by the end of 2018. (Detailed report)