According to Nomura, July inflation data confirmed that inflation troughed in June, and going ahead inflation is expected to see an uptrend due to rebound in vegetable prices. Moreover, GST has also resulted in a slightly faster pace of core inflation momentum.
"The decline in the rate of inflation and high real interest rates are the primary considerations warranting a revision in the rate of interest on savings bank deposits," State Bank of India said.
Modi listed the government’s achievements on improving the life of citizens in rural India, increasing tax compliance and curbing black money, simplifying rules for conducting business and eliminating bogus shell companies.
The former RBI governor said that India holds great promise, at a time when advanced economies are struggling with low growth and deflation. However, he added that there is "nothing inevitable" about the country's demographic dividend as unless job creation takes place on a large scale.
The lowest or the cut-off bid that FPIs put in for acquiring limits in corporate bonds stood at 15.25 basis points on Monday’s auction compared to the cut-off bid of 1.20 basis points on G-secs.
While the government remained non-committal on the outcome of the meeting, Jaitley is believed to have discussed a few proposals for further liberalisation in certain sectors including retail and construction.
The growth of imports, despite continued surge in the influx of gold, slowed in July to an annual 15.4 per cent from 19 per cent in the previous month, precipitating a narrower trade deficit of $11.45 billion.
Entities face issues such as difficulty in coding items in HSN codes, need for filing service tax returns for each state of operation and likely challenges in matching of invoices under the new indirect tax regime.
Inflation based on the wholesale price index (WPI) was 0.90 per cent in June 2017 and 0.63 per cent in July 2016. The government data released today showed that prices of food articles went up by 2.15 per cent in July on a yearly basis.
The growth in Japan's GDP -- 4.0 per cent at an annualised rate -- blew past market expectations for a 0.6 per cent rise, and was well up from a 0.4 per cent expansion in the first quarter, according to figures from the Cabinet Office
Pre-GST destocking had an impact on most manufacturers of consumer goods and durables — the contraction in factory output in June reflected this. However, rising raw material costs have also pressured margins with the contraction accentuated by the muted growth in sales.
“A 25.3 per cent increase in ITR filings by individuals is a proof of rise in tax compliance following the steps taken by the tax department after demonetisation. The fact is going to be highlighted by the Prime Minister in his speech,” an official aware of the development said.
A uniform GST rate of 18 per cent will be charged on takeaways as well as food served from a non-AC area of a hotel or restaurant if any of its part has a facility of air conditioning, the government has said. The new Goods and Services Tax (GST) regime, which was rolled out from […]
On the macro front, he is unlikely to attempt any new ambitious legislative reforms until H1 of 2019 and is likely to focus on improving the delivery of government services and ease of business, Barclays India chief economist Siddhartha Sanyal says.
The first Global RE-Invest was held in New Delhi from February 15 to17 in 2015. The Centre had then decided that this would be an annual event. However, due to lack of sponsors, the second edition was postponed indefinitely.
Regarding GST Network (GSTN), he said that it would be further improved. "Registered dealers may be facing some teething problems. But the system is perfect", said Arjun Ram Meghwal.
Forecasting "greater downside risks" to economic growth, the Survey, tabled in Parliament Friday, argues that the "scope for monetary policy easing is considerable" and could go up to 75 basis points.
The committee has recommended that the housing and urban poverty alleviation ministry should strictly instruct states to either amend their rules or re-notify them in line with the letter and spirit of the Act.
The Survey also noted that the growth in digital tech like cloud-based services is happening at a much faster pace and the companies have to learn new technologies and reskill.
The CEA was quoted by news agency PTI as saying: ""Farm loan waiver will be deflationary exerting a drag on growth in short run... We are not changing the growth forecast, but we are saying that because of all these risks it is less likely that we will see outcomes towards the upper end of the forecast."
Economists surveyed by Reuters had forecast 0.6 percent growth in output compared with a revised 2.8 percent year-on-year increase in May.
The Chief Economic Adviser, Dr Arvind Subramanian addressing on Economic Survey 2016-17 also spoke about the newly implemented Goods & Services Tax and said it to be an "astonishing feat of administration, politics and technology."
Economic Survey: CEA Arvind Subramanian said today that the Centre won't relax fiscal borrowing limit of states. To accommodate loan waiver states to cut expenditure/raise taxes, it'll be deflationary.
The report said the Indian economy is far more resilient today, with low inflation, high real interest rates, large forex reserves, stable rupee and robust growth outlook. However, it said the banking sector NPA resolution and fiscal consolidation remain a work-in-progress.
The Economic Survey, which was tabled by the government in Parliament on Friday, raises concerns about farm loan waivers saying that they could reduce aggregate demand by as much as 0.7 per cent of GDP, imparting a significant deflationary shock to the economy.
Chidambaram's remarks came as the amount of dividend revealed by RBI was less than half of the dividend transferred by RBI to the government a year earlier.
The Economic Survey said that the balance of risk to achieving the 6.75-7.5 per cent growth has shifted to the downside.
The Centre’s capital expenditure is expected to rise 25 per cent to Rs 3.9 lakh crore in 2019-20, with defence outlay alone jumping 22 per cent, as per the statement.
One of the focus areas is the meetings, incentives, conventions, exhibitions (MICE) sector, which is fast growing yet nascent in India. The draft Cabinet note proposes to bring Indian players engaged in this industry under a “zero-rate GST” regime if the payments are in foreign exchange, to boost exports.
Goods and Services Tax (GST) was rolled out from July 1 and it is estimated that the new indirect tax regime would add to revenues and boost GDP by about 2 per cent.
Refunds of Rs 61,920 crore were issued during April-July, 5.1 per cent lower than the refunds issued during the corresponding period of last financial year, the statement said.
GSTR 3B requires taxpayers to provide a summary of outward sales, purchases, input tax credit demand and tax liability. The window for filing these returns commenced on August 5 and it will stay open till August 20.
Outward supplies in Form GSTR-1 for the month of July will have to be filed between September 1-5. For August, it is to be filed between September 16-20. Details of inward supplies in Form GSTR-2 for July will have to be filed between September 6-10. For August, the date is September 21-25.
Niti Aayog vice-chairman designate Rajiv Kumar on Tuesday said the structure of the Goods and Services Tax (GST) was not the “first best” but policymaking is the art of choosing the second best.
Rajiv Kumar has held senior positions in the Ministries of Industries and Finance, and is currently serving as founding director of Pahle India Foundation, a non-profit financial, economic and political research think-tank.
The tax department said that the rise in ITR filings also reflects addition of a "substantial" number of new taxpayers. The tax department had extended the date for income tax returns filing till August 5 from the earlier deadline of July 31.