With GSTR-2 & -3 suspension deadline closing, Council aims to bring one form.
The overall employment in the eight sectors had seen an addition of 77,000 workers in April-June 2016 and an increase of 1.85 lakh workers in January-March 2017.
Committee on GST returns simplification to submit report by end of the month
As per Economic Survey for 2017-18, a total of 1.45 lakh appeals were pending with the Commissioner (Appeals), Customs, Excise and Service Tax Appellate Tribunal (CESTAT), High Courts and the Supreme Court together, that were valued by the Department at Rs 2.62 lakh crore As of the quarter ending March 2017.
The rupee took a further knock against the pound sterling and finished at 90.34 per pound from 89.79. It also dropped sharply against the Japanese yen to close at 60.50 per 100 yens from 59.95.
The IMF noted that India is returning to the path of gradual fiscal consolidation. Last month, the IMF in its World Economic Outlook update released in Davos, Switzerland, projected a 7.4 per cent GDP growth for India in 2018 and 7.8 per cent in 2019.
Inflation rate for ‘food and beverages’ moderated to 4.58 per cent in January from 4.85 per cent in the previous month, while that for 'pan, tobacco and intoxicants' eased to 7.58 per cent in January.
"From the GDP growth of 5.3 or 6.3 per cent in the last two years of the UPA government, I think that the GDP that BJP-led NDA government has given to this nation is certainly a matter of great satisfaction for us," Goyal asserted.
The finance minister also expressed his optimism on credit growth in the economy and said that there are indications to show that it is picking up and “it seems to be a good sign.”
Addressing a press conference after meeting RBI's board in a customary post-Budget exercise, Jaitley also said that the last decision of the Monetary Policy Committee, chaired by RBI Governor Urjit Patel that decided to keep rates unchanged, was a "balanced decision".
Finance Minister Arun Jaitley on Monday had spoken about the rise in corporate tax collections due to GST rollout. The growth rate for personal income tax was slower this year, recording 18.6 per cent growth during April-January this year.
As highlighted in earlier Budgets, robust infrastructure development has the potential of boosting the overall economy
PM Modi, who wants to cut India’s oil imports by 10 per cent by 2022, is steering efforts to buy foreign energy assets, taking advantage of low oil prices. Indian firms have been told to acquire such assets to improve energy security.
On Thursday, while the domestic institutional investors pumped in a net of Rs 2,373 crore, the foreign portfolio investors sold Indian equities worth Rs 2,297 crore.
Defending the Budget, Jaitley said every year he has kept the middle class in mind. This year too, we gave relief worth Rs 8,000 crore for the salaried class and Rs 4,000 crore for senior citizens and pensioners, he said.
Reducing the corporate tax rate for companies with turnover of up to Rs 250 crore should be seen a progression towards the next step: Ashu Suyash.
National Informatics Centre is conducting the entire load-testing exercise again. Will send final report to GST Council on timeline on updated software within next one week.
The changes sought include the number of the labour representatives to be appointed in the Port Authority Board among the serving employees of the Port has been increased from one to two, among others.
In a release on Wednesday, the government said the 60 fields being added have a total of 194.65 mt of oil and oil equivalent in place and will create 88,000 jobs.
Under the revised framework, the resolution plan should be submitted to the adjudicating authority “at least 15 days before the expiry of the maximum period permitted for the completion of the corporate insolvency resolution process”.
The Reserve Bank of India (RBI) on Wednesday projected a higher inflation of 5.1-5.6 per cent in the first half of fiscal 2019 before moderating to 4.5-4.6 per cent in the second half with upside risks.
The base rate will be linked with the Marginal Cost of Funds based Lending Rates (MCLR) from April 1 to ensure expeditious transmission of the RBI’s policy rate to borrowers.
The RBI move follows Finance Minister Arun Jaitley’s Budget announcement of a series of measures for MSMEs including lowering the corporate tax rate to 25 per cent for businesses with a turnover of up to Rs 250 crore.
Unveiling the bi-monthly monetary policy statement in Mumbai, RBI Governor Urjit Patel said “significant and postponed deviations” from fiscal targets would make matters “more challenging” going forward.
Saddled with surplus stocks in 2017-18, Pakistan recently hiked the quantity of sugar eligible for an export subsidy to 2 million tonnes from 0.5 million tonnes earlier.
Finance Minister Arun Jaitley in Budget announced a hike in customs duty on a wide range of items including mobile phones, fruit juices, perfumes, video games, smart watches and lamps.
CBDT said that in all the cases that are pending with the Commissioner (Appeals), necessary administrative steps should be taken for expeditious disposal of appeals, “preferably by March 31, 2018”.
Finance secretary Hasmukh Adhia said if the annual turnover of a company is Rs 5 lakh, why would it register under GST. He said the government was not aware about the low sales figures reported by composition scheme dealers.
Power generation, of late has witnessed a marginal decline due to factors like tepid demand in the wake of a delayed industrial recovery and subdued bookings on account of domestic load
The increase in defence pensions is attributed to the one rank one pension scheme, which is the pension scheme for ex-servicemen announced by the government in 2015.
Aadhia said that about 50 per cent of the 6-7 lakh firms filing returns show zero or negative income and hence, do not pay any tax.
The pick and choose system in public procurement, Union Finance Minister Arun Jaitley warned, leads to unfairness and serious allegations of corruption and nepotism.
Kenichi Yokoyama said Assam was at a very advantageous position being geographically located at the centre of the regional cooperation framework in Asia.
The Goods and Services Tax (GST) Council is deliberating on the issue of simplification of return filing process so as to ease the compliance burden. Very soon, there would be a simple and easy return filing process in place.
Results declared by major companies, so far, show some signs of a moderate economic recovery. Some improvement is also because of the base effect as the same period last year witnessed demonetisation.
Yokoyama said Assam was at a very advantageous position being geographically located at the centre of the regional cooperation framework in Asia.