Prime Minister Narendra Modi's government has already used up nearly all of its budget for the current fiscal year and tax revenues are expected to fall far short of initial expectations.
Inflation, based on the wholesale price index (WPI), had soared to a four-month high of 3.24 per cent in August 2017. It was 1.36 per cent in September 2016.
From a monthly average of USD 3.8 billion in the first half of the year, the total inflows thinned to USD 0.4 billion in August 2017 and turned to net outflows of USD 1.5 billion in September 2017, it observed.
The initial size of the Fund, set up two years ago, is being expected to close at $2.1 billion, with the government keeping a green shoe option to raise it up to $2.8 billion.
The Council also is learnt to have agreed upon the need to have a proper module and adequate pilot testing in place to ensure that the IT backbone for e-way bill is stable.
Corruption and the reluctance to pay taxes forced the Government to dish out a rigid GST framework. Retailers especially the small and medium business men should be mindful of the fact the Government can provide compliance relaxation only if tax cheating ends.
Suggestions to cut composition rate to be taken up in next GST Council meeting.
Finance Minister Arun Jaitley is on a week-long official visit to the US to attend the annual International Monetary Fund and World Bank meeting.
Describing the two major recent reforms in India -demonetisation and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result.
GCCI president Shailesh Patwari said that in view of the festive season, last date of filing GST return, which is October 20, should be extended till October 31
"First priority is to address the corporate and banking sector weaknesses, by accelerating the resolution of non-performing loans, rebuilding the capital buffers for the public sector banks, and enhancing banks' debt recovery mechanisms," said Kenneth Kang.
"We want a drop in interest rate. This (interest rate) is a huge problem now for us. Real interest rate in India today is touching six percent," FICCI chief Pankaj Patel said, arguing that there should be balance between growth, inflation, and interest rates.
"I am certain that now that the growth is returning back to the world, the future holds an important direction as far as India is concerned," Jaitley said.
Following the finance minister’s statement that the GST Council will take up the issue of bringing real estate sector under the new indirect tax regime in its next meeting, sectoral players say that this would ease burden on consumers
Diwali is an ode to happiness, hope and homecoming, but it’s also a prayer for wealth and well-being. In this special issue, we look at the centrality of finance in our lives. But, first, a brief history of money.
By all indications there is a "more positive mood around the world" as far as economy is concerned, Arun Jaitley said.
The International Monetary Fund (IMF) on Tuesday also cut its growth forecast for the Indian economy by half a percentage point to 6.7 per cent for 2017-18.
The building of infrastructure, high levels of infrastructure spending can be a major drive, which I think is less vulnerable to short-term automation than manufacturing, said Turner.
The finance minister said India had historically been one of the least efficient tax system in the world with an extremely small tax base.
Preliminary data released by the Central Statistics Office on Thursday showed India's consumer price inflation numbers to have remained steady in September while industrial production rose favourably.
Here are the reasons why Finance Minister Arun Jaitley personally believes real estate should be brought under GST
The provisional figures of direct tax up to September 2017 show that net collections stood at Rs 3.86 lakh crore which is 15.8 per cent higher than last year.
Skills Acquisition and Knowledge Awareness for Livelihood Promotion (SANKALP) is a Rs 4,455-crore centrally sponsored scheme, including Rs 3,300 crore loan support from World Bank.
More than 33 crore invoices were filed and processed by GST system..,” the GSTN release said.
International financial institutions like World Bank, IMF and more have attributed India’s economic slowdown, at least partly, due to milestone economic events like demonetisation and rollout of the Goods and Services Tax (GST).
Evidence suggests that post-GST manufacturing and services contracted sharply, it said adding that however, activity is expected to stabilise within a quarter – maintaining the annual GDP growth at 7.0 per cent in 2018.
The rupee looked good, taking support from a higher opening in domestic stocks. The dollar's falling fortune against currencies overseas was also instrumental in the rupee moving to a higher plane.
The banking sector’s total stressed assets are expected to increase to 13-15 per cent of total loans by end March 2018.
The RBI this month raised its inflation target to 4.2-4.6 per cent for the second half of this fiscal from 4-4.5 per cent announced earlier
Arun Jaitley said under the GST the government has unveiled attractive schemes to ensure that the non-compliant in India become compliant.
"In India, growth momentum slowed, reflecting the lingering impact of the authorities’ currency exchange initiative as well as uncertainty related to the midyear introduction of the country-wide Goods and Services Tax," the IMF said.
The country's GDP growth rate was pegged at 5.7 per cent for the quarter ended June 30.
Arun Jaitley was addressing a New York audience at an event organised by US-India Business Council in partnership with the Confederation of India Industries.
The last GST Council meeting saw some far-reaching measures focused largely on SMEs and exporters.
Employment prospects have been the biggest cause of worry for respondents, with sentiment plunging further into the pessimistic zone; the outlook on employment has also weakened in the last two rounds.
Sectors such as IT and pharma are expected to turn in very ordinary numbers; tech firms are fighting for market share amidst a global slowdown while drug firms are grappling with regulatory issues.