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Friday, May 29, 2020
Calamity cess, coronavirus crisis, coronavirus GST cess, GST tax, Goods and Services Tax, indian express news

GST hike on non-essential items unlikely despite falling revenues

May 30, 2020 1:52:14 am

Sources indicated that as of now there is no proposal to reduce GST rate on essential items, even as it is ultimately GST Council which will take any decision on changing the tax rates and not just the central government.

Fiscal deficit widens to 4.6% of GDP in FY20

May 30, 2020 1:58:33 am

This was the highest level of deficit for the Centre since FY13.

Modi govt second term, first year: Already struggling, Covid adds to govt’s challenges

May 30, 2020 1:40:55 am

The downward spiral has been accentuated by the lockdown that was enforced since late March to tackle the spread of Covid-19 pandemic, with most economists projecting that the Indian economy will record a contraction in GDP this year, while any recovery is expected to be long drawn process.

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GST Council to meet next month; FinMin not for raising rates on non-essential items

May 29, 2020 8:59:14 pm

If goods and services tax (GST) rates are increased on non-essential items, sources said it will further bring down their demand and impede the overall economic recovery.

GDP growth slows to 3.1% in Q4; fiscal deficit widens to 4.59% of GDP in 2019-20

May 29, 2020 8:41:51 pm

Gross Domestic Product (GDP) 4th Quarter Data: The growth in GDP during 2019-20 is estimated at 4.2 per cent, slowing to an 11-year low, as compared to 6.1 per cent in 2018-19.

FDI in India jumps 13% to record $49.98 billion in 2019-20

May 28, 2020 6:12:06 pm

Singapore emerged as the largest source of FDI in India during the last fiscal with USD 14.67 billion investments.

S&P projects Indian economy to contract 5% in FY21

May 28, 2020 11:59:55 am

"We have lowered our growth forecast for fiscal year ending March 2021 to a 5 per cent contraction... We currently assume that the outbreak peaks by the third quarter," S&P said in a statement.

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Krishnamurthy Subramanian: ‘Significant uncertainty about growth … after Spanish flu, recovery was V-shaped’

May 28, 2020 11:50:02 am

Chief Economic Adviser Krishnamurthy Subramanian said it is difficult to make a reliable estimate on growth given the kind of uncertainty resulting from effects of COVID-19 pandemic.

‘Q4FY20 GDP growth likely to be 1.2%, may contract 6.8% in FY21’

May 27, 2020 1:42:57 am

According to the SBI’s research report ‘Ecowrap’, gross domestic product (GDP) growth is likely to be 4.2 per cent for the full year of FY20.

India’s GDP growth seen at 1.2% for Q4 FY20: SBI report

May 26, 2020 4:38:19 pm

According to the SBI's research report - Ecowrap - the gross domestic product (GDP) growth is likely to be 4.2 per cent for FY20 and (-) 6.8 per cent for FY21.

‘I am confident migrant labourers will return but we need to create confidence in their minds’

Nitin Gadkari: I am confident migrant labourers will return but we need to create confidence in their minds

May 24, 2020 9:15:57 am

In an e-Adda hosted by The Indian Express, Nitin Gadkari, Union Minister of Road, Transport & Highways and MSME, spoke on clearance of dues to MSMEs, how to get demand back in the market and restarting industry.

States compete to bring in sweeping changes to labour laws, ‘competition to attract capital’, say analysts

States compete to bring in sweeping changes to labour laws, ‘competition to attract capital’, say analysts

May 24, 2020 8:13:44 am

A blanket suspension of labour laws, as has been in the case of UP, however, may not find favour, with the Centre leaning towards putting caveats in order to protect the rights of bonded labour, children and women.

Future actions to stimulate economy will depend on how COVID crisis pans out: FM

May 23, 2020 7:34:30 pm

The government has already announced a Rs 20.97 lakh crore economic package, which includes Reserve Bank's Rs 8.01 lakh crore worth of liquidity measures till May 17.

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Atmanirbhar Bharat: PSBs asked to implement measures for each sector

May 23, 2020 6:45:19 am

In order to push credit into the economy, the government has also clarified to bankers that no action will be taken against them for commercial decisions gone wrong.

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‘Health may emerge as basic need along with food, shelter in post-Covid world’: Nielsen

May 23, 2020 2:25:31 am

In the survey, most respondents said that they would gravitate towards familiar products in a post-COVID-19 world; about 66 per cent would hold on to money rather than going ahead with their plan to buy new items.

CBDT announces postings of 14 Principal Chief Commissioners of I-T

CBDT: Rs 26,242 crore of I-T refunds released till May 21 this fiscal

May 23, 2020 2:10:01 am

The amount includes corporate tax refunds of Rs 11,610 crore to over one lakh taxpayers and Rs 14,632 crore to 15.8 lakh assessees from other categories, including salaried individuals.

Amid worries over high level of pulses inflation, RBI Guv calls for re-appraisal of import duties

May 23, 2020 2:01:50 am

Food inflation — which had eased in February and March — had “suddenly reversed” and surged 8.6 per cent in April “as supply disruptions took their toll immune to the ongoing demand compression”, said Shaktikant Das.

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Easier fund flows for India Inc: Banks’ group exposure limit hiked to 30% of capital base

May 23, 2020 1:42:32 am

Under the existing guidelines on the Large Exposures Framework, the exposure of a bank to a group of connected counterparties should not be higher than 25 per cent of the lender’s eligible capital base at all times.

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Finance Commission’s fiscal consolidation panel meet: ‘Have to make substantive expenditures to tackle pandemic’

May 22, 2020 6:41:48 am

By hiking the fiscal deficit limits for states, the Centre has enabled them to support their expenditure, even as linking of additional borrowing with reforms will help in medium-term debt management, the Commission’s Chairman N K Singh said.

Foreign investors pull out USD 26 billion from Asian economies; USD 16 billion from India

Foreign investors pull out USD 26 bn from Asian economies; USD 16 bn from India

May 20, 2020 1:11:23 pm

While almost all major economies are shrinking as a result of coronavirus, only three countries China, India, and Indonesia are projected to experience small, but positive rates of economic growth.