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ECONOMY NEWS - Page 208
GST compensation math for states: Centre seeks June, July VAT details to finalise revenue gapSubscriber Only
September 16, 2017 03:21 IST
Officials from Centre and states also monitoring high level of GST credit claims
Rs 65,000 crore GST credit: CBEC scans high-value claims
September 15, 2017 22:31 IST
The Central Board of Excise and Customs (CBEC), the body which deals with formulation and implementation of policy concerning the levy and collection of indirect taxes, in a letter dated September 11 has asked tax officials to verify GST transitional credit claims of over Rs 1 crore made by 162 entities.
Digital economy to offer 5-7 million job opportunities: Ravi Shankar Prasad
September 15, 2017 20:33 IST
Reiterating the Centre's commitment towards the country's growth, Ravi Shankar Prasad said it is important to have affordable and inclusive technology to ensure growth and prosperity for the masses.
Govt saved Rs 57,000 crore through DBT scheme, says Ravi Shankar Prasad
September 15, 2017 19:54 IST
Scores of schemes like MGNREGA have been linked to DBT, under which the receivables are transferred directly to the beneficiary's bank accounts, Ravi Shankar Prasad said. "We have saved 57,000 crore, which used to be pocketed by middlemen (earlier)," he said at the Digital Haryana Summit.
Current account deficit sharply increases to 2.4% of GDP in Q1
September 15, 2017 20:17 IST
In April-June quarter, there was an accretion of USD 11.4 billion to the foreign exchange reserves as compared to USD 7 billion in the year-ago quarter and USD 7.3 billion in the fourth quarter of fiscal 2017.
RBI should not allow rupee to appreciate: Shankar Acharya
September 15, 2017 14:23 IST
Former chief economic advisor Shankar Acharya on Friday said that the RBI should not allow the rupee to appreciate further and time was ripe to reverse it.
WPI inflation rises sharply to 3.24 per cent in August
September 14, 2017 13:03 IST
Vegetable prices shot up by 44.91 per cent in August, as against 21.95 per cent in July. Onion prices witnessed a sharp surge at 88.46 per cent in August, as against a contraction of 9.50 per cent in the previous month.
India FY18 GDP growth likely at 7.1 per cent: Nomura
September 13, 2017 13:45 IST
Before the implementation of Goods and Services Tax (GST), destocking was triggered largely owing to a steep fall in demand from consumers as they delayed purchases.
Frequent changes in GST rates to impact investment: Hyundai
September 13, 2017 13:26 IST
The GST Council last week decided to hike cess on mid-size cars by 2 per cent, on large cars by 5 per cent and on SUVs by 7 per cent to bring tax rates on these cars at pre-GST levels.
As India Inc struggles to cut down debt, the economy suffers
September 13, 2017 09:40 IST
Thomson Reuters data, based on the latest annual earnings reports, shows India's corporate debt rose to a seven-year high at the end of March.
Nepal waiting for window to exchange demonetised currency: EnvoySubscriber Only
September 13, 2017 07:44 IST
While the people of lower Nepal, the Terai region that borders India, were able to exchange notes, people in the mountains continue to hold demonetised currency, he said.
Sushil Modi-headed committee to monitor tech issues of GST
September 13, 2017 03:36 IST
Other members include Chhattisgarh’s Minister for Commercial Taxes Amar Agrawal, Karnataka’s agriculture minister Krishna Byre Gowda, Kerala’s finance minister T M Thomas Isaac, Telangana’s finance minister Etela Rajender.
Centre clears Bill to increase tax-free gratuity up to Rs 20 lakh
September 13, 2017 03:21 IST
“The Union Cabinet chaired by Prime Minister Narendra Modi has given its approval to the introduction of the Payment of Gratuity (Amendment) Bill, 2017, in Parliament,” the government statement said.
‘Banks will need $65 billion capital by March 2019’
September 13, 2017 03:04 IST
“Weak capital positions have a major negative influence on Indian banks’ viability ratings, which will come under more pressure if the problem is not addressed,” it has warned.
Manufacturing Drags, food inflation up: IIP slips; Retail inflation hits five-month high
September 13, 2017 02:51 IST
Consumer price index-based inflation jumps to 3.36% in August; Industrial production growth slips to 1.2% in July.
Sushil Modi headed GoM formed to monitor tech-related implementation issues of GST
September 12, 2017 21:24 IST
The government has also constituted a committee on exports convened by Revenue Secretary Hasmukh Adhia to look into issues of export sector and to recommend to the GST Council suitable strategy for helping the export sector in the post-GST scenario.
Retail inflation rises to 3.36%, industrial production growth slips to 1.2%
September 12, 2017 18:47 IST
India's retail inflation in August jumped to a five-month high of 3.36 percent from a year ago, driven by higher food prices, government data showed on Tuesday.
April-August data: Direct tax revenue grows 17.5 per cent to Rs 2.24 lakh crore
September 12, 2017 02:06 IST
In April-July, net corporate tax collections, after adjusting for refunds, had grown 23.2 per cent year-on-year, while gross corporate tax collections had increased by 7.2 per cent from the same period last year.
RBI study: ‘Seven states account for 62% of new projects in last 5 years’
September 12, 2017 02:02 IST
The RBI study says power sector projects occupied a major share in all these states with the exception of Maharashtra and Tamil Nadu where the construction industry had a majority of projects with 54.3 per cent and 67 per cent, respectively.
‘Govt must step in to check pulse price volatility’
September 12, 2017 01:54 IST
According to a Crisil study, inflation in pulses, as measured by the Wholesale Price Index (WPI), shot up every 2-3 years in a cyclical pattern.
‘RBI Governor must resign over troubles due to note ban’Subscriber Only
September 12, 2017 01:20 IST
On the latest justifications being given by the RBI, Franco asked “what was that economics he (Governor Patel) learnt to roll out a financial policy like Demonetisation troubling the entire population?”
Volumes of most retail digital payments modes rise in July
September 12, 2017 01:16 IST
The Unified Payments Interface (UPI) grew the fastest on a month-on-month basis in July in terms of volume of transactions. While the volume rose 12.7 per cent over June to 11.44 million, the value of transactions on the channel grew 10.2 per cent to Rs 3,381 crore in July.
Reduction in GST on supply of scrips to boost exports: FIEO
September 11, 2017 10:38 IST
"Reduction of the GST rate on supply of scrips like merchandise exports from India scheme, SEIS, duty free import authorisation (DFIA) from 12 per cent to 5 per cent follows the fitment formula adopted by the Council."
GST: Rise in cess for mid-segment, large cars effective from today
September 11, 2017 09:07 IST
Daily use items like idli/dosa batter, raincoat, brooms, corduroy fabric, computer monitors up to 20 inches, cotton quilts, rubber bands and kitchen gas lighters are expected to cost less now under the GST regime after the lowering of rates by the GST Council.
GST cess hike in cars to take effect from Monday
September 10, 2017 19:01 IST
The cess on large cars has been hiked by 5 per cent, taking the total GST incidence to 48 per cent while that of SUVs by 7 per cent to 50 per cent
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