Journalism of Courage
ECONOMY NEWS - Page 212
India’s foreign reserves at record high, accounts Development Bank of Singapore
August 22, 2017 09:05 IST
Since late 2013's taper tantrums, the quantum of jump in India's reserves ($100 billion) is the highest compared to its Asian counterparts, outside of Japan, the bank said.
Lottery traders hold protest in Mumbai against 28 per cent GST
August 21, 2017 21:40 IST
They said online lottery business will be adversely affected by the high tax rate and demanded that the levy on tickets be fixed at 12 per cent. The agitation was held at Azad Maidan where almost one lakh lottery traders gathered under the banner of "Lottery Bachao Mahakruti Samiti".
GST pulls down India Inc net by 15.7 per cent to Rs 87,475 crore in first quarter
August 21, 2017 21:26 IST
Analysis shows that the corporate net profits stood at about Rs 1.04 lakh crore in April-June period of 2016-17. Besides, net sales of companies slowed down to 8.7 per cent in the three months ended June 2017, after registering a growth of 9.5 per cent in the same period year-ago.
Govt gets Rs 42,000 crore tax so far in first filing under GST
August 21, 2017 19:09 IST
The remaining Rs 22,000 crore has come in as Central-GST and State-GST, which would be split equally between the Union and state government. "Tax deposited till this morning was Rs 42,000 crore," the official said.
Finance Ministry asks taxmen to submit note on high-pitched assessments
August 21, 2017 18:59 IST
The move is part of the government attempt to address taxpayer grievances. Last year, the Central Board of Direct Taxes (CBDT) had set up 'local committees' comprising senior officers in each region to dispose such grievance and complaint petitions within a short period of time.
Tepid credit growth: RBI data missing non-bank, debt markets
August 21, 2017 13:53 IST
During the week to August 4, there was an incremental credit degrowth of Rs 1.1 trillion, according to the RBI data. This comes after a record low full year credit growth in FY17 when credit growth slipped to the lowest in the past six decades at 5.1 per cent.
Steps taken to strengthen economic ties with South East Asia: Nirmala Sitharaman
August 20, 2017 17:13 IST
Nirmala Sitharaman said India has been trying to expand trade relations with SE Asian countries in association with the state government. The union minister said efforts are on to establish border haats at the Indo-Myanmar border town of Moreh.
Government extends deadline to file GST returns for July till August 25
August 20, 2017 06:27 IST
“In order not to face any last moment technological difficulty in submission of return, all taxpayers are requested to kindly file their return well before 25th/28th of August 2017 and not wait for the last date,” read an official notification
NPA Resolution: Insolvency to save biz, not to liquidate them, says Arun Jaitley
August 20, 2017 06:04 IST
IBC was needed as Debt Recovery Tribunals failed to perform effectively: FM
Govt extends GST return filing date to August 25
August 19, 2017 22:02 IST
Earlier, the cut-off for filing maiden GST returns for July was scheduled to end tomorrow, which explained the heavy traffic at 'www.gst.gov.in'. But the portal suffered technical glitches as it was unable to take the load.
Form to claim past credit under GST expected from on Saturday
August 18, 2017 17:31 IST
As GST return forms did not have a column for claiming transitional input credit, the government on Thursday gave some breather to such taxpayers by giving them an extra week until August 28 to file returns.
Growth, inflation to trend higher in next 6-12 months: Nomura
August 17, 2017 15:13 IST
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.
Banks cut interest rates on savings bank accounts: All you need to know
August 17, 2017 13:20 IST
"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.
Independence Day speech: PM Modi highlights progress on curbing black money, tax evasion, shell cos
August 16, 2017 01:47 IST
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.
Investments key to ensure growth in the country, says former RBI governor D Subbarao
August 15, 2017 16:45 IST
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.
FPIs show huge interest for corporate bond limits
August 15, 2017 01:32 IST
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.
‘Retail, construction discussed at FDI review meet’
August 15, 2017 01:21 IST
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.
Exports up 3.9 per cent, trade deficit falls to $11.45 billion
August 15, 2017 00:47 IST
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.
Goods and Services Tax: Businesses struggle with multiple tax rates, returnsSubscriber Only
August 15, 2017 00:05 IST
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.
WPI inflation rises sharply to 1.88 per cent in July
August 14, 2017 14:42 IST
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.
Japan economy posts longest expansion in over a decadeSubscriber Only
August 14, 2017 07:59 IST
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
June quarter earnings: Pre-GST destocking & rising costs hit India Inc
August 14, 2017 01:01 IST
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.
Rise in income tax returns: Higher tax compliance might find place in PM Modi’s Independence Day speechSubscriber Only
August 14, 2017 00:33 IST
“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.
18% GST on food takeaway from non-AC area at AC restaurant
August 13, 2017 12:53 IST
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 […]
Narendra Modi may turn populist, shun major reforms till polls: Report
August 13, 2017 16:54 IST
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.
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