The directive was issued by the Finance Ministry over two weeks ago, after which some of the states took the call to amend their respective FRBM laws, a Finance Ministry official said.
Rate hikes for several items including textiles, footwear, fertilisers, mobile phones, tractors and renewable-energy devices have been recommended by a fi-tment committee under the Council. Inverted duty structure denotes prevalence of higher taxes on inputs than on finished items.
Despite the sudden hit due to COVID-19, mall companies believe that bleeding in the short term to contain the outbreak is better than the disease continuing to spread.
Foreign portfolio investment recorded net inflow of $7.8 billion, as against an outflow of $2.1 billion in Q3 of 2018-19 on account of net purchases in both the debt and equity market.
Retail inflation eased to a three-month low of 6.58 per cent in February with the food inflation moderating to 10.81 per cent from 13.63 per cent a month ago, data released by National Statistical Office (NSO) on Thursday showed.
The retail inflation, which is measured through the Consumer Price Index (CPI) rose by 6.58 per cent in February. Separately, the factory output, which is measured in terms of Index of Industrial Production (IIP), expanded by 2.0 per cent in January.
Though revenue shortfall and delayed compensation payments to states are expected to dominate the meeting, apart from correcting the inverted structure, any major rate increase either across tax slabs or for cess is unlikely to be formalised, given the concerns about the overall economic slowdown, officials said
Support to the economy will come from a dip in oil prices, Barclays said in a note, estimating low crude prices to aid growth by as much as 0.50 per cent.
Moody's baseline forecasts assume that the number of cases would keep increasing globally and there would be travel restrictions through the April-June period.
Inflation eased to 6.80 percent, significantly lower than January's 7.59 percent, according to the March 4-6 poll of more than 40 economists.
Since September 20, 2019, when Finance Minister Nirmala Sitharaman announced a cut in corporate tax rates, the reserves have been rising week-on-week — this was the 23rd consecutive week of rise.
In its reply to a query made by The Indian Express under the Right to Information Act, the RBI said as much as 18.03 per cent of the energy sector exposure as of September 2019 is still classified NPA, but it has fallen from 20.3 per cent in September 2018.
The virus, which originated in Wuhan, China, has infected over 1,00,000 individuals worldwide as well as over 30 individuals in India, and caused major disruptions in trade and production.
“We will be able to respond to the challenges emerging out of the coronavirus epidemic,” Das said at an industry event here.
GST officers, who met for the third national conference on Friday, will also frame standard operating procedure (SOP) for physical spot verification of risky taxpayers and for blocking and unblocking of ITC, an official statement said.
Finance Minister Nirmala Sitharaman said bad loans given during the UPA period had led to the present financial condition of the bank.
In a late-night statement on Wednesday, the multilateral body pledged to make the funds available to help poor and middle-income countries where healthcare system remains inadequate to deal with such an epidemic.
Sitharaman also announced that the Cabinet approved a provision that would allow companies to offset any Corporate Social Responsibility (CSR) expenditure exceeding the mandatory 2 per cent of profits against required expenditure in future fiscals.
The Nikkei/IHS Markit Services Purchasing Managers' Index climbed to 57.5 in February from January's 55.5. It was the highest reading since January 2013 and comfortably above the 50-mark separating growth from contraction for a fourth month.
The rupee had fallen to 72.76 against the dollar on Monday. This is the third consecutive session of fall for the domestic unit during which it has depreciated by 160 paise.