Monday 9th August, 2021 by Ankit
The way South Indian delicacies Idli or Dosa are prepared could impact their tax rates. Dosa mix sold by companies is neither dosa nor batter and should be taxed at 18% under the Goods and Services Tax the Tamil Nadu Authority for Advance Ruling has held. According to the ruling, dosa mix and idli mix sold by companies are packaged products and should be taxed as one.
Saturday 17th July, 2021 by Ankit
Veteran banker K. V. Kamath on Friday said it is ‘time to be brave’ for the government, and it should stretch the fiscal deficit target set in the Budget, if need be, to push growth. He said benign interest rates of less than 8% and abundant liquidity were also necessary to seize what he called as a 25-year growth runway opportunity awaiting the country.
Thursday 8th July, 2021 by Ankit
India’s retail inflation probably hit a seven-month high in June on rising food and fuel prices, which remained above the Reserve Bank of India’s comfort zone for the second month in a row, a Reuters poll showed. While several states in India have eased restrictions imposed to contain the coronavirus, supply-side bottlenecks remain and high taxes on petroleum products continue to put upward pressure on inflation.
Tuesday 6th July, 2021 by Ankit
As the restrictions on mobility eased, the unemployment rate came further down to 7.3% for the week ended July 4 from 8.72% in the previous week and 9.35% for the week ended June 20, according to the Centre for Monitoring Indian Economy (CMIE). The unemployment rate was 7.4% for the week ended April 25 and 8.16% on April 4. In recent times, the rate of joblessness reached its peak at 14.73% on May 23.
Thursday 1st July, 2021 by Ankit
The first month of the June-September monsoon season has recorded rains 10% above normal with each of the four regions East and North-East, North-West, Central and South Peninsular reporting surplus precipitation. However, the surplus rains could not help sowing activities as monsoon has been stalled since June 19 and is unlikely to revive before July 7, as per latest forecast.
Wednesday 30th June, 2021 by Ankit
The Union Cabinet on Wednesday approved the Rs 6.29-lakh crore relief package announced by Finance Minister Nirmala Sitharaman to support the pandemic-hit economy. As part of the package to support the COVID-19 pandemic-hit economy, Sitharaman had on Monday announced Rs 1.5 lakh crore of additional credit for small and medium businesses, more funds for the healthcare sector, loans to tourism agencies and guides, and waiver of visa fee for foreign tourists.
Monday 28th June, 2021 by Suraj Somkuwar
On Sunday, the speaker of Iran’s parliament said Tehran will never hand over images from inside of some Iranian nuclear sites to U.N. nuclear watchdog as a monitoring agreement with agency had expired, Iranian state media reported. State-run Tehran Times newspaper’s website reported that a spokesman for parliament’s National Security & Foreign Affairs Committee warned that “Iran will also turn off the IAEA cameras if the United States fails to remove all sanctions”.
Sunday 27th June, 2021 by Ankit
India’s coal import rose 30.3 per cent to 22.27 million tonnes in April amid supply concerns and demand for pre-monsoon restocking of dry fuel. The country had imported 17.09 million tonnes of coal in April last year, according to a provisional compilation by mjunction services, based on monitoring of vessels’ positions and data received from shipping companies.
Sunday 27th June, 2021 by Suraj Somkuwar
On Friday, White House press secretary Jen Psaki said India is an “incredibly important” partner to the US in the region and globally underlining that US is working with the country on wide-ranging issues like economic, strategic and security. Psaki also said US took a range of steps to help India to deal with the Covid-19 pandemic. In May, President Joe Biden announced $100 million worth of Covid-19 assistance to India.
Saturday 26th June, 2021 by Ankit
China replaced the UAE as the second largest export destination for India in fiscal 2021, with outbound shipments to the neighbouring country rising 27.53% to $21.18 billion in the pandemic year. The US remained the country’s top export partner, according to government data, but shipments declined 2.78% to $51.63 billion in a year when India’s merchandise trade both exports and imports fell amid global lockdowns and disruption to logistics due to the pandemic.
Thursday 24th June, 2021 by Suraj Somkuwar
On Wednesday, a U.S. State Department spokesperson told Forbes that U.S. negotiators have not agreed to lift sanctions on Iran contradicting an Iranian official’s claim that the U.S. had agreed to lift sanctions on insurance, oil and shipping industries imposed by President Trump. Claims that more than 1,000 sanctions would be removed were made to state-run media Wednesday by Mahmoud Vaezi, chief of staff to President Hassan Rouhani, according to Reuters.
Thursday 24th June, 2021 by Suraj Somkuwar
On Wednesday, Iran said the United States had agreed to remove all sanctions on Iran’s oil and shipping, although Germany cautioned that major issues remained at talks between Tehran and world powers to revive a 2015 nuclear deal. Iran and world powers have been making progress in talks to revive their 2015 nuclear accord but still have to overcome major hurdles, German Foreign Minister Heiko Maas said on Wednesday.
Wednesday 23rd June, 2021 by Ankit
By undertaking specified reforms stipulated by the Centre, 23 states could borrow an additional Rs 1.06 lakh crore in FY21, Prime Minister Narendra Modi revealed in a blog posted on LinkedIn on Tuesday, PM flagged this as proof that there were many takers among states of sound economic policies. The aggregate borrowing permission granted to states for 2020-21 was 4.5% of the initially estimated GSDP. 23 states could borrow an additional Rs 1.06 lakh crore in FY21.
Sunday 20th June, 2021 by Ankit
Chief Economic Adviser (CEA) KV Subramaniam says the government is ready to take more measures to boost the economy hit by the second wave of the coronavirus pandemic. However, he said the demand for a new stimulus package should be considered against the backdrop of several initiatives taken by Finance Minister Nirmala Sitharaman in the 2021-22 Budget presented in February.
Saturday 19th June, 2021 by Ankit
The finance ministry said on Saturday that deposits of Indian customers in Swiss banks have fallen since 2019, but added that it is concerned with facts related to Swiss authorities as well as changes in funds deposited by individuals and entities in 2020. Seeking details about their views on possible causes. In a statement, the ministry said deposits have been halved but did not provide figures.
Friday 18th June, 2021 by Ankit
State Bank of India has warned its customers against KYC (Know Your Customer) frauds. It said the threat is very real and has spread across the country. It also suggested ways to keep your account safe from such frauds. SBI twitted “KYC fraud is real, and it has proliferated across the country. The fraudster sends a text message pretending to be a bank/company representative to get your personal details.”
Thursday 17th June, 2021 by Ankit
The consumer sentiment index has started improving since mid-May after rural India saw a higher decline than urban India, said the Center for Monitoring of the Indian Economy. However recovery has a long way to go before reaching its pre-second wave level seen in February or March 2021 and much more to reach the pre-first wave level, CMIE said in its weekly labor market analysis.
Tuesday 15th June, 2021 by Ankit
GST Council, which used to adopt the route of consensual decision-making, appears to be a divided house now. Exposing the schism in the Centre-state body, two state finance ministers West Bengal’s Amit Mitra and Punjab’s Manpreet Singh Badal have made statements sharply criticising the council’s way of functioning. The Coucil, which met last Saturday, announced temporary tax cuts for a clutch of Covid-19 items but retained the rate for vaccines at 5%.
Monday 14th June, 2021 by Ankit
As India and the European Union (EU) prepare to resume formal negotiations for a proposed free trade agreement (FTA) after a gap of eight years, both the parties could focus on “low-hanging fruit” first, before switching to contentious matters that had hampered talks earlier, a source told FE. Government officials are also studying the EU’s recent investment agreement with China and its FTA with Vietnam for meaningful negotiations.
Friday 11th June, 2021 by Ankit
The Centre had recently given the go-ahead to 23 states to borrow more than 1 lakh crore above their limit for showing progress in implementing four key reforms, including seeding of ration cards with Aadhaar and direct benefit transfer to farmers in states where they received free electricity. West Bengal refused to comply, said sources, adding that Maharashtra too didn’t raise a request to increase the borrowing limits.
Wednesday 9th June, 2021 by Ankit
A rally in both cooking oil prices, including soybeans and cotton, to a 11-year high has worried cotton traders that acreage for cotton could fall as farmers choose the smaller crop cycles of oilseeds and pulses. However, production cost of soyabean is less as farmers use their own seeds. Given the situation, the cotton industry is busy poaching farmers from other competing commodities as sowing advances with the progress of monsoon.
Tuesday 8th June, 2021 by Ankit
The income tax department on Monday launched a new portal e-filing 2.0, which will make online filing of returns and tax payment easier. The new portal www.incometax.gov.in replaces the ‘http://incometaxindiaefiling.gov.in’ site, and can be accessed by taxpayers in various regional languages. The income tax department also asked taxpayers to re-register their DSC (Digital Signature Certificate), update personal mobile number and email ID under ‘primary contact’.
Saturday 5th June, 2021 by Ankit
The gross Goods and Services Tax (GST) revenue collected in May was at Rs 102,709 crore, the government said on Saturday. Of this, central GST was Rs 17,592 crore, state GST Rs 22,653 crore, integrated GST Rs 53,199 crore and cess Rs 9,265 crore. This is the eighth month in a row that GST revenues have crossed Rs 1 lakh crore mark despite most states been under strict lockdown due to the pandemic.
Friday 4th June, 2021 by Ankit
India’s services activity contracted for the first time in eight months in May amid localised lockdowns to curb the second wave of Covid-19, with positive sentiment slipping to a nine-month low and jobs being shed to the greatest extent since last October, a private survey showed Thursday. The IHS Markit India Services Business Activity index fell to 46.4 in May from 54 in April. A reading above 50 indicates expansion, while a sub-50 one signals contraction.
Monday 31st May, 2021 by Ankit
In the second quarter of fiscal year 2011, when the country was coming out of the first wave of COVID-19 epidemic, it was 2–3–4 India level, which was among the first to return. Due to the low incidence of epidemics in these markets, there was a stir in the job market as well. But with the epidemic spreading to small towns in India in the second wave, the recruitment trend in these markets has been disappointing.
Monday 31st May, 2021 by Ankit
India’s federal fiscal deficit for 2020/21 that ended on March 31 stood at Rs 18.21 lakh crore ($251 billion), or 9.3% of country’s gross domestic product (GDP), government data showed on Monday. On Feb. 1, the government revised its fiscal deficit target for 2020/21 to 9.5% of GDP, instead of its original target of 3.5% of GDP as the coronavirus pandemic led to lower tax collection and higher spending.
Wednesday 19th May, 2021 by Ankit
Notwithstanding the disruption to businesses caused by the second wave of COVID-19, the government is aiming to conclude privatisation of PSUs like Air India, BPCL and Shipping Corporation – where the divestment process has already started – this fiscal, sources said on Wednesday. But the process is likely to get back on track from September, the sources with the direct knowledge of the government’s privatisation plans said.
Monday 17th May, 2021 by Ankit
Bharti Airtel on Monday reported narrowing of its consolidated net loss to Rs 15,084 crore during financial year 2020-21 from Rs 32,183 crore in FY20. The company’s revenue rose 18.8 per cent year-on-year (YoY) to Rs 1,00,616 crore during the year, while earnings before interest, tax, depreciation and amortisation (EBITDA) was at Rs 46,139 crore. EBITDA margin expanded 479 basis points YoY to 45.9 per cent.
Monday 17th May, 2021 by Ankit
Marine exports from India, mainly from the west coast of the country, have taken a hit as Chinese buyers fear the presence of Covid-19 in the packing material. “New unfair and unreasonable parameters of white spot disease syndrome, and presence of Covid in the packing material, have become serious impediments to smooth conduct of business,” said Rajarshi Banerjee, president of the Seafood Exporters Association of India, West Bengal region.
Tuesday 11th May, 2021 by Ankit
According to rating company Crisil, the Indian economy’s growth has “bowed strongly” in the range of 9.8-8.2% in the current fiscal year from the current estimate of 11% due to the second wave of Covid-19. Weak growth is expected in the first half of FY 2012 as the resurgence in infections softens favorable base effects, the second half will be supported by better vaccination coverage and stronger global growth, the company said in a report on Monday.
Monday 10th May, 2021 by Ankit
Chandra Shekhar Ghosh, MD and CEO of Bandhan Bank, expects the economy to reverse in the third and fourth quarter of the current financial year, enabling lenders to meet their targets. The second wave of Covid’s pain is expected to subside in the next two-three months, and this time people are better than the first wave, which surprised everyone.
Sunday 9th May, 2021 by Ankit
Commerce and Industry Minister Piyush Goyal said on Saturday that India and the European Union (EU) together will begin negotiations for separate bilateral trade and investment agreements under a comprehensive free trade agreement as investment is an area of interest of the European Union While India is eager to get more Market access to its goods and services. Goyal said these would be separate agreements and would be negotiated on a parallel track. ‘
Monday 3rd May, 2021 by Ankit
The government has appointed RBI executive director T Rabi Shankar as the fourth deputy governor of the central bank. Shankar filled the vacancy created on April 2, after completing a one-year extension of BP Kanungo’s retirement. The Appointments Committee of the Cabinet on Saturday approved his appointment for a three-year term or as long as he can.
Monday 3rd May, 2021 by Ankit
A monthly survey on Monday said that India’s manufacturing sector activity was largely flat in April, as growth in new orders and production reached an eight-month low, the COVID-19 crisis is between intensity. The adjusted IHS Market India Manufacturing Purchasing Managers’ Index (PMI) was at 55.5 in April, slightly changing from the March reading of 55.4. In PMI parlance, a print above 50 means expansion, while a score below 50 indicates contraction.
Saturday 1st May, 2021 by Ankit
The demand for jobs in April under the Mahatma Gandhi National Rural Employment Scheme (MGNREGS), domestically as well as at the individual level, is higher than any previous April after 2013-14. In April 2019, 2 crore families and 3 crore people wanted to work under the Rural Employment Guarantee Scheme.
Friday 30th April, 2021 by Ankit
An industry association and a group of businessmen have dragged the government and tax departments to court for not postponing various compliance deadlines despite the chaos caused by the severe second wave of the Covid-19 pandemic. A writ petition filed in the Gujarat High Court by the Association of Industries and Institutions, said that the country is in a “state of emergency” in view of the “extreme prevalence of coronovirus”.
Thursday 29th April, 2021 by Ankit
The RBI said on Wednesday that the Committee on Asset Reconstruction Companies (ARCs) has invited views and suggestions from market participants and other stakeholders. This comes after it was revealed by RBI that the current ARC industry has recorded a spectacular performance so far. The central bank on 7 April announced the formation of a committee headed by former ED (RBI), Sudarshan Sen, to review ARC’s work in the financial sector ecosystem.
Wednesday 28th April, 2021 by Ankit
IIFL AMC has participated in Amar Merani as head of the firm’s real estate strategy to lead the team in managing investments and building the company’s customer base. Merani has more than 25 years of total experience and was involved in leading companies to fundraise, exit and execute high-yield structured loan transactions. Prior to joining IIFL AMC, he was the MD and CEO of Xander Finance.
Sunday 25th April, 2021 by Ankit
In several states experiencing medical oxygen shortages caused by an increase in coronovirus disease cases across the country, the PMO allocated funds from PM CARES to establish a 551 dedicated pressure swing. Approved adsorption medical oxygen production plant inside public health facilities in the country. The PMO also directed that these plants be commissioned at the earliest as they would give a major boost to the availability of oxygen at the district level.
Monday 19th April, 2021 by Ankit
Finance Minister Nirmala Sitharaman said on Monday that she has taken inputs from various industry circles on India Inc’s concerns regarding the management of the COVID epidemic and the Center will continue to work with state governments to save lives and livelihoods. It should be noted that the outbreak of the COVID-19 pandemic resulted in an increase of 23.9 percent in the first quarter (April – June) of the last financial year.