The deficit figures in the current financial year till November appear much better than the previous financial year when it had soared to 135.1% of the estimates mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.
When compared with pre-Covid (February 2020) levels, the output of coal, cement and electricity in November were lower.
The Council, which is the apex decision-making body for the indirect tax, also extended the tenure of the panel by two months.
Crypto and blockchain startups in the country have seen unprecedented investor capital inflow from international ventures amid a booming developer ecosystem, rising awareness and interest amongst retail investors to invest in tokens and cryptocurrencies, and the emergence of successful projects like Polygon and Instadapp out of India.
The industry and various states have opposed the increase in the tax to 12% from 5% effective January 1, citing higher compliance cost, especially for the unorganised sector and MSMEs, and claiming that it will make poor man's clothing expensive.
The latest measures are aimed at tackling such frauds, impart better payment discipline and also protect the recipient who is not always in a position to ascertain that his supplier has paid the tax and is vulnerable to the recovery of input tax credit, when the tax is not paid by the supplier.
Both the Dow and S&P 500 retreated from records during the "Santa Claus rally" -- the post-Christmas period when stocks generally drift higher amid light trading volumes.
Rajasthan, Tamil Nadu, Chhattisgarh, Kerala, West Bengal, Delhi backed the demand for an extension of the compensation period.
Farmers are often blamed for northern India’s terrible air quality. Every winter, smoke from stubble burning mixes with construction dust and industrial emissions to produce a toxic cocktail that blots out the sun, grounds flights and overwhelms hospitals. The haze lingers in the region’s trough-like topography for weeks.
Electric scooters are gradually becoming a common sight on Indian roads. In November, 6%-7% of scooter sales are estimated to have been electric.
Flipkart treats gig workers the best among 11 of the largest platform-based companies in India, according to a study.
Key recommendations that can be implemented in the near term include restricting lending activities only to entities regulated by the RBI. A self-regulatory organisation (SRO) to frame standards and good practices among digital lending companies is another crucial suggestion.
The Dow Jones Industrial Average rose 95.83 points, or 0.26%, to 36,398.21; the S&P 500 lost 4.84 points, or 0.10%, to 4,786.35 and the Nasdaq Composite dropped 89.54 points, or 0.56%, to 15,781.72.
The only cautionary note PFRDA wants is that it is a long-term investment (product) to build a pension corpus, and it should not be treated akin to a mutual fund scheme.
In his first statement on succession plans, RIL chairman Mukesh Ambani on Tuesday said the younger generation is now ready to take on leadership roles, and emphasised that he would like the process to be accelerated. “We should guide them, enable them, encourage them... and sit back and applaud as they perform better than us,” said Ambani.
There are no economy-crippling restrictions yet, but the capital New Delhi canceled all Christmas and New Year’s festivities and joined some other states in reimposing night curfew as cases ticked up. The federal government separately announced widening the vaccination drive to include most teenagers and providing booster shots to vulnerable sections.
Google has filed a writ petition in the Karnataka High Court seeking more time to respond to CCI’s queries related to a probe regarding Play Store and Google Pay billing rules. The CCI had launched a probe into mandatory use of Google Play Store’s payment system for in-app purchases.
The S&P 500 rose 1.4%, its fourth straight gain. The benchmark index, which capped a holiday-shortened week Thursday with a record high, is on pace to close out the year with a 27.6% gain. The Dow Jones Industrial Average rose 1% and the technology-heavy Nasdaq rose 1.4%.
Poultry imports from India were banned since at least five years due to concerns over bird flu. India had sought market access for eggs under the trade pact it is negotiating with the UAE.
The New Year is expected to be an uncertain one for investors as a host of emerging factors — global and domestic — could negatively affect stock prices.
Italian super sports carmaker Lamborghini had a record year in India in 2021, exceeding the peak sales it hit in 2019, when it had sold more than one car per week. The surge happened even as the economy was limping out of the Covid-induced slowdown, and automakers across the world fought a production shortage due to semiconductor crunch.
The world's second-largest economy, which has lost steam after a solid recovery from the pandemic last year, faces multiple challenges as a property downturn deepens, supply bottlenecks persist and strict Covid-19 curbs hit consumer spending.
Cairn Energy has dropped lawsuits against the government and its entities in the US and the UK. It is in final stages of withdrawing cases in France and the Netherlands, which were filed to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand. The UK company has initiated proceedings to withdraw lawsuits it had filed in several jurisdictions to enforce an international arbitration award.
Britain's Cairn Energy Plc has dropped lawsuits against the Indian government and its entities in the US and other places and is in the final stages of withdrawing cases in Paris and the Netherlands to get back about Rs 7,900 crore that were collected from it to enforce a retrospective tax demand.
RBL Bank on Saturday saw a series of changes at the top management level starting with the RBI’s appointment of Yogesh K Dayal as an additional director. The bank’s board also accepted the request of the MD & CEO Vishwavir Ahuja to proceed on leave with immediate effect. Separately, the board approved the appointment of Rajeev Ahuja, executive director, as interim managing director & CEO with immediate effect.
According to last month's data from China's GAC, the India-China bilateral trade totalled USD 114.263 billion, up 46.4 per cent year-on-year from January to November 2021. India's exports to China reached USD 26.358 billion, up 38.5 per cent year-on-year and India's imports from China amounted to USD 87.905 billion, up 49.00 per cent.
Around 1.219 million new members joined the Employee State Insurance Corporation-run social security scheme in October this year compared with 1.357 million in the previous month, official data showed on Friday.
The ecommerce rules under the Consumer Protection Act, being drafted by the ministry of consumer affair, are aimed at safeguarding consumer rights without affecting the convenience that ecommerce provides, said Piyush Goyal, Union Minister of Consumer Affairs, Food & Public Distribution, Textiles and Commerce & Industry.
An Advance Authority of Advance Ruling (AAR) had earlier said GST would be applicable on employee recoveries such as notice pay, group insurance and telephone bill.
The union government had notified to increase the tax on natural fibre products from 5% to 12%, including apparels in the lower tax bracket with effect from January 1, 2022. "If the tax is not reversed then the impact will be huge with job loss to 15 lakh people, including those engaged in ancillary industry and closure of one lakh small units. A lot of units will revert to the informal sector," Mitra said.According to last month's data from China's GAC, the India-China bilateral trade totalled USD 114.263 billion, up 46.4 per cent year-on-year from January to November 2021. India's exports to China reached USD 26.358 billion, up 38.5 per cent year-on-year and India's imports from China amounted to USD 87.905 billion, up 49.00 per cent.