GST, which on Thursday completes five years of its roll out, subsumed 17 central and state levies. Under the regime, states were promised compensation for any loss of revenue due to the new tax for five years.
"Technology may correct anomalies for inefficiencies and therefore may have a possible impact on revenue collection. But the revenue-neutral rate of the RBI study has been breached to the disadvantage of the system... That calls for a correction...," Sitharaman told reporters after the 47th Council meeting.
Reliance Brands (RBL) is set to take on Tata Starbucks by bringing to India British sandwich and coffee chain Pret a Manger. RBL, a subsidiary of Reliance Retail, plans to launch and build the Pret a Manger restaurant chain in India with a long-term master franchise agreement. The contours of the deal were not disclosed.GST, which on Thursday completes five years of its roll out, subsumed 17 central and state levies. Under the regime, states were promised compensation for any loss of revenue due to the new tax for five years.GST, which on Thursday completes five years of its roll out, subsumed 17 central and state levies. Under the regime, states were promised compensation for any loss of revenue due to the new tax for five years.
The new phase of G-20 Data Gaps Initiative (DGI) proposes climate change as a major focus area to address data gaps that have been identified as crucial for macroeconomic policy making and micro-financial stability.GST, which on Thursday completes five years of its roll out, subsumed 17 central and state levies. Under the regime, states were promised compensation for any loss of revenue due to the new tax for five years.
The US economy contracted slightly more than previously estimated in the first quarter amid a record trade deficit and supply chain disruptions, government data showed on Wednesday.
The GST on printing/writing or drawing ink, LED lamps, lights and fixtures and their metal printed circuit board has been hiked to 18 per cent from 12 per cent. The GST rate on solar water heaters and systems has been hiked to 12 per cent from 5 per cent.
Sugar prices are not likely to increase during the festival season as the government has capped exports and refrained from announcing the export policy for the next season, fearing it may push prices up, trade insiders said.
Pre-packed and labelled food items like meat, fish, curd, paneer and honey will now attract GST, a tax that will also be levied on the fee that banks charge for the issue of cheques.
According to a private ruling by MRA, investment vehicles in Mauritius, used by global investors to enter India, will have to pay tax in Mauritius on 'capital gains' they receive from a PE or debt fund in India when the latter exits an investment.
The income tax department on Tuesday said both buyer and seller will have to withhold taxes for transactions involving an exchange of one virtual asset for another.
TVS Motor is betting big on the electric vehicle segment, lining up a range of products both in two- and three-wheeler categories across multiple EV platforms.
Markets regulator Sebi has imposed a fine of Rs 12 crore on two Sahara Group companies and some of the board members of these two entities, including Subrata Roy Sahara, for violating laws that govern fund-raising by corporates.
Union road transport minister Nitin Gadkari on Monday called out the double standards of some car manufacturers who were not providing the safety features in cars sold in India that they were giving in the same models meant for exports.
India saw $82.3 billion pending and completed M&A deals in the second quarter, the highest amount on record, according to data compiled by Bloomberg. That’s more than twice as much than the previous record of $38.1 billion in the third quarter of 2019.
A senior government official said revenue authorities are being vigilant after the trade deficit hit a record $24.3 billion in May but ruled out any knee-jerk reaction that could impact the economic recovery underway.
Earlier in March, the finance ministry had asked other ministries and departments not to issue 'Letter of Comfort' to any hired entity for undertaking projects on their behalf, as part of efforts to improve transparency in fiscal management.
Higher food, fuel, labor and transportation costs are forcing central banks globally to prioritize price stability over growth. The Reserve Bank of India has raised borrowing costs by 90 basis points so far this year and vows to do more to bring price gains below its target ceiling of 6%.
About 33,000 tonnes of wheat as humanitarian assistance has already been supplied to Afghanistan against the commitment of 50,000 tonne.
Jayanth Varma, who is a professor of finance and accounting at IIM Ahmedabad, said he sees the risks to inflation as balanced at this point in time as both geopolitical and weather uncertainties could evolve in either direction. "Financial conditions have tightened both globally and domestically, and this would help contain the emergence of demand-side pressures," he said.
"Total original cost of implementation of the 1,568 projects was Rs 21,59,802.67 crore and their anticipated completion cost is ...Rs 26,54,818.05 crore, which reflects overall cost overruns of Rs 4,95,015.38 crore (22.92 per cent of original cost)," the ministry's latest report for May 2022 said.
Foreign investors continue to desert Indian equity markets and pulled out close to Rs 46,000 crore so far this month following monetary policy tightening by the Reserve Bank and US Federal Reserve, high oil prices and volatile rupee.
Apart from rate rationalisation, the Council is expected to see a stormy discussion around compensation payout to states with Opposition-ruled states aggressively pushing for its continuation beyond the 5-year period which ends in June.
The cess is due to end on June 30 as part of the five-year formula devised by the Centre and the states to ensure that the latter's revenue grew 14% annually. But due to the pandemic, the burden has now been passed on to consumers up to March 2026.
The levy of cess was to end on June 30 but the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state FMs, decided to extend it till March 2026 to repay the loans taken in the last two fiscal years to make up for the shortfall in their revenue collection.
GST Compensation Cess is levied by the Goods and Services Tax (Compensation to States) Act 2017. The object of levying this cess is to compensate the states for the loss of revenue arising due to the implementation of GST on 1st July 2017 for a period of five years or such period as recommended by the GST Council.
RBI deputy governor Michael Patra said the MPC will discuss and draft the report to be sent to the government to explain the deviation from the inflation target, weighing in on the situation if the figure is not met for three successive quarters.
India does not have any timeline for pre-grant opposition. This, coupled with shortage of patent officers, stretches the processing time for granting a patent in India to as much as 58 months, in some cases. In contrast, the processing time is 20 months in both China and the US and 15 months in Japan.
The government has budgeted ₹2.07 lakh crore for food subsidies in FY23, lower than the revised ₹2.86 lakh crore for FY22. The PMGKAY extension till September is expected to swell the subsidy bill to about ₹2.87 lakh crore. Extending the scheme by a further six months could cost another ₹80,000 crore in FY23, lifting the food subsidy to nearly ₹3.7 lakh crore.
With exporters also holding on to their earnings in anticipation of a further slide in the local unit, odds are shortening on a demand surge for hedging instruments in the currency market.
While India has made considerable progress in terms of start-ups and producing unicorns, Ministry of Science and Technology data shows that the gross expenditure on R&D (GERD) has been a meagre 0.7% of its GDP with its GERD per capita being about 43 (in current PPP $). For India to boost its innovation culture, this percentage needs to increase.
Niti Aayog, the country's policy think-tank, will soon come out with a policy prescription for carbon capture and utilisation of carbon dioxide emitted by industries as part of the plan to achieve Net Zero by 2070, an official said requesting anonymity.
The committee of officers comprising both from Centre and states, referred to as Fitment Committee, felt that a deeper study was needed on the issues involved in crypto ecosystem. It was decided that Haryana and Karnataka shall study all aspects and submit a paper before the Fitment Committee in due course.
The government has claimed that a series of interventions in the past one year has resulted in “insulating the import of inflation” in the edible oil sector. It cited the data of how the international prices of major edible oils such as soyabean, sunflower and palmolein have gone up by more than 45% in the past one year while their domestic wholesale prices have increased by a maximum of 16%.
The commerce and industry ministry has begun the process to ease the process of denotifying empty spaces of above 100 million sq ft built-up area, worth ₹30,000 crore in the 250-plus SEZs in the country so that the areas that have no more demand can be used for industrial or other purposes.
In its report to the government, the committee opined that any exemptions on moratorium could hinder the IBC process. Under the law, the central government has powers to exempt any regulator or financial arrangement from the ambit of moratorium.
Thyssenkrupp and Tata Steel have lost their fight against a European Union antitrust veto of their proposed landmark joint venture, after Europe's second-highest court rejected their arguments.
Edible oil prices in the retail market have started easing with softening of international rates and the government's timely intervention, food secretary Sudhanshu Pandey said on Wednesday.
Kellogg said it will split into three independent companies, sparking a rally in the food conglomerate's shares. The maker of Froot Loops said the companies would focus on global snacking, North American cereals and plant-based foods - giving each greater autonomy and room for growth.
Punjab, Rajasthan, Kerala, West Bengal and Bihar have been identified as highly stressed states on fiscal parameters, an RBI-published study said. "For the five most indebted states, debt stock is no longer sustainable, as the debt growth has outpaced their GSDP (gross state domestic product) growth in five years," the study said.