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Economy

Supreme Court upholds levy of GST on lottery, gambling

“The inclusion of actionable claim in definition “goods” as given in Section 2(52) of CGST Act, 2017 is not contrary to the legal meaning of goods and is neither illegal nor unconstitutional,” it held. According to judges, it is well settled that the courts have very limited role to play with regard to taxing policy of the legislature.

GST shortfall: Chhattisgarh latest to join Centre’s borrowing scheme

The borrowing proposal was presented to states after it became clear that compensation fund, which collects proceeds from cess imposed on goods under GST, was woefully inadequate to meet the protected revenue of the states.

Cautiously optimistic about revival in Q3: Finmin

The assertion comes even as latest data show some of the high-frequency indicators, including manufacturing and services PMI, exports, fuel sales, auto sales and electricity consumption have somewhat lost momentum sequentially through November, stoking doubts about the strength of the recovery.

Duty of state to restore ecological imbalance and to stop damages to nature: Supreme Court

It said that sand and mines are public property and the State being its custodian should be more sensitive to protect the environment and ecological balance.

RBI likely to maintain ‘accommodative’ stance in ongoing policy review: Assocham

It also said that the accommodative stance would reflect the RBI's commitment to keep the lending rates benign to support growth, hit by the COVID-19 pandemic.

Chhattisgarh accepts centre’s borrowing proposal for GST shortfall, Jharkhand only state left

Government of Chhattisgarh has communicated its acceptance of option-1 to meet the revenue shortfall arising out of GST implementation. All states except Jharkhand and all the 3 union territories with legislative assembly have decided in favour of option-1, a finance ministry statement said on Thursday.

Efforts underway to operationalise vital infrastructure links between India, CLMV countries: DPIIT Secy

Efforts are underway to operationalise key infrastructure links between Cambodia, Lao, Myanmar and Vietnam (CLMV) countries and India for better economic integration in the region, a top government official said

Indian economy witnessing V-shaped recovery: FinMin report

The decline in the GDP narrowed to 7.5 per cent in the second quarter of this financial year, over 23.9 per cent in April-June quarter.

Employment up for first time in 9 months; services PMI shows business activity rises for 2nd straight month

The seasonally adjusted India Services Business Activity Index posted above the critical 50 mark that separates growth from contraction for the second month in a row during November.

High Court stays Chandigarh discom privatisation

Staying the bid invitation process which started on November 10, the court remarked that “we feel that the matter will require detailed deliberations as it touches the employment scheme of the society in general”.

Tamil Nadu seeks discounts to clear dues of private gencos

Apart from the aforementioned companies, units of Tata Power and CESC also supply electricity to the state. Tamil Nadu is seeking the discount despite power generators agreed to reduce the rate of late payment surcharge from the existing 18% to 12%.

Exporters seek extension of tax benefits for SEZs, presumptive tax for cross-border e-commerce

Other suggestions included permitting duty free import of equipment required for R&D and product development; setting up of a Niryat Vishwavidyalay; extension of interest subsidy scheme in the new foreign trade policy; and immediate release of GST and drawback funds.

India Inc on gradual recovery path, most sectors intend to ramp up hiring: Report

The intent to hire by small business as well as educational services sector has improved by 6 per cent and 7 per cent from April-September 2020, respectively, it said.

Exports dip 17.84 pc in April-November this fiscal: Commerce Secretary Anup Wadhawan

The secretary said that export sectors which did well during the eight months period include pharma, which grew by 15 per cent, rice (39 per cent), and iron ore (62 per cent).

Govt makes it mandatory to mention 8-digit HSN Code in tax invoice for 49 chemical based products

While notifying the HSN Code for these products, the Central Board of Indirect Taxes and Customs (CBIC) said, "A registered person shall mention eight number of digits of HSN Codes in a tax invoice issued by him."

Indian economy to see positive growth in fourth quarter of current fiscal: Niti Aayog VC Rajiv Kumar

"The three farm laws were clearly intended to improve farmers' ability to increase their income and they give greater freedom and liberty to sell, where they like and to whom they like.

RBI’S MPC starts deliberation on policy rate

The RBI will announce its monetary policy review on December 4. After its last MPC meeting in October, RBI kept policy rates unchanged to help tame inflation that in the recent times has surged past 6 per cent mark.

Chhattisgarh to commence paddy procurement from December 1

The state govt has waived agricultural loans worth Rs 9,000 crores for 17,82,000 farmers of the state, and is procuring paddy at the support price of 2500 rupees.

Australia bounces out of recession as economy grows 3.3%

Treasurer Josh Frydenberg told reporters the country still has a lot of ground to make up from the coronavirus downturn.

US facing historic crises again, says Treasury Secretary-nominee Janet Yellen

Yellen made the remark on Tuesday after US President-elect Joe Biden introduced his economic team at the Transition headquarters in Wilmington, Delaware.