P Chidambaram credits Congress state finance ministers “for sorting out GST mess”

Congress leader and former Finance Minister P Chidambaram on Friday credited the finance ministers of his party in six states for sorting out "the mess" created by the government on GST implementation

Economy News

GST Council meeting: Here is list of 5 key decisions taken by Modi govt

The GST Council raised the tax exemption threshold for over 20 lakh GST-registrant businesses to Rs 40 lakh from the current Rs 20 lakh. Here is a list of five key decision taken in the meeting.

Economy News

Modi govt’s election handouts threaten FM Jaitley’s fiscal math

Budget 2019: Speculation is mounting of possible cash handouts to farmers and tax exemptions to shore up voter support ahead of polls due by May.

The fiscal situation of the Narendra Modi government has worsened with the fiscal deficit in the first eight months of the financial year 2018-19 hitting 115% of the budget estimates. News

FE Best Banks Awards: Don’t allow litigation to kill IBC’s spirit, Narayanan Vaghul to bankers

The Express Group chairman and managing director Viveck Goenka said the IBC has forever changed “the balance of power between bankers and lenders”.

Economy News

e-NAM for farmers: Modi government’s flagship programme starts inter-state trade

Farmers of UP allowed to sell their vegetables to traders outside the state

Economy News

GST Council meet: Govt allows Kerala to impose 1% disaster cess on intra-State sales; check details

The proposed cess is a special tax that will be levied to raise additional resources to fund rehabilitation work in the state hit by floods.

Economy News

GST Council meet: Relief for small businesses as exemption limit doubled; key things to know

Finance Minister Arun Jaitley on Thursday said that the GST Council has increased the turnover limit for businesses availing composition scheme to Rs 1.5 crore from Rs 1 crore at present starting Apri

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Budget 2019: Where does government spend its money? Here is all you need to know

Budget 2019: Let us look at where the Prime Minister Narendra Modi-led government has been spending the exchequer’s money.

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Trade wars: US pushes China on promises after `in-depth’ trade meetings

The office of U.S. Trade Representative Robert Lighthizer said it wants any deal to include “ongoing verification and effective enforcement” and the U.S. will decide on next steps after officials

Economy News

Pulses and Oilseeds: Nafed buy may drop by a third

Just about 10 lakh tonnes or 3% of the summer crop output of 314 lakh tonnes were procured by the national-level procurer Nafed as on January 3 and it may end up buying 16 lakh tonnes (5%) or thereabo

Pulses and Oilseeds, Nafed, PM-AASHA scheme, MSP  benefit, Rythu Bandhu News

Uday scheme: Modi government may miss target due to states’ non-compliance

Dues from state govt departments have jumped by 22% to Rs 35,603 cr in FY18, hurting discoms’ cash flows

Uday Scheme, UDAY target, UDAY scheme discoms, electricity consumers, Indian Energy Exchange News

GST Council meet: Small businesses likely to get tax relief

In its 32nd meeting on Thursday, the Goods and Services Tax (GST) Council will likely consider several proposals aimed at providing relief to smaller taxpayers — a segment that is believed to be str

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Clamping down: Indirect tax evasion of Rs 48,500 crore detected in April-December

The government detected indirect tax evasion of over Rs 48,500 crore in April-December this fiscal, up 50% from such detection in the whole of FY 2017-18.

Indirect tax evasion, Goods and Services Tax, GST return-filing system, GSTR-3B, GSTR-1  News

Make GST input tax credit claims online: Suresh Prabhu to FinMin

Prabhu also highlighted the declining trend of export credit in recent months and suggested that banks may be asked to encourage flow of credit to the export sector particularly to MSMEs for generatin

Economy News

GST will boost India’s economic growth in coming years: India Inc

The industry believes that the GST will help attract foreign and domestic investment across new locations.

Economy News

Five fiscal failures for which Modi govt can’t blame RBI: GST and more

A month after the GST went into effect in July 2017, a little over 7% of taxpayers failed to comply with the requirement that every business with annual turnover of 7.5 million rupees ($108,000) or mo

Economy News

India headed for a population divide? Younger north and Elder south in making

While India is a young nation compared to China and US, a recent report by SBI predicts that the country might be heading towards a population divide by age within, with a younger North and an elder S

Economy News

Facing ATM cash crunch problem? Here’s what parliamentary panel asked RBI to do

A parliamentary panel asked the Reserve Bank of India (RBI) to look into the problem of dysfunctionality as well as the shortage of ATMs so that “a forced cash crunch is not imposed on the public”

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Developing economies must get ready to cope with possible turbulence: World Bank official

Noting that the majority of low-income countries would be impacted, she said that they would be hard-hit by a sudden weakening in trade or by global financial conditions worsening.

Economy News

Where India’s wealthiest people go to study

A recent study of over 500 wealthy Indians with a net worth of above Rs 6.5 crore shows that most of the talent is home grown, with only less than a fifth of them opting to go to a foreign university

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India set to become third-largest consumer market, says WEF; these factors to drive consumption growth

India is expected to emerge as the third largest consumer market, just behind the US and China, WEF said in a report titled 'Future of Consumption in Fast-Growth Consumer Market – India'.

Economy News

Skies darkening over global economy: World Bank

The World Bank has projected moderation of global growth from three per cent last year to 2.9 per cent this year, as one of its top officials described the current situation of the world economy as "d

Economy News

India’s GDP expected to grow at 7.3 pc in 2018-19, says World Bank

India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years, the World Bank has forecast, attributing it to an upswing in consumption and in

Economy News

Bharat Bandh: Central trade unions’ nationwide strike enters Day 2

The two-day nationwide strike by central trade unions entered its second day Wednesday, impacting normal life in some parts of the country.

Economy News

Belt and Road is More chaos than conspiracy: David Fickling

The common perception is that President Xi Jinping’s flagship foreign policy initiative is an ambitious program deploying trillions of dollars on necessary infrastructure in emerging Asian and Afric

Economy News

BT cotton issue: Supreme court restores Monsanto patent, for now

Multinational biotech companies that feared a premature closure of the potentially exponential Indian market for their genetically-modified plant seed technologies saw a ray of hope on Tuesday, with t

Economy News

Off-Budget capex, revenue expenses understate fiscal indicators: CAG

Expressing concern over the Centre’s increasing reliance on off-Budget financing, the Comptroller and Auditor General of India (CAG) on Tuesday said off-budget capex and revenue expenditures underst

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