Economy

No more happy hours! High Corona tax backfires, liquor sales halved in last 5 months

Currently, Pudduchery, West Bengal , Andhra Pradesh, Jammu & Kashmir and Rajasthan have a tax of 25% more than what it was in March 2020.
State excise duty on alcohol accounts for around 10-15% of its own tax revenue for majority of states, according to RBI report on ‘State Finances: A Study of Budgets of 2019-20’.

Manufacturers eyeing domestic market to operate in SEZs

In a bid to integrate export ecosystem with the wider domestic economy, the government may allow manufacturers who make goods for domestic supplies to operate within the special economic zones (SEZs),

By September 2018, the IT zones had generated more than 14.6 lakh jobs, significantly more than what they had proposed, and contributed 54% of the total SEZ exports.

LIC launches New Jeevan Shanti deferred annuity plan

The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of annuitants.

Monetary & fiscal policies counter cyclical, accommodative: RBI governor Shaktikanta Das

Das was speaking at the launch of veteran bureaucrat NK Singh’s new book ‘Portraits of Power’.

Kerala to fix MSP for veggies & fruits, among 16 crops, from November 1

The Kerala government on Wednesday decided to fix a minimum support price (MSP) for vegetables and fruits as part of its decision to support farmers and boost the agricultural sector.

Urban unemployment was moderating in year through September 2019

Urban unemployment in the age group 15-29 years was 20.6% in July-September 2019, as compared to 21.6% in the previous quarter and 23.1% in the year-ago period.

Overall, in the urban areas, the WPR stood at 33.7% in July-September 2019 compared with 32.9% in April-June 2019 and 32.6% in July-September 2018.

Indians not saving enough for retirement: Survey

These figures underline how Indians may be willing to fund their retirement corpus from surplus income, but are less likely to do so by sacrificing current expenses.

Additionally, barely one in five Indians consider inflation while planning for retirement and 41% of respondents said they had channelled their retirement investments on life insurance while 37% preferred fixed deposits.

Quality public investment a challenge

The values of vocational training are to be inculcated on an immediate basis in the pedagogy to enhance the worth of these candidates in the emerging segments of the economy.

A strong case nevertheless has been made for enhancing public investment. Studies have shown that 1% rise in high quality public investment generates confidence in the economy to promote private investment by 10% and contributes a 2.7% rise in GDP.

Covid-19 vaccine: Serum Institute SEZ seeks customs duty waiver for local supplies

Pharmaceutical companies usually invest heavily on a manufacturing line for a new drug or vaccine in their export facility as the returns are attractive.

The government would also prefer the arrangement but working around the regulations has proved tricky, the source added.

Kisan Credit Card scheme: Rs 1.35 lakh crore credit sanctioned achieved

The KCC scheme was introduced in the year 1998 with the objectives of providing adequate and timely credit to the farmers for their agricultural operation.

As part of the Atmanirbhar Bharat package, the government had announced to cover 2.5 crore farmers under the KCC scheme with a credit boost of Rs 2 lakh crore through a special saturation drive.

Open to imparting more stimulus to economy: FM Sitharaman

According to the privatisation policy announced by Sitharaman recently, at least one enterprise in a ‘strategic sector’ will remain in the public sector, but the private sector will also be allowe

She also hinted that the strategic sectors identified for a near-comprehensive privatisation policy would be made public soon.

CBDT reiterates tolerance range under transfer pricing rules

CBDT kept tolerance range of 1% for wholesale trading and 3% for all other transactions undertaken during the financial year ending March 31, 2020.

Further, the average monthly closing inventory of such goods must be 10% or less of sales on such trading activities.

Bengal discom banks on distribution overhaul with World Bank loan to optimise cost of supplies

The discom's in excess Rs 12,700 crore regulatory assets or previous losses recoverable from customers, can be realised by a tariff hike.

The discom's total debt, including market borrowings, regulatory debt and working capital loans stands at above Rs 18,700 crore.

Kerala daily Covid growth rate 3 times that of national average

On Friday, the Centre announced that it had sent high-level Central teams to Kerala, Karnataka, Rajasthan, Chhattisgarh and West Bengal.

Start of Season: Most summer crops being sold below support prices

An analysis of prices by FE showed that farmers sold seven kharif crops including jowar, bajra, maize, moong and soyabean at prices 8-38% below their MSPs during October 1-15.

Kharif season, Kharif foodgrains, Kharif foodgrains production, Agri Min Narendra Singh Tomar, new farm laws, covid19 pandemic

MSP an important part of country’s food security, mandi infra being given a boost, says PM Modi

The PM said that small farmers, who did not have access to mandis, were selling their crop at lower prices to middlemen.

Modi also expressed the government’s commitment towards procurement of crops at minimum support price (MSP).

Heavy rains batter Maharashtra, cause crop damage

The state has 141.98 lakh hectare kharif crop (except sugarcane), of which 144.99 lakh hectare (102%) sowing was completed by October 12.

Sangli district has reported crop damage of over 2,200 hectare, as per primary estimates.

Exports grow 6% in September, first rise since February

Already, presenting a less gloomy picture, the World Trade Organisation this month expected global merchandise trade to fall by 9.2% in 2020 from last year, compared with the 12.9% drop projected in A

Earlier this month, the ministry had released a “preliminary estimate” of trade data, according to which merchandise exports had grown by 5.3%, year on year, in September.

Special GST window: Centre to borrow, extend back-to-back loans to states

The ministry said that process under the special window would avoid differential rates of interest that individual states would have been charged if they themselves hit the market via issuance of stat

The amount is related entirely to losses due to implementation of GST while it is estimated that total shortfall, which includes impact due to pandemic, would be Rs 2.35 lakh crore for the current fiscal.

Compliance being tightened: E-way bill to be blocked if monthly returns not filed for 2 months or more

The anti-evasion measure was originally scheduled to come into force last year in June but has been repeatedly set aside due to various reasons.

The rule has been modified to be applicable only to taxpayers above Rs 5 crore turnover threshold while the earlier rule was meant to apply to all taxpayers.

PFC, REC disburse Rs 23,500 crore to state discoms under liquidity infusion scheme

Uttar Pradesh had sought a loan of about Rs 21,185 crore, Karnataka and Telangana about Rs 7,000 crore each and Rajasthan about Rs 4,000 crore.

Uttar Pradesh had sought a loan of about Rs 21,185 crore, Karnataka and Telangana about Rs 7,000 crore each and Rajasthan about Rs 4,000 crore.

43% consumers saw household income drop during Covid: Experian

To deal with their changed financial circumstances, consumers have changed their behavioural patterns, cutting down on discretionary spends and setting aside more funds for emergencies.

In its Global Insights Report for July/August 2020, Experian said people had been facing challenges to pay for internet/cable services (36%), utility services (35%), credit card bills (33%) and mobile phone bills (32%) and these levels mark a significant increase from pre-Covid levels.

Gujarat tax consultants’ body seeks extension to file audit reports, returns

AGFTC president Bharat Sheth said several tax professionals and chartered accountants, have been infected, due to which staff and articles assistants are not able to regularly attend office.

He said the Central Board of Direct Taxes (CBDT) recently made certain changes related to tax audit reports.

Chief economic adviser Krishnamurthy V Subramanian bats for more fiscal spending

Also, the country is well poised to tide over any external headwind and its current account may swing from a deficit of 0.9% of GDP in FY20 to a surplus of 1.8% in the baseline scenario this fiscal.

“We might be looking at about 1.7- 1.8% of GDP ($50 billion) of current account surplus (in FY21),” he noted.
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