The country’s exports are likely to register a “reasonable level” of growth in the current financial year despite the global uncertainties on the trade front, Commerce and Industry Minister Piyush Goyal has said. Clearly, there are signs of a global slowdown in international trade and India is keeping a “watchful” eye on the developments by […]
The government on Tuesday will release the key data on June retail inflation which will be factored by the Reserve Bank in its next bi-monthly monetary policy to be announced in early August.The retail inflation has remained above 6 per cent since January this year forcing the central bank to go for two back-to-back hikes […]
A dozen US lawmakers have written a letter to President Joe Biden, urging him to file a formal request for consultations with India at the World Trade Organization (WTO) over its “dangerous trade-distorting practices” that they claim have impacted the US farmers and ranchers. The Congressmen stated that current WTO rules allowed the governments to […]
The all-powerful GST Council at its meeting in Chandigarh this week is likely to make changes in goods and services tax (GST) rates on a handful of items and may go with the officers panel’s recommendations to maintain status quo in rates of over 215 items. The 47th meeting of the GST Council, headed by […]
Nomura has forecast India’s GDP to grow at 7.2% in 2022, before moderating to 5.4% in 2023. In a research note on Thursday, the research firm said the ‘prolonged mild recession’ in the US can lead to a slowdown in India, which has been recovering to a pre-pandemic level. The rate hike by the Federal […]
The fitment committee of the Goods and Services Tax (GST) Council has suggested a cut in the tax rate on ostomy appliances from 12% to 5% and a uniform tax of 5% on orthopedic implants. The panel, whose recommendations will be considered by the Council on June 28-29 in Chandigarh, also proposed to clarify that […]
A group of ministers (GoM) reviewing goods and services tax (GST) rates has proposed removal of exemptions on a host of services, including for stay in relatively cheaper hotel rooms, hospital rooms above a tariff threshold and services provided by financial sector and food safety regulators. In line with a mandate to raise the revenue […]
Prime Minister Narendra Modi on Monday said that sometimes decisions over reforms may not seem right at the first instance and that over time they pay dividends for the country. Speaking in Bengaluru, where Modi dedicated a slew of connectivity, education, healthcare and research projects, he said, “The path of start-ups and innovation is not […]
The finance ministry on Monday warned of a widening of the twin deficits potentially creating the risk of a cycle of wider deficits and weaker rupee, and said that “rationalisation” of non-capex expenditure has, therefore, become critical. “Near-term challenges need to be managed carefully without sacrificing the hard-earned macroeconomic stability,” the ministry said in the […]
A group of ministers (GoM) reviewing the Goods and Services Tax (GST) rates has decided to remove exemption for packaged food items, if sold under unregistered brands. These items will be taxed at 5%, the rate for branded food. The move is in the wake of misuse of the exemption for unbranded food by a […]