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 […]
Prime Minister Narendra Modi will chair the first national conference of chief secretaries at Dharamshala on Thursday and Friday to prepare a common development agenda for higher economic growth, ahead of the Governing Council Meeting of Niti Aayog later in the year. The conference of chief secretaries will be held at the Himachal Pradesh Cricket […]
Aided by better compliance, higher commodity prices and revival of economic activities, the Centre’s net tax revenue in the current financial year may be around Rs 20.62 trillion, Rs 1.28 trillion or 6.6% more than the budget estimate (BE) of Rs 19.34 trillion, according to the analysts. Buoyancy in the gross tax revenue (GTR) could […]
Commerce and industry minister Piyush Goyal on Sunday asked the World Trade Organisation (WTO) to find a permanent solution to the long-pending issue of public-stockholding for food security. In his intervention at the plenary session of the WTO’s 12th ministerial conference (MC) in Geneva, he also asked advanced fishing nations to take on the responsibility […]