The finance ministry today sought to dispel concerns about Rs 65,000 crore transitional credit claims saying that the Centre's revenue kitty will not go down because of these claims. Over 46 lakh businesses have paid taxes to the tune of Rs 95,000 crore in July. However, businesses also claimed credit for past taxes paid in the form of excise and service tax worth Rs 65,000 crore.
A Government Official has said that various departments have started the process of notifying mandatory standards for products as best quality is fundamental to pushing economic growth. Commenting on the issue, Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek told the media, “To become part of the global value chain, quality should be the best in the w
The Reserve Bank is expected to revise down its GVA growth projection for this financial year at its upcoming meet on October 4, but policy rates are likely to stay unchanged, says a Nomura report.
According to the Japanese financial services major, further easing in policy rates is unlikely as momentum of core inflation has been much higher than expected and because the growth slowdo
The Rs 65,000 crore claimed as transitional credit under GST by businesses so far is not "incredibly high" and will not burn a hole in the revenue collections of the government, as the amount will be used up over subsequent months and not in one go, the Finance Ministry said on Friday.
The government's clarification came after it was revealed that traders had claimed Rs
The GSTN has said that nearly 30 lakh GST returns have been filed so far for August. Commenting on the issue, GSTN Chairman Ajay Bhushan Pandey told the media, “GST Network is in a "very sound state" and the quantum of returns filed are a testimony to the system's strength.” "Over 29.41 lakh GST returns have been filed for the month of August till noon.
Finance Minister Arun Jaitley today said the implementation of the new taxation regime GST is going smoother than expected in initial phase. The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said. "... these are early days of the implementation of
The government has extended to October 31 the deadline for businesses to file transitional credit claims under the Goods and Services Tax system, an official notification said.
"In exercise of the powers conferred by Rule 117 of the Central Goods and Services Tax Rules, 2017, on the recommendation of the Council, the period for submitting the declaration in Form GST TRAN-1 is ext
The Reserve Bank of India today fixed the reference rate of the rupee at 64.9596 against the US dollar and 77.7566 for the euro. The corresponding rates were 64.5256 and 76.7403, as on yesterday.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 88.3061 and 57.99 per 100 yens, respectively, based on reference rates for the dollar and cr
The Indian Government has said that the Centre and states will divide the tax payer base under GST through computer-based random sampling taking into account geographical location and type of the taxpayer.
As per reports, the GST Council secretariat laid down guidelines for division of taxpayers on the basis of their turnover to ensure single interface under the new indirect tax regim
Looking at ways to boost economy amid a slowdown, Finance Minister Arun Jaitley on Friday said that encouraging private investment and improving capacity of banking system to support growth are the two major challenges for which best solutions have to be found.
"There are two major challenges - encouraging private sector investment and improving capacity of banking system t
Former Reserve Bank of India Governor C. Rangarajan on Friday said the package the government is looking at to revive the economy should be partly to raise capital expenditure and look at problems preventing private investments from rising.
"The package in my opinion should be partly to raise capital expenditure of the government, but suited in a way in which it will stimulate pr
Mumbai - India will make efforts to find resources to support debt-laden banks to help them fund economic growth, Finance Minister Arun Jaitley told a meeting of bankers on Friday.
Jaitley said stressed bank assets have become a "concern" for the economy. Bad loans have crimped the ability of Indian lenders to offer new credit.
Growth in Asia
The National Institution for Transforming India (NITI Aayog) and the International Road Federation, Geneva (IRF Geneva) have, today, signed a Statement of Intent (SoI) to cooperate in the field of Intelligent Transportation Systems (ITS). The objective of the SoI is to create a national platform, involving all relevant Government of India stakeholders, Indian and foreign companies active in the
Indian economy is projected to grow at a lower than expected rate of 6.7 per cent this fiscal due to the "transitory effects" of demonetisation and the GST implementation, according to Paris-based think tank OECD. The Organisation for Economic Cooperation and Development (OECD) has also revised downwards its estimate for the country's growth in next financial year (2018-19) to 7.2
Multilateral funding agency ADB has said that it has sanctioned a USD 300 million loan facility for carrying forward fiscal reforms in West Bengal. Commenting on the issue, a ADB Official told the media, “The board of Asian Development Bank (ADB) approved a loan of USD 300 million to continue a comprehensive series of fiscal reforms in West Bengal to bring about more accessible, affordabl
Credit growth is unlikely to pick up during the festival season, though improvement is expected in September industrial growth numbers due to restocking by the automobile industry, an SBI report said as per the PTI report. The yearly SBI Composite Index for September 2017 is at 22-month high of 53.6 (moderate growth) compared to last month's index of 50.9 (low growth), said the SBI Ecowrap
Prime Minister Narendra Modi will flag off the new Varanasi-Vadodara Mahamana Express from Varanasi in Uttar Pradesh on Friday, railway officials said on Thursday.
The flag-off of the third Mahamana Express would be done via videoconferencing at 3.30 p.m. Modi would be undertaking the flag-off during his two-day visit to his parliamentary constituency Varanasi.
More than 13.76 lakh returns -- the highest in a day till now -- were filed on Wednesday, the last day of filing returns under the GST system for August, the Goods and Services Tax Network (GSTN) said on Thursday
An overwhelming majority of taxpayers logged on the GST portal to file returns during daytime, with a bulk of traffic witnessed in the afternoon hours, the hourly data on fil
The GSTN has said that businesses have used the GST Network portal on the last day of filing initial returns for August with over 80,000 GSTR-3B being uploaded every hour. Commenting on the issue, GSTN Chairman Ajay Bhushan Pandey told the media, “Businesses have time till midnight to file August returns in GSTR-3B form and the network is geared up to take the load.”
Consumer sentiment during the ongoing festive season remains muted and there is unlikely to be a major surge in festival buying this year, says a report. While around 52 per cent of the 7,659 citizens polled said their spending may be limited to Rs 10,000 during the festive season, 28 per cent said they will not be spending anything, the survey conducted by citizen engagement platform LocalCirc
The Reserve Bank of India today fixed the reference rate of the rupee at 64.5256 against the US dollar and 76.7403 for the euro. The corresponding rates were 64.3637 and 77.2493, as on yesterday.
According to an RBI statement, the exchange rates for the pound and the yen against the rupee were 87.1547 and 57.30 per 100 yens, respectively, based on reference rates for the dollar and cr