Responding to improving demand, manufacturers cranked up output for the fourth month in a row, and hired new workers at the fastest pace in five years.
The saffron party is set to project the growth figure in the Gujarat poll campaign as an evidence of a strong economy under Modi at a time when the Congress has sought to use the Goods and Services Tax (GST) glitches and demonetisation as a plank against it.
Data showed that the GST-induced supply shock may have eased considerably, helping a rebound in the broader economy.
Currently, electricity at the consumer end or at discom end does not attract any GST and therefore the last leg of consumption of GST is with the generator. The paper was released by Power Minister R K Singh at an 'Assocham Round Table Discussion on Hydro Power in India', here last evening.
"India has standardised itself ordinarily for a growth rate between 7 to 8 per cent. If it slows down, it is more towards 7 and if it paces up it is more towards 8 per cent growth. It's already close to USD 2.5 trillion economy in terms of GDP," he said while delivering a lecture here.
The Saurashtra region, which goes to polls on December 9, sends 48 lawmakers to the 182-member Gujarat Assembly. The BJP had won 32 seats from the region in the 2012 state polls.
The Central Statistics Office (CSO) will release gross domestic product (GDP) growth estimates for the second quarter (July-September) of 2017-18 at 5.30 pm today.
"So, it certainly began before. It's quite possible that these two steps (demonetisation and GST) reinforced the deceleration...I think we will soon come out from these two policy experiments and get back to the growth path," he said.
At a meeting here, all major retailers, "including Flipkart India Ltd, readymade, optical and jewellery dealers and supermarkets among others, in twin cities were impressed upon the need to pass on the benefit to the consumers where ever there is tax reduction under GST Act," the Commissioner of State Tax said in a release here.
In a stinging rebuttal to Gandhi's repeated criticism of the Goods and Services Tax, a key economic reform of the NDA government, Modi said a recently emerged "economist" was propagating a "grand stupid thought" by suggesting that GST rate be capped at 18 per cent.
In a statement, the finance ministry said: "It is clarified that the quantum of IGST refund claims as filed through Shipping Bills during the period July to October, is approximately Rs 6,500 crore and the quantum of refund of unutilised credit on inputs or input services, as per the RFD-01A applications filed on GSTN portal, is to the tune of Rs 30 crore."
Resuming his campaign for the assembly polls in his home state, Modi also accused the Congress of taking credit and political mileage over minor schemes, like providing hand-pumps, while saying that the BJP rule brought major projects like the Narmada project for the benefit of the people.
"The average duty drawback that we were getting per-GST was 11.5 percent and the Remission of State Levies (ROSL) was an average of 3.5 percent. Post GST, the average drawback has come down from 11.5 percent to 2.25 percent.
The Bank, however, expects that Indian economy will recover in fiscal 2019 and achieve a growth rate of 7.2 percent.
Sharma, a 1985 batch IAS officer of Rajasthan cadre, is at present additional secretary in the department of revenue.
This is excluding the excise duty collections on petroleum products and the basic customs duty both of which have been on an uptick due to the spike in crude prices says the report.
"Coal has been included and levied with 5 per cent tax but gas is outside GST, how fair is that," he said at the KMPG Energy Summit here.
Some restaurants have increased menu prices despite a cut in GST rate to 5%, claiming that non-availability of input tax credit has raised costs
The finance ministry on Monday attributed the dip in revenue collection to various factors including decline in "overall incidence of taxes on most commodities".
Prices of the accessories have been reduced up to Rs 500
A wholly-owned division of Polaris Industries, it is present in 1,200 cc and above super bike segment in India and sells nine models, including the newly launched Scout Bobber with price starting at Rs 12.99 lakh (ex-showroom).
The Corporation has the leeway to raise funds worth Rs 76,700 crore via municipal bonds anchored by a robust balance sheet, says analysis by Janaagraha
As preparations for the Union Budget 2018-19 is underway, the Association of National Exchanges Members of India (Anmi) has flagged concerns about the Goods and Services Tax (GST) regime creating "some difficulty" in the financial market.
The GST norms allow smooth transfer of goods after getting rid of the checkpoints — now passing on the responsibility to the traders to comply with the new norms of providing the authenticated documents.
During the demonetisation period, top experts claimed demonetisation would plunge the realty sector into darkness, impacting property investments adversely.