BUSINESS
Exclusive| Government mulls new national policy to bring down logistics cost by 5%
The government is also working on a National Logistics Efficiency and Advancement Predictability and Safety Act and this law tends to define various participants of the logistics space and create a light regulatory ecosystem.
BUSINESS
India would be an engine of global growth, help revive global economy significantly: FM Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said investment in health is going to be critical, not just to keep lives safer, but also to make health and health-related expenditures more predictable.
ECONOMY
Government apprised of rising oil prices but excise duty cut financially imprudent now
After letting oil prices go unchanged for 59 days, oil marketing companies hiked petrol and diesel prices by over Rs 2 and by nearly Rs 3.50 respectively since November 19
BUSINESS
Macro Minutes podcast | How trade finance fared during the COVID-19 pandemic
Kamalika Ghosh talks to Founder and CEO, PrimaDollar Tim Nicolle to find out about trade finance and how it fared during the COVID-19.
ECONOMY
Exclusive | October-December quarter advance corporate tax collections 49% higher year-on-year
The government had reduced the corporate tax rate for existing and newly incorporated companies to 25 percent and 15 percent, respectively, last year, after the September 15 deadline for advance tax payment was over.
BUSINESS
Bengaluru only city to register growth of 6.6% in total direct tax collected, initial projections show
The Centre's total net direct tax collection, which includes advance tax, dropped 17.6 percent in FY21 as direct tax collected up to December 15 stood at Rs 4.95 lakh crore as against Rs 6.01 lakh crore for the same period a year ago.
BUSINESS
Exclusive: FY21 direct tax collection drops 17.6% year-on-year till Dec 15, initial projections show
According to the initial projections, corporate tax collected till December 15 stood at Rs 2.26 lakh crore and personal income tax stood at Rs 2.57 lakh crore
BUSINESS
Samsung LED unit in Uttar Pradesh is another step towards Make in India push: officials
The Yogi Adityanath-led Uttar Pradesh government is also in talks with other companies that are looking to move out of China to set up shop in the state.
ECONOMY
Industrial output grows 3.6% in October, indicating strong recovery
The October IIP jumped significantly, rising 3.6% YoY against 0.2 percent September
ECONOMY
Exclusive | Tax shortfall in 2020-21 likely to be around Rs 2.5-3 lakh crore: Sources
Finance Minister Nirmala Sitharaman, in her Union Budget 2020-21 had projected gross tax collections at Rs 24.23 lakh crore. For 2019-20, the revised estimate for gross tax receipts was Rs 21.63 lakh crore, short of that year’s budget estimates by Rs 2.98 lakh crore
ECONOMY
Exclusive | Centre’s Vivad se Vishwas, Sabka Vishwas schemes garner Rs 1.11 lakh crore so far: Sources
Sabka Vishwas Scheme, a dispute resolution-cum-amnesty scheme for settling pending disputes of service tax and central excise, is expected to realise Rs 39,500 crore. The amnesty window closed on January 15
ECONOMY
Exclusive | India bats for e-commerce at WTO meeting, says framing rules would disadvantage developing nations
India has also conveyed the Work Programme on E-commerce (1998) needs to be reviewed regularly and it should be a standing committee agenda item at the meetings.
BUSINESS
Exclusive | Government may initially limit new export incentive scheme to 3 sectors
The sectors for which the rates would be fixed initially might be automobiles, readymade garments, and iron and steel. The newly applicable reimbursements will kick in starting January 2021 under a new scheme.
INDIA
Interview | GST has birth defects; positive nominal growth in FY21 possible: NR Bhanumurthy
Outdated data may be leading into some problems for India when fixing the Goods and Services Tax rates, said the senior economist. Meanwhile, contrary to other estimates, he expects nominal growth to be positive as demand recovers.
ECONOMY
GST shortfall: RBI's concerns, Kerala's legal action threat prompt Centre to borrow on behalf of states
The Finance Ministry said that it would borrow Rs 1.1 lakh crore and give that amount as loan to states under a special borrowing window, rather than states do it on their own. A legal battle with states is something the political leadership wanted to avoid with regards to the GST Council, sources told Moneycontrol.
BUSINESS
GST compensation issue | Centre offers truce, to borrow revenue shortfall of Rs 1.1 lakh crore as loans to states
The centre said that this would avoid differential rates of interest that individual states may be charged for their respective state development loans and would be an administratively easier arrangement.
CORONAVIRUS
Exclusive | Govt plans to extend free foodgrains scheme on a month-on-month basis
As part of Pradhan Mantri Garib Kalyan Package, the government announced insurance cover of Rs 50 lakh per health worker, Rs 500 per month to 20 crore women Jan Dhan account holders, free gas cylinders to 8 crore families, increase in wage under Mahatma Gandhi Employment Guarantee Act, 2005 from Rs 182 to Rs 202 per day, and ex-gratia of Rs 1,000 to 3 crore poor senior citizens and widows
ECONOMY
Explained | Why GST Council can't arrive at a consensus on compensation issue
The vexed issue of GST compensation cess has put the government in a bind. Opposing states contend that the government is constitutionally bound to compensate them and are not willing to accept the options provided by the Centre.
ECONOMY
Exclusive | Indian bonds likely to start trading on global indices in 9 months
In the Budget for 2019-20 (Apr-Mar), finance minister Nirmala Sitharaman had proposed issuing sovereign bonds overseas to raise a part of the government's market borrowing. In Budget for 2020-21, the government announced plans to include Indian government securities on global bond indices
ECONOMY
GST compensation deadlock: Centre allows 20 states to mobilise Rs 68,825 crore
"Additional borrowing permission has been granted at 0.5 percent of the Gross State Domestic Product (GSDP) to those states who have opted for option 1 out of the two options suggested by the Ministry of Finance to meet the shortfall arising out of the Goods & Services Tax (GST) implementation," the government said
ECONOMY
Exclusive | Opposing states at GST Council meet wanted a GoM on borrowing issue, dispute resolution mechanism
The Centre's insistence to not term the borrowing issue as a dispute is primarily based on concerns that states might then use it to push for a dispute resolution mechanism
INDIA
GST Council Meet | No consensus on compensation dues; Centre to facilitate borrowing for willing states: FM Sitharaman
Increased borrowing costs is not something that the government can afford at a time when India is looking at more money to invest and to borrow to do business, says Finance Minister Nirmala Sitharaman.
ECONOMY
GST Council meeting on October 12: Deadlock over borrowing options expected to be resolved
In August, the Centre had proposed two options to states, to either borrow Rs 97,000 crore (on account of GST implementation) through a special window facilitated by the RBI or to borrow the complete shortfall of Rs 2.35 lakh crore (including Rs 1.38 lakh crore due to COVID) from the market
ECONOMY
Exclusive | At a recent WTO meet, member countries pulled each other up over rising protectionism in domestic trade
The US was also pulled up by India, along with countries like EU, New Zealand and others, who questioned the US on subsidies that it provides to its farmers. These countries pointed out that the total quantum of support provided by US breaches the WTO ceiling for US on agricultural products
