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
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
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.
INDIA
42nd GST Council Meet: No decision on borrowing issue to meet compensation gap; next meeting on October 12
The gap in compensation arising due to the extraordinary situation due to COVID-19 will be paid out of the cess which gets collected after 5 years.
BUSINESS
Willing to waive off interest on interest during moratorium: Centre to SC
Government says willing to bear costs on loans upto Rs 2 crore on a range of loans like education, housing, and auto, among others
INDIA
India GDP outlook: India Ratings forecasts contraction of 11.8% in FY21 GDP
Fitch Ratings too on September 8 projected a massive 10.5 percent contraction of India's GDP in the current financial year.
ECONOMY
From changing growth metrics to revising debt targets, 15th Finance Commission studying all options
On April 24, the economic advisory council of the 15 Fc said that though the magnitude of the impact of the coronavirus outbreak on public finances is still uncertain, it is undoubtedly going to have a telling effect
BUSINESS
In a first, GST Council votes on single tax rate for lotteries
All states agreed that a knee-jerk reaction of rate hike wouldn't be prudent because of the present economic crisis. The Council is unlikely to go for a rate hike or a major rejig at the moment.
BUSINESS
Two new cities to be surveyed from next year for Ease of Doing Business rankings
"We have asked World Bank to add Kolkata and Bengaluru in the list of cities to be surveyed for the rankings," Finance Minister Nirmala Sitharaman said.
BUSINESS
GST Council approves transition plan for new tax rates for real estate sector
Revenue Secretary Ajay Bhushan Pandey said the time limit for transition to new rates will be discussed with states.
