BUSINESS
Investment demand jumps 7.5% in Q1FY25
The share of private investment in GDP rose marginally to 34.8 percent in April-March 2024-25.
BUSINESS
Slowdown in Q1 GDP due to elections, fall in govt capex: CEA Nageswaran
The GDP growth fell to a five quarter low of 6.7 percent in the first quarter of FY25 compared with 7.8 percent in the previous quarter.
BUSINESS
GST Council likely to exempt term life insurance from tax, no change in investment-linked plans
The decision is expected to be made at the GST Council meeting on September 9
BUSINESS
Council could heed to Gadkari’s call to exempt life insurance from GST; Rs 200 cr revenue loss likely
The fitment committee of the GST Council has built a consensus to exempt life insurance from GST. All types of health and life insurance policies attract 18% GST. The committee is still examining a proposal for health insurance, an official said.
BUSINESS
Economy has remained resilient, but outlook softer: NCAER
High-frequency indicators reveal that the domestic economy has remained resilient, but the “outlook remains softer” due to moderation in a couple of indicators, National Council of Applied Economic Research (NCAER) said in its monthly economic review for August 2024.
ECONOMY
GST Council to weigh easing compliance load on foreign airlines, shipping firms at Sept 9 meet
Council is expected to discuss fitment committee’s proposal of exempting the payment of GST at the time of import, allowing the subsidiary companies to make the payment at the time of disbursement of services instead
BUSINESS
GST Council likely to discuss cess, status of rate rationalisation on September 9: FM Sitharaman
In the September 9 meeting, the officers of the GoM (Group of Ministers) on rate rationalisation will give a status report
BUSINESS
FDI in realty, fintech, semiconductors likely to see three-fold increase in FY25: FinMin Sources
Singapore wants to actively collaborate on AI and semiconductors with India. The ISMR will enable both sides to review their strategic partnership and identify new avenues to further elevate and broaden it.
BUSINESS
Unified Pension Scheme not a rollback of NPS, asserts Sitharaman
"We have not gone back to OPS. A U-turn is when we go back to the old position. Keeping the logical framework intact, we are giving them options."
BUSINESS
Unified Pension Scheme balances fiscal cost and aspirations of employees: Economists
The increased cost of living will also be taken care of under UPS as real pension will not change because it's indexed into inflation. In NPS, if inflation goes up, real pension goes down.
BUSINESS
Finance ministry struggles to find credible use cases for crypto; to seek inputs from stakeholders
The ministry wants to ensure any policy around this asset class is well-balanced. This would be facilitated through a discussion paper, likely to be released by the end of next month.
BUSINESS
GST Council likely to deliberate on exemption of health, life insurance on Sept 9
The Fitment Committee is analysing the revenue implications of exempting health and life insurance from GST. Their recommendations will be presented to the Council ahead of the September 9 meeting.
BUSINESS
Exclusive: GoM on rate rationalisation not in favour of merger of GST slabs
The GST Council in its meeting on September 9 will discuss the GoM report which will be submitted soon.
BUSINESS
Households’ optimism over economic conditions for year ahead has declined: Fin Min's Monthly Review
On balance, India’s economic momentum remains intact, the July Monthly Economic Review said.
BUSINESS
Operational guidelines for internship scheme likely by first week of September
The guidelines will outline the application process and criteria for companies to select candidates.
BUSINESS
Action by I-T Dept should be proportionate, use enforcement as last resort: FM Sitharaman
'Sense of fear should not be there in assessees, so notices sent should be simple and straightforward,' Sitharaman urges CBDT
BUSINESS
Government puts on hold proposal to extend retirement age of SBI chairperson, PSB MDs
The plan was to raise the retirement age of the SBI chairperson from 63 to 65 years and that of PSB MDs to 62 from 60. SBI chairman Dinesh Khara turns 63 on August 28
BUSINESS
RBI paper calls for cautious monetary approach as food inflation bites
If high food inflation persists, a more cautious monetary policy approach is warranted to squelch the propagation of food inflation pressures in a more generalised inflation
BUSINESS
MCA probing Snapdeal, part of a wider investigation into past Chinese investments in 700 companies
The company says it has responded to the ministry's queries and has no Chinese investor now
ECONOMY
Access to loan made easy: Public sector banks to develop internal credit rating systems for MSMEs by Oct
The finance ministry supports small businesses to get loans at a more affordable rate amid bid to reduce their dependence on external credit ratings while borrowing funds.
BUSINESS
Need tax revenue to fund innovation in India’s push for green power: FM Sitharaman
Till the time India gets a lead in battery storage, the country will still depend on fossil fuels like coal, crude oil, she said.
BUSINESS
Net direct tax collection jumps over 22% till Aug 11
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 6.92 lakh crore includes Corporation Tax (CIT) of Rs 2.2 lakh crore
BUSINESS
More institutions likely to be asked to share info with I-T dept on specified financial transactions below Rs 10 lakh/annum
The threshold could be lowered to Rs 5 lakh, said an official. Currently, banks, post offices, NBFCs, stock exchanges and a host of other institutions share the data with the I-T dept.
BUSINESS
Evasion of duties and cess will now attract up to 100% penalty plus interest
The amendments to the Finance Bill that now allows for this come after a 2022 Bombay High Court ruling against the tax department saying no interest and penalty can be imposed on demand of additional customs duty.
