BUSINESS
CBIC chief says it's hard to correct inverted customs duty due to FTA exemptions
Under customs, inverted duty structure is seen for several items including leather and textiles and engineering goods.
BUSINESS
Indexation benefit of LTCG tax in real estate only marginally covered inflation costs, says CBDT chief
The removal of indexation benefits will not be applicable to old properties held before 2001, and they will continue to get indexation benefits.
BUSINESS
Budget adopts an ‘optimal approach’ in tax slab rejig, says CBDT chairman
While the tax slabs were rejigged for the new tax regime, the old tax regime rates were left untouched in the Budget
BUSINESS
Budget 2024: Privatisation of PSUs will happen but best time to be decided, says FM
FM Sitharaman said that the PSUs have been giving high dividends on account of good growth
BUDGET
Budget 2024: FM Sitharaman sets FY25 tax mop-up target at Rs 38.4 lakh crore
In the past two years, tax collections have been more than the revised estimate in the Union Budget.
INDIA
Budget rolls out financial packages for development of Bihar, Andhra Pradesh
The packages include irrigation, infrastructure, and temple corridor projects. She also announced the Purvodaya scheme for the overall development of the eastern region.
BUSINESS
FM Sitharaman to present full Budget on Tuesday as Modi 3.0 aims to strike the right balance
Sitharaman will present the Union Budget at 11 am in the Parliament. This will be her 7th Union Budget.
BUSINESS
Agricultural sector likely to perform better in FY25: CEA
The Indian Meteorological Department had forecast that India is set to receive above-normal monsoon rains this year. The monsoon is, however, not progressing as the IMD predicted before the monsoon season began.
BUSINESS
FY25 GDP growth estimate at 6.5-7% is prudent, not pessimistic: CEA
We would rather be pleasantly surprised than be forced to face disappointment which is why we are projecting a GDP growth rate of 6.5-7 percent, said the CEA.
BUSINESS
I-T portal remains insulated against impact of Microsoft outage
One of the world's major global system outages disrupted airline operations, stock markets activities, some media broadcast operations and payment gateways across time zones, on July 19.
BUSINESS
Economic Survey preview: Watch for GDP growth forecast, comments on food inflation, climate strategies
The survey will outline the key economic metrics of the country, most notably the forecast for real GDP growth for the ongoing financial year.
BUSINESS
India digital public infrastructure is charting the journey towards becoming $1-tn digital economy by 2027-28
The country has leapfrogged the world to become the leader in connectivity, bypassing the fixed-line era almost entirely, and is unparalleled in the digital payments universe.
BUSINESS
Charting The Future: Chief Economic Advisor V Anantha Nageswaran
The CEA has also been vocal on global issues such as climate finance and the assessment methodologies used by global ratings agencies for emerging markets like India.
BUSINESS
Govt likely to decriminalise 14 provisions in Companies Act, IBC, Competition Act
The decriminalisation of these Acts is likely to be a part of Jan Vishwas Bill II. The next edition of the Jan Vishwas Bill is likely to decriminalise a total of over 100 provisions in various Acts, including the Income-Tax Act.
BUSINESS
Govt plans to delink state and central premium contributions from crop insurance claims
The Pradhan Mantri Fasal Bima Yojana is set for an overhaul with the Centre asking the insurance companies to issue the policy to farmers regardless of the delay in contribution made by the states.
BUSINESS
Budget 2024: Government may bring overseas credit card spend above Rs 7 lakh under 20% TCS
Currently, spends via debit cards, forex cards, or any other payment mode attract 20 percent TCS once they cross the Rs 7 lakh per person per financial year limit, but those via credit cards are exempt.
BUSINESS
India’s net direct tax collection jumps over 19% till July 11
The Central Board of Direct Taxes (CBDT) said net direct tax collection of Rs 5.74 lakh crore includes Corporation Tax (CIT) at Rs 2.1 lakh crore.
BUSINESS
Online betting should be included as scheduled offences under PMLA: Report
The report titled ‘Curbing betting and gambling in India—A national security imperative’ is authored by Rashtriya Raksha University under the Ministry of Home Affairs, which was established by the Parliament Act No. 31 in 2020.
BUDGET
Budget 2024: Govt likely to stick to Rs 1.64 lakh crore fertiliser subsidy in FY25
The government will be aided in this by the fact that input costs have come off record highs, and a further boost to domestic urea production will also help. Moreover, according to a World Bank report, 'a resumption of China’s exports and lower-than-expected crop prices could contribute to further declines in fertiliser prices'.
BUSINESS
SCI, NMDC Steel at advanced stages of strategic sale, await nod from PMO
However, according to a senior official, strategic stake sales in government companies are not as easy now, given strong opposition and the compulsions of coalition politics.
BUSINESS
Poonam Gupta appointed as convenor of 5-member Advisory Council to 16th Finance Commission
The Advisory Council will help broaden the sixteenth Finance Commission's ambit and understanding by seeking the best national and international practices on matters pertaining to fiscal devolution.
BUSINESS
Govt eyes reforms aimed at lowering fiscal burden of crop insurance premium by Rs 5,000 cr
Yes-tech (yield estimation systems through technology) for accurate determination of claim currently covers wheat and paddy. It has been extended to soybean from kharif 2024 and is likely to cover cotton during the next six months.
BUSINESS
Exclusive: Union Budget may increase agri-credit target up to Rs 25 lakh crore for 2024-25
Farm loan target depends on the Potential Credit Linked Plan carried out by the National Bank for Agriculture and Rural Development at the block level, which is assessed depending on the potential to absorb the credit.
BUSINESS
Amendments for IBC 2.0 to be a part of Union Budget 2024?
The amendments include expanding the pre-pack insolvency framework to larger companies, group insolvency, time-bound admission process, etc. Public comments on the proposed amendments were sought in January 2023.
