BUSINESS
Industry expects correction of inverted duty structure on leather, textiles in Budget 2024-25
Budget 2024: Also on the wish list is the extension of duty exemption on a host of goods, including solar cells and lithium-ion batteries.
BUDGET
Exclusive: Govt likely to decriminalise provisions in 5 Acts administered by RBI
Decriminalising these provisions will help the government to replace many offences that involve imprisonment with just a monetary penalty to boost its ease-of-doing-business initiatives.
BUSINESS
Neither conservative, nor optimistic, realistic tax targets in Budget 2024 is key to fiscal prudence
Given that Budget 2024 is expected to deliver more on welfare, the government may want to be more accurate with its revenue projections in a bid to design public expenditure better.
BUSINESS
Govt may opt for 5-7% stake sale in CONCOR after tepid response to strategic sale plan
The government is understood to be considering options like offer for sale or qualified institutional placement (QIP) for the stake sale.
BUSINESS
Budget 2024: Finance Bill likely to include enabling amendment to retract retrospective GST notices
After the amendment is endorsed by Parliament, those companies that have received tax notices are likely to ask the GST Council's law committee to quash them.
BUSINESS
FATF recognises India’s efforts in mitigating money laundering, terror financing
"Good ratings will lead to better access to global financial markets and institutions and increase investor confidence," the Finance Ministry said.
BUSINESS
Budget 2024: Govt plans to sell small stakes in Mazagon Dock, IRFC, NFL, RCF
The Union Budget will likely estimate Rs 50,000 crore as non-debt capital receipts in FY25, primarily from selling small stakes in state-run companies
BUSINESS
Govt mulls study on pay parity in PSUs with private sector: Official
The next pay revision for PSUs, due in 2027, has sparked a debate over pay disparity between top PSU executives and their private sector counterparts
BUSINESS
Union Budget may facilitate cheaper funds for IREDA, HUDCO
The government is considering including IREDA and HUDCO under Section 54EC of the Income Tax Act, offering capital gains tax exemptions to investors purchasing their bonds
BUSINESS
MC Exclusive | Union Budget may decriminalise over 100 provisions to boost ease of doing business
The Jan Vishwas Bill II to propose replacing criminal prosecution provisions in key laws with fines.
BUSINESS
Budget 2025: FinMin to review Mudra Yojana, financial inclusion schemes tomorrow
Budget is expected to focus on welfare schemes amid the government's inclusive growth push which is one of the priorities under the vision for Amrit Kaal
BUSINESS
GST Council waives off interest, penalty on retrospective notices for 2017-2020
Interest and penalty on tax demand notices will be waived off provided the assessees pay the tax by March 31, 2025, Finance Minister Nirmala Sitharaman said.
BUSINESS
GST Council approves enabling amendment to quash retrospective tax demands
The move, announced in the 53rd GST Council Meet, will likely pave the way towards providing relief to India's burgeoning real-money gaming (RMG) companies
BUSINESS
Council to discuss amendment to overrule retrospective GST demands: Official
The person added that the issue of tax incidence on online gaming companies 'may be discussed in the council meeting later, if representations are received'.
BUDGET
MSMEs highlight issues in raising capital, seek reforms in Budget 2024
The Special Mention Accounts framework should be immediately reviewed and also a liberal restructuring option be given to the MSMEs, Federation of Indian Micro and Small & Medium Enterprises (FISME) chairman Sandeep Jain told the finance minister.
INDIA
New NPS scheme to be launched in July-Aug, says PFRDA chairman
In the NPS balance lifecycle scheme, the debt proportion will increase after 45 years of age. Existing NPS subscribers will also be allowed to move to the new scheme, he said.
BUSINESS
GST Council likely to discuss relief for reinsurers: Official
The council is likely to discuss issuing a clarification that reinsurance is not a supply of service. At its meeting tomorrow, it may also issue a clarification on co-insurance.
BUSINESS
India Inc seeks higher capex, tax reforms in Budget
An upward revision of MNREGA minimum wages and increase in Direct Benefit Transfer amount in schemes such as PM KISAN was also suggested.
LOK-SABHA-ELECTION
Meddlesome Media: Why is the west trying to influence Indian elections?
India’s rise as a regional power and its increasing geo-strategic importance has made the Indian elections an event of global relevance. The outcome of the elections can play a significant role in shaping global dynamics.
BUSINESS
Fuel inclusion under GST not on agenda for June 22 Council meet: Official
There have been repeated calls to bring fuel under GST’s scope to create uniform pricing of key energy commodities, but several states have opposed the move earlier, citing the potential risk of losing hefty revenues that they derive from the fuel tax.
BUSINESS
Foreign airlines likely to get tax relief on import of services in upcoming GST Council meeting: Official
Under GST, a related party transaction is taxable at 18 percent and its compliance is very stringent for foreign companies.
BUSINESS
Council unlikely to review 28% GST on online gaming at June 22 meeting
According to an official, the thinking was that a reconsideration was not necessary at the moment given that the industry seemed to have adjusted to the high tax outgo.
BUSINESS
Govt may hike exemption limit under new tax regime to Rs 5 lakh; relief unlikely for the rest
The government may not tinker with rates under the old tax regime despite requests to increase the threshold for the highest tax slab to Rs 20 lakh. This is to ensure that more people are incentivised to move towards the new regime that discourages exemptions and rebates.
BUSINESS
Will push for GST reforms, single licensing for traders in Modi 3.0: Praveen Khandelwal
"The next five years will be a golden period for trade and small businesses," the freshly minted member of Parliament from Chandni Chowk and secretary general of traders' body CAIT said.
