BUSINESS
Household Consumption Expenditure Survey 2022-23: Here are the FAQs
A total of 405 items in the consumption basket were covered in the survey, which was divided into three categories: food items, consumables and service items, and durable goods.
BUSINESS
Consumer or exchequer - who will win after GST compensation cess expiry?
The cess on the sale of goods and services is set to end on March 31, 2026. With states no longer being reimbursed for any shortfall in GST revenues, and loans taken to meet the deficit in the compensation cess fund set to be repaid early, the Centre faces a dilemma.
BUSINESS
GST Cess Explained: A Comprehensive Overview
GST cess is set to expire in two years. What happens starting April 2026 is a decision that the government has to make.
BUSINESS
MC Interview: Delta Corp planning Rs 1,100 crore investment in offline business over two years
The company has put its online gaming expansion plans on hold after the GST rate was hiked to 28 percent. It is also battling a Rs 24,000-crore GST evasion notice in the courts
BUSINESS
Sugar mills to sell potash to fertiliser cos for additional revenue: Food secy
India currently imports 100 percent of potash required as fertilisers.
BUSINESS
Views divided on India’s 8% FRP hike on cane as selling price remains lowest in the world
Industry players say that the government should increase MSP on sugar whenever the FRP on cane is hiked to avoid a cycle of high and low production.
BUSINESS
Red Sea crisis: Indian traders on edge as exports worth $64 billion at risk
A FIEO survey revealed that cotton yarn exporters are facing a 50-600 percent increase in costs for their shipments to Bangladesh, Europe, and Egypt. The full impact of the crisis is likely to be visible in India’s export figures February onwards.
BUSINESS
CBI raids former DIPP Secy Ramesh Abhishek in disproportionate assets case
The former bureaurcrat is serving as an independent director on the Paytm Payments Bank board
BUSINESS
FM Sitharaman to meet over 20 fintechs today, discuss KYC norms and compliance
Paytm will not be a part of the meeting, where the Finance MInister is expected to emphasise on the importance to adhere to KYC norms and compliances, according to a government official.
BUSINESS
Talks with Tesla to slow down until general elections 2024: Government official
Officials say that although Tesla is keen on its India foray, it does not see India as a huge market just yet. Its charging infrastructure will take a few years to develop and only then can it think of a presence here, they say.
BUSINESS
Sugar production likely to be on a downslide in 2023-24: Industry
The downslide in sugar production is expected on account of less rainfall this monsoon which has led to lesser sugarcane plantations.
BUSINESS
Exclusive: Govt mulling new PLI scheme for pharma sector
The move is aimed at reducing Indian companies’ dependence on China for key chemicals needed to manufacture active pharmaceutical ingredients.
BUSINESS
Income Tax recovers Rs 115 cr from Congress bank accounts, Rs 19 cr pending
Recoveries have been made against the total outstanding demand of Rs 135 crore for assessment year 2018-19 arising on account of non-compliance of certain sections of the Income Tax Act and late filing of returns
BUSINESS
Rs 20 lakh cr pending direct tax demands under litigation: Govt official
Of the pending demands, Rs 3,500 crore will be waived, as per the Budget announcement on Feb 1, 2024.
BUSINESS
Govt invites applications for members of GST Appellate Tribunal
Eligible candidates are required to apply online and application portal would be accessible from February 19 until 5 pm on March 31.
BUSINESS
Pharma, solar PLIs under rethink as dependence on Chinese imports continue: Govt official
With large parts of the supply chain not falling under the schemes, domestic manufacturers face vulnerabilities.
BUSINESS
CAIT seeks 1 year delay in implementation of new MSME payment rule
The trade body met Finance Minister Nirmala Sitharaman on February 14 to put forward its concerns
BUSINESS
GST Council may issue clarification on expat salary taxation amid controversy
The clarification will be presented to the GST Council for approval once the law committee reaches a consensus on the matter
BUSINESS
Exclusive | GST Council likely to discuss coinsurance, reinsurance issues at next meet
Certain industry practices have been leading to non-payment of the tax, due to which clarity needs to be brought in, a government official told Moneycontrol.
INDIA
From fragile economy under UPA, India headed to become 3rd largest: FM Sitharaman
BJP government released the ‘White Paper’ on the Indian economy, highlighting both how the country prospered under 10 years of PM Modi's rule and "lost a decade" under the Congress-led UPA government
BUSINESS
Paytm fiasco highlights need for firms to address security vulnerabilities: CAIT
Such an unprecedented event in the fintech ecosystem of the country will not shatter the confidence of traders and others in the digital payment system built over the years, CAIT National President BC Bhartia said
BUSINESS
Exclusive: I-T department alleges evasion by insurers, likely to send Rs 25,000 cr tax notices
The I-T department says higher commission was paid to agents without any additional service being provided. This could be seen as masking higher income as expenditure through accounting.
BUSINESS
India’s bad bank aims at Rs 2 lakh cr stressed assets by FY25, says DFS secretary Vivek Joshi
So far, NARCL has taken over approximately Rs 88,000 crore of banks’ stressed assets and is doing due diligence for another Rs 60,000 crore, Joshi said
BUSINESS
Bank consolidation or privatisation not under discussion now: DFS secretary
The DFS secretary said that currently there is no case for bank consolidation as even the small banks are performing well.
