BUSINESS
India’s trade ministry acts to cut ballooning trade deficit with Russia, reaches out to EPCs: Sources
Discounted crude oil has constituted a large portion of India’s imports since last year. OPEC made up for as much as 90 per cent of all crude oil India imported at one point of time, but this has been sliding since Russian oil became available at a discount in the aftermath of Moscow's invasion of Ukraine in February last year.
BUSINESS
India allows duty free imports of crude soybean, sunflower seed oil till June 30
The importer will have to produce to the customs a valid tariff rate quota authorisation for the financial year 2022-23 allotted by the Directorate General of Foreign Trade to avail the duty free imports.
BUSINESS
GST: Government lowers threshold for e-invoicing to Rs 5 crore
From August 1, 2023, it will be mandatory for smaller businesses to carry transactions via e-invoices
BUSINESS
How Haryana beats its big brother Punjab with four-fold GST collections
Haryana is developing much faster in terms of infrastructure and is a preferred destination for multinational companies as well as individuals, thereby leading to significant GST collections.
BUSINESS
Tobacco tax hike | Committee lies dormant, unlikely to submit report soon: Sources
The government is urged to increase NCCD, GST cess and ad valorem each by 10 percent so that the overall tax on tobacco can be higher than the per capita income and inflation growth.
BUSINESS
Chartered accountants, company secretaries irked by PMLA tweak
The modification was notified on May 4 and brings CAs and other professionals under the PMLA ambit if they undertake any financial transactions on behalf of a client
BUSINESS
Faceless tax assessment scheme fuels deluge of appeals, puts taxpayers in limbo
Over 6 lakh appeals are pending before the I-T department and tribunal; the finance ministry claims less manpower is leading to the pile-up.
BUSINESS
High growth and recovery is like a chicken-and-egg situation for economies: FM
Sitharaman said that due to the pandemic in the past couple of years the counties have knowingly gone into a situation of high debt but a fiscal glide path was necessary in the long term.
BUSINESS
Karnataka’s next government will have to balance challenges and opportunities
Karnataka election 2023: Multiple challenges await the new government, including a huge debt burden, vacant government posts, and an infrastructural mess in the state capital, Bengaluru. But there are opportunities as well
ECONOMY
Vivad se Vishwas scheme: June 30 deadline for MSMEs to submit claims
In cases of failure by MSMEs to execute contracts during the COVID period, 95 per cent of the forfeited amount relating to bid or performance security will be returned to them by the government.
BUSINESS
Exports to UAE to jump 60% to reach $50 billion by 2027: Commerce Secretary
A lot of the trade between the two countries is taking place via preferential routes using the Comprehensive Economic Partnership Agreement (CEPA) between the two countries, Union Commerce Secretary Sunil Barthwal said.
BUSINESS
CBDT likely to issue rules on angel tax next week: Sources
The Finance Ministry and the Department for Promotion of Industry and Internal Trade (DPIIT) were discussing guidelines to provide clarity on angel tax
BUSINESS
Govt will meet fiscal deficit aim as no risk of subsidies slippage: Fin Min official
“If inflation is 5 percent and GDP growth is likely at 5.5 percent, nominal GDP growth of 10.5 percent is likely with a tax buoyancy of 1. The government is not optimistic but realistic."
BUSINESS
Will not cut down on capex of Rs 10 trillion in FY24: Finance Secretary
“We are assuming that the entire capex will be spent. We have not decided to save money from capex,” TV Somanathan said.
BUSINESS
G20 Summit: India stresses on information sharing to check tax evasion, illicit funds flow
India as the co-chair of the Asia Initiative of the Global Forum on transparency and exchange of information for tax purposes is hosting its 4th high-level meet on April 27-28 in New Delhi.
BUSINESS
High import duty, resumption of flights lead to rise in gold smuggling
Government agencies have detected numerous cases of attempts being made to smuggle in gold and silver. Between April 2022 and February 2023, 3,992 kg of smuggled gold was seized as compared to 2,172 kg in 2021-22.
BUSINESS
Stable banking system, RBI regulations help avert SVB-like crisis in India: Finmin
Indian banks appear well-placed to handle any stress emanating from the current tightening cycle.
BUSINESS
Financial influencers turn into a risk in lack of regulatory norms from Sebi, RBI
The steady rise of influencers in India doling out financial and investment advice, without being qualified to do so, has been detrimental at times, especially in the case of recent start-up listings
BUSINESS
India needs to grow 8% for 3 decades to provide jobs for the world’s largest population, economists say
The country also needs to invest heavily in skilling its workforce to become a global repository of human resources.
BUSINESS
US likely to remain India’s largest trading partner in 2023-24 after supplanting China, experts say
Post Covid-19, India and other trading partners have diversified imports from China to other sources after experiencing supply disruptions during the pandemic amid security concerns and higher import tariffs.
BUSINESS
DGGI to soon issue tax notices to companies using metal scrap, agri inputs for claiming fake credit: Sources
So many fake invoicing cases have been detected wherein metal scrap and agricultural items have been used for industrial use.
BUSINESS
Inflation-targeting framework has clouded thinking in central banks: PM’s advisory council member
Rakesh Mohan, a part-time member of the Prime Minister’s Economic Advisory Council, tells Moneycontrol though there are multiple instruments to tackle inflation, every time there is a spike, the market expects monetary policy action
BUSINESS
GST Intelligence to soon wrap up probe into 12 online gaming companies for tax evasion
The GoM on online gaming has however failed to reach a consensus on the mechanism to calculate the amount on which GST would be levied.
INDIA
PM Gatishakti NMP evaluates 76 key Central infra projects; leads to cost savings of Rs 5.14 lakh crore
Using the NMP, 156 infra gaps relating to first- and last-mile connectivity of major sectors of the economy have been identified by the relevant ministries in coordination with the DPIIT.
