BUSINESS
Govt eyes amendment to CGST Act to bring tax consistency for ride-hailing firms, say sources
'The CBIC is privy of the matter, and an amendment is being considered in the CGST Act, but the nod from Council is required,' an official told Moneycontrol.
BUSINESS
Govt works to count, secure Indian nationals in Iran amid tensions: sources
As of today, about 10,000–12,000 Indian-origin nationals live in Iran, including workers who are not permanent residents and students, sources said.
BUSINESS
Govt assessing state-run OMCs financial health to finalise compensation for LPG losses: Sources
The government may partially compensate the oil marketing companies (OMCs) for the losses incurred by them on sale of LPG cylinders or might even entirely decline the request, sources told Moneycontrol.
BUSINESS
MC Interview: MoSPI preparing framework for faster data revisions; incorporating AI/ML, says Minister Rao Inderjit Singh
With the overall guidance of NSC and the technological advancements adopted by MoSPI for conducting surveys, the time lag for releasing survey reports has been reduced considerably, said Singh.
BUSINESS
Crypto hawala racket on I-T radar: Dubai a key hub for illegal fund transfers
The CBDT has sent out emails to all persons suspected of using the crypto route to launder money and evade tax, seeking a review of their ITRs. Many more high-networth individuals are also on the radar
BUSINESS
FATF may put Pakistan back on 'grey list' over terror financing
At a recent FATF meeting, India flagged Pakistan’s terror networks and the support they receive from the government
BUSINESS
Digital rupee expansion: RBI eyes major boost in offline CBDC-R use
As many as 17 banks allow offline transaction of CBDC-R but in the coming months, more than 30 banks might be allowed the same
BUSINESS
Over 5 million unorganised workers benefited in last 11 years: Labour Ministry
One of the key components of the welfare framework is the 'Education Assistance Scheme', which provides annual scholarships ranging from Rs 1,000 to Rs 25,000 for the wards of beedi, cine, and non-coal mine workers
BUSINESS
16th Finance Commission may keep states' share in central taxes unchanged or raise it by 1 percentage point, say sources
The Commission, headed by Arvind Panagariya, has concluded consultations with all 28 states. Of these, 22 have requested that the states’ share in the divisible tax pool be raised to 50 percent from the current 41 percent, which applies to the FY21–26 period.
BUSINESS
Income Tax Bill 2025: Parliament panel focuses on clarity, not overhaul
The new bill includes extensive use of tables, formulae for enhanced clarity, and consolidation of provisions scattered across various sections/chapters relating to a single issue.
BUSINESS
Agriculture ministry embraces complete satellite-based crop area estimation
'The estimates will include production data for both established and newer crops (such as strawberry, avocado etc) …marking a significant leap forward in agricultural data collection and analysis for the country,' an official said.
BUSINESS
India's social security cover surges to 64.3% in 2025 from 19% in 2015
More than 94 crore Indians are now covered under at least one social protection benefit
BUSINESS
Revision of GDP, IIP estimates 'not weakness but strength' of the system, says Statistics Secretary Saurabh Garg
In case of factory output, the NSO regularly sensitizes source agencies to engage with production units regarding timely submission of data. If the initial response rate by the production units is good, the magnitude of subsequent revisions reduces significantly.
BUSINESS
Goodbye pen and paper, NSO embraces digital surveys for faster results: MoSPI secretary Garg
"With the use of CAPI, the time period for dissemination of the results and the data of the surveys post the conduct of the survey could be reduced to a great extent," noted Garg
BUSINESS
Cryptocurrency status in limbo as officials fear 'dollarization' of economy, unclear global regulation
Citing a lack of clarity on how major economies are regulating crypto assets, government officials have remained cautious of declaring cryptocurrencies as legal tender, instead choosing to wait and see how other countries are moving forward.
BUSINESS
Centre plans AI-powered district-level business register to gauge sentiment surveys
The Statistical Business Register (SBR) will likely serve as a comprehensive database of enterprises operating at the district, state, and national levels, and will be the backbone to develop an Integrated Official Business Statistics system.
BUSINESS
'Food & beverages' may get lower weightage of 36-38% in new CPI series: Source
According to the Household Consumption Expenditure Survey 2022-23, the segment's share in households' monthly per capita consumption expenditure fell to 46.4 percent in 2022-23, compared with 52.9 percent in 2011-12.
BUSINESS
Moody’s may factor in India-Pak war into sovereign rating, unlikely to change methodology
A source from Moody’s Ratings told Moneycontrol the agency is unlikely to change the methodology of assessment. "We've a fixed parameter for credit ratings of sovereigns. Not sure, if we are flexible in changing our sovereign rating methodology," the person added.
BUSINESS
CEA Nageswaran bats for 'alternative data sources', says can aid timely intervention in policy-making
Alternative data is the by-product of everyday digital interactions such as satellite images, location and mobility trail, digital payment trail and e-commerce transactions
BUSINESS
Scrutiny shows 7-8 lakh HNI taxpayers likely earn over Rs 1 crore annually but ITRs show less income
Income tax authorities are monitoring high-value spending of taxpayers through TCS and TDS, foreign remittances, and examining GST data to assess the spending of HNIs, sources have told Moneycontrol.
BUSINESS
Experts skeptical of new CIRP rules, say some provisions not aligned with IBC
The amendment which allows RP--with the approval of COC--to invite expression of interest (EoI) for submission of resolution plans for the corporate debtor as a whole, or for sale of one or more of assets of the corporate debtor, or for both, raises important legal and procedural concerns, experts reckon.
BUSINESS
Weight of 'Income Distance' criteria may shrink in next Finance Commission's formula
The current finance commission - whose recommendation are valid for 2021-26 – had previously suggested to assign 45% weight to income distance, which resulted in UP and Bihar getting a fairly larger share of taxes as against relatively well-off states like Kerala, Karnataka or Haryana.
BUSINESS
Investment in economy helped Q4FY25 GDP but need to see if trend sustains, say economists
Data released by the finance ministry showed that in Q4FY25, the central government’s capital spending jumped 33.1% on year as compared to a mere 1% growth recorded in the first nine months (April-December) of FY25.
BUSINESS
'Hub-and-spoke based skilling' need of the hour, says Labour Minister Mansukh Mandaviya
The minister lauded the present Prime Minister Internship Scheme (PMIS), and said that 10 million youth will get job opportunities in "downstream companies" in the next 5 years.
