BUSINESS
Finance ministry to meet hospitality, insurance, textile stakeholders this week on passing GST benefits to consumers
The meetings come in the wake of mixed reviews from certain sectors around the relief offered through GST reforms given the removal of input tax credit under the new rates.
BUSINESS
Car dealers seeking legal advice as new GST rates threaten refund of tax credits
Auto industry representatives and the government have met on the issue and sources told Moneycontrol that the Centre is mulling a refund of compensation cess which car dealers have paid for their purchases. However, any relief is possible only after the new rates kick in.
BUSINESS
Govt allows manufacturers to use existing packaging with revised MRP to reflect GST rate changes
The Department of Consumer Affairs has asked the industry—manufacturers, packers and importers—to place at least two advertisements in one or more newspapers to inform the public about the price change.
BUSINESS
Govt wants industry to pass on GST relief to consumers, open to engagement if needed, says senior official
'We will speak with them, nudge them, if we see retail prices are not commensurately decreasing but we trust them for doing it,' the source has said
BUSINESS
Centre likely to lose Rs 10,000-12,000 crore revenue annually due to ban on real money gaming
Officials expect the 40% GST on online gaming, effective from September 22nd, to compensate some loss in revenue.
BUSINESS
No particular mechanism to check profiteering right now, but seized of the question: FM Nirmala Sitharaman
"In the case of insurance sector, the public sector insurance companies have come forward to openly say that they will indeed pass the rate-cuts to citizens. I’m sure the private sector will do the same with insurance, and so with other things," said the FM.
BUSINESS
Centre mulling to impose additional levy on 40% GST rate for tobacco products after cess period ends
Officials said, once the compensation cess expires, an additional levy will be imposed on these products to keep the tax incidence same as it is currently. But, what will the additional levy be is not yet decided, they said.
BUSINESS
Business will adopt new rates over time, but will absorb the excess costs in meantime: CBIC Chairman Sanjay Kumar Agarwal
The official noted that it’s a transition period, under which some businesses may have to incur loss on their margins, while some may gain. Over time, however, the businesses will start selling at new rates. On meeting the full year’s tax collection target, the official said that he can’t estimate any figure right now
BUSINESS
GST Council okays dual tax rate structure of 5% and 18%, no decision on compensation: Sources
The new rate structure will be applicable from September 22 and could lead to a revenue shortfall of Rs 93,000 crore
BUSINESS
GST Council meet: Will approve rate cut proposal only if compensation assurance is provided, says Jharkhand FM
Radha Krishna Kishore is seeking Rs 2,000 crore annually from Centre as compensation
BUSINESS
Union Cabinet may approve financial support package for MSMEs today
The package is aimed at providing affordable credit, better market access for exports, and to cushion from the adverse impact of high tariffs.
BUSINESS
Rate rationalisation, 2-slab GST & compensation cess future top 56th GST Council’s agenda
"We are in favour of the Central government’s proposals, as it’s in favour of the common man," a state finance minister tells Moneycontrol.
BUSINESS
Blinkit, Swiggy Instamart, Zepto likely to respond to CCI this week on anti-trust complaints
CCI has not yet issued a formal notice, but has sought inputs from three quick commerce companies on their pricing strategies, preferential treatments to some sellers, and allegations of possible FDI violations.
BUSINESS
Centre unlikely to extend 'compensation-cess framework' to make up for revenue loss to states
Imposing additional levy on sin goods is being considered an option to compensate states for revenue loss for a short-term, sources say.
BUSINESS
Govt nudging private sector for capital spending to counter slowdown risks
"We’ve got some positive response. Hopefully, in some sectors, we would see private capex picking up soon" the person added.
BUSINESS
Economists bet proposed GST cuts can counter Trump tariffs and drive consumption, lifting GDP by half a percent
The actual pace of GST cut transmission may vary, say economists, with larger companies likely adjusting prices quickly whereas smaller enterprises or those with complex supply chains requiring more time.
BUSINESS
Centre considering ‘direct-income support’ for MSME workers impacted by Trump’s tariffs
The Centre has prepared a support package worth Rs 25,000 crore under the Export Promotion Mission, to provide affordable credit, improve market access and cushion from the adverse impact of tariffs.
BUSINESS
Low international commodity prices likely to partly offset impact of higher tariffs, but US-India trade negotiations crucial: FinMin
If the near-term economic pain is absorbed more by those who have the ability and the financial strength to do so, then small and medium enterprises in downstream industries will emerge stronger from the trade imbroglio. Now is the time to demonstrate an understanding of national interest, said the finance ministry.
BUSINESS
MC Interview | Trump tariff impact not so much on growth but on jobs: EAC-PM Chairman
India quickly needs to introduce labor reforms that can remove the 'missing middle problem' in the manufacturing sector, and raise productivity, said S Mahendra Dev, Chairman of EAC-PM said.
BUSINESS
Demand boost to more than make up for GST 2.0 revenue loss, says PM-EAC chairman
Lower GST rates will lift growth without derailing fiscal deficit, says PM’s economic advisory council chairman S Mahendra Dev
BUSINESS
Govt, CCI mulling to review Rs 2,000 crore deal-value-threshold for small businesses
Some sections within the government feel that DVT can be lowered to some extent, by Rs 500-1,000 crore, only if CCI builds additional capacity. But CCI largely feels a lower value may lead to inefficient use of resources.
BUSINESS
Online gaming companies likely to approach high courts this week to contest ban on real-money gaming
Dream 11, Gameskraft, and Head Digital Works, are among the major RMG companies, which may contest the new law in 2-3 high courts, sources said.
BUSINESS
Revised Digital Competition Bill may bat for consultative approach by CCI
The draft of the revised bill may contain provisions which would direct the CCI, in some cases, to consult other stakeholders, such as Ministry of Electronics and Information Technology (MeitY), before passing any antitrust order.
BUSINESS
Draft bill sees online money gaming as channel for laundering, terror funding
"Modern online games are often integrated with social media, digital wallets, and real-time multilayer networks, making them difficult to monitor or control at state level," the drafts says.
