BUSINESS
'Can't comprehend' criticism of 5% GST on high-priced hospital rooms, says Revenue Secy Tarun Bajaj
The revenue secretary was left puzzled by the criticism of the GST Council's decision late last month to tax highly-priced hospital rooms without input tax credit.
BUSINESS
Businesses' inflation expectations dropped below 6% in May, IIM survey shows
The drop, critical to ensuring price stability, will bring some much-needed relief to policymakers, as the RBI has already raised the policy repo rate by 90 basis points in FY23 to keep inflation expectations anchored
BUSINESS
Without reforms, India will grow too slowly for its own good, says Raghuram Rajan
The former central banker cautions that while India may be a $3-trillion economy, it is a long way from being a substitute for China, which is five times larger
BUSINESS
'These are extraordinary times': FM Sitharaman on windfall tax on oil producers, fuel exports
According to the finance minister, while the government does not grudge companies making profits, it was happening at a time when the supply of fuel was being affected and measures were required to tackle the situation.
ECONOMY
Rupee exchange rate under close watch of RBI and government, says finance minister
The rupee has been slipping to fresh lows over the last several sessions as global macroeconomic woes mount and as foreigners continue to pull out funds from Indian equities.
INTERVIEW
Interview | GST Council, not Centre, must take call on compensation, says Tamil Nadu’s PTR
The five-year compensation period for states under the Goods and Services Tax regime ends on June 30. According to Tamil Nadu Finance Minister Palanivel Thiaga Rajan, if the GST Council is truly a federal body, it must decide whether states should be compensated for any revenue shortfall beyond this month.
ECONOMY
GST average rates need correction, finance minister says
The GST Council has over the years reduced several tax rates, resulting in an average rate of about 11.5 percent against the so-called revenue-neutral rate of 15 percent
ECONOMY
GST Council gives GoM three months to decide on rate rationalization
The council also considered a report by another group of ministers on taxing online gaming, casinos and horse racing and have given the GoM time until July 15 to firm up its report after speaking to stakeholders.
BUSINESS
Dozen states seek GST compensation extension by five years, ministers say
According to top state ministers, dozen states have asked that the Goods and Service Tax (GST) compensation be prolonged by five years.
ECONOMY
GST Council to discuss compensation to states, tax on online gaming on June 29
The two heavyweight subjects are on the agenda for June 29 after the interim report on rate rationalisation of the Group of Ministers was accepted on June 28.
ECONOMY
GST Council accepts interim report of GoM on rate rationalisation, sources say
The GoM, chaired by Karnataka Chief Minister BS Bommai, was tasked with looking into matters related to rate rationalisation and correction of the inverted duty structure.
BUSINESS
Gig economy may create 2.35 crore jobs by FY30, says NITI Aayog
The report has called for determining the contribution of the gig economy to India's GDP and has sought social security cover for gig workers
BUSINESS
GST at 5: The making of a tax system – a timeline of key milestones
The Goods and Services Tax regime is set to complete five years on June 30. But the indirect tax framework has been in the works since the turn of the millennium.
BUSINESS
RBI, PPI companies in talks; central bank not in favour of innovation based on regulatory arbitrage
The Indian central bank is in discussions with fintech companies following its clarification last week on the loading of pre-paid instruments through credit lines.
BUSINESS
In Charts | How fiscal, defence realities pushed government to tread Agnipath
The new military recruitment scheme has led to protests around the country. It has also invited greater scrutiny on the sums the government spends on the country’s armed forces.
BUSINESS
MPC members can start with near-term interest rate forecasts, says Jayanth Varma
Jayanth Varma has backed up his comments in the minutes of the Monetary Policy Committee's June 6-8 meeting, where he had said the time is ripe for members to start providing projections for the policy rate.
BUSINESS
India's 'natural' interest rate has fallen to 0.8-1% from 1.6-1.8%, say RBI staff
An abstract and unobservable concept, the natural rate of interest is used to assess the stance of monetary policy. A fall in the natural rate of interest is consistent with lower potential growth.
BUSINESS
Viral Acharya calls on central bankers not to compromise, embrace risk of losing job
Acharya, who served as a deputy governor of the Reserve Bank of India for two-and-a-half years, also said public sector banks were causing a huge loss to the Indian taxpayer.
BUSINESS
Despite pandemic and lockdown, India's unemployment rate fell to 4.2% in 2020-21
As per the government's Periodic Labour Force Survey, the unemployment rate dropped in the 12 months ending June 2021 even as the labor force participation rate increased.
BUSINESS
New data shows India grew 6.8% per year on average under both UPA and pre-pandemic NDA govts
Until now, comparable GDP growth data was available only going back to 2005-06.
BUSINESS
The A-to-Z of growth and inflation: 26 key terms you must know
If you've ever wondered what lies beneath the headlines on growth or inflation numbers and the jargon associated with the two most important macroeconomic indicators, this ready-reckoner is all you need.
BUSINESS
Retail inflation may ease out to 7.1% but stay above RBI comfort zone
After surging to 7.79 percent in April, India's headline retail inflation print is seen easing in May despite a sharp increase in prices of key items.
BUSINESS
Fitch revises outlook on India to stable from negative, affirms BBB- rating
The revision in the outlook comes after Fitch had changed it to negative in June 2020 following the imposition of the draconian nationwide lockdown.
BUSINESS
FM Sitharaman calls on public enterprises to show greater professionalism, efficiency
The finance minister's comments come as the public sector readies itself for the entry of private companies in all sectors, including the four strategic sectors specified by the new PSE policy.
