Weakening rupee will impact economy but nothing to worry about: FM
The minister said the fall in the value of the national currency, which hit a record low of 78.92 against the dollar, is being monitored by the government
US economy contracts in first quarter; outlook fuzzy
The U.S. economy contracted slightly more than previously estimated in the first quarter amid a record trade deficit and supply chain disruptions, government data showed on Wednesday.
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
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.
Lower tariffs on scotch whiskey re-emerge as pain point in India-UK trade talks
India had earlier offered the UK lower duties on alcohol, but the UK has demanded an immediate and steep reduction of tariffs.
Why states must prepare for life without GST compensation
While states are demanding that compensation for the revenue loss from GST be continued beyond June 30, neither the states nor the Centre have many options on the issue.
Compensation to states a bone of contention on day one of 47th GST Council meeting
On the first day of the 47th GST Council meeting, one of the key issues was the compensation to states for revenue shortfall which will stop in two days. Opposition- ruled states like Chhattisgarh want the GST compensation period to be extended for another five years. For the details of the meeting in a nutshell, watch the video.
Govt trying to reinvigorate handicrafts exports but needs ideas from industry: Piyush Goyal
Goyal said the government wants to open up more exhibition space for handicrafts at existing government premises but is wary of only a few players cornering most of the showroom space either directly or by setting up different entities.
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.
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.
PM’s one-day visit to UAE put together to build trust after Nupur Sharma controversy, sources say
Officially, the PM will be paying his personal condolences on the passing away of UAE President Sheikh Khalifa bin Zayed bin Sultan Al Nahyan. But sources said the visit will also serve to signal India’s commitment to the region in the wake of a damaging controversy.
Chhattisgarh seeks extension of GST compensation for at least five years beyond June 30
The state will present a proposal in the ongoing GST Council meeting to continue with 14 percent protected revenue provision, minister TS Singhdeo said.
Curtain-raiser: What to expect from GST Council meeting
India’s GST Council, the apex decision-making body of the indirect tax regime that completes five years this week, is meeting in Chandigarh on June 28-29.
Can states deviate from GST Council recommendations?
To endorse the principle of cooperative federalism as mandated by the Constitution of India, states must deviate in rarest of rare circumstances and any aberration must be backed by dialectical thought and pragmatism.
PM Modi highlights India's efforts for green growth, clean energy at G7 summit session
Prime Minister Modi, who is in Germany on a two-day visit from Sunday for the summit of the G7, was received by German Chancellor Olaf Scholz upon his arrival at Schloss Elmau, the picturesque venue of the summit in southern Germany.
India not part of official G7 statement that supports Ukraine and condemns Russia: Officials
India is participating in the ongoing G7 summit as a guest nation but does not condone or endorse any of the recommendations, statements or announcements in the six-page statement on Ukraine, as it was not part of the drafting team, officials said.
Time and cost overruns haunt India's infra projects
The cumulative cost overrun of 1,568 projects monitored across the country, each with an investment of Rs 150 crore or more, is Rs 4.5 lakh crore.
FTAs with UK, EU to open new opportunities for domestic exporters: FIEO
Federation of Indian Export Organisations (FIEO) also said the government initiatives are helping the country record a healthy growth rate in exports.
Gold gains as G7 nations plan to ban bullion imports from Russia
Spot gold rose 0.8% to $1,839.79 per ounce by 0721 GMT. U.S. gold futures were up 0.6% at $1,840.50.
Punjab proposes Rs 1.56-lakh-crore expansionary budget for FY23
The state has proposed a Rs 1.56 lakh crore budget for this financial year 2022-23, a growth of 14.2% from previous fiscal.
There should not be 'intolerable growth sacrifice' to tame inflation abruptly: MPC member Jayanth Varma
With a cautiously optimistic outlook for the country's economy, Varma on Sunday said growth prospects for 2022-23 and 2023-24 financial years are "reasonable" even after taking into consideration the possibility of a long-drawn-out period of geopolitical tensions and elevated commodity prices.
Govt working 'relentlessly' to strengthen health services across country: Union Health Minister
On the second day of his visit after visiting Puducherry, Mansukh Mandaviya took part in a series of events and also participated in the foundation stone laying ceremony of a Central Government Health Scheme (CGHS) centre in neighbouring Avadi.
AMCs prepare to launch new mutual fund schemes from next month as Sebi restriction nears end
Moreover, asset management companies (AMCs) have a line-up of passive funds on the fixed income and equity side as well as selective launches in certain categories to fill product gaps.
Finance Ministry asks banks to explore fintech partnership, co-lending opportunities
In the recently concluded performance review of PSBs by the Finance Ministry, sources said, lenders were asked to focus on technology and data analytics to push their lending.
