The Reserve Bank of India's (RBI's) State of the Economy report for October acknowledged a slowdown in some high-frequency indicators but expressed confidence in a recovery, aided by consumption demand during the festival season. "In India, aggregate demand is poised to shrug off the temporary slowdown in momentum in the second quarter of 2024-25 as festival demand picks up pace and consumer confidence improves," said the report released on Monday.
After adding 11.7 million workers in the October 2022-September 2023 period from the pandemic lows in April 2021-March 2022, total workers employed in the vast informal sector in India - at 109.6 million - still remains below the pre-pandemic period.
GST collection in May rose 12 per cent to Rs 1.57 lakh crore, the finance ministry said on Thursday. The gross Good & Services Tax (GST) revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
The banking sector emerged as an outlier when the rest of India Inc witnessed a slowdown in earnings in FY23. The combined net profit of listed public and private sector banks was up 39.4 per cent year-on-year (YoY) last financial year and their share in India's gross value added (GVA) or gross domestic product (GDP) at factor cost rose to a record high of nearly 1 per cent up, from 0.8 per cent a year ago. Listed banks' combined net profit grew to Rs 2.36 trillion in FY23, from Rs 1.69 trillion a year ago. In comparison, India GVA at current prices was up 15.2 per cent YoY at Rs 247 trillion in FY23; it was around Rs 214 trillion a year ago.
'Formation of the Cabinet Committee on Investment is very positive news.'
Move seen as prelude to GST rollout; rules for Cenvat credit also likely to be simplified.
Floor rate with a narrow band to be fixed.
Two sub-committees, set up by the government to resolve the issues of compensation to states for revenue loss on account of a reduction in central sales tax and the final design of GST, are also likely to miss the December 31 deadline.
April dealers with up to Rs 60-lakh (Rs 6-million) turnover could opt out with 1 per cent levy.
FM to meet states on Feb 14, approve key decisions.
Centre, states clear first hurdle, agree on compensation formula for losses on account of reduction in Central Sales Tax rate.
Officials said Mukherjee had proposed the name of Modi for the post, as an experienced person like him could have helped convince BJP-ruled states to move ahead on the Goods & Services Tax (GST).
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
The victory of the Congress and its allies in three out of five states may make it easier for the United Progressive Alliance government to move forward on the Goods and Services Tax.
Supporters say the new sales tax will add up to two percentage points to India's economic growth
Years of wait before DTC, GST are rolled out
Cricketer Harmanpreet Kaur, who hit a stunning 171 not out in the recent women's cricket World Cup propelling India into the finals, has been promoted as Officer on Special Duty (OSD) in the Western Railway.
Jaitley says govt is open to scrapping 1% additional tax on GST
A decision by P Chidambaram in his last days as finance minister has annoyed the revenue department.
The biggest challenge is crude oil's sustained rally - it is nearing $80 a barrel - stoking inflationary pressures and consequent price hikes in the sector.
The breadth, indicating strength of the market was strong
Some experts had said the Budget did not have much in terms of big ideas.
Introduction of GST would make Indian products competitive in the domestic and international markets.
Ramdev's company remains a dominant player in the naturals space, but products of rivals are also gaining popularity.
The new Land Acquisition Act to provide just and fair compensation to farmers came into force from January 1, 2014.
The Indian economy will expand by 5.6 per cent during 2014-15 even as the Reserve Bank is not likely to cut interest rates this year, according to Ficci's latest Economic Outlook Survey.
Growth is going to be an important factor in contributing high tax revenue and in containing the fiscal deficit.
Excise duty on most products has been capped at 12.5 per cent
Commercial vehicles witnessed a fall of 15-17% in November as buyers struggled to meet margin money requirements, reports Swaraj Baggonkar.
Amendments to RBI Act likely soon
Govt may not announce any new concessions in excise duty
The Empowered Committee of State Finance Ministers got its new chairman on Monday in Jammu and Kashmir's Abdul Rahim Rather.
New ITR forms indirectly force small businesses to maintain books of accounts, something that wasn't needed earlier, says Anupam Jain.
Sebi will be taking a number of measures to develop a derivatives market of commodities.
Common return for excise duty and service tax was envisaged when 119 services were taxed.
Pradhan Mantri Jan Dhan Yojana and Make in India -- are not covered here.
It's easy to say investors should focus on fundamentals but this risk can have a significant and lasting impact
Reducing dependence on wholesalers will give the company better control over its inventory, besides offering greater visibility to new brands, reports Avishek Rakshit.
The 30-share Sensex ended 79 points lower at 26,909 and the 50-share Nifty closed 25 points lower at 8,102.
Negotiations near deadlock, as states oppose Constitution Amendment Bill.
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