India's wholesale price-based inflation is at a 30-year high, leading to a "very alarming" situation for the country, former World Bank chief economist Kaushik Basu said on Thursday. He, however, doesn't see any risk of hyperinflation, but cautioned that if retail inflation follows wholesale prices, it might lead to "inflationary crisis". Participating in a virtual event organised by the Asia Society, India, Basu said the inflationary situation in India is at a "very risky bend".
Catch all the live debates from Parliament as the winter session begins
Catch all the live debates from Parliament as the winter session begins
The Supreme Court on Tuesday stayed the operation of a Delhi high court order holding as "unconstitutional" the imposition of the Integrated Goods and Services Tax (IGST) by the Centre on import of oxygen concentrators by individuals for personal use. A special bench of Justices D Y Chandrachud and M R Shah issued notice on the plea and sought response from the petitioner, who filed a PIL before the high court.
Only one of the three drivers of the economy has performed in the way it should: government spending grew at 15.6 per cent, reports Abhishek Waghmare.
PM Narendra Modi hopes the successful "rains" of GST will fill the Monsoon session with pleasant smell like that emanating from dry soil after showers.
The GST rate is 5 per cent and 12 per cent on economy and business class tickets, respectively
Sitharaman said the government understands that the contours and tone of issues for each sector varied from one to the other.
Under the Goods and Services Tax, effective midnight of June 30, most of the financial services would attract a higher tax of 18 per cent as against 15 per cent as of now.
Investors and manufacturers have long advocated the GST.
However, the government is readying a relief package and it could include a cut in the licence fee to 5 per cent, two years' moratorium on paying spectrum charges with interest, and referring the GST tax refund issue to the Council.
These would include passenger engagement initiatives, consumer offers, and curated menus at food and beverage outlets.
The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime
The S&P BSE Sensex ended down 284 points at 27,698 and the Nifty50 slipped 78 points to settle at 8,545.
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