GST revenues for October were 10 per cent higher than in the same month last year, with revenues from import of goods being 9 per cent higher and revenues from domestic transaction (including import of services) being 11 per cent higher.
This is an attempt by the Congress-run state government to modify one of the three farm laws, passed in the last monsoon session of Parliament.
Garg was 'removed' a day after the parliamentary approval for the second Narendra Modi government’s first budget, which faced some criticism on account of the apparent absence of details and a definite plan to tide over the slowdown and counter falling demand.
The ministry has sought comments from stakeholders within 30 days after which the rules will be finalised. Parliament had recently approved three labour codes. These include the IR Code, the Code on Social Security and the Code on Occupational Safety, Health and Working Conditions.
The cooperative has asked bidders to supply 40 to 60 mm size of red onions from any country of origin at Rs 50 per kg by November 20. They can bid for a minimum quantity of 2,000 tonnes to be supplied in multiple lots of 500 tonnes, it said.
The revenue accruals, on the other hand, were just 27.73 per cent at Rs 44,915.52 crore in the first half out of the targeted Rs 1,61,958.50 crore for the year.
"The signs of recovery are nonetheless fragile as industrial production, bank credit and capital expenditure remain low. The stimulus measures announced by the government before the festive season was thus pertinent," said Arun Singh, Global Chief Economist, Dun & Bradstreet.
The pandemic-induced growth contraction and additional spending to support the needy amounting to a little over 2% of the economy are likely to push the combined fiscal deficit to 13 per cent of GDP this fiscal - nearly double of the past year, according to a report.
Consumer Affairs Minister Piyush Goyal said that onion is being imported from countries like Egypt, Afghanistan and Turkey by private traders. Even Nafed will import on its own capacity.
To start with, a guarantee will be provided for loans under Animal Husbandry Infrastructure (CGAHI) scheme announced as part of Animal Husbandry Infrastructure and Development Fund (AHIDF), under PM’s ‘Aatmanirbhar Bharat programme’, and for financing Farmer producer organisation (FPOs) as part of central sector scheme for FPOs.
The organisation, under the labour ministry, has written to states to speed up creation of requisite medical infrastructure in 161 districts which are still out of the purview of the ESIC Act, 1948 while laying out the action plan for 2020-21.
The commission finalised its recommendations after wide-ranging consultations with the Union, state and local governments at different tiers, its advisory committees, members of previous FCs and various domain experts, the statement said.
Since land is a state subject, all states will have to adopt the model legislation to roll it out for enhanced transparency in all future land transactions. Although several efforts were made in the past to move towards conclusive land titling, the proposals could never be pushed through.
The policy also gives 100 per cent exemption on road tax and registration fee for electric tractors purchased and registered in the state as per the existing rules/guidelines applicable for tractors by the Transport Department.
This will be done to help India regain its share in global trade, Kumar said on Friday at the Confederation of Asia Chamber of Commerce and Industry (CACCI) organised by the Federation of Indian Chamber of Commerce and Industry (Ficci).
Issuing additional frequently asked questions (FAQs) on the 'scheme for grant of ex-gratia payment of difference between compound interest and simple interest', it said credit card dues outstanding as on February 29 would be considered for giving relief to the borrowers.
Maruti chairman RC Bhargava said that the PM is clearly saying that reforms will continue so that India becomes an attractive manufacturing destination for the world.
During the April-August period, seafood exports have declined by 24% as compared to last year. The export earnings have also declined by 14%. The state had achieved excellent results through seafood exports in the pre-Covid period. During the last financial year, the export of seafood from Kerala was around 1.5 lakh metric tonnes earning Rs. 5,020 crore.
Output at infrastructure industries shrank 8.5% in August from a year ago and was slightly worse than the revised 8% decline in July. The sector, which makes up 40% of the industrial production index, had contracted by a record 37.9% in April.
The strain on the Centre’s finances continued to arise from a sharp fall in total receipts at Rs 5.7 lakh crore, representing 25% of the budgeted amount as against 40% achieved till September of the previous fiscal, data from the Controller General of Accounts revealed.
Infrastructure output, which comprises eight sectors including coal, crude oil and electricity and accounts for nearly 40% of industrial output, contracted 14.9% in the six months through September from a year earlier, the data showed.
This is the third extension for Bhat since he was appointed as the officiating Chairperson of the NCLAT on March 15 for three months. Later, he was given a three-month extension from June 15 and the tenure was again extended for one month till October 16.
"An e-commerce operator will be a "non-resident who owns, operates or manages digital or electronic facility or platform for online sale of goods or online provision of services or both," the CBDT said in the notification.
A decision to extend the norms for mandatory packaging in jute materials was taken by the Union Cabinet, Information and Broadcasting Minister Prakash Javadekar said while briefing reporters about the meeting. The decision, he said, will benefit about 4 lakh workers engaged in the jute sector along with thousands of farmers.
CMIE data shows that while the unemployment rate in the state averaged 46% during April and May, the peak months of the lockdown, the all-India unemployment rate in the same period was 24%. Though the unemployment rate in the state has since then come down to 12%, it is much higher than the all-India estimate of 6.7% at the same time.
The Japanese lender also signed an agreement for financing worth JPY 50 billion (approx Rs 3,500 crore) to state-owned power generation company, NTPC for solar power generation projects and installation of environmental equipment in India, the statement said.
The list of goods also includes canvas shoes rubber sole, safety rubber canvas boots for miners, leather safety footwear having direct moulded rubber sole, leather safety footwear with direct moulded polyvinyl chloride (PVC) sole, high ankle tactical boots with PU - rubber sole, and derby shoes.
Addressing the 19th Meeting of the Shanghai Cooperation Organisation (SCO) Ministers responsible for Foreign Economy and Foreign Trade Activities, Khemka, Chairman National Chapter of SCO in India and Vice Chairman, SUN Group, congratulated Russia, SCO Presidency on a successful term.
A new annual Financial Markets Dialogue between India and the UK to remove regulatory and market access barriers for British and Indian firms, is set to kick start with a meeting early next year.
Companies fear that they could face issues with taxman when things go back to normal. People in the know say that when the cost of goods imported jump by 10 per cent so does the GST levied on that.
As per the report, called 'REBOOT', while the pandemic brought massive disruptions across the value chain of the consumer sector, most companies adapted by building agile business models and innovative marketing strategies, along with expanding their presence through the online platforms to reach their consumers.
Crisil said the central bank's measures have helped mitigate the large and broad-based economic damage caused by the pandemic. However, it made it clear that pockets of stress still remain, pointing to the weak bank credit growth, wider spreads on lower-rated corporate bonds, and fundamental pressures due to high government borrowing.
“We are looking at bringing the Pradhan Mantri Shram Yogi Maandhan for unorganised workers and the National Pension Scheme for traders and self-employed persons under the administrative control of EPFO,” an official aware of the deliberations told ET.
Holders of advance authorisation licenses were entitled to import raw materials without payment of integrated GST and rebate of IGST. The government changed the rules in September 2018 – retrospectively from July, 2017 - prohibiting the entitlement if benefits of advance authorisation or deemed exports have been availed while importing raw materials.
The Apprentices Act, 1961 was enacted with the objective of regulating the program of training of apprentices in the industry by utilizing the facilities available therein for imparting on-the-job training. The ministry of skill development and entrepreneurship is the administrative ministry responsible for the implementation of the Act.
“In the Employees’ State Insurance (Central) Rules, 1950, rule 51B shall be omitted,” it said in a gazette notification. Rule 51 B of the ESIC Rules provides for employers’ contribution at the rate of 3% of the wages of the employee and employees’ contribution at 1% for initial two years in areas where the Act is implemented for the first time.
Further, loans against fixed deposits, bonds, shares or other interest-bearing instruments and loans given for investment in financial assets such as shares and debentures will not be covered under the scheme, according to a set of frequently asked questions (FAQs) issued by the ministry.
"It’s very important for private financing, venture capital and private equity that we need to have a level playing field. The gap now is that we do not have the domestic institutional investors that can enable us to create venture capital funds," Sinha said.
Activity in India’s dominant services sector continued to recover, with the main index rising to 49.8 in September from 41.8 in August. While that’s a marked improvement from April’s record low of 5.4, a number below 50 suggests it’s still in contraction territory and will probably be a drag on overall growth in the July-September quarter.
Tax department questioned remittances, investments in equity by companies and have asked them to file returns.
"The declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of said declarations made by December 31, 2020 the payment without additional amount can now be made up to March 31, 2021," a Finance Ministry release said.
Piyush Goyal said that the hospitality, aviation and tourism sectors are back to 50%-60% of pre-Covid levels, and will take another six to eight months to be normal, but compared with Western economies, these sectors have a relatively small share in the GDP.
Nirmala Sitharaman said India’s foreign direct investment between April and August had risen 13% compared to the previous year, despite the disruption caused by the pandemic. She said investors were attracted by various factors including low tax rates and automatic approvals for 95% of the economy.
The Centre on Tuesday amended the Jammu and Kashmir Development Act, 1970 for setting up an industrial development corporation for rapid establishment, growth and development of industries in the union territory.
Before the pandemic broke out, states have budgeted their consolidated gross fiscal deficit at 2.8% of GDP in 2020-21 with about half of the states having budgeted the ratio at or above the 3% threshold.
Similarly, according to the payroll data from the Employees' Provident Fund Organisation (EPFO), during April-August 2020, 25 lakh new EPF subscribers have joined, of which 12.4 lakh were first-time payroll entrants.
The scheme also envisages setting up the entire supply chain process like cold storage facilities and refrigerated vehicles for transporting the produce.
The engineering exports of the country have dropped by 13.73 per cent in the April-September period in the current fiscal as compared to the corresponding months last year, EEPC India former chairman Rakesh Shah said.
Earlier this year, the government had disbursed about Rs 75,000 crore to 4.2 million wheat farmers during the lockdown period, procuring record 38.2 million tonnes of wheat.
There was a "very firm lockdown" imposed beginning March 25 as the government put lives before livelihood. The lockdown also gave time to do preparatory work to deal with the pandemic. But with unlock, macroeconomic indicators have shows signs of revival, Sitharaman said.
