The hike in import duty for gold from 10 per cent to 12.5 per cent, along with 3 per cent GST, has taken the total tax on gold to 15.5 per cent, providing potential stimulus to smuggling. Bullion analysts estimate that a staggering 200 tonnes of the precious metal would make its way into the […]
India’s gross domestic product (GDP) is likely to grow at 6.6-6.7 per cent in the third quarter and 7.2 per cent for the full financial year, the State Bank of India (SBI) said in its research report. The weak infrastructure activity, based on the previous Index of Industrial Production (IIP), is one of the key […]
The International Monetary Fund (IMF) has retained its growth projection for Indian economy at 7.5 per cent for 2019-20 and said it is likely to accelerate to 7.7 per cent in 2020-21. This comes on a day when China announced that its GDP recorded its lowest growth rate in 28 years at 6.6 per cent […]
India will surpass China to become the second largest oil demand growth centre globally in 2019 on back of buoyant auto fuel and LPG consumption, research and consultancy group Wood Mackenzie said. In a report, Wood Mackenzie said India’s oil demand growth recovered strongly in 2018, overcoming the aftermath of the implementation of Goods and […]
A goods and services tax (GST) ministerial panel, led by Assam finance minister Himanta Biswa Sarma, is not supporting a proposal to levy a sugar cess to compensate cane farmers. The panel, however, does favour a rate reduction on ethanol, from 18 per cent now to 12 per cent. The panel will wait for the […]
India will reverse 2 years of declining growth as the economy is set to expand by 7.3% in fiscal year (FY) 2018 and 7.6% in FY2019, aided by various growth-oriented policy measures, a new Asian Development Bank (ADB) report said. The Bank said in its latest Asian Development Outlook (ADO) 2018 report that the dip in growth […]
The accumulation of the goods and services tax (GST) due to over-valuation of imports of aluminium scrap is adversely affecting India’s aluminium recycling industry, which is mostly in the medium and small sectors. Industry officials said the industry faced a risk of shutdown if the issue was not resolved immediately. “The aluminum recycling industry, which […]
After months of decline, gold imports by India, the world’s second-biggest market after China, surged 37 per cent in December. Inward shipments of gold increased to 77.7 tonnes from 56.9 tonnes a year ago, reports the Economic Times. In value terms, purchases rose 39.8 percent to 176.7 billion rupees ($2.8 billion). The data is the […]
Trade body Cotton Association of India (CAI) has threatened to go one-day protest strike on December 15 against Reverse Charge Mechanism (RCM), an issue of pending refunds to exporters since July 2017 on account of GST. An indefinite strike will follow from 22nd December 2017 if the issue of RCM was not resolved in the […]
A recently introduced 5 percent goods and services tax (GST) on supply of raw cotton under the reverse charge mechanism (RCM) by the Indian government is making the ginning industry unhappy. Earlier, the government had postponed the implementation of the RCM till March 31, 2018. The notification says that the GST on supply of raw […]
