GST council clears CGST and IGST laws

The Goods and Services Tax (GST) Council headed by Finance Minister Arun Jaitley on Saturday cleared the crucial Central GST (CGST) and Integrated GST (IGST) bills, as the country moved a step closer towards implementing its biggest tax reform from July 1. The GST council, in its eleventh meeting in New Delhi, approved the drafts of the central … Continue reading GST council clears CGST and IGST laws

Demonetisation effect: India’s GDP growth slows to 7 percent in Q3 [Oct-Dec]

The Central Statistics Office on Tuesday pegged India’s growth rate at 7 per cent for the current fiscal, 7.3 per cent for fiscal year 2018 and 7.7 per cent for fiscal year 2019. In a statement today, the CSO said, “Agriculutre and allied sector growth estimated at 4.4 per cent in 2016-17, up from 0.8 … Continue reading Demonetisation effect: India’s GDP growth slows to 7 percent in Q3 [Oct-Dec]

India deserves a better rating: OECD

Global think-tank OECD today pitched for a rating upgrade for India and said global rating agencies had become "overtly cautious" and conservative in not revising India's rating for last 14 years. “I believe India deserves a better rating,” said Angel Gurria, Secretary General of the Organisation for Economic Cooperation and Development (OECD). He said the … Continue reading India deserves a better rating: OECD

WTO’s Trade Facilitation Agreement comes into effect

The Trade Facilitation Agreement (TFA) in Goods of World Trade Organisation (WTO) came into effect with its ratification by two-thirds members of WTO including India. The TFA in Goods was adopted by the WTO Members in 2014. It aims to streamline, simplify, standardise and ease customs procedures and norms. It will help to cut trade … Continue reading WTO’s Trade Facilitation Agreement comes into effect

Bharat QR code launched to push less-cash economy

The Union Government has launched Bharat QR code, a quick response (QR) code to enable digital payments without card swiping machines. It is world’s first interoperable payment acceptance solution launched by Indian Government to move towards less-cash economy. Highlights Bharat QR code has been developed by jointly by National Payments Corporation of India (NPCI), Visa, … Continue reading Bharat QR code launched to push less-cash economy

Indian economy remains a bright spot in global landscape: IMF

The International Monetary Fund has said the Indian economy is growing strongly and remains a bright spot in the global landscape. It said growth is expected at 6.6 percent in this fiscal year and at 7.2 percent in the following year. "The Indian economy is growing strongly and remains a bright spot in the global … Continue reading Indian economy remains a bright spot in global landscape: IMF

Council approves GST Compensation Bill: Save States from Loss of Revenue

The GST Council on Saturday approved a law to compensate states for any loss of revenue from implementation of the new national sales tax but deferred approval for enabling laws to next meeting. At its 10th meeting held at Udaipur, the council also resolved to make some clarificatory changes in the model GST Bill — which … Continue reading Council approves GST Compensation Bill: Save States from Loss of Revenue

RBI 6th bi-monthly monetary policy review: Key rates unchanged

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) headed by RBI Governor Urjit Patel has kept the key policy rates unchanged.  It was central bank’s sixth bi-monthly and last policy for the financial year 2016-17 and overall the third by the MPC. All six members of the MPC voted in favour … Continue reading RBI 6th bi-monthly monetary policy review: Key rates unchanged