Madhya Pradesh Finance Minister Jayant Malaiya has suggested that the small businesses with an annual turnover of less than Rs 1.5-crore should be allowed to file the Goods and Services Tax (GST) returns once in three months instead of every month.
Plan and Policy
Plan & Policy
With the idea of insurance changing from being a mere tax-saving instrument to an investment for a better life, private life insurer SBI Life hopes that its individual premium business would surpass the industry growth rate of 11-13 per cent in the next few years.
Market research agency Crisil in its life insurance study has projected an industry growth rate of 11-13 per cent in its individual premium business over the next three-five years.
The government has set an ambitious target of 137.55 million tonnes in foodgrain output this rabi season, more than the record production achieved last year, even with the main wheat growing states Uttar Pradesh and Madhya Pradesh receiving deficient rainfalls.
With the economy growing at a robust pace, India is likely to overtake Japan and Germany to become the third largest economy in the next 10 years but needs to be consistent in reforms and focus more on the social sector, British brokerage HSBC has said. It is estimated that India will be a $7 trillion economy in 2028 as compared with less than $6 trillion and $5 trillion for Germany and Japan, respectively.
To check corruption and harassment, the tax department will soon launch a pilot of “jurisdiction-free assessment” where a tax officer will not get to know identity of the assessee as allotment of cases will be done randomly by computers rather than on the basis of area.
The success of the pilot, to be first carried out in Delhi and Mumbai, will determine if the plan has to be expanded all over the country, a senior revenue department official said. The country is divided into 18 tax zones. Taxpayers are assessed by the officers of the region they are based in.
The Reserve Bank of India is expected to pause rate cuts for the rest of 2017-18 as retail inflation is likely to tread higher towards 4.7 per cent by March, says a Kotak Institutional Equities report.
According to the report, both CPI and WPI inflation have bottomed out and retail inflation is inching towards 4.7 per cent and wholesale towards 3.6 per cent by March 2018.
The Centre will soon start linking driving licence with Aadhaar, Electronics and IT Minister Ravi Shankar Prasad said today.
Diamond jewellery consumption in India continued to decline in the first half of 2017, finds leading diamond company De Beers. In 2016, consumption was affected by jewellers’ strike and demonetisation.
Across much of Asia, foreign currency reserves have never been stronger. India’s forex reserves are set to hit a new high of $400 billion, enough to cover a year of imports, while holdings of international currencies in South Korea, Taiwan, Thailand and Indonesia are all at record levels.
China’s reserves – the world’s biggest – posted a seventh straight gain in August to $3.09 trillion, helping to reverse a near $1 trillion decline.
India has been placed at a low 103 rank, the lowest among BRICS economies, on the WEF’s global human capital index (HDI), which has been topped by Norway. India was ranked 105th on this list last year, while Finland was on the top, which has pushed by Norway to second place this year.
India also ranks “among the lowest in the world” when it comes to the employment gender gap, but has fared well when it comes to development of skills needed for the future with a rank of 65 out of total 130 countries surveyed.