-The Telegraph At the GST Council meeting in September it was decided to correct the inverted duty structure for textiles and footwear The GST Council on Friday decided to defer the hike in textile duty to 12 per cent from 5 per cent that was due to take effect from January 1 and referred the matter for review to the group of ministers on rate rationalisation. The panel, the highest decision-making body for...
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MSMEs hit by Raw Materials’ Price Rise, Entrepreneurs Down Shutters in Protest -Neelambaran A
-Newsclick.in After facing severe setbacks due to demonetisation, hasty implementation of GST, and the ill-conceived COVID-19 lockdown, the MSMEs are gasping due to a steep rise in raw material prices. In a first, the entrepreneurs of the micro medium and small enterprises (MSME) went on a one-day strike across the country on Monday. Affected severely by the policies of the Union government, the ill-planned lockdown in March 2020, and now by the...
More »GDP Numbers: What’s Wrong With How India Measures Manufacturing Output Data -Kaushal Shroff
-TheWire.in A claim of an 8.4% real GDP growth rate has little relevance even as rural India battles plummeting wage levels, depleted incomes and widespread unemployment. With the release of the GDP figures for the quarter ending September, the government machinery has been in full swing advancing the narrative that economic growth is indeed back on track. However, sorely missing from these narratives is the inconvenient factoid on the currently dismal state of...
More »How India’s informal economy is shrinking, and why that’s good news in the long term -Ila Patnaik and Radhika Pandey
-ThePrint.in Greater formalisation will see a shift from low-paying, labour-intensive jobs in informal sector to more productive, formal-sector jobs. This could lead to disruption in short term. A report issued by the State Bank of India (SBI) last month estimated that India’s informal economy has shrunk to 15-20 percent of the GDP in 2020-21 from 52 percent in 2017-18. The report uses employment and digitisation to assess the extent of formalization in...
More »More states want GST compensation cess extended -R Suryamurthy
-The Telegraph Kerala finance minister pitched for extending it beyond June next year as the state was already grappling with a significant revenue shortfall The clamour for compensation to states beyond June 2022 grew louder on Saturday with Kerala finance minister K.N. Balagopal saying the financial situation of the state would be deeply impacted if the assistance is not extended. Balagopal pitched for extending the GST compensation beyond June next year as his...
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