Top Headlines: IMF's prediction, GST Council recommendations, and more

The IMF 'corrected' an error in its calculations to now project that India would become a $5-trillion economy by 2026-27. While the GST Council recommendations have a persuasive value for framing of laws, they are binding when it comes to framing rules, government sources said. Read more on these in our top headlines for the morning.

IMF 'corrects' maths, says India to be $5-trillion economy by FY27

The International Monetary Fund (IMF) has “corrected” an error in its calculations to now project that India would become a $5-trillion economy by 2026-27, which is what the finance ministry has been saying of late. Last month, the data given by the Fund had shown that this could be achieved by only 2028-29, two years after the ministry's latest projections and a four-year delay over the original goal set by the government. Read more

India-developed 'variant-proof' Covid vaccine likely in 2-3 years: Industry

India is emerging as a leading player in the world’s search for a “variant-proof” coronavirus vaccine that would work against all emerging variants of coronaviruses and future epidemics. If things go to plan, the pharma industry thinks an India-developed pan-coronavirus vaccine may be available in the next two to three years. Read more

Recommendations of GST Council binding in framing rules: Govt sources

While the recommendations of the Goods and Services Tax Council have a persuasive value for framing of laws, they are binding when it comes to framing rules, prescribing rates and taxes under the GST regime, according to government sources. The Centre is currently reviewing the Supreme Court judgement on Mohit Mineral matter with respect to taxability on ocean freight. Read more

Cars24 to Vedantu, start-up lay-offs accelerate on capital crunch worries

Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. Read more

SC verdict on GST Council: Importers to save on 5% IGST on ocean freight

Now, Indian importers will not have to pay the 5 per cent integrated goods and services (IGST) levy on shipping charges known as ocean freight after the Supreme Court judgment struck down the levy on Thursday. The Supreme Court in its judgment said the impugned levy imposed on the “service” aspect of the transaction is in violation of the principle of “composite supply” enshrined under Section 2(30) read with Section 8 of the CGST Act. Read more