Page 1409 - Economy & Policy News
GST was notified with horrendous rates of tax: Congress leader Chidambaram
Congress leader P. Chidambaram has slammed the union government for converting the GST to a bad law, saying it was notified with horrendous rates of tax
 "GST was notified with horrendous rates of tax: Congress leader Chidambaram")
IT rules not applicable to search engine: Google; HC seeks Centre's stand
Google LLC has contended that Information Technology rules for digital media are not applicable to its search engine
 "IT rules not applicable to search engine: Google; HC seeks Centre's stand")
UIDAI proposes biometric lock, offline verification in new draft rules
In case of a locked Aadhaar, the UIDAI will allow the resident to authenticate using Virtual ID or other means
 "UIDAI proposes biometric lock, offline verification in new draft rules")
Fuel sales plunge to lowest in year in India as states lock down for Covid
Oil demand across wide swathes of Asia has been hurt by resurgent coronavirus waves in recent months
 "Fuel sales plunge to lowest in year in India as states lock down for Covid")
Status check: Are there enough charging points to make EVs viable?
With one-fourth the range of gasoline powered vehicles on a full tank, EVs have seldom been the primary vehicles of choice and evoke, what is called, "range anxiety"
 "Status check: Are there enough charging points to make EVs viable?")
At Rs 105.52 a litre, faraway depots make Sri Ganganagar's petrol costliest
High VAT, freight costs push petrol up to Rs 105.52/ litre, diesel Rs 98.32/ litre
Govt proposes exempting battery-operated vehicles from registration fees
The government has proposed exempting battery-operated vehicles from the requirement of fee payment for registration certificates
 "Govt proposes exempting battery-operated vehicles from registration fees")
Explained: Why tax is a dilemma for start-up founders in India
After the abolition of the dividend distribution tax, the taxability of salaries and dividends in the hands of a founder of a bootstrapped start-up will be broadly similar, says Ritesh Kumar, IndusLaw
 "Explained: Why tax is a dilemma for start-up founders in India")
Covid-19 pandemic: Govt may extend social and rural relief schemes
Aims to provide impetus to rural economy and small businesses
 "Covid-19 pandemic: Govt may extend social and rural relief schemes")
NHRC issues more advisories on bonded labourers, migrant workers amid Covid
In view of the COVID-19 pandemic, the NHRC has issued more advisories to various ministries and states on the adverse impact faced by labourers and migrant informal sector workers
 "NHRC issues more advisories on bonded labourers, migrant workers amid Covid")
Manufacturing PMI slips to 50.8 in May, marking steepest fall in 10 months
Job loss accelerated as Covid-19 'crisis intensifies' in sector, says private survey
 "Manufacturing PMI slips to 50.8 in May, marking steepest fall in 10 months")
Petrol, diesel sales drop 17% in May on slow demand due to Covid lockdowns
India's petrol and diesel sales fell by about 17 per cent in May from a month ago as restrictions clamped to curb the world's worst outbreak of coronavirus infections stifled demand
 "Petrol, diesel sales drop 17% in May on slow demand due to Covid lockdowns")
Power consumption grows 8.2% in May amid slow recovery in demand
Power consumption in the country witnessed an 8.2 per cent year-on-year growth in May at 110.47 billion units (BU), indicating slow recovery in commercial and industrial demand of electricity, according to power ministry data.
 "Power consumption grows 8.2% in May amid slow recovery in demand")
Digital Payment transactions decline in May from March-April levels
Cash withdrawal through ATMs, transactions through NEFT and RTGS also decline
 "Digital Payment transactions decline in May from March-April levels")
Demand for MGNREGA work slumps 26% in May amid Covid-19 pandemic
Several civil society workers said the push seen last year in expanding the scheme has largely been missing this year.
 "Demand for MGNREGA work slumps 26% in May amid Covid-19 pandemic")
SC stays Delhi HC order on levy of IGST on imported oxygen concentrators
The Supreme Court stayed a Delhi High Court order holding as "unconstitutional the imposition of IGST by the Centre on import of oxygen concentrators by individuals for personal use
 "SC stays Delhi HC order on levy of IGST on imported oxygen concentrators")
Centre's indirect tax share in GDP rises in FY21 after four years
Share of corporation tax collections in gross tax revenue falls to 10-year low
 "Centre's indirect tax share in GDP rises in FY21 after four years")
SBI cuts FY22 GDP growth estimate to 7.9%; recovery to be 'W-shaped'
The economists at the state-run lender seemed to attribute the impact of the second wave of Covid infections as a key factor for the revision in the growth estimate, and pitched for faster vaccination
 "SBI cuts FY22 GDP growth estimate to 7.9%; recovery to be 'W-shaped'")
Second Covid wave threatens India's long-term credit rating, warns Moody's
The financial sector could become the main driver of potential risk to the sovereign
 "Second Covid wave threatens India's long-term credit rating, warns Moody's")
WTO members should start text-based talks on patent waiver proposal: India
WTO members must infuse some certainty during this crisis by agreeing to initiate text-based talks on the proposed patent waiver proposal to deal with the Covid-19 pandemic, India has said
 "WTO members should start text-based talks on patent waiver proposal: India")