Page 602 - Economy & Policy News
Personal data Bill: Govt likely to block platforms after two breaches
For users below 18 years of age, platforms will need to obtain consent from parents or guardians
 "Personal data Bill: Govt likely to block platforms after two breaches")
Current law enough against GST evasion by offshore gaming platforms: FinMin
The finance ministry on Tuesday said there are sufficient enforcement provisions in GST laws to take action against offshore gaming platforms, which default in paying taxes
 "Current law enough against GST evasion by offshore gaming platforms: FinMin")
Govt mobilises Rs 5.77 trn by issuing dated securities till Jul 31: FM
The government has mobilised a gross amount of Rs 5.77 lakh crore by issuing dated securities in the current financial year up to July 31, 2023, Finance Minister Nirmala Sitharaman said on Tuesday
GST Council meet on Wednesday to finalise modalities for taxing gaming
The GST Council in its meeting on Wednesday is likely to finalise the modalities for determination of supply value in online gaming and casinos for levying 28 per cent tax
 "GST Council meet on Wednesday to finalise modalities for taxing gaming")
Centre's debt stands at Rs 155.6 trn in March 2023, 57.1% of GDP
The central government's debt stood at Rs 155.6 lakh crore or 57.1 per cent of the GDP at the end of March 2023, Parliament was informed
 "Centre's debt stands at Rs 155.6 trn in March 2023, 57.1% of GDP")
Jio gains 3 million new subscribers, Vodafone loses 2.8 mn in May: Trai
Reliance Jio continues as the market leader holding more than 50% of broadband market share and 38% of subscriber market share
 "Jio gains 3 million new subscribers, Vodafone loses 2.8 mn in May: Trai")
15th Finance Commission allocated Rs 1.28 trillion to SDRF: MoS Rai
15th Finance Commission has allocated a total corpus of Rs 1,28,122.40 crore to the State Disaster Response Force in all States for the Award Period, Nityanand Rai informed Lok Sabha
 "15th Finance Commission allocated Rs 1.28 trillion to SDRF: MoS Rai")
Bill payment reminders, OTPs, promotional content to cost more for firms
Enterprise messages include commercial communication like bill payment reminders, one-time passwords, and promotional messages.
 "Bill payment reminders, OTPs, promotional content to cost more for firms")
88% of Rs 2,000 banknotes returned to banks by July-end, says RBI
The total value of Rs 2000 banknotes in circulation amounted to Rs 3.62 trillion in March 31, 2023
 "88% of Rs 2,000 banknotes returned to banks by July-end, says RBI")
RBI tells banks it is ready, able to manage Russian fund outflows
Amid Western sanctions that restrict Russia's use of the US dollar for trade, India paid in other currencies, including the dirham, yuan and rupee, which local banks hold in special accounts
 "RBI tells banks it is ready, able to manage Russian fund outflows")
Gamers urge finance minister to reduce current 28% GST on online gaming
Online gamers' association on Tuesday requested finance minister Nirmala Sitharaman for a reduction of 28 per cent Goods and Services Tax (GST)
 "Gamers urge finance minister to reduce current 28% GST on online gaming")
National power consumption grows by 8.4% to 139 billion units in July
The country's power consumption grew by 8.4 per cent to 139 billion units in July this year compared to the same month last year
 "National power consumption grows by 8.4% to 139 billion units in July")
July goods and services tax receipts rise 11% YoY to Rs 1.65 trn
India's goods and services tax (GST) collections rose 11% from a year earlier to 1.65 trillion rupees ($20.05 billion) in July, a government statement showed on Tuesday
 "July goods and services tax receipts rise 11% YoY to Rs 1.65 trn")
Indian graduates exhibit highest employability in AI roles at 48%
Among the tech skills, while Applied Mathematics skills stands out with an impressive employability rate of 72%, the other skills with high employability potential include Data Science (57%)
 "Indian graduates exhibit highest employability in AI roles at 48%")
Govt stands firm on its decision to levy 28% GST on e-gaming, casinos
The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance
 "Govt stands firm on its decision to levy 28% GST on e-gaming, casinos")
July GST collection comes at Rs 1.65 trillion, rises 11% YoY
The government has settled Rs 39,785 crore to CGST and Rs 33,188 crore to SGST from IGST
Automated IGST refunds on pan masala, tobacco to be restricted from Oct 1
Exporters of such items will have to approach jurisdictional Tax officers with their refund claims and get them cleared, as per a notification dated July 31
 "Automated IGST refunds on pan masala, tobacco to be restricted from Oct 1")
Only 45% of India's graduate jobseekers are employable, says study
The study suggests that finding candidates with high employability in non-technical skills is easier than finding candidates with high job readiness for technical skills
 "Only 45% of India's graduate jobseekers are employable, says study")
Commercial LPG cylinder price cut by Rs 100, domestic stays same
A 19 kg LPG cylinder will cost Rs 1,680 in Delhi, Rs 1640.50 in Mumbai, and Rs 1,805.50 in Kolkata
 "Commercial LPG cylinder price cut by Rs 100, domestic stays same")
India's July manufacturing PMI comes at 57.7 on sustained improvement
Meanwhile, growth in new export business picked up to the fastest since last November
 "India's July manufacturing PMI comes at 57.7 on sustained improvement")