Page 993 - Economy & Policy News
Hotels and restaurants can't levy service charge by default, says CCPA
The hotels have to clearly inform the consumer that paying the service charge is at the consumer's discretion, the CCPA said
 "Hotels and restaurants can't levy service charge by default, says CCPA")
Govt to review windfall tax on crude oil and fuel exports every fortnight
The review is based on the premise that if crude prices fall, then windfall gains will cease and new taxes would be rollback
 "Govt to review windfall tax on crude oil and fuel exports every fortnight")
Non-bank PSOs need approval for takeover or sale of business, says RBI
After approval, a public notice of at least 15 calendar days needs to be given before making the changes
 "Non-bank PSOs need approval for takeover or sale of business, says RBI")
India misses fifth-largest economy in the world tag by $13 billion
Experts say it is just a matter of a year before India overtakes the UK
 "India misses fifth-largest economy in the world tag by $13 billion")
New IT rules likely to impact ease of business in India, says report
IAMAI study raises fears over mandates potentially creating entry barriers
 "New IT rules likely to impact ease of business in India, says report")
India's record $25.6-bn trade deficit in June adds pressure on rupee
Rupee has plunged 6% against the dollar this year, weighed down by broad strength in the greenback and as investors retreated from domestic share markets
 "India's record $25.6-bn trade deficit in June adds pressure on rupee")
Exports rise by 17% to $37.94 bn in June; trade deficit widens to $25.63 bn
Cumulative exports in April-June 2022-23 rose by about 22% to $116.77 bn
 "Exports rise by 17% to $37.94 bn in June; trade deficit widens to $25.63 bn")
Govt committed to 6.4% fiscal deficit target for FY23, says report
India's macroeconomic fundamentals are strong to deal with challenges and the central government is committed to stick to the fiscal deficit target of 6.4 per cent of the GDP for the current fiscal
 "Govt committed to 6.4% fiscal deficit target for FY23, says report")
Highest 28% GST on luxury, sin goods to continue: Revenue Secretary
On the industry demand for bringing petroleum products under GST net, Tarun Bajaj said since fuel constitutes a larger part of their revenues, both the Centre and states have some apprehension
 "Highest 28% GST on luxury, sin goods to continue: Revenue Secretary")
Don't stipulate solvency ratio for public sector general insurers: FinMin
Department of Financial Services under the Ministry of Finance requested other Ministries not to include solvency ratio as a criterion for participation of public sector general insurers in tenders
 "Don't stipulate solvency ratio for public sector general insurers: FinMin")
No respite for manufacturers as inflation continues to weigh on the economy
As India's business optimism slid to a 27-month low of 50.9, economists say they do not see a respite for manufacturers from cost inflation in the near term
 "No respite for manufacturers as inflation continues to weigh on the economy")
India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy
The windfall tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue
 "India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy")
No GST compensation: Will the Centre find another way to give states money?
It is also important to see which states can finance a reasonable portion of their regular expenditure with their own revenue
Top Headlines: GST e-invoicing for firms, corporate earnings in FY23 & more
The central government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, a government official said. Read more on this in our top headlines
 "Top Headlines: GST e-invoicing for firms, corporate earnings in FY23 & more")
Export duty on steel and petro products to hit corporate earnings in FY23
Metals & oil firms together saw profit of Rs 3.05 trn in FY22
 "Export duty on steel and petro products to hit corporate earnings in FY23")
Govt plans to make GST e-invoicing must for companies with Rs 5-cr turnover
At present, any firm with Rs 20-crore turnover is mandated to file this
 "Govt plans to make GST e-invoicing must for companies with Rs 5-cr turnover")
Commerce ministry looking to release new FTP before September: Official
Under the scheme, the aim is to initially focus on 50 districts which have products that are scalable and hold huge export potential
 "Commerce ministry looking to release new FTP before September: Official")
Car crash test rating not essential: Transport secy Giridhar Aramane
'Compliance with the central motor vehicle rules will suffice,' he clarified
 "Car crash test rating not essential: Transport secy Giridhar Aramane")
In a first, RBI governor to write to FinMin if inflation target missed
Inflation, as measured by the consumer price index (CPI), has remained above 6 per cent, the upper limit of the tolerance band, since January this year
 "In a first, RBI governor to write to FinMin if inflation target missed")
Finance Ministry hopes cess will not hit petroleum exports in FY23
The ministry imposed cess on petroleum products of Rs 6 a litre, Rs 13 per litre and Rs 6 on petrol, diesel and ATF exports, respectively, to improve domestic fuel supply and garner additional revenue