Page 28 - Economy

GSTN defers implementation of e-invoice reporting time limit by 3 months

GSTN has deferred by 3 months the implementation of time limit for businesses with turnover of over Rs 100 crore to upload their old e-invoices. Last month the GST Network had imposed a timeline for businesses with turnover of Rs 100 crore and above for uploading e-invoices on the Invoice Registration Portal (IRP) within 7 days of the issue of such invoices beginning May 1. Previously, there was no such restriction for businesses to upload the invoices on the IRP. As per GST law, businesses cannot avail input tax credit (ITC) if invoices are not uploaded on the IRP. In an advisory to taxpayers on May 6, GST Network said it has been decided by the competent authority to defer the imposition of time limit of 7 days on reporting old e-invoices on the e-invoice IRP portals for taxpayers with aggregate turnover greater than or equal to Rs 100 crore by three months. AMRG & Associates Senior Partner Rajat Mohan said in the last few days, even large businesses have been perplexed over ...

IMF negates cash-strapped Pakistan govt's claim of meeting loan conditions

The IMF has rejected the cash-strapped Pakistan government's claim that it has met all the conditions to reach an agreement with the global financial body to release funds under an already agreed loan facility, according to a media report. The International Monetary Fund signed a deal in 2019 to provide USD 6 billion to Pakistan on fulfilment of certain conditions. The plan was derailed several times and the full reimbursement is still pending due to insistence by the donor that Pakistan should complete all formalities. Prime Minister Shehbaz Sharif and Finance Minister Ishaq Dar have repeatedly claimed that Pakistan met all the prior conditions agreed for reaching a staff-level agreement and there was no reason for holding back the agreement. The Express Tribune newspaper reported that it got a statement from the fund on Friday, negating the claim made by the government with respect to meeting all prior actions necessary to complete the 9th review. The IMF continues to work with

Pernod Ricard India and NSDC to provide skill training to 240 transpersons

It will be a placement-linked skill training programme where candidates will get skill training across job roles

India to become 50% non-cash economy in consumption in 3 years: Report

India is expected to become a 50 per cent non-cash economy in consumption in the next three years, with person-to-merchant digital transactions reaching over $1.5 trillion by FY26

Nepal's economy slightly rebounds after entering a brief recession

Nepal's economy showed some signs of improvement after entering a brief recession, with the country's statistics department on Tuesday projecting a 2.16 per cent growth rate for the Himalayan nation. Nepal plunged into its first recession in six decades as economic output continued to be weighed down by inflation and political instability. However, the new data published by the National Accounts Statistics Division of the Nepal Government on Tuesday indicated some improvement as the country's economy is projected to witness a growth of 2.16 per cent towards the third and fourth quarters based on the basic price, according to Hem Raj Regmi, Deputy Chief at National Statistics Office of Nepal. However, this growth is low as compared to last fiscal year's (2021-2022) revised estimated growth of 5.26 per cent and the previous year's (2020-2021) final estimate of 4.49 per cent. The department on Tuesday published an annual estimate of the Gross Domestic Product, Gross National Product a

Record GST collection but IGST on imports fell 5% on lower commodity prices

If this trend continues, the decline in IGST might indicate weak customs duty collections in FY24

Stagflation is the risk that eludes investors mispricing financial markets

That highlights the risk of mispricing in short-term interest rates market, which are pricing in one to two quarter-point rate cuts by the end of this year

Penalty for margin shortfall in derivative trading to begin from Tuesday

The trading volumes in the derivatives section have been declining since Sebi began tightening margin norms for investors

Statsguru: Is migration good for the economy? Here's what data shows

Demographic changes in recent decades have meant that there are fewer working age people to support the social security needs of elderly populations in rich countries

Reduce logistics, supply chain cost to boost economic development: Minister

Industries must reduce logistics and supply chain costs in order to facilitate economic growth and development in the country, Union Minister Raosaheb Danve said in Jalna in Maharashtra on Saturday. The Union Minister of State for Railways, Coal and Mines was speaking at a scrap recycling and waste utilisation awareness conference organised by the Material Recycling Association of India (MRAI) and Steel Manufacturers Association of Maharashtra (SMAM). He said the ambitious Dedicated Freight Corridor project of the Railways, which will have high-speed rail lines to transport goods from Maharashtra in the west and West Bengal in the east to Dadri near Delhi, will bring down logistics costs by connecting industrial hubs. In addition, multi-modal logistics parks in several parts of the country, including Jalna, and 'circular economy parks' in Aurangabad, Ratnagiri, Pune and Nagpur, which will focus on scrap and waste recycling, will help enhance efficiency of the goods transportation ..

India's core sector growth slows to five-month low of 3.6% in March

In FY23, core sector growth decelerated to 7.6 per cent from 10.4 per cent in FY22. While crude oil output (-1.7 per cent) contracted for the past 11 years and growth in coal (14.8 per cent)

Europe's economy barely gains momentum as inflation pinches consumers

The European economy scraped out meager growth in the first three months of the year, barely gaining momentum as stubborn inflation raises the price of groceries and erodes people's willingness to spend paychecks that are failing to keep pace. Friday's less-than-stellar increase of 0.1 per cent from the previous quarter follows disappointing growth estimates from the US, which kept alive fears of a looming recession in the world's largest economy. The 20 countries that use the euro currency picked up a little speed from January through March after zero growth in the last three months of 2022. The eurozone avoided a winter recession thanks to mild weather that alleviated pressure on natural gas supplies. European governments and utilities also scrambled to line up additional sources to heat homes, generate electricity and power factories after Russia cut off most of its supply to the continent over its war against Ukraine. Germany, Europe's largest economy, turned in disappointing z

China to keep up policy support for economy and focus on demand

But top leaders cautioned that the recovery is not strong enough and the country faces new obstacles upgrading and transforming it economy

Realistic assessment

Focus on improving growth prospects

Industrial credit growth slips to a 12-month low of 7% in February

The slowdown in industrial credit was much sharper than the slowdown in overall non-food credit, which continued to grow in double digits at 15.9 per cent YoY in February

Inflation and its discontents

Central banks are incapable of dealing with the political and economic outcomes of inflation, and the sooner this is recognised, the less dangerous the consequences will be going forward

Downside risks weigh on GDP growth forecast, says finance ministry

Report flags El Nino conditions, rising crude prices

India's demographic dividend will remain unpaid

Throughout India's post-Independence history, only about 10 per cent of workers have received a regular monthly or weekly wage with at least one social security benefit

Business sentiment turns buoyant in fourth quarter, says NCAER survey

However, labour market prospects for the next six months seem stagnant as the majority of firms expect no change in the labour employed

US House to vote on Republican debt limit bill this week, says McCarthy

McCarthy floated a plan last week that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the $31.4 trillion U.S. debt limit