A lot of work still needs to be done to prune GST-exempted items, especially in the services sector, Revenue Secretary Tarun Bajaj said on Tuesday. Addressing a CII interactive session, Bajaj said the effort is to remove the rough edges in Goods and Services Tax (GST) over the next … Read more
Revenue Secretary Tarun Bajaj on Tuesday said there was scope for further pruning of the GST exemption list and expressed hope that the “rough edges” in the indirect tax regime will be ironed out in the next 2-3 years. He further said that the rise in GST collection was on account … Read more
Revenue Secretary Tarun Bajaj said on Monday that the rate rationalisation exercise of the GST Council is a result of introspection of GST, and policymakers do not have a “fetish” to raise the tax rates to the revenue-neutral level of 15.5 per cent. He said the government intends to continue with … Read more
India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday. The tax on firms that have increased product exports to gain … Read more
India has exported 1.8 million tonnes of wheat to a dozen-odd countries, including Bangladesh and Afghanistan, since the country banned exports of the grain on May 13, according to Food Secretary Sudhanshu Pandey. About 33,000 tonnes of wheat as humanitarian assistance has already been supplied to Afghanistan against the … Read more
A four-member Indian delegation led by Foreign Secretary Vinay Kwatra met Sri Lankan President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe on Thursday to assess the bilateral assistance provided by New Delhi in the wake of the island nation’s ongoing economic crisis. According to Sri Lanka’s Ministry of Foreign … Read more
The Central government plans to use the data generated under the One Nation One Ration Card (ONORC) scheme for 80 crore Food Act beneficiaries aided by other welfare programmes such as Ayushman Bharat, PM-KISAN and E-Shram among others, said food secretary Sudhanshu Pandey on Wednesday. “The NFSA database can … Read more
The government does not see any adverse impact on the Indian economy post the US Federal Reserve’s decision to raise interest rates by 75 basis points, Economic Affairs Secretary Ajay Seth said on Thursday. “All central banks are grappling with it and taking adequate measures which are needed to … Read more
Revenue Secretary Tarun Bajaj on Thursday said tax revenue collections in ongoing fiscal year are expected to be far better than the budget estimates. Last fiscal year, indirect taxes grew at 20 per cent and direct taxes at 49 per cent. The tax-to-GDP ratio in 2021-22 jumped to 11.7 … Read more
Monetary and fiscal authorities are taking steps to moderate inflation and push growth, Department of Economic Affairs Secretary Ajay Seth said on Wednesday. His comments came in the backdrop of Reserve Bank of India (RBI) hiking key interest rate by 50 basis points to tame inflation. The central bank … Read more