- 11 Jul 2024 06:18 PM
- New
Space industry seeks boost from govt to target global markets
New Delhi: India’s fledgling space economy, valued at around $8 billion by the Department of Space as of December last year, is seeking budget allocations to boost creation of domestic demand and capacity—for the private sector to help quadruple India’s global space economy share to 8%. This, industry stakeholders said, will be key to India’s space economy growing more than 5x in the next eight years, in order to reach a projected domestic space sector value of $44 billion by 2033.
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- 10 Jul 2024 05:42 PM
- New
Shrinking informal economy rings alarm bells for jobs in India
In the past few years, a lot has been written about the struggles of India’s informal sector, which forms the backbone of the livelihood for millions in the country. A new government survey confirms some of the fears expressed by economists: the non-farm informal sector shrank—both in terms of output and workforce—in the seven years ended 2022-23.
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- 10 Jul 2024 05:36 PM
- New
Mint Quick Edit | UP’s hybrid fee cut is tech agnostic
Summary
In a welcome move, the Uttar Pradesh government announced a waiver on registration fee for hybrid vehicles. Why not all-India GST relief for hybrids next? The north star should be our net-zero aim.
- 09 Jul 2024 06:20 PM
Ideal taxation: At least assure investors of tax stability as a principle
Last checked, US-based Tesla had not taken the bait of India’s policy package unveiled in March to attract global makers of electric vehicles (EVs), though Vietnam’s VinFast may qualify for its benefits—which include low-tariff imports of EVs worth under $35,000 apiece for five years—and Germany’s famous Mercedes-Benz has it under consideration.
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- 09 Jul 2024 06:15 PM
Xiaomi aims to double shipments of devices in India by 2034
The company aims for 55% localization of smartphone parts in India, over the next two years.
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- 08 Jul 2024 07:02 PM
Budget 2024 expectations: ‘Need balanced tax structure for economic resilience’
Anurag Mittal of UTI AMC says, while government welfare spending has increased, the tax burden on individuals compared to corporates needs to be addressed to boost disposable income and consumption.
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- 08 Jul 2024 06:59 PM
What are the key changes proposed in the new excise bill?
Introduction of new excise bill aims to streamline tax compliance by aligning with GST laws, focusing on tobacco and petroleum oils. Changes include removing SEZs exemption, introducing central excise duty credit, and allowing regularisation of non-levy or short levy of excise duty.
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- 08 Jul 2024 06:56 PM
Income tax cuts in Budget: A half-hearted recipe to fix India’s consumption woes
If media speculation is to be believed, income taxpayers could be in for some relief when finance minister Nirmala Sitharaman presents the Union Budget for 2024-25 in two weeks. There was none in the interim Budget in February—but the context has changed, courtesy of the ruling party's electoral disappointment and a windfall dividend transfer from the Reserve Bank of India (RBI), along with the growing anxiety over weak consumption.
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- 08 Jul 2024 07:05 PM
E-way bill generation moderates but remains above 100 million in June
It is the fourth time e-way bill generation has crossed the 100-million mark. The country saw 103.1 million e-way bills in May and a record 103.5 million e-way bills in March. Last year, it surged past 100 million in October
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- 06 Jul 2024 06:44 PM
53rd GST Council Meeting: Impact Analysis by ICMAI
Source: https://taxguru.in/goods-and-service-tax/53rd-gst-council-meeting-impact-analysis-icmai.html
The 53rd GST Council Meeting recommended waiving interest and penalties on demand notices for FY 2017-18 to 2019-20 under Section 73 of the CGST Act, provided the full tax is paid by March 31, 2025. The time limit to avail input tax credit for invoices or debit notes was extended to November 30, 2021, for GSTR 3B returns filed up to that date for FY 2017-18 to 2020-21.
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