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Pandemic Impact: Decoding GDP FY21

A close lookdown of nominal GDP high- lights changes in three essen- tial component. By TV Mohandas Pai & Nisha Holla In the wake of the pandemic, most analysts opined that the economy would contract by 8- 10% in real terms because of the total lockdown and partial lockdowns in Q1 and Q2 FY21, respectively. …

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Retail inflation for farm, rural workers up in May

Food inflation based on CPI-AL and CPI-RL stood at 1.54 per cent and 1.73 per cent, respectively, during May 2021. They had stood at 1.24 per cent and 1.54 per cent, respectively, in April 2021; and 10.40 per cent and 10.21 per cent in May last year. Retail inflation for farm and rural workers rose …

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Iron ore exports: India puts an end to decades-old pacts with Japan, Korea

The agreement will enable India to secure international market for its ores and ensure stable economic ecosystem which provides direct and indirect employment in mining, logistics and related sectors. The government is understood to have not renewed a long-term agreement (LTA) for supplying iron ore to Japanese steel mills and South Korean major Posco after …

Schism in GST Council out in the open

So, if the revenue growth is -3%, additional Rs 63,000 crore become necessary for the states, and out of which West Bengal expects nearly Rs 5,000 crore,” he said. The Goods and Services Tax (GST) Council, which used to adopt the route of consensual decision-making, appears to be a divided house now. Exposing the schism …

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Tax Relief: GST cut for Covid-19 test kits, drugs; no waiver for vaccines as vaccination is free in govt sector

While some state finance ministers including West Bengal’s Amit Mitra and Punjab’s Manpreet Singh Badal pitched for a temporary waiver of tax for all Covid drugs, vaccines and equipment, a group of ministers led by Meghalaya chief minister Conrad Sangma recommended slashing of GST rates for items other than vaccines. The Goods and Service Tax …