BUSINESS
GST Council extends period for concessional rates on Covid medicines
The duty exemption and concessional rates for Covid and related medicines was applicable till September 30. Addressing the media after the conclusion of the Council's 45th meeting, and the first in a physical format after start of the Covid-19 pandemic, she said: "We have taken a few people friendly decisions...,"
GST Council extends levy of compensation cess till March 2026
As per the GST legislation, states were to be compensated by the Centre for a period of five years till July 2022 for any shortfall in revenue due to GST implementation. But as the compensation shortfall enlarged during the pandemic, the Centre has borrowed funds to provided it to states as alternate to compensation in FY 21 and more borrowings are expected in FY22.
India's forex reserves decline by over $1 bn
The Reserve Bank of India's (RBI) forex reserves declined to $641.113 billion from $642.453 billion reported for the week ended September 3. India's forex reserves comprise foreign currency assets (FCAs), gold reserves, SDRs, and the country's reserve position with the IMF. On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $934 million to $578.879 billion.
Aerostructures of Boeing's F-15EX Eagle II to be built in India
According to the aerospace major, this is a first instance in which aerostructures for F-15EX Eagle II will be made in India. Besides, the contract will given a boost to the 'Aatmanirbhar' programme and strengthens US-India collaboration on aerospace and defence industrialisation.
Ford India owes Rs 602 cr as deferred sales tax liability
Ford Motor Company's Indian manufacturing operation is carried out by its subsidiary Ford India Private Ltd with two manufacturing plants -- one at Chennai and Sanand in Gujarat. The Rs 13,520 crore revenueFord India set up its first plant near Chennai with Tamil Nadu offering tax incentives like sales tax waiver/ deferral.
GST Council meet today: Covid relief, bringing oil and gas indirect tax regime on agenda
The meeting, however, is expected to announce a few more Covid relief measures particularly on compliance matters. It will also announce a few measures to correct the inverted duty while discussing the compensation cess dues arising in 2021-22. Two other important items, including lowering of GST rates for two-wheelers and bringing natural gas into the indirect tax fold may also be included in the agenda for discussion.
Fuel prices maintain stability amidst volatility in global oil market
The oil marketing companies (OMCs) on Friday kept pump prices of auto fuels petrol and diesel unchanged, the 12th consecutive day of no revision, as they preferred to watch the global oil situation before making any revision in prices. Accordingly, the price of petrol and diesel remained unchanged at Rs 101.19 and Rs 88.62 per litre in Delhi, as per Indian Oil Corporation, the country's largest fuel retailer.
Expected Covid relief measures sustain equities' gains; Nifty, Sensex at record highs
Accordingly, both key indices, S&P BSE Sensex and NSE Nifty50, made new record highs. The Sensex crossed the 59,500 mark, while Nifty breached the 17,700 level. As per market observers, the up moves comes on the back of GST Council's meet to discuss further Covid relief measures and inclusion of fuel in the indirect tax system.
US initial jobless claims tick up again to 332,000
According to a report released by the department's Bureau of Labor Statistics on Thursday, in the week ending September 11, the number of Americans filing for unemployment benefits increased by 20,000 from the previous week's upwardly revised level of 312,000.
Boardroom brawl at ZEEL: Management stands behind directors against two largest shareholders
ZEEL is currently fighting a battle between the current management and two of its largest shareholders - Invesco Developing Markets Fund, and OFI Global China Fund. These shareholders have called an EGM to oust the existing board members over concerns on corporate governance while simultaneously appointing new Independent Directors.
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