BUSINESS
Pakistan's 'mini-budget' for revival of crucial IMF funding
The government through the supplementary bill has proposed to raise the goods and services tax (GST) to 18 per cent from 17 per cent as part of efforts to raise Rs 170 billion ($639 million) in extra revenue during the current fiscal year ending July, The Express Tribune reported.
Petroleum products can be brought under GST if consensus reached: Nirmala Sitharaman
Addressing a post-budget interactive session organised by industry body PHDCCI, she said that if the states agree, then petroleum products can be brought under the GST ambit. The GST Council is scheduled to meet on February 18. Meanwhile, the Finance Minister, during the interactive session with industry captains, said that the government, over the years, has striven to increase public expenditure, which she said would fuel growth.
Amazon Pay, Google, 30 other payment aggregators get RBI nod to continue operations
Amazon (Pay) India Pvt Ltd, Google India Digital Services Pvt Ltd, Reliance Payment Solutions Ltd and Zomato Payments Pvt Ltd are among the notable entities whose names are present in the list published by the RBI on Wednesday, of those existing payment aggregators, who have been granted in-principle approval to continue their operations.
'Fossil fuel contributed 20% to India's annual rate of inflation'
At that time, India's annual inflation rate (CPI) was between seven and eight per cent. The report highlights that between January 2021 and August 2022, fuel and power prices rose nearly five times faster (57 per cent) than overall consumer prices in India (12 per cent). This was reflected in consumer spending.
JSW Group's Rs 8,800 crore steel plant to come up in Andhra Pradesh
JSW Group would build the 3-D model green steel plant in two phases. The first phase of the KSP involving an investment of Rs 3,300 crore and having an annual production capacity of 10 lakh tons will be commissioned in 24 to 30 months and in the second phase, the production capacity of the plant will be enhanced by 20 lakh tons with an additional investment of Rs 5,500 crore.
India's exports in January fell 6.58% to $32.91bn
Similarly, imports also declined in January by 3.63 per cent to $50.66 billion as against $52.57 billion in the same month last year. Trade deficit in January was $17.75 billion, a 12-month low. Cumulatively, however, during April-January 2022-23, the country's merchandise exports rose 8.51 per cent to $369.25 billion, while imports increased 21.89 per cent to $602.20 billion, the data showed.
All packaged items become expensive in Pakistan after GST hike
The Federal Board of Revenue (FBR) issued a notification in this regard, following which the implication of GST will be effective immediately, Samaa TV reported. Edible oil, ghee, biscuits, spices, jam, jelly, noodles, toys, chocolates and coffee falling under the category of packed items will become expensive, the report said.
China smartphone market shows recovery after worst 2022 sales
In four out of five weeks, the sales stayed above 6 million, a level seldom reached in 2022 when the pandemic haunted China's cities from time to time. The Chinese New Year season also started earlier than usual this year, helping the weekly sales walk out of the trough at the beginning of 2023, reports Counterpoint Research.
CBDT notifies ITR forms for assessment year 2023-24
The department said in a statement that the new forms have been notified well in advance in order to enable filing of returns from the beginning of the ensuing assessment year. In order to improve ease of filing, no significant changes have been made in the ITR forms, as was the case in last year's ITR forms.
India now has nearly 27K active tech startups, adds 1,300 last year
India continues to be the third largest tech startup ecosystem globally (after the US and China). The country also added the second highest number of unicorns in the world, with over 23 added in the CY2022. Simultaneously, the potential pipeline of unicorns expanded to over 170, growing at a pace equivalent to 2021, according to the report by the National Association of Software and Services Companies (Nasscom), in collaboration with Zinnov.
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