The Economic Times The Economic Times

The Economic Times The IFSCA lens on the transition finance

The GIFT-IFSCA is akin to the Hercules pillars serving as the gateway for India linking her to the global economy and the new hotspot for foreign investment. In furtherance of its efforts towards the challenging task of mobilizing climate finance (currently estimated to be USD 10 trillion) for achieving its net-zero goal by 2070, India seeks to establish Gift City as the global climate finance hub.

The Economic Times RBI issues draft liquidity coverage ratio norms

LCR is a liquidity requirement for banks to maintain at all times a certain proportion of high-quality liquid assets (HQLA), including cash, reserves with central banks, and federal government bonds, which can easily be converted into cash.

The Economic Times SC allows states to levy taxes minerals; holds royalty are not tax

On July 25, The nine-judge Constitution bench of the Supreme Court has held that royalty payable on minerals is not tax. The majority judgment was authored by ​​Chief Justice of India DY Chandrachud on behalf of himself and seven colleagues.The dissenting judgment was authored by ​​Justice BV Nagarathna.​​

The Economic Times Escorts Kubota to appeal INR 10.35 lakh GST penalty for clerical error in e-way bill

The penalty confirmation was received on July 24, 2024. Escorts Kubota has expressed its intention to appeal against the order, citing the penalty as a result of an unintentional clerical mistake. The financial impact of this penalty is significant.

The Economic Times Petroleum product under GST not taken up since 45th GST Council, says MoS

The MoS, Ministry of Petroleum and Natural Gas, Suresh Gopi has said that ​​the GST Council in which all States and UTs are represented, has not made any recommendation for inclusion of these goods under GST.

The Economic Times Feasible & prudent to have three GST slabs: CBIC chief

India's GST structure is set to move towards three tax rate slabs, according to CBIC chairman Sanjay Kumar Agarwal. The GST Council will finalize the plan in its next meeting. Customs duty overhaul is also planned, aiming for simplification and fewer disputes. The online gaming sector’s GST contribution is growing.

The Economic Times Budget 2024: CFOs laud measures for infrastructure, skills, sustainability and Viksit Bharat

Finance Minister Nirmala Sitharaman's Budget 2024, as garnered widespread approval from CFOs for its focus on infrastructure, sustainability, MSMEs, inclusive growth, and the vision of Viksit Bharat.

The Economic Times Will the Union Budget create jobs?

​According to the Economic Survey, India needs to create 8 million jobs annually to accommodate its growing workforce. The Union Budget 2024, with its pronounced emphasis on employment and skill development, aims to address this pressing issue.

The Economic Times Budget 2024 gives push to GST simplification and transparency, say experts

The Budget's CGST amendments aim to simplify compliance, enhance transparency, and foster a business-friendly environment, marking a significant refinement in India's GST framework, say tax experts.

The Economic Times UNION BUDGET 24-25:GOOD, NOT SO GOOD, NOISE & HIDDEN GEMS

Seasoned finance expert Robin Banerjee dissects the Union Budget 2024, highlighting its strengths, weaknesses, noise, and hidden gems that could shape India's economic landscape.

The Economic Times Govt proposes self-declaration with regard to proof of origin under Customs law

The government aims to simplify import procedures under Free Trade Agreements (FTAs) by proposing self-certification for proof of origin from FTA nations to claim duty concessions. Currently, importers must present a 'certificate of origin' to qualify for these concessions.

The Economic Times Challenge is to provide more clarity to our relationships with China: NITI Aayog vice chairman Suman Bery

India's NITI Aayog vice chairman Suman Bery discussed the complexities of reducing economic ties with China, job creation, fiscal consolidation, and the importance of state reforms. He emphasized the critical role of Chinese trade in India's competitiveness, particularly in green technology. Bery elaborated on the budget's cash-linked employment incentives aimed at improving youth employability and matching skills with opportunities. He also defended the sharp fiscal consolidation, citing its potential long-term benefits like improved sovereign credit ratings. On capital gains tax, he noted its role in balancing revenue distribution, and discussed the nuanced impact of inflation on monetary policy.

The Economic Times 66 pc taxpayers opted for new ITR filing regime in current season: CBDT chairman

The Central Board of Direct Taxes (CBDT) chief said about 7.5 crore ITRs were filed the last time at the end of the deadline on July 31. The current ITR filing season for assessment year 2024-25 will similarly end on July 31 for different categories of taxpayers whose accounts are not supposed to be audited.

The Economic Times I-T breather to help loss-making firms conserve working capital

Loss-making companies with high cash burn, including startups, would get a boost from a key amendment proposed to the Income Tax Act in the Union budget. This comes at a time when multiple consumer internet companies and large startups in India are charting the path to profitability, amid a slowdown in capital funding.

The Economic Times Foreign investors may get a taste of ease of doing business

More parity between FDI and FPI likely; FEMA may see changes to boost investments in India, economic affairs secretary Ajay Seth told ET . Finance minister Nirmala Sitharaman highlighted in her budget speech the need to simplify FDI and overseas investment rules.