With not even the first two months of FY23 over, it is becoming increasingly clear that unless there is a massive boost in tax revenue or major cuts in expenditure, the fiscal deficit target of 6.4 per cent of the GDP is unlikely to be met.
The impact of Saturday's excise duty cuts will be ₹1 trillion for a year, Finance Minister Nirmala Sitharaman had said. Senior officials told Business Standard that with one and a half months already gone in the current fiscal year, the impact will be about ₹85,000 crore.
Sitharaman tweeted on Monday that the Centre will bear the entire revenue foregone as a result of the cuts. "Basic excise duty (BED), special additional excise duty (SAED), road & infrastructure cess (RIC) and agriculture & infrastructure development cess (AIDC) together constitute excise duty on petrol and diesel. Basic ED is sharable with states. SAED, RIC & AIDC are non-shareable," Sitharaman said.
هذه القصة مأخوذة من طبعة May 23, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة May 23, 2022 من Business Standard.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 8500 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Our sleep apnea devices safe for use in India: Philips
Dutch healthcare company Philips says it has completed remediation of its faulty sleep therapy devices in India, asserting that based on the current testing, their continued use is not expected to cause any \"appreciable\" health harm.
IPL teams' revenue dropped in FY23
The average revenue of all Indian Premier League (IPL) teams in Financial Year 202223 (FY23) was 23 per cent lower than the pre-Covid-19 year of FY19, said a report on Thursday, suggesting the popular T20 cricket tournament is \"reaching a saturation point\".
Actor Janhvi Kapoor opens home to Airbnb's 'Icons'
Homes of celebs from film, music, art, sports opened for overnight stay under new category
SKILL DRILL: FROM EDUCATION TO EMPLOYMENT
Skill-imparting companies are introducing diverse programmes to train youth for the evolving job market demands
FSSAI widens investigation to other items
After starting a probe into alleged violation of norms in branded spices, food regulator Food Safety and Standards Authority of India (FSSAI) plans to launch surveillance on other food items like fortified rice, dairy products and spices sold in the domestic market.
Manufacturing PMI eases in April
Indian manufacturing slowed down a bit in April but growth stayed robust to signal the second-best improvement in the sector's health in three and a half years, said a private business on Thursday.
OECD raises India's FY25 GDP growth projection to 6.6%
On the global front, GDP growth is projected to be 3.1% in 2024, unchanged from 2023
After split, mixed bag for Godrej shares
Share prices of Godrej Industries, Godrej Properties and Astec Lifesciences fell on Thursday after the Godrej family made the news of family settlement official.
IPO market set to break May jinx in election year
For 1st time during poll cycle since '04, mkts will see IPO frenzy
Bonds rally after Fed holds rates steady
Government bonds strengthened on Thursday as traders covered short positions following the US Federal Reserve Committee's announcement of no further rate hikes.