World Bank retains India’s economic growth forecast at 8.3% for 2021-22

The World Bank has retained India’s economic growth forecast for the current fiscal at 8.3 per cent as the recovery is yet to become broad-based. As per the first advanced estimates of the national income released by the National Statistical Office (NSO) last week, the economy is projected to grow at 9.2 per cent in … Read more

Standard I-T deduction could rise by 30-35%, tweak in slabs unlikely

The government is mulling an increase in the standard deduction limit available to salaried taxpayers and pensioners by 30-35% in the upcoming budget while income tax slabs are likely to remain unchanged given the limited fiscal headroom, officials said. At present, Rs 50,000 standard deduction is allowed to these categories of taxpayers. Industry bodies have … Read more

Budget 2022: Under Omicron shadow

Finance minister Nirmala Sitharaman’s fourth budget may have become a tad more challenging as the country confronts the severe third wave of the Covid-19 pandemic. Economic recovery is expected to face headwinds while there is very little in the government’s arsenal to provide stimulus. Fiscal deficit is already elevated and cannot be cranked up further … Read more

Budget 2022-23: CPAI urges govt to waive commodity transaction tax

Ahead of the Budget, the Commodity Participants Association of India (CPAI) said the government should look at waiving the Commodity Transaction Tax to boost trading volumes. In its Budget proposal to the Finance Ministry, CPAI has urged the government to relook at Commodity Transaction Tax (CTT) as it has yielded little revenue and destroyed national … Read more

India to log double-digit growth this fiscal: CEA K V Subramanian

Chief Economic Adviser (CEA) K V Subramanian on Tuesday exuded confidence that India would achieve double-digit growth in the current financial year on the back of policy initiatives and continuing reforms. He also said the country is well poised to meet the fiscal deficit target of 6.8 per cent of GDP. “At this stage, I … Read more

Union Budget: Finance Ministry invites suggestions on taxation from industry and trade bodies

The Finance Ministry has asked for suggestions on taxation from industries and trade bodies for Budget 2022-23, which is going to set the tone for growth of India’s economy hit by the COVID-19 pandemic. In a communication to trade and industry associations, the ministry invited suggestions for changes in the duty structure, rates, and broadening … Read more

Rishi Sunak says no ‘magic wand’ to fix cost of living pressures amid economists’ budget warnings – live

Latest updates: chancellor says he was right not to use some of the tools at his disposal to help struggling households IFS predicts ‘real pain’ for low-income households Rishi Sunak defends halving domestic flight duties ahead of Cop26 Household tax bills ‘to rise on average by £3,000 by 2027’ Budget calculator: what does it mean … Read more

Boris Johnson takes questions at PMQs before Rishi Sunak unveils budget spending plans – live

A lot of families started receiving universal credit because of the pandemic. It is a massive hit to families’ incomes. We want to see immediate action to deal with the cost-of-living crisis facing families as we are entering a pretty tough winter for lots of people, but also businesses too. We have had a lot … Read more

GoM on Sikkim’s demand to levy Covid cess to meet on June 17

A Group of Ministers set up to look into Sikkim’s demand of levying Covid cess on power and pharmaceutical sectors will meet on June 17. According to an intimation notice issued by the finance ministry, the GoM created to examine the Sikkim government’s proposal to levy the cess will meet on Thursday. Sikkim state government … Read more