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High frequency indicators suggest greater optimism than the MPC’s forecast of 0.1% growth in the December quarter.(AFP)

Decoding the nature of economic recovery

Hindustan Times, New Delhi | By Roshan Kishore
UPDATED ON JAN 08, 2021 03:03 AM IST
At the same time, there are other statistics that suggest a more sober approach. Here are four charts put these mutually conflicting trends in context.
Prime Minister Narendra Modi said India is the best place for generating long-term returns as it is among the countries that have the lowest corporate tax rates.(PTI File Photo)
Prime Minister Narendra Modi said India is the best place for generating long-term returns as it is among the countries that have the lowest corporate tax rates.(PTI File Photo)

At roundtable with global investors, PM Modi pitches atmanirbhar Bharat

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON NOV 05, 2020 11:44 PM IST
India, which is Asia’s third-largest economy after China and Japan, had seen a record 23.9% contraction in the first quarter of the current financial year because of the Covid-19 outbreak and the ensuing 68-day nationwide lockdown restrictions since March 25.
GST revenue accruals in October have been robust as more businesses emerge from the lockdown.
GST revenue accruals in October have been robust as more businesses emerge from the lockdown.

GST collections may cross Rs 1 lakh-crore mark for the first time in 8 months

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON OCT 24, 2020 04:59 AM IST
The Covid-19 disease outbreak forced a 68-day hard lockdown starting on March 25, which forced the temporary closure of manufacturers and service providers in all sectors but those deemed essential. These were gradually loosened.
Indian Finance Minister Nirmala Sitharaman addresses a press conference in New Delhi.(AP)
Indian Finance Minister Nirmala Sitharaman addresses a press conference in New Delhi.(AP)

Door still open for states, says govt on GST dues row

Hindustan Times, New Delhi | By HT Correspondents
UPDATED ON OCT 14, 2020 05:49 AM IST
The finance ministry functionary, who asked not to be named, added that while the government will discuss any workable proposal the nine states bring at the Goods and Services Tax (GST) Council with an open mind, it cannot stop 22 other states from borrowing from the market against their future compensation cess dues.
The panel will meet again on October 12 to thrash out the state compensation issue, Finance Minister Nirmala Sitharaman said after a marathon eight-hour meeting.(Ajay Aggarwal/HT PHOTO)
The panel will meet again on October 12 to thrash out the state compensation issue, Finance Minister Nirmala Sitharaman said after a marathon eight-hour meeting.(Ajay Aggarwal/HT PHOTO)

States should stand firm, reject Centre’s options on GST compensation cess: Chidambaram

New Delhi | By Press Trust of India| Posted by Susmita Pakrasi
PUBLISHED ON OCT 06, 2020 03:23 PM IST
At its meeting on Monday, the GST Council failed to reach a consensus on ways to compensate the states for the loss of tax revenue.
Finance minister Nirmala Sitharaman during the fifth and final briefing on Centre’s economic stimulus package on May 17, 2020.(Sonu Mehta/HT Photo)
Finance minister Nirmala Sitharaman during the fifth and final briefing on Centre’s economic stimulus package on May 17, 2020.(Sonu Mehta/HT Photo)

Open to one more stimulus if necessary: Nirmala Sitharaman

Hindustan Times, New Delhi | By R Sukumar
UPDATED ON SEP 29, 2020 03:12 AM IST
Finance minister Nirmala Sitharaman said some industries have told her that domestic demand is increasing and they are also seeing export orders increasing faster than their expectations.
Deputy chief minister Manish Sisodia(Amal KS / HT Photo)
Deputy chief minister Manish Sisodia(Amal KS / HT Photo)

Borrow money, compensate states, Manish Sisodia writes to FM Nirmala Sitharaman

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON SEP 04, 2020 02:34 AM IST
Deputy chief minister Manish Sisodia has written to Union finance minister Nirmala Sitharaman, urging her to consider that the Centre borrow money and compensate states to meet Goods and Services Tax (GST) revenue shortfall, instead of asking states to do so.
Reforms such as GST are difficult to implement not because they do not have enough traction as ideas, but because the transition from the status quo to a new framework is challenging(PTI)
Reforms such as GST are difficult to implement not because they do not have enough traction as ideas, but because the transition from the status quo to a new framework is challenging(PTI)
Nirmala Sitharaman, India's finance minister, wears a face mask as she speaks during a news conference in New Delhi. According to two government officials familiar with the matter, debt raised from market borrowings will be repaid from the compensation cess fund.(Bloomberg)
Nirmala Sitharaman, India's finance minister, wears a face mask as she speaks during a news conference in New Delhi. According to two government officials familiar with the matter, debt raised from market borrowings will be repaid from the compensation cess fund.(Bloomberg)

Govt to push for market borrowing at GST meet

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON AUG 27, 2020 05:26 AM IST
Other options, such as levying cess on more items, increasing cess rates on existing products or raising overall GST rates to raise revenue appear difficult at a time when demand is already subdued and the economy is badly hit by the Covid-19 pandemic, the officials added, asking not to be named.
The new process has been launched recently(Vipin Kumar/ HT Photo)
The new process has been launched recently(Vipin Kumar/ HT Photo)

Use Aadhaar to get GST registration in just three days

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON AUG 25, 2020 09:06 AM IST
Besides hassle-free registration, an applicant opting for authentication through Aadhaar to get a GST registration would get the approval within three working days
Narendra Modi’s appeal comes in the context of Covid-19, which has entailed a ₹Rs 20 lakh crore economic stimulus and relief package(PTI)
Narendra Modi’s appeal comes in the context of Covid-19, which has entailed a ₹Rs 20 lakh crore economic stimulus and relief package(PTI)

PM Modi launches first taxpayers’ charter

Hindustan Times, New Delhi | By Rajeev Jayaswal, New Delhi
PUBLISHED ON AUG 14, 2020 01:42 AM IST
Taxation reforms in the last six years have been centred on three concepts—seamless, painless and faceless —that have reduced complexities, cut tax rates and litigation, Modi said. He also called for introspection by citizens on the small pool of taxpayers.
Ajay Devgn-starrer Tanhaji: The Unsung Warrior was the biggest Bollywood hit before the nationwide lockdown came into force
Ajay Devgn-starrer Tanhaji: The Unsung Warrior was the biggest Bollywood hit before the nationwide lockdown came into force

Nothing dramatic: Bollywood business scripts a sad tale!

HT Mumbai | By Prashant Singh
PUBLISHED ON AUG 10, 2020 05:55 PM IST
Theatre owners and exhibitors/distributors want the government to lower GST, entertainment and property taxes
The payment of GST compensation to states became an issue after revenues from imposition of cess started dwindling since August 2019 and the Centre had to dive in to the excess cess amount collected during 2017-18 and 2018-19.(PTI)
The payment of GST compensation to states became an issue after revenues from imposition of cess started dwindling since August 2019 and the Centre had to dive in to the excess cess amount collected during 2017-18 and 2018-19.(PTI)

GST Council to discuss AG opinion on compensation: Nirmala Sitharaman

New Delhi | By Press Trust of India| Posted by Susmita Pakrasi
PUBLISHED ON AUG 01, 2020 04:16 PM IST
The finance minister was responding to a question on apprehensions raised by certain states about the reported AG opinion on GST compensation.
CBDT said under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.(REUTERS)
CBDT said under the e-campaign the taxpayers will be able to access details of their high value transaction related information on the designated portal.(REUTERS)

Drive on voluntary tax compliance from Monday

Hindustan Times, New Delhi | By HT Correspondent
UPDATED ON JUL 19, 2020 01:00 AM IST
The objective of the e-campaign is to facilitate taxpayers to validate their returns or financial transaction information available with the I-T department, online, and promote voluntary compliance so that they do not get into notice and scrutiny process.
The PM’s remarks come in the backdrop of a projected contraction in the economy due to the pandemic and the lockdown imposed to curb its spread.(ANI)
The PM’s remarks come in the backdrop of a projected contraction in the economy due to the pandemic and the lockdown imposed to curb its spread.(ANI)

Economy showing green shoots: PM

Hindustan Times, New Delhi | By HT Correspondent, New Delhi
UPDATED ON JUL 10, 2020 12:10 AM IST
PM Modi also said India is one of the most open economies in the world, and invited global companies to invest in the country across sectors including defence.
The Council, which will meet later this month, is set to see sharp differences emerge over the central government’s obligation to make up for states’ GST losses, which has gone up due to the 2-month national lockdown to contain the virus, a situation that wasn’t anticipated in GST laws.(PTI file photo)
The Council, which will meet later this month, is set to see sharp differences emerge over the central government’s obligation to make up for states’ GST losses, which has gone up due to the 2-month national lockdown to contain the virus, a situation that wasn’t anticipated in GST laws.(PTI file photo)

GST consensus under threat as revenue falls

Livemint, New Delhi | By Gireesh Chandra Prasad
PUBLISHED ON JUL 06, 2020 07:00 AM IST
States have for long been complaining about delays in getting their assured compensation. Some states such as Kerala have been demanding the Centre borrow from the market to pay dues to states
The Goods and Services Tax (GST) was passed in a joint session of parliament on 1 July, 2017(PTI)
The Goods and Services Tax (GST) was passed in a joint session of parliament on 1 July, 2017(PTI)

GST faces challenge to meet higher revenue expectations

UPDATED ON JUL 02, 2020 07:28 AM IST
Reforms of the scale of GST require a political compromise in our federal structure
Union territories with legislatures also get the compensation.(PTI)
Union territories with legislatures also get the compensation.(PTI)

Govt releases Rs 36,400 crore GST compensation to the states

Hindustan Times, New Delhi | By Gireesh Chandra Prasad
UPDATED ON JUN 05, 2020 03:33 AM IST
Union territories with legislatures also get the compensation. States have been urging the Centre to release full compensation due as the decline in economic activities have affected their revenue position.
The PM’s clarion call for self-reliance is a game changer. Imagine the force, energy, skills and strength a self-reliant nation of 1.3 billion people will bring to bear on the global polity(PTI)
The PM’s clarion call for self-reliance is a game changer. Imagine the force, energy, skills and strength a self-reliant nation of 1.3 billion people will bring to bear on the global polity(PTI)

Modi’s plan for economic revival is a game-changer

By Syed Zafar Islam
UPDATED ON JUN 02, 2020 11:40 AM IST
The focus has been on the supply-side. Expect measures, within bounds of fiscal prudence, to boost demand
Stranded migrant workers queue to collect health certificates, Pune, May 6, 2020(Ravindra Joshi/HTPhoto)
Stranded migrant workers queue to collect health certificates, Pune, May 6, 2020(Ravindra Joshi/HTPhoto)

Indian states are short of money. They need help | Opinion

By Avani Kapur and Udit Ranjan
UPDATED ON MAY 17, 2020 06:48 PM IST
Changes of the past six years had put their finances in a precarious position. The current measures aren’t enough
Migrants undergo thermal screening Ganjam, May 3, 2020(PTI)
Migrants undergo thermal screening Ganjam, May 3, 2020(PTI)

Allocate resources, rationally and efficiently

By Suyash Rai
UPDATED ON MAY 13, 2020 09:40 PM IST
Give money to state governments, protect the vulnerable sections, and don’t be hostile to businesses
HT Image
HT Image

Lockdown effect: Haryana’s economy to take a hit

Hindustan Times, Chandigarh | By Hitender Rao, Chandigarh
UPDATED ON MAR 31, 2020 10:03 PM IST
Tax officials said the extent of revenue loss will depend on how long the lockdown continues.
Union Finance Minister Nirmala Sitharaman has said this year’s Budget has laid the foundation for a five trillion dollar economy with a majority of the government’s expenditure being for building infrastructure.(SAMIR JANA/HT PHOTO.)
Union Finance Minister Nirmala Sitharaman has said this year’s Budget has laid the foundation for a five trillion dollar economy with a majority of the government’s expenditure being for building infrastructure.(SAMIR JANA/HT PHOTO.)

GST on petroleum products only when states and GST council agree, says Sitharaman

Hindustan Times, Kolkata | By HT Correspondent
UPDATED ON FEB 09, 2020 08:49 PM IST
Currently, petroleum products attract central excise duty and value added tax (VAT) levied by states.
HT Image
HT Image

HP tax revenue collection up by 17.2%: Jai Ram

Hindustan Times, Chandigarh | By HT Correspondent, Shimla
PUBLISHED ON FEB 04, 2020 11:19 PM IST
The CM said the state has collected 600 crore more in the form of taxes in the financial year 2019-2020 compared to the previous 2018-19
A distress-ridden rural and informal sector has the potential of triggering a contagion in the formal economy as well(Ajay Aggarwal/HT PHOTO)
A distress-ridden rural and informal sector has the potential of triggering a contagion in the formal economy as well(Ajay Aggarwal/HT PHOTO)

What the Union Budget did not say | Opinion

Hindustan Times | By Roshan Kishore
UPDATED ON SEP 06, 2020 05:36 PM IST
The focus should have been on rejuvenating the informal economy, not the vision of formalisation
An illuminated Parliament ahead of midnight launch of 'Goods and Services Tax (GST)' in New Delhi on Saturday.(PTI)
An illuminated Parliament ahead of midnight launch of 'Goods and Services Tax (GST)' in New Delhi on Saturday.(PTI)

GST collections for January may hit record Rs 1.15 lakh crore

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON JAN 28, 2020 05:30 AM IST
The highest GST collection in a single month so far was Rs 1.13 lakh crore in April 2019. Last month, the collection was Rs 1.03 lakh crore.
This has also spooked financial markets, with the BSE Sensex falling by 1.9% on Monday(PTI)
This has also spooked financial markets, with the BSE Sensex falling by 1.9% on Monday(PTI)

Economic policymakers must look west

Hindustan Times | By HT Correspondent
UPDATED ON JAN 06, 2020 08:37 PM IST
The turbulence in West Asia can jeopardise the nascent economic recovery
Certain states have sought real-time access to annual Goods and Services Tax (GST) returns and e-way bills in order to check tax evasion.(Getty Images/iStockphoto image for representation)
Certain states have sought real-time access to annual Goods and Services Tax (GST) returns and e-way bills in order to check tax evasion.(Getty Images/iStockphoto image for representation)

States seek real-time access to GST returns, e-way bills

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON JAN 05, 2020 05:05 AM IST
Currently, these data are stored in the GST Network, which compiles reports and sends them to all the states and Union territories with a time lag.
Goods and Services Tax (GST) collections were above Rs 1 lakh crore for the second consecutive month in December. (Representative Image)(REUTERS)
Goods and Services Tax (GST) collections were above Rs 1 lakh crore for the second consecutive month in December. (Representative Image)(REUTERS)

Early data hints green shoots in Indian economy. Has it bottomed out?

New Delhi | By Roshan Kishore and Rajeev Jayaswal
UPDATED ON JAN 03, 2020 12:01 AM IST
RBI’s Monetary Policy Committee (MPC) in its December meeting expected GDP growth to start recovering in the second half of the current fiscal year.
Union Finance Minister Nirmala Sitharaman(PTI file photo)
Union Finance Minister Nirmala Sitharaman(PTI file photo)

GST kitty rose 3.7% in 1st 8 months of year

Hindustan Times, New Delhi | By Rajeev Jayaswal
UPDATED ON DEC 27, 2019 06:33 AM IST
Growth in revenue collection would have been stronger but for a 6.8% slump in the import component of the integrated GST (IGST) collection during the period, according to the presentation, made during the 38th meeting of the council on December 18.
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