Economy & Policy News

CBIC clarifies rules, says no GST applicable on pre-paid gift vouchers

The CBIC underlined that, regardless of the type of voucher, transactions involving vouchers themselves will not be construed as the supply of goods or services

Net GST collections in December grow by 3.3%, reaching Rs 1.49 trillion

The gross GST collection -- the amount before adjusting for refunds -- rose by 7.3 per cent in December to Rs 1.76 trillion

GST collections hit Rs 1.77 trillion in December 2024, up 7.3%: Govt

December 2024 GST reflects a 7.3% increase compared to the Rs 1.65 trillion collected in December 2023. However, they remain below the Rs 2.1 trillion peak recorded in April 2024

Govt hikes crop insurance scheme allocation, subsidy for DAP fertiliser

Also, Rs 824.77 crore fund has been created to foster innovation and technology in the agriculture sector

UPI transactions surge to record 16.73 bn in Dec; value at Rs 23.25 trn

Interestingly, for the entire 2024, the volume increased by 46 per cent to around 172 billion transactions, compared to 118 billion in 2023

India eyes robust growth in 2025, tackling inflation and global headwinds

Experts are of the opinion that India's prospects are bright as macroeconomic fundamentals are strong

State-run OMCs cut commercial LPG and ATF prices, effective January 1

State-run oil marketing companies have reduced prices for 19-kg commercial LPG cylinders and aviation turbine fuel across major metros

India can use retaliatory measures in case of trade war with US: Think tank

In 2023, bilateral trade between India and the United States reached $117.8 billion, with India importing goods worth $42 billion and exporting $75.8 billion

Chhattisgarh, West Bengal lead in social welfare expenditure in rural areas

Data showed that the monthly per capita consumption expenditure (MPCE), taking into account imputed values, stood at Rs 4,247

Capex shrinks as fiscal deficit reaches 52% of FY25 estimate: CGA data

Economists said the Centre's capex needs to expand by 65 per cent Y-o-Y in December 2024-March 2025 or record a monthly run rate of Rs 1.5 trillion, to meet the FY25 target of Rs 11.1 trillion

I-T dept set to enhance operations in 2025 by adopting PRUDENT approach

The chairman noted that the past year saw significant progress, with over 2.4 lakh grievances resolved, including 1.75 lakh through the E-nirvan platform

On slippery slope: Rupee hits fresh low, extends losing streak to 7 years

Despite the decline, India's foreign exchange reserves remain the fourth largest in the world

India's crude imports could face problems in 2025 due to geopolitical risks

The US Energy Information Administration predicted global oil price benchmark Brent to average $73.58 per barrel in 2025 in its latest short-term energy outlook

States, UTs to borrow Rs 4.7 trillion via govt securities in Q4FY25

In 2023-24, states contained their GFD at 2.9 per cent of GDP, within the Fiscal Responsibility Legislation (FRL) limit of 3 per cent

Core sector growth slows to 4.3% annually in November, betters Oct numbers

On a monthly basis, the production growth of these sectors was higher than the 3.7 per cent expansion recorded in October 2024

April-Nov fiscal deficit at 52.5% of full-year target, shows govt data

Total government expenditure for the eight months was 27.41 trillion rupees, or about 57% of the annual goal. The government spent 26.52 trillion rupees in the same period last year

Transforming EPFO: Can it pivot into a user-friendly organisation?

With the number of rejections rising to almost a third of claims, the government is taking steps to radically reform the country's largest social security platform in order to ease payouts of benefits

Year in review: Energy woes to AI boom, top global economic trends of 2024

From continuing energy market volatility driven by geopolitical tensions to the AI boom transforming industries, economic trends have been anything but predictable

NE states led growth in consumption expenditure during 2023-24: NSO

Data showed that average MPCE in rural Sikkim grew by 21.3 per cent to Rs 9377 during the period

Crypto assets can negatively impact financial stability, says RBI report

The banking regulator emphasised the potential consequences of the widespread adoption of crypto-assets and stablecoins on an economy