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GST Council likely to approve tribunal blueprint this month
The Goods and Services Tax (GST) Council, which is likely to meet in the third or fourth week of June, is set to clear the operational framework of the much-awaited GST appellate tribunal, which will deal with tax disputes and streamline resolution.
“The final blueprint, mainly the operational part, is expected to be presented in the GST Council meeting for approval. This will pave the way for the tribunal to be functional, both at the central and state levels,” said a senior government official, who expects the tribunal to be up and running by November. Read more...
Spot airfares up three times in a month on India's busiest routes
The spot airfares on five of India's six busiest routes have jumped by up to three times in the past one month. However, for tickets purchased 30 days in advance on these routes, the fares have seen a marginal increase (not over 15 per cent).
On the Delhi-Mumbai route, which is India's busiest air route, the average spot airfare on June 1 stood at Rs 18,654, according to data provided by Ixigo. On May 1, two days before Go First's exit, the average spot airfare on this route stood at Rs 6,125. Read more...
Wrestler's protest: Bajrang, Sakshi, Vinesh meet Amit Shah, share concerns
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Olympian wrestlers Bajrang Punia, Sakshi Malik and Vinesh Phogat met Home Minister Amit Shah at his residence to discuss the matter related to their protest against the Wrestling Federation of India (WFI) boss. Read more...
MPC likely to hit pause again on repo rate: Business Standard Poll
The six-member Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) is expected to keep the policy repo rate unchanged during its monetary policy review this week, all the 10 participants of a Business Standard poll said. The RBI will announce the review of the policy on 8 June. Read more...
Saudi Arabia cuts oil output by 1 mn barrel per day to boost sagging prices
Saudi Arabia said Sunday that it will reduce how much oil it sends to the global economy, taking a unilateral step to support the sagging cost of crude after two earlier production cuts by members of the OPEC+ alliance of major oil-producing countries failed to push prices higher. The announcement of the Saudi cuts of 1 million barrels per day, which will start in July, followed a meeting of the alliance at OPEC headquarters in Vienna. The rest of the OPEC+ producers agreed to extend earlier cuts in supply through the end of 2024. Read more...
