Economy

EEPC India Urges Faceless GST Audits in Budget 2025

By BPN News Desk December 30, 2024

The Engineering Export Promotion Council (EEPC) India has called upon the central government to introduce faceless GST audits in the upcoming Union Budget 2025. The recommendation aims to streamline compliance processes, reduce bureaucratic hurdles, and boost the ease of doing business for exporters. Proposal to Enhance Transparency and Efficiency EEPC India highlighted

Economy

Urban-Rural Economic Divide Narrows Across India in 2023-24

By BPN News Desk December 28, 2024

A recent report highlights significant progress in reducing the urban-rural disparity in 21 of India’s 36 states and union territories during the fiscal year 2023-24. This development underscores ongoing efforts to achieve balanced economic growth across the country. Progress in Bridging Disparities The report reveals a marked reduction in gaps related to income, access to

Economy National

Income Tax Cuts Likely in Budget 2025 to Boost Consumption

By BPN News Desk December 26, 2024

The government is reportedly considering reducing income tax rates in the upcoming Budget 2025. This potential move aims to bolster consumption and stimulate economic growth amid concerns of sluggish demand. Sources indicate that the Ministry of Finance is exploring strategies to provide relief to taxpayers, particularly those in the middle-income bracket. Focus on

Economy National

Economists Recommend Income Tax Cuts in Budget 2024

By BPN News Desk December 26, 2024

Prominent economists have urged Prime Minister Narendra Modi to consider reducing income tax rates in the upcoming Budget 2024 to provide relief to middle-class and salaried taxpayers. This recommendation comes as part of broader consultations aimed at addressing the financial challenges faced by Indian citizens amid rising inflation and economic uncertainties. Calls for

Economy National

RBI Deploys $44.5 Billion to Stabilize Rupee in October

By BPN News Desk December 26, 2024

In a significant effort to safeguard the Indian rupee, the Reserve Bank of India (RBI) spent $44.5 billion from its foreign exchange reserves in October 2024. This marked one of the highest single-month expenditures by the central bank to stabilize the currency amidst global economic turbulence and increased market volatility. Global Pressures Impacting Rupee Stability

Economy National

India’s GDP Growth to Reach 6.5% in FY25 and FY26: EY Report

By BPN News Desk December 26, 2024

India’s economy is expected to sustain robust growth, with GDP projected at 6.5% for the fiscal years 2025 and 2026, according to a report by Ernst & Young (EY). The forecast underscores India’s position as a global economic leader, fueled by strong domestic demand, structural reforms, and technological advancements. Key Drivers of Growth EY’s report […]

Economy National

Government Introduces Unique IDs to Tackle GST Evasion

By BPN News Desk December 23, 2024

In a bid to curb tax evasion under the Goods and Services Tax (GST) regime, the government plans to introduce a unique identification (UID) mechanism for select commodities. The system is expected to enhance transparency in the supply chain and strengthen compliance in sectors prone to tax evasion. Focus on High-Risk Commodities The UID mechanism […]

Economy National

55th GST Council Meeting: Key Decisions and Deferrals

By BPN News Desk December 23, 2024

The 55th GST Council meeting, chaired by Union Finance Minister Nirmala Sitharaman, concluded with several important discussions, though a significant decision on reducing the GST rate on health insurance premiums was deferred. The meeting, held virtually, saw participation from finance ministers of states and union territories as they tackled pressing issues related to

Economy National

India Signs $350M Loan Pact with ADB to Boost Manufacturing

By BPN News Desk December 22, 2024

India has entered into a $350 million loan agreement with the Asian Development Bank (ADB) to bolster its manufacturing sector. This strategic partnership aims to enhance competitiveness, foster innovation, and create job opportunities in key industries, marking a significant step toward strengthening the country’s industrial base. The agreement, signed on December 21,

Economy National

GST Council’s Jaisalmer Meeting: Key Outcomes

By BPN News Desk December 21, 2024

The 53rd GST Council meeting held in Jaisalmer on December 21 saw deliberations on significant tax reforms aimed at improving compliance and addressing industry concerns. Chaired by Finance Minister Nirmala Sitharaman, the council discussed crucial policy matters that impact businesses and consumers alike. Tax Rate Adjustments and Clarifications One of the primary focuses