Economy National

GST Cess Collections May Fall Short of Rs 1.37 Lakh Crore Target

By BPN News Desk January 1, 2025

The Goods and Services Tax (GST) cess collections for the current fiscal year are expected to fall short of the estimated Rs 1.37 lakh crore required for compensating states. This shortfall has raised concerns about fiscal sustainability for state governments relying on GST compensation. The Expected Shortfall According to recent estimates, while the GST cess […]

Economy

ITR-2, ITR-3 Revision to Enable Section 87A Rebate Claims

By BPN News Desk January 1, 2025

The Income Tax Department is set to correct errors in the ITR-2 and ITR-3 forms to allow eligible taxpayers to claim the Section 87A tax rebate for the financial year 2023-24. This move comes as welcome news for individual taxpayers who qualify for the rebate under specific income conditions but have faced difficulties due to […]

Economy National

Gold’s Stellar Performance in 2024: A 26% Gain

By BPN News Desk January 1, 2025

Gold prices soared in 2024, delivering an impressive 26% return to investors. The surge in the yellow metal’s value was fueled by persistent economic uncertainties, inflationary pressures, and geopolitical tensions that drove demand for safe-haven assets. As the year closed, gold prices settled around $2,100 per ounce, marking one of the strongest annual performances in

Economy National

FPI Selling Hits ₹1.2 Lakh Crore in 2024, Second-Highest in a Decade

By BPN News Desk December 31, 2024

Foreign Portfolio Investors (FPIs) pulled out ₹1.2 lakh crore from Indian equities in 2024, making it the second-worst year for outflows in the last decade. The massive sell-off reflects global economic concerns, rising interest rates, and weakening investor sentiment in emerging markets like India. Key Drivers Behind the Outflows Several factors contributed to the

Economy National

India Inc Urges Higher Capex, Tax Relief in FY26 Budget

By BPN News Desk December 30, 2024

India Inc has put forward its expectations for the upcoming FY26 Union Budget, advocating for an increase in capital expenditure (capex) and reductions in tax rates. The corporate sector believes these measures are crucial to sustaining economic growth and boosting private investments. Focus on Capital Expenditure Corporate leaders have emphasized the need for the

Economy National

SC Collegium May Reassess Recommending Judges’ Relatives for High Court Roles

By BPN News Desk December 30, 2024

In a move that could reshape judicial appointments in India, the Supreme Court Collegium is reportedly considering pausing recommendations for high court judges who are relatives of sitting or retired judges. This potential shift aligns with ongoing discussions about fostering transparency and meritocracy in the judiciary. Focus on Meritocracy and Transparency The decision

Economy National

Scindia Discusses India Post’s Profitability with FM Sitharaman

By BPN News Desk December 30, 2024

Union Minister for Communications Jyotiraditya Scindia and Finance Minister Nirmala Sitharaman held a crucial meeting to discuss the future of India Post. The discussions centered around strategies to achieve profitability for the government-run postal network while enhancing its efficiency and services. Focus on Financial Sustainability The meeting emphasized the need for

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