A 5-member government panel headed by Bihar deputy CM Sushil Kumar Modi has detected over 25 glitches in the GST Network, the IT backbone of the GST. The panel, which had its first meeting in Bengaluru on Saturday, said that timelines had been set to resolve each issue and expressed overall satisfaction with the performance of the GSTN. The GSTN faced glitches on at least 2 occasions, as taxpayers rushed to file their GST returns at the very last minute.
British brokerage firm HSBC has predicted that India will be the world’s 3rd largest economy by 2028, overtaking Japan and Germany. It pointed out demographics and macro stability as the 2 key strengths for India going ahead. Its estimates show that India will be a $7 trillion economy in 2028, as compared to less than $6 trillion and $5 trillion for Germany and Japan, respectively. However, it warned that India needed to be consistent in reforms and focus more on the social sector.
Oil minister Dharmendra Pradhan has requested the Finance Ministry to bring petroleum products under the Goods and services tax ambit. Justifying this, he said that this was needed to ensure that there was a uniform tax mechanism across the country. Justifying the practice of daily revision of fuel prices, he said that the states were getting 42% share in whatever levy being collected by the Centre and clarified that domestic rates were determined by international prices.
Tata Motors is hopeful that its first compact SUV Nexon will help it scale up its ranking in the overall utility vehicles market. At an event, Tata Motors vice president (sales) SN Barman said that with the launch of Nexon, the company hoped to become the 3rd or 4th largest player in the segment from their current position of 7th. The compact SUV is scheduled to be launched on September 21; however, its price details are yet to be revealed.
India’s gold imports recorded a 3 fold jump to $15.24 billion between April and August in the current fiscal, a data from the commerce ministry shows. The imports, which have a bearing on the country’s current account deficit, stood at $5.08 million in April-August in 2016-17. In August 2017 itself, gold imports rose to USD 1.88 billion from $1.11 billion in the same month of the previous fiscal. These are expected to further increase in the coming months due to the upcoming festive season.