GDP Growth- India likely to clock GDP growth of 6.9 % this fiscal, says BMI Research report – Indian economy is expected to recover in the coming quarters and the country is expected to clock a real GDP growth of 6.9% in this financial year, says a report. According to a report by BMI Research, India’s growth is expected to pick up following the negative ramifications from the demonetisation drive in November 2016, but weak public banks will likely cap the recovery. Real GDP growth slowed substantially to 6.1 % year-on-year in the fourth quarter of 2016-17.
Direct Tax Collection- Direct Tax Collections stands at Rs 1.42 lakh crore upto June 2017 – Direct Tax collections upto June 2017 indicate net revenue collections of Rs. 1.42 lakh crore which is 14.8% higher than the net collections for the corresponding period last year. Till June 2017, net direct tax collections 14.5% of the budget estimates of Rs. 9.8 lakh crore for direct taxes for FY 2017-18 has been achieved.
Sovereign Gold Bond Scheme 2017-18-Series II– Government of India in consultation with RBI decides to issue Sovereign Gold Bond Scheme 2017-18– Series II – Government of India, in consultation with the Reserve Bank of India, has decided to issue Sovereign Gold Bonds 2017-18 – Series II. Applications for the bond will be accepted from July 10, 2017 to July 14, 2017. The Bonds will be issued on July 28, 2017. The Bonds will be sold through banks, Stock Holding Corporation of India Limited (SHCIL), designated post offices and recognised stock exchanges viz., National Stock Exchange of India Limited and Bombay Stock Exchange.
GST facilitation cell in Ministry of Food Processing Industry– Ministry of Food Processing Industry establishes GST facilitation cell to guide industry about GST regime – The Ministry of Food Processing Industries has established a four member GST Facilitation Cell at its office to guide the industry about the new tax regime. The members of the GST Facilitation Cell can be accessed through Toll Free No 1800111175 or on #AskonGSTFPI. Further details can be accessed from http://www.mofpi.nic.in
India ranks 23 in Cyber Security Index– India ranks 23rd among 165 nations in cyber security index – India is ranked a high 23rd out of 165 nations in a global index that measures the commitment of nations across the world to cyber security. The second Global Cyber security Index (GCI), released by the UN telecommunications agency International Telecommunication Union (ITU) mentioned that only about half of all countries have a cyber security strategy or are in the process of developing one and urged more countries to consider national policies to protect against cyber crime.
GST impact on rates- Maharashtra, Tamil Nadu tweak taxes, hurt spirit of new regime – In the first week after the roll-out of the goods and services tax (GST), Maharashtra and Tamil Nadu have tweaked local taxes other than those needed to be part of GST legally. While Maharashtra has raised the one-time registration tax on private two-and four-wheelers by 2%, city corporations in Tamil Nadu have imposed 30% entertainment tax over and above the GST rate levied on cinemas.