Category: Govt And Policy

12th November 2020 Ministry of Finance State of Economy – Strong Recovery  COVID active cases decline from over 10 lakh to 4.89 lakh active cases with Case Fatality Rate (CFR) at 1.47 percent Composite Purchase Managers Index (PMI) rose to 58.9 in Oct vs. 54.6 last month, registering strongest increase in output in close to nine years Energy consumption growth trended higher in October at 12% YoY GST collections for October grossed Rs 1.05 lakh crore - 10%  YoY  Daily railway freight tonnage grew by an average 20% YoY vs. 12% in the previous week.  Bank credit YoY growth improved by 5.1% on 23rd October ’20. Markets at record high, record market capitalization, FPIs net investments +ve, Forex Reserves – USD 560 billion  FDI inflows Apr-August at USD 35.37 billion – 13 % rise YoY RB...

The stake on no-profit company with Rs 10 crore equity called Goods and Services Tax Network would be held by Central and State government at the ratio of 50 per cent each. Originally, the Central government held 24.5 %, States 24.5 %, NSE Strategic Investment Co, HDFC, HDFC Bank and ICICI Bank 10 each and LIC Housing Finance 11 % in the equity of GSTN. The Union Cabinet has approved increasing of government ownership in Goods and Services Tax Network (GSTN) and a change in the existing structure with a transitional plan. Accordingly, the government has acquired the entire 51% equity held by the Non-Government Institutions in GSTN for equally dividing among the Centre and the State Governments, and allowing the GSTN board to initiate the process for acquisition of equity held by priva...