The Group of Ministers (GoM) has recommended increasing the Goods and Services Tax (GST) on aerated drinks, cigarettes, and tobacco products to 35% from the current highest slab of 28%. The proposal aims to generate additional revenue to offset losses incurred by the Centre and states due to GST rate cuts on essential commodities and Read More…
By our financial correspondent Kochi: Total business turnover of the Kerala-based five private sector banks touched to Rs 8.15 trillion at the end of the second quarter of the financial year 2024-25 , the banking sources said. They are : Federal Bank (FDL) Ltd, Aluva, The Southan Indian Bank (SIB), Thrissur, CSB Bank Limited , Read More…
The Reserve Bank of India (RBI) is preparing to disrupt the cloud services market by introducing an affordable, localized cloud storage solution for financial institutions in 2025. This initiative, led by the RBI’s Indian Financial Technology and Allied Services (IFTAS), targets smaller banks and financial firms struggling with the high costs of existing cloud services Read More…
Infosys founder Narayana Murthy has stirred a debate with his remarks on the contemporary 5-day work week. Speaking at a recent event, Murthy expressed his belief that the reduced work schedule has negatively impacted productivity, innovation, and the work ethic of employees. He stressed that in the early years of Infosys, the company thrived on Read More…
A report from the State Bank of India suggests the rupee could depreciate by 8-10% against the US dollar during Donald Trump’s second term. The expected rise in the dollar is linked to tighter economic policies, including interest rate hikes. However, India’s manufacturing and export sectors could gain from the shifting global landscape. Forex traders Read More…
India’s exchange rate policy is under renewed focus as experts advocate for allowing the Indian Rupee (INR) to respond more freely to market forces. This shift toward a more flexible exchange rate regime could enhance India’s economic resilience, helping the Rupee better reflect the country’s trade dynamics and global economic conditions. Currently, the Indian Rupee’s Read More…
Karnataka has now overtaken Delhi to secure the position of India’s second-largest tax revenue contributor, trailing only Maharashtra. This impressive achievement reflects Karnataka’s dynamic economy, which is driven by key sectors such as IT, manufacturing, and services. The state reported a 10% increase in Goods and Services Tax (GST) revenue for the fiscal year 2023-24, Read More…
India has witnessed a remarkable shift towards cashless transactions, with digital payments more than doubling between 2021 and 2024, according to the latest report from the Reserve Bank of India (RBI). The surge is attributed primarily to the widespread adoption of the Unified Payments Interface (UPI), which has become particularly popular for small-value transactions due Read More…
The GST Council has announced a reduction in tax rates for essential items, cutting the GST on 20-litre water bottles and bicycles to 5%. Meanwhile, luxury goods such as shoes, watches, and beauty products will face higher tax rates. The move is designed to make everyday commodities more affordable while increasing the burden on premium Read More…
Mumbai: In a significant move, the Reserve Bank of India (RBI) has maintained the policy rate at 6.5% for the 10th consecutive time during its latest Monetary Policy Committee (MPC) meeting. The central bank’s decision reflects a continued cautious approach to managing inflation and supporting economic growth. RBI Governor Shaktikanta Das announced a strategic shift Read More…