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27 Nov, 7 tweets, 3 min read
Q2 GDP at –7.5% buttresses recovery as captured by several high frequency indicators. Economic impact is primarily due to #COVID19, good news is falling daily cases are due to lower transmission & not due to lower testing. To sustain economic recovery, caution must continue.(1/7)
➡️High PMI Indices for Manufacturing and Services with manufacturing PMI at a decadal high
➡️Broad based recovery is underway
(2/7)
➡️Index of Industrial Production enters positive territory
➡️Index of 8-core industries regains previous year levels in September
(3/7)
V-shaped recovery in use-based Industries especially in consumer goods, especially consumer durables, and investment, especially capital and infrastructure goods suggest strong revival of both consumption and investment, which together account for about 90% of India’s GDP (4/7)
Corporate sector back on track in Q2 2020-21 after two quarters of contraction, level of operating profits similar to that in Sep 2018 (5/7)
➡️Steel production and consumption gathers momentum signalling revival of construction activity.
➡️Power consumption and E-way bills clocked double digit growth in October suggesting buoyancy in industrial and commercial activities (6/7)
➡️Recovery ignites optimism, but a cautious optimism
➡️Sustainability of the recovery critically depends on keeping the pandemic in control
(7/7)

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More from @FinMinIndia

Ministry of Finance Profile picture
27 Nov
Finance Minister Smt. @nsitharaman held a meeting through VC with Secretaries, and CMDs of 10 CPSEs of @MinOfPower, @MinOfMines, @DepttOfAtomicEnergy to review the capital expenditure in this financial year. (1/4)
Read more ➡️ pib.gov.in/PressReleaseIf…
The combined CAPEX target for FY 2020-21 for these 10 CPSEs is Rs. 61483 crore. (2/4)
FM Smt. @nsitharaman emphasised on close monitoring of the performance of the CPSEs to ensure achieving the target of 75% CAPEX by Q3 and 100% by Q4 of the FY 21. (3/4)
Read 4 tweets
Ministry of Finance Profile picture
3 Nov
There have been several media reports alluding to steep increase in service charges by certain Public Sector Banks (PSBs). (1/5)
Please read more for the factual position in this context ➡️ pib.gov.in/PressReleaseIf…

@nsitharamanoffc @Anurag_Office @PIB_India @DFS_India
➡️Basic Savings Bank Deposit (BSBD) accounts including Jan Dhan accounts - No service charge is applicable on the 60.04 crore BSBD accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI. (2/5)
➡️Regular Savings accounts, Current Accounts, Cash credit accounts & Overdraft accounts: While the charges have not been increased, Bank of Baroda had made certain changes w.e.f. 1st Nov 2020, with regard to the number of free cash deposits and withdrawals per month. (3/5)
Read 5 tweets
Ministry of Finance Profile picture
2 Nov
Ministry of Finance, under its, “Special Window to States for meeting the GST Compensation Cess shortfall,” will be releasing an amount of ₹6000 cr as second tranche to 16 States and 3 Union Territories today. (1/4)
Read more ➡️ pib.gov.in/PressReleaseIf…

@nsitharamanoffc
This amount was raised at a weighted average yield of 4.42%. This amount will be passed on to the States/UTs at the same interest rate, which is lower than the cost of borrowings for the States and UTs, thus benefitting them. (2/4)
Ministry of Finance has facilitated loans of ₹12,000 cr till date under the Special Window to States/UTs. (3/4)
Read 4 tweets
Ministry of Finance Profile picture
24 Aug
Now, Businesses with an annual turnover of up to Rs 40 lakh are GST exempt. Initially, this limit was Rs 20 lakh. Additionally, those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only 1% tax. (1/5)
Once GST was implemented, the tax rate on a large number of items was brought down. As of now, the 28% rate is almost solely restricted to sin and luxury items. Out of a total of about 230 items in the 28% slab, about 200 items have been shifted to lower slabs. (2/5)
Significant relief has been extended to the construction sector, particularly the housing sector. It has now been placed at the 5% rate. GST on affordable housing has been reduced to 1%. (3/5)
Read 5 tweets
Ministry of Finance Profile picture
24 Aug
On the first death anniversary of Shri Arun Jaitley, we pay our respects and remember his lasting contribution to nation-building and the legacy he left behind as Union Finance Minister during 2014-19. (1/6)

@nsitharamanoffc @Anurag_Office @PIB_India
As we remember Shri Arun Jaitley today, let us acknowledge the key role he played in the implementation of GST, which will go down in history as one of the most fundamental landmark reforms in Indian taxation. (2/6)
Before GST, the combination of VAT, Excise, Central Sales Tax and the cascading effect of tax on tax resulted in the standard rate of tax being as high as 31% in many cases. (3/6)
Read 6 tweets
Ministry of Finance Profile picture
13 Aug
Ensuring that the Department’s efforts result in the empowerment of our taxpayers! IT Department has taken up several reforms to make tax compliance easier for our taxpayers. Our way to reward your honesty! (1/7)
#HonoringTheHonest
#FacelessAssessmentScheme is our way of #HonoringTheHonest. With dynamic jurisdiction & team-based assessment you can respond to the scrutiny notice online.
No need to go to IT Office or meet local IT Officer!
Speedy completion of cases is another hallmark of the Scheme. (2/7)
Introducing #FacelessAppeals involving random allotment of cases. With electronic replies, zero physical interface of authorities & instant solutions your way, this is the newest, most convenient & easiest way to tackle your IT litigation issues. (3/7)
#HonoringTheHonest
Read 7 tweets

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