สรุปข่าวเศรษฐกิจอินเดียประจำวันที่ 6 พฤศจิกายน 2556
Centre, states near consensus on GST revenue threshold
The central government and state governments are taking baby steps to reach a consensus on the introduction of a single goods and services tax (GST) that will effectively create a unified market in India and make it easier to do business across the country. Both are close to agreeing on a revenue threshold of Rs.2500000—a level beyond which traders will come under the ambit of GST. A threshold for levying GST and a decision on the items exempted under it will be crucial to determine the revenue neutral rate—a rate at which there will be no revenue loss to the states after the adoption of GST. The talks between the centre and the states on a common revenue threshold have been going on from early this year but differences among states had delayed an agreement. A majority of states favor a threshold of more than Rs.2500000 to save on compliance costs. At the same time, the central government will insist on compulsory registration of all traders irrespective of their annual revenue under the goods and services tax regime to ensure complete documentation of everyone in the supply chain. GST is the country’s most ambitious tax reform that aims to integrate the country into a common market and ensure seamless movement of goods and services across states.
(Source: Live Mint)
No policy reversal by India: envoys told to assure foreign investors
Top Indian diplomats from across the world were told to assure foreign investors that there will be no "policy reversals" by the Indian government. Union Minister for Commerce and Industry Anand Sharma, who was interacting with 120 envoys on the second day of the annual conclave of Heads of Missions here, stressed that capital fundamentals of the Indian economy were strong and all necessary legal mechanisms are in place to protect the interests of the investors. Indian Ambassadors need to re-assure investors that there will not be a policy reversals and India was a rule-based economy, the Minister said, hoping that exports are likely to do very well if the trend that has been discerned so far continues.
(Source: Economic Times)
Gold maintains downtrend on sluggish demand
Gold dropped by Rs200 to Rs31,100 per 10 gm in the national capital on Tuesday, maintaining its seven-day losing streak, following sluggish demand amid weakening global trend. Silver also fell by Rs500 to Rs48,500 per kg on reduced off take by industrial units and coin makers. Traders said besides sluggish demand, weak trend in overseas markets mainly kept pressure on gold and silver prices. Gold in London, which normally sets the price trend on the domestic front, fell by $2.20 to $1,312.40 an ounce and silver by 0.12% to $21.63 an ounce. Commodity market regulator FMC (Forwards Market Commission) on Tuesday removed an additional 5% margin on the future contracts of gold and silver due to less volatility in prices of these commodities. The additional margin has also been abolished from crude oil, brent crude oil, natural gas, aluminium, copper, lead, nickel and zinc traded on the six national commodity exchanges till further orders. The removal of margins on these commodities will be effective from November 7, FMC said in a circular. "Since the price volatility has subdued in the recent past, the Commission has decided to remove the additional margin of 5% in all the contracts of gold, silver, crude oil, Brent crude oil, natural gas, aluminium, copper, lead, nickel and zinc traded on the national exchanges till further orders," the circular added.
(Source: Financial Express)
