In a bid to give a fillip to the formal economy and curb the menace of fake invoices, the upcoming goods and services tax council is going to consider the proposal to extend discounts/ cash-backs for taxpayers making digital payments using the quick response (QR) code facility.
Every November 2016 saw a huge shift in the digital finance space after the government announced that Rs 500 and Rs 1,000 notes would lose legal validity.
The Indian rupee (INR) today rose to below 71 a US dollar, extending gains to the seventh day. Opening at 71.01 a dollar, the rupee traded in the range of 70.86 to 71.15 to a dollar.
Over 6 percent decline in exports in August reflect worsening global economic conditions and point to further downward revision of global trade growth, said exporters association FIEO
The Tamil Nadu Chamber of Commerce and Industry yet again appealed to the Central government to simplify the Goods and Service Tax as it believes that is the cause of the sluggish economic growth.
India's merchandise exports declined 6.05 per cent in August on a year-on-year basis.