Export earnings in July increased by 8.55 per cent, totalling USD 3.88 billion, compared to the same month in the previous fiscal year, thanks to higher shipments of apparel products that registered a growth of 9.7 per cent in the first month (July) of FY 2019-20.
New rules have been implemented to ensure companies pay MSMEs on time. The guidelines added that the ministry will reserve the right to penalise defaulting entities.
Reserve Bank of India Governor Shaktikanta Das on Monday said the time had come to formalise the linking of lending rates on new loans to external benchmarks like the repo rate.
Finance Minister Nirmala Sitharaman on Monday said corporate tax rate for companies with over Rs 400 crore turnover will be gradually cut to 25 per cent and the government will support wealth creators.
Since the inception of Goods and Services Tax (GST), the main intention of the government was to have a robust system for allowing invoice level reconciliation of transactions. It was envisioned in the form of the returns- GSTR-2 and GSTR-3.
The Indian rupee opened lower at 71.51 per dollar on Tuesday against previous close 71.43 yesterday.