Livelihoods News

In a bid to provide relief to small taxpayers, especially micro, small and medium enterprises (MSMEs), the Goods and Services Tax (GST) Council Thursday decided to double the exemption threshold to Rs 40 lakh and hike the limit for composition scheme to Rs 1.5 crore from Rs 1 crore with effect from April 1. The threshold will be Rs 20 lakh for “some hilly/northeastern states”.

If there’s one area in agriculture where the Narendra Modi government has probably broken fresh ground, it is in the procurement of pulses and oilseeds.

During the 2016-17 and 2017-18 agricultural years (July-June), the Central agencies — National Agricultural Cooperative Marketing Federation of India (Nafed), Small Farmers’ Agribusiness Consortium (SFAC) and Food Corporation of India (FCI) — together procured 18.78 lakh tonnes (lt) and 44.96 lt of pulses, plus 2.16 lt and 19.99 lt of oilseeds, respectively. a

New Delhi, January 7: India's Gross Domestic Product (GDP) is expected to grow at 7.2 per cent in 2019, claimed the official estimates released by the Central Statistics Office (CSO). The surge, from 6.7 per cent per cent in the last fiscal, will be primarily driven due to a resurgence in agriculture and manufacturing sectors. Although the growth estimate is higher as compared to 2017-18, it is marginally lower than a recent RBI prediction of 7.4 per cent.

Despite substantial increase in agriculture production and productivity levels over the years, farmers’ indebtedness has not changed significantly. According to the National Bank for Agriculture and Rural Development (Nabard) All India Rural Financial Inclusion Survey (Nafis) 2016-17, 52.5% of agricultural households were indebted.

PUNE: India’s sugar production till December 31, 2018 is up by 6.7% year-over-year (YOY), said industry body Indian Sugar Mills Association (ISMA).

The Centre on Friday told the Supreme Court that they were facing difficulties in the operation to rescue 15 miners trapped in an illegal coal mine in Meghalaya since December 13 as there was no blueprint of the 355-feet well.

The government told the apex court that the illegal mine was located near a river and seepage of water was hindering the rescue operation.

Centre will likely announce direct benefit transfer (DBT) worth Rs 4,000 per acre per season plus interest-free crop loan up to Rs 1 lakh per farmer in an instant two-fold relief to the farmers, sources in the know told BusinessToday.In. The initiatives will cost the Centre Rs 2 lakh crore towards DBT and another Rs 28,000-30,000 crore towards interest subvention, adding up to nearly Rs 2.3 lakh crore on an annual basis. At least the Rs 70,000 fertiliser subsidy scheme will be subsumed into the scheme to make it possible.

Wheat output in India, worlds’ second largest producer after China, is likely to increase in the current Rabi season as farmers looks to bring more area under the cereal crop in the key producing states. The sowing this season has progressed earlier than the last year in most states including Uttar Pradesh, Punjab, Haryana and Rajasthan, a trend usually seen favourable for yield of wheat.

In a country where bank loans worth Rs 10 lakh crore qualify to be categorised as bad, the wave of competitive populism in bailing out farmers is building further stress for lenders. From the largest State Bank of India to the most valuable HDFC Bank -- all have their share of repayment woes, sown in the rural hinterland.

Outlining the future roadmap of Goods and Service Tax, Finance Minister Arun Jaitley Monday said that the country is moving towards a single standard rate instead of the current 12 per cent and 18 per cent tax slab. In a Facebook post titled ‘Eighteen Months of GST’, Jaitley said 28 per cent tax slab would soon phase out except for luxury or sin goods and that the standard rate could be a mid-point between 12 and 18 per cent.