Business

The Economic Survey reviews the developments in the Indian economy in the last one year post the last Budget, summarises the performance on major development programmes, and highlights the policy initiatives of the government.

The 2018-19 budget could contain changes in customs and excise duties on these remaining products, which for most others have been subsumed under GST.

Nitin Gadkari said that India was now self-reliant as far as production of rice, wheat and other grains was concerned and, therefore, farmers should now focus on cultivation of pulses, oil seeds and those crops which are being imported.

Parrikar said GST collection for the ongoing month of January had touched Rs 112 crore, of which Rs 65-70 crore was the share of the Centre by way of Central GST.

Delhi is hosting the leaders of ASEAN and the summit comes at a time when Prime Minister Narendra Modi is pursuing an "Act East" policy of developing ties with these countries.

The secretary of department of rural development said revised estimates are always more than the budget estimates as the allocated budget is never enough.

Axis Bank's chief financial officer Jairam Sridharan on Monday said the bank's watchlist of doubtful accounts has dropped to 15 with an exposure of Rs 5,300 crore from Rs 22,600 crore seven quarters ago.

The banking system is saddled with over Rs 10 trillion of bad loans, which is over 10.2 per cent system-wide, as of the September 2017 quarter.

Employees who are entitled to LTA as part of their Cost to Company (CTC) can reimburse a domestic travel under LTA which is not included in the taxable income.

The revenue from operations came in at Rs 6,879 crore, 11.9 per cent growth over the previous quarter.

The 25th GST Council meet on Thursday, recommended rate cuts on 49 items, including zero percent on 29 handicraft products with its main focus on easing return filing processes.

Finance Minister informed that the GST council will be meeting again via video conferencing before the Budget to finalise on the new return filing model presented by Nandan Nilekani, co-founder Infosys.

The government had last month announced that it would make an additional borrowing of Rs 50,000 crore during 2017-18 through dated securities. However, there would have been no change in the net borrowing as envisaged in the Budget.

The collections till January 15, 2018 represent over 70 per cent of the Rs 9.8 lakh crore revenue target from direct taxes, the Central Board of Direct Taxes (CBDT) said in a statement.

The 30-share index crossed the 35,000-mark by jumping 231.73 points or 0.66 per cent to 35,002.78, breaching its previous intra-day record of 34,963.69 hit on January 15.

Annual wholesale price inflation last month slowed to 3.58 percent from a year earlier, from a provisional 3.93 percent rise in November.