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Biz EOD: Factory output falls, auto sector breaks losing streak, GST payers beware

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twitter-logoBusinessToday.In | November 12, 2019 | Updated 00:07 IST
Biz EOD: Factory output falls, auto sector breaks losing streak, GST payers beware
Top stories from the world of business and economy

Factory output falls for second month in a row in October. Auto industry ended 11-month-long decline in October, but the sector isn't out of woods yet. GST payers need to be careful while claiming input credit tax.

1. Slowdown Blues: Industrial output shrinks 4.3% in September

Moreover, the IIP estimates for August 2019 have undergone the first revision and those for June 2019 have undergone the final revision in the light of the updated data received from the source agencies.

2. Car sales improve slightly in October; no joy for two-wheelers, CVs

Even in the passenger vehicle segment, the heavy lifting was done by utility vehicles that saw a 22 per cent increase in sales, thanks to new products like the Kia Seltos, MG Hector, Hyundai Venue, Maruti XL6 and Mahindra XUV3OO.

3. IndiGo promoters' spat: Gangwal calls Bhatia's plea in US court redundant

Bhatia had last month filed a case against co-founder Rakesh Gangwal in a Florida district court, seeking information on the violation of the shareholders' agreement signed between them in April 2015.

4. Be careful when you file GST! This error can lead to a fine

In a circular, the CBIC clarified that a taxpayer has to ascertain the eligible input tax credit from form GSTR-2A, which gets auto-populated by the virtue of a supplier filing its GSTR-1 form.

5. GDP base year row: Congress leader Jairam Ramesh, Niti Aayog's Rajiv Kumar in war of words

Congress leader Jairam Ramesh says the Modi government wants to change the GDP base year only to make its second term look good after demonetisation and GST.

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