In order to avoid the last-minute rush of return filers, which often leads to crashing of its portal, the GST Network has come up with a few ideas under the new return filing system to be implemented from the next financial year. The Modi govt has given its approval to import of 36,090 metric tonnes of onions amid the ongoing supply crunch. SBI has announced a cut in the marginal cost of funds-based lending rate (MCLR) by 10 bps for its 1 year MCLR. Read for more top stories from the world of business and economy:
Under the new system, return filings will be done in a staggered manner. For big taxpayers with annual turnover of Rs 5 crore or more, the last day for filing returns will be 20th of every month.
State-run trading firm MMTC has already floated a tender for buying 21,090 metric tonnes (MT) of onions from Turkey and Egypt and the shipments are expected to arrive mid-January.
Rajan pointed out that extreme centralisation, coupled with lack of empowered ministers and a coherent guiding vision meant reforms picked up steam only when PMO focused on them and lost pace when its attention switched to other pressing issues.
State Bank of India, the country's biggest lender has said that it continues to be the cheapest loan provider in the country. It said that it commands 25 per cent of the market share in home as well as auto loans.
FM Sitharaman also said that the government was looking at myriad suggestions and the relaxation on personal income tax was one of them before it presents the Union Budget 2020 in February next year.