Amazon and Walmart’s Flipkart are among online retailers demanding that India scale back a proposed tax on third-party sellers on their platforms, saying the burden of compliance will hurt the fledgeling industry, according to documents seen by Reuters. The online retail industry is braced for a possible 1 percent tax on each sale made by sellers on their platforms from April if the proposal is approved by parliament next month.
Finance Minister Nirmala Sitharaman on Sunday, February 16, 2020, asserted that there will not be any compromise with respect to the country’s fiscal deficit. Sitharaman said the FRBM (Fiscal Responsibility and Budget Management) Act has been kept in view and has been abided by while preparing the Budget 2021.
Prime Minister Narendra Modi inaugurated development projects worth over Rs 1,200 crore at Varanasi in Uttar Pradesh. PM Modi also flagged off IRCTC’s Maha Kaal Express via video conferencing and dedicated Pandit Deendayal Upadhyay Memorial Centre to the nation.
The number of unemployed educated youth in India ‘s most populous state, Uttar Pradesh, has grown by over 12.5 lakh in last two years to 34 lakh, Yogi Adityanath government said at the state assembly on February 14, 2020. According to the Centre for Monitoring Indian Economy (CMIE) data, unemployment almost doubled in Uttar Pradesh during 2019 compared to 2018.
The GST Network told Business Today that around 92 percent of large taxpayers with turnover of over Rs 2 crore have filed annual returns for 2017-2018 fiscal. With Goods and services tax launches on July 1, 2017, this is the first time when businesses registered under GST have to file annual return GSTR-9 and reconciliation statement GSTR-9C.
Arvind Kejriwal, was sworn-in as chief minister of Delhi for the third time. Kejriwal took oath as Delhi CM at Ramlila Maidan. He is the first and the only chief minister of Delhi who has preferred Ramlila Maidan for his oath ceremonies, while his predecessors took oath in the Raj Niwas. The 51-year-old leader became the youngest chief minister of Delhi when he was sworn for the first time on 28 December 2013.