India confident of meeting fiscal deficit target, despite planned tax cuts
Tired of too many ads?
Remove Ads
India is confident of meeting its fiscal deficit target of 4.4% for the current fiscal year, according to a government source with knowledge of the matter, despite its plans to cut consumption tax later this year.In the biggest tax overhaul since 2017, Prime Minister Narendra Modi on Saturday announced sweeping changes to the complex goods and services tax (GST) regime which will make daily essentials and electronics cheaper."India's federal and state governments have options to offset any loss of revenue due to lowering of rates," the government source said without providing further details.The source also said it will end the practice of collecting compensation cess by December. The GST compensation cess is an additional levy imposed on certain items to compensate states for any revenue loss incurred due to the implementation. India's finance ministry did not respond to a request for comment sent outside of office hours.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Cong takes out march against ‘poll fraud'
Chandigarh: The Chandigarh Pradesh Congress Committee Monday took out a candlelight march from Bhopal Singh Stadium in Sector 45 here, as part of the party's nationwide movement to expose alleged electoral fraud and "vote chori" reportedly being orchestrated by the BJP in collusion with the Election Commission of India (ECI). Tired of too many ads? go ad free now Hundreds of Congress workers carrying party flags, candles, and placards marched through the streets, raising slogans of "Vote Chor Gaddi Chhod!" This sent out a loud and clear message that the people of India will not tolerate the murder of democracy. The march was led by HS Lucky, president of the party's UT unit. Launching a scathing attack on the BJP and the ECI, Lucky said, "Rahul Gandhi's revelations ripped apart the mask of Modi's so-called democracy. The voter list manipulation, deletion of lakhs of names, and fraudulent additions expose the BJP-ECI nexus. Yesterday's press conference by the chief election commissioner showed the naked bias of the commission — the language of a BJP agent, not a constitutional authority. This is nothing short of treason against democracy. If the Election Commission chooses to act as BJP's puppet, then it loses its moral right to exist." He added, "The Election Commission is the guardian of Indian democracy. If it becomes complicit in fraud, then democracy itself collapses. Chandigarh Congress demands full accountability, complete transparency, and the immediate resignation of the Modi govt along with BJP govts in Haryana, Rajasthan, Madhya Pradesh, and Maharashtra that stand tainted by these shocking revelations of vote theft. The Congress party will not rest until every truth is unearthed and those guilty are punished. Tired of too many ads? go ad free now " The protest also welcomed the directions of the Supreme Court, which delivered a stinging setback to the Election Commission in the case of Bihar's voter rolls. The court ordered the publication of provisional draft rolls, restoration of the names of 65 lakh deleted voters, and directed the EC to provide reasons for deletion. It also ruled that Aadhaar cards must be accepted for voter inclusion — a decision hailed by Sandeep Gujjar as "a victory of the people over a compromised Commission. " The Chandigarh Congress asserted that this march is only the beginning of a larger battle to save the Constitution and the soul of Indian democracy. The party vowed to intensify its fight across the country until the electoral system is purged of corruption and restored to its rightful credibility.
Time of India
an hour ago
- Time of India
Kolkata set to pick up speed with 14km of new metro tracks this Friday, highest single-day addition till now
1 2 Kolkata: In the largest such addition, the city is all set to get 14 km of new metro lines, changing the way how Kolkatans commute. This Friday, PM Narendra Modi is scheduled to flag off three metro sections — Green Line or East-West Metro's last 2.6-km leg, the 7-km Noapara-Airport stretch or Yellow Line's phase I, and the 4.4-km Ruby-Metropolitan leg or Orange Line's phase II. Among the three segments, the shortest is the most significant. Inauguration of the 2.6-km Esplanade-Sealdah section, which had hit major roadblocks as it passed through the subsidence-prone Bowbazar stretch, will mean completion of the 16.6-km East-West Metro; it is expected to catapult daily ridership on the line from 1 lakh to 7 lakhs. East-West Metro now runs in two disjointed sections: the 9.2-km Sector V-Sealdah stretch and the 4.8-km Esplanade-Howrah Maidan stretch. A complete Green Line would mean direct connectivity between Salt Lake's Sector V and Howrah Maidan with stops at transit hubs Sealdah station, Esplanade and Howrah station. "When the missing link is joined, we expect around 7 lakh people to ride the East-West Metro every day," said Metro Railway Kolkata GM P Uday Kumar Reddy. You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata | Gold Rates Today in Kolkata | Silver Rates Today in Kolkata Implemented at Rs 1,000 crore, East-West is the city's most ambitious infrastructure project that also boasts of India's first under-river metro tunnel. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it better to shower in the morning or at night? Here's what a microbiologist says CNA Read More Undo Not only will the corridor shorten travel time between Sealdah and Howrah — two of India's businest railway stations — to just 12 minutes, its intersection with the North-South Blue Line at Esplanade will give Kolkatans an interlocked metro grid that will ease travel across the length and breadth of the city. "The opening of the Esplanade-Howrah Maidan under-water stretch in March last year was historic but the most crucial addition will only happen now. The excitement of riding below the river was there but the real utility of East-West Metro wasn't maximised till now," said an official of Kolkata Metro Rail Corporation. The second ready-to-open metro stretch, the 7-km Noapara-Airport corridor, will give Kolkata its much-awaited airport-metro connectivity. It will allow commuters to switch lines at Noapara and travel across the length of the city on the 30-km Dakshineswar-Sahid Khudiram corridor (Blue Line) and use the Esplanade interchange to travel along its breadth from Howrah Maidan to Sector V on the East-West metro (Yellow Line). Commissioning of the 4.4-km extension of the Orange Line from Ruby (Hemanta Mukhopadhyay station) to Metropolitan (Beleghata station) is also significant for Metro Railway, which suffered a severe setback after North-South Line's southern terminal station, Kavi Subhash, was shut down indefinitely on July 28. Orange Line, which now runs 5.4 km from Kavi Subhash (New Garia) to Ruby, lost more than half its riders as passengers on EM Bypass can no longer use the Kavi Subhash interchange to avail of the North-South Line. "Orange Line is expected to gain some viability now with the 4.4 km extension as people can travel all the way to Science City and Metropolitan," an official said. But, as Patuli resident Anuradha Sarkar said, "Without North-South's southern terminal, seamless travel is now a distant dream." Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area.
Economic Times
2 hours ago
- Economic Times
Vladimir Putin dials PM Modi, briefs him on Alaska summit
Synopsis Narendra Modi received a call from Vladimir Putin on Monday. Putin briefed Modi on his meeting with Donald Trump in Alaska. Modi reiterated India's support for peaceful resolution through dialogue. They discussed strengthening the India-Russia partnership. Modi and Putin may meet at the Shanghai Cooperation Organisation. India welcomed the Alaska summit, commending their pursuit of peace. New Delhi: Prime Minister Narendra Modi received a telephone call on Monday from Russian President Vladimir Putin who briefed the Indian leader on his assessment of his meeting with US President Donald Trump in Alaska last thanking Putin, the prime minister underlined India's consistent position for a peaceful resolution of the conflict through diplomacy and dialogue. He reiterated that India supports all efforts in this regard, it has been was the second telephone conversation between Modi and Putin in just over 10 days while the USA pushes ahead with criticising India for buying Russian oil. The two leaders also touched upon issues of bilateral cooperation to strengthen the Special and Privileged Strategic Partnership between India and Russia, according to persons familiar with the development. The two leaders agreed to remain in close touch. "Thank my friend, President Putin, for his phone call and for sharing insights on his recent meeting with President Trump in Alaska. India has consistently called for a peaceful resolution of the Ukraine conflict and supports all efforts in this regard. I look forward to our continued exchanges in the days to come," Modi wrote on X after the telephone call. It is understood that Modi and Putin could meet on the sidelines of the Shanghai Cooperation Organisation during August 31-September 1, which would be their first in-person meeting this Saturday, India had welcomed the Summit meeting in Alaska and noted that their leadership in the pursuit of peace is highly commendable.
