The Goods and Services Tax Network said it has started offering free accounting and billing software to micro, small and medium enterprises with annual turnover of up to Rs 1.5 crore, in a move that would benefit about 80 lakh MSMEs.
Deccan Herald, The Hindu, Business Line , 29 May 2019
• The commerce ministry has proposed creation of a separate department for trade facilitation and logistics for better co-ordination among different government units.
• Currently, there is no single department to look at all the aspects related to logistics covering various modes of shipment such as sea, roads and railways.
• The proposal is part of a 100-day action plan prepared by the ministry for the new government, which will take office on May 30.
• As per the experts, India’s economic growth is likely to have slipped below 7% in FY19, the lowest in the past five years, because of a disappointing fourth quarter. That could prompt a further cut in interest rates by the central bank and renewed efforts by the incoming government to drum up demand and private investment.
• China’s economy, in comparison, grew 6.4% in the quarter ended March.
The steel sector remained bullish on domestic demand for the current financial year amid short term concerns on sluggishness and dumping threat from China, JSW Steel president (Operations) Partha Sengupta said.
As per the experts, steel sector may register a demand growth of 6-8% in the current financial year 2019-20.
On May 28, 2019, the Indian rupee declined by 18 paise to close at 69.69 against the US dollar. As per the Forex traders, the rupee declined due to the following factors:
• Month-end dollar demand from importers;
• rising crude oil prices; and
• weakened Asian currencies.
However, gains in domestic equities supported the rupee and capped its losses to some extent, Forex traders said.
The commerce ministry is considering a major export promotion scheme (could be named as Central and State Taxes and Levies Scheme) to ensure expeditious refund of central and state taxes and levies to boost shipments in the wake of global challenges at trade front.
Initiatives by Commerce and Industry Minister Suresh Prabhu has helped in taking exports to an all-time high of USD 331 billion in 2018-19. Mr Prabhu has taken a series of steps to cut logistics time and cost to push both domestic and foreign trade.