SIRC 26
Indian
GST Council to meet on Friday; rate review, tax concession to 11 COVID drugs on cards
The Council, comprising central and state finance ministers, will deliberate on the proposal of extending the existing concessional tax rate structure on Amphotericin B, Tocilizumab, Remdesivir, and anti-coagulants like Heparin, till December 31, 2021, from the present September 30.
Tax rate on Amphotericin B, Tocilizumab was cut to ‘Nil’, while Remdesivir and Heparin were reduced to 5 percent in June 2021.
The Council on Friday may also discuss the proposal of reducing GST from 12 percent to 5 percent to seven more drugs till December 31, 2021. These are Itolizumab, Posaconazole, Infliximab, Bamlanivimab & Etesevimab, Casirivimab & Imdevimab, 2-Deoxy-D-Glucose, and Favipiravir.
Govt guarantee of Rs 30,600 cr to NARCL for acquiring stressed assets: FM
”It will incentivise quicker action on resolving stressed assets thereby helping in better value realization. India Debt Resolution Company Limited (IDRCL) will engage market expertise for value enhancement. This approach will also permit freeing up of personnel in banks to focus on increasing business and credit growth,” Finance Minister Nirmala Sitharaman said.
As the holders of these stressed assets and SRs, banks will receive the gains and the guarantee will also enhance liquidity of SRs as such these instruments are tradable, she added.
India records 27,176 fresh cases of COVID-19, 284 deaths
Household debt may have declined to 34% in Q1 FY22: SBI report
In absolute numbers, the household debt has increased to Rs 75 lakh crore in the first quarter of FY22 from Rs 73.59 lakh crore in FY21, it said.
It said the recently released India Debt & Investment Survey (AIDIS) report for 2018 showed an increase in the average amount of debt among rural as well as urban households between 2012 and 2018.
The average amount of debt increased by 84 per cent and 42 per cent, respectively, for rural and urban households for the six-year period ended 2018, the SBI research report said.
International
RMS appoints Michael Steel as global head of business development
Steel said, “The insurance industry is at a key inflection point in terms of harnessing advances in data, analytics, and technology. RMS has always been the leader in catastrophe modeling and the significant investments it is making in technology solutions will assist the industry to navigate through this transformation. I am excited by the direction and potential of RMS, and in our ability to deliver, innovate, and grow.”
S&P 500 sheds $2 trillion in value as as trading on Wall Street resumes after 15-minute halt
India bars passengers from EU, UK from March 18 in Covid-19 precaution
World needs coordinated fiscal response to pandemic: IMF chief
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