The prebudget meeting on Friday was necessitated after the government waived off MDR for merchants on digital payments made through RuPay debit cards and Unified Payments Interface (UPI) devices from January 2020.
Smaller retailers have been claiming that companies such as Amazon India and Flipkart are pricing them out of the market.
The government is set to slash the time taken for starting a new business from 18 days to five days.
Addressing an event organised by Confederation of All India Traders (CAIT), the finance minister said the government is open to suggestions for the betterment of GST filing system.
Earlier in November, the DIN system was made mandatory only for search authorisation, summons, arrest memo, inspection notices and letters issued by the Central Board of Indirect Taxes and Customs (CBIC) in the course of any enquiry. The government has already executed the DIN system in the direct tax administration from October 1.
Economic growth has decelerated in India since mid-2018, with GDP growth rate slipping to 4.5% in July-September. Other macroeconomic indicators also indicate stress in the economy, but the minister denied that it was a ‘gloom and doom’ situation.
"We need to see how to create the culture of bringing angel investors for these small enterprises, how to bring technology...we have to see what could be public policy steps to ensure that the small, medium and solo enterprises have access to the highest and most-developed forms of services that they need. We need to focus on our policy," Kumar said.
The industrial relations code is the third of four labour codes that have got approval from the Cabinet. The Bill consolidates essential elements of three laws—the Trade Unions Act, 1926, the Industrial Employment (Standing Orders) Act, 1946, and the Industrial Disputes Act, 1947—helping improve ease of doing business.
Vendors have been misusing a provision that allows citizens to receive duty-free ‘gifts' of under Rs 5,000.
The Ministry of Consumer Affairs notified on Monday that stakeholders and the public can comment on the draft rules pertaining to consumer protection on ecommerce platforms till December 2.
India's economic growth slumped to an over six-year low of 5% in the first quarter ended June this fiscal due to slower consumer demand and private investment amid deteriorating global environment. This has prompted many global agencies to cut India's GDP growth for 2019-20. The RBI too has cut sharply its economic growth projection.
In an interview with The Economic Times, the commerce minister talked about the alleged violation of FDI norms by ecommerce companies, the progress on the new trade deal with the United States and India' s stand on the RCEP.
"India, being an economy with huge opportunities, could do well without this kind of a slowdown," Goyal said.
India, which was ranked 58th earlier, is among the worst-performing BRICS nations
DTC report focuses on using tech to improve compliance; growth in direct tax collections less than expected.
The ministry of textiles estimates the technical textile industry in India will grow to about Rs 2 lakh crore by 2020-21 from over Rs 1.16 lakh crore in 2017-18.
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