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According to the figures released by World Bank for the year 2017 India has emerged as the sixth largest economy by surpassing France. India's GDP worked out to be $2.597 trillion in comparison to France's $2.582 trillion. India's growth was stunted as a result of some of PM Modi's reforms such as demonetization and faulty implementation of new tax regime, Goods and Services Tax. Only last year the economy picked up and the recovery can be gauged by the increased GDP. The comparison with France is lopsided as the population of India is around 1.34 billion, almost twice as that of France's 67 million people. So the per capita income of Indians is 20 times lower than that of France. There is tremendous growth impetus in Manufacturing and Consumer spending that acted as main drivers of the economy in the latter half of the year 2017. India's GDP had doubled within the last decade propelling it as an economic power to reckon with in Asia. International Monetary Fund has projected that India will have a healthy 7.4% growth rate and it may well reach 7.8% by 2019 due to household spending and tax reform. This is far higher than the world's expected average 3.9% growth rate. According to London-based Centre for Economics and Business Research, a consultancy, India may even overtake both Britain and France in terms of GDP by the end of 2018. They predict that India may become the third largest economy by 2032.

Given the turn of surprising events during the day, there was an air of anticipation and excitement at the meet where former Finance Minister P Chidambaram spoke at length about India's economic growth, demonetization, reforms and taxes, simplifying taxes for commerce, anti-globalization, and many other economic issues and challenges that plague India and other countries

Telangana government is scheduling to levy 100 percent penalty on the current property tax if the building is completely unauthorized.

An escalation of the global trade conflict which saw US President Donald Trump levy increased tariffs on the European automotive sector could knock as much as $75 billion from growth in the eurozone next year, according to analysts at Barclays. Writing this week, a Barclays team led by Francois Cabau estimated that if Trump were…

In a major break, the Mumbai police have arrested five members of a gang who posed as income tax officers and targeted wealthy homes with unaccounted cash and jewellery. They had earlier conducted fake raids at a Santacruz businessman's apartment, and at a residence in Kashimira.

Ministry of Commerce and Industry said on Thursday that it has decided to release the reviewed foreign trade policy (FTP) in the month of September and not prior to the rollout of Goods and Services Tax (GST) as was earlier planned.

Gems and Jewellery industry welcomed the government's decision of fixing the goods and services tax (GST) rate at 3% for gold and 0.25% for rough diamonds, stating the step will help in boosting the business.

As companies gear up for the final stages of implementing GST, a crucial exercise which is being carried out is a re-look at the existing contracts and negotiation with vendors from the perspective of alignment of contracts with the GST regulations. A crucial point of negotiation is for the vendor to pass on all benefits accruing or arising under GST to the recipient. In this context, the legislative backing comes in the form of Section 171 of the Central Goods and Services Tax Act, 2017 ("CGST Act") which embodies the Anti-Profiteering provisions and the Anti-Profiteering Rules which have been finalised by the GST Council in its 17th meeting held on 18th June 2017.

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