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Nominations for ET MSME Awards Now Open

The last chance to submit your entry is November 30, 2024. The Economic Times invites entrepreneurs and small business owners to apply for the prestigious ET MSME Awards in any one or more of the 22 categories. This iconic award recognizes outstanding contributions made by MSEs (Micro, Small, and Medium Enterprises) across India.

(Breaking News)

GST Council Seeks Recommendations on Life and Health Insurance Exemptions

New Delhi: The Group of Ministers (GoM) looking into issues related to GST (Goods and Services Tax) on life and health insurance has submitted its recommendations to the GST Council. This comes after detailed deliberations, which led to the formation of a GoM under the Chairmanship of Bihar Deputy Chief Minister Samrat Chaudhary.

(Update)

First Meeting of the GST GoM: Focus on Health and Life Insurance Services

The first meeting of the newly constituted GST GoM was held on October 19, 2024, in New Delhi. The meeting discussed issues related to GST rates on health and life insurance policies, aiming to find solutions for exempting or reducing taxes on these services.

(Stock Market Update)

Revenue Generated from GST on Healthcare Services Reaches Rs 8,263 Crore

In an update to the Lok Sabha, Minister of State for Finance Pankaj Chaudhary revealed that revenue generated from GST on healthcare services stood at Rs 8,263 crore during fiscal year 2023-24. Similarly, revenue from life insurance services totaled Rs 8,135 crore.

Economic Insights

Reserve Bank of India Holds Record High Gold Reserves

As on September 30, 2024, the Reserve Bank of India reported holding a staggering 854.73 metric tonnes of gold, with approximately 510.46 metric tonnes stored domestically. The total value of its gold holdings was estimated to be USD 65.75 billion.

Market Watch

India's Foreign Exchange Reserves Ranked 4th Largest in the World

According to data from the International Monetary Fund (IMF), India's foreign exchange reserves currently rank as the 4th largest in the world, following China, Japan, and Switzerland. The country's reserves stood at USD 65.75 billion as of September 2024.