Inflation cools further in November
India’s retail inflation fell to a one-and-half year low of 2.33% in November compared with October’s revised figure of 3.38% on falling fuel and food prices. Retail inflation was 4.88% in November 2017. Wholesale Price Index-based inflation eased to 4.64% in November from 5.28% in the previous month led by a fall in food prices.
The Goods & Services Tax (GST) Council cut tax rates on 23 goods and services. It agreed to allow input tax credit to service providers even if the contract is part delivered by group entity outside India. Further, it decided to extend the unbundling of bills beyond healthcare for all categories of services currently exempt under the GST regime.
GST collection fell to INR 94,726 crore in December from INR 97,637 crore in November.
Finance minister said GST could shift to a single standard rate of around 15%.
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