News Update

Goyal sanguine about achieving USD 400 bn export target26 COVID patients run out of breath at Goa hospital + black fungus infect 3 patients in MeerutSchool shooting in Russia - six children & a teacher killedCOVID-19: Oil & gas PSUs help in oxygen transportationCOVID-19: Centre asks States to allocate 70% vaccines for 2nd dosePM thanks Bhutan for support in wake of COVID-19 pandemicI-T - Department cannot adjust refund dues of taxpayer, without issuing separate intimation u/s 245 for adjustment of outstanding demands, which were already under stay by direction of Tribunals & High Courts: HCI-T - Reassessment will be invalid in absence of tangible matrial, if no addition was made by AO and query answered by taxpayer in original assessment proceedings stood accepted: HCIndia, BRICS bank to co-host seminar on social infra financing & digital techIndian variant fast turning out to be global concern; first cases detected in PhilippinesWHO disfavours use of Ivermectin for COVID-19 treatment1972 Batch IRS officer Asish Dasgupta passes awayGST - Promotional Products/Materials & Marketing items used by Appellant can be considered as 'inputs', however, GST paid cannot be availed as ITC in view of the provisions of s.17(2) and s.17(5)(h): AAARChina’s population grows beyond 1.41 billionGST - For operational convenience, the transporter would load lesser quantity last and larger quantity first: HCGST - Contention that for delivery of 14.30 tonnes at Hyderabad, the transporter would have to offload even 2.01 tonnes which is on top of the consignment in the goods vehicle and then reload it in Hyderabad is an utterly perverse view and shockingly ignores operational convenience of the transporter: HCNiti Aayog, Mastercard release report on digital financial inclusionVAT - Principles of natural justice are not contravened where Revenue discharges burden cast upon it to furnish relevant material sought for by assessee: HCOver 1 lakh tonne of free food grains distributed under PM-GKAYI-T - Premium paid for Keyman Insurance policy cannot be treated as business expenditure, without establishing nexus between business and such premium expense: HCLockdown clipping wings of Coronavirus - Daily number down to 3.3 lakh with 3900 deaths as per official tally + Global daily caseload number marginally down to 6 lakh but death count goes up to 10,600 in 24 hoursCalifornia declares drought emergency in 41 counties
 
Indian industrial output contracts 3.6% in Feb

By TIOL News Service

NEW DELHI, APR 12, 2021: INDIA'S industrial activity, measured in terms of the Index of Industrial Production (IIP), shrank 3.6 per cent in February compared to the same period in the previous year when it had grown 5.2 per cent, according to data released by the Ministry of Statistics and Programme Implementation (MoSPI) on Monday.

"For the month of February, 2021, the Quick Estimates of IIP with base 2011-12 stands at 129.4. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of February, 2021 stand at 116.5, 129.3 and 153.9 respectively," said the ministry.

The mining output declined 5.5 per cent and manufacturing fell by 3.7 per cent. However, electricity production grew 0.1 per cent in February.

For April-February 2020-21, the IIP contracted 11.3 per cent year-on-year compared to 1 per cent growth in the previous fiscal.


POST YOUR COMMENTS