India’s GDP forecast slashed; govt estimates LIC’s market value; AGR-hit telcos to pay additional taxes


Moody’s Investors Service has slashed India’s Gross Domestic Product (GDP) growth forecast for 2020 to 5.4 per cent. The government seems to have estimated the valuation of Life Insurance Corporation (LIC) at around Rs 13-15 lakh crore. The tax department has begun sending out notices to telcos to pay service tax and GST on the outstanding adjusted gross revenue (AGR) dues. Read for more top stories from the world of business and economy:

1. AGR issue: Vodafone Idea tells SC it can only pay Rs 2,500 crore; gets no relief

The Supreme Court did not grant Vodafone Idea any relief, dealing a blow to the telco which has to pay Rs 53,000 crore to the DoT as part of its AGR dues.

2. Moody’s cuts India’s GDP growth forecast for 2020 to 5.4% from earlier 6.6%

Moody’s said that the weakness in global economy due to the impact of the novel coronavirus outbreak could hurt India’s recovery.

3. Govt estimates LIC’s market valuation at Rs 13-15 lakh crore

Chief economic advisor K V Subramanian has indicated that the government may easily mobilise Rs 90,000 crore by divesting 6-7 per cent stake in Life Insurance Corporation.

4. India’s GST collections below potential, says IMF

IMF said that multiple factors added up to the difference between the actual collections and the potential revenue.

5. AGR-hit telcos set for another jolt; must pay additional service tax, GST on unpaid dues

The tax authorities are demanding a 15% service tax for the duration before GST came into force and 18% GST since July 1, 2017, when it was rolled out all over India.

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