Top Headlines: GST e-invoicing for firms, corporate earnings in FY23 & more

The central government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, a government official said. Read more on this in our top headlines

The central government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, thus bringing the threshold down from the current Rs 20 crore, a government official said. The creation of formal jobs for those in the 18-21 age group in India has declined steadily, sharply eroding this cohort’s share of the net new EPF accounts opened over the last four years. Read more on these in our top headlines.

Govt plans to make GST e-invoicing must for companies with Rs 5-cr turnover

The government is planning to make GST e-invoicing mandatory for companies with a turnover of Rs 5 crore and above, thus bringing the threshold down from the current Rs 20 crore, according to a government official. This could happen this fiscal year. Read more

Export duty on steel and petro products to hit corporate earnings in FY23

The recently announced special tax on the export of steel, iron ore and petroleum products, and a windfall profit tax on crude oil producers are likely to hit the overall corporate earnings during the current financial year. Mining & metals and crude oil producers led corporate earnings’ growth in FY22 and any dip in their earnings due to regulatory changes is likely to pull down profits for FY23. Read more

Jobs for 18-21 age group not so easy to get any more, shows data

The creation of formal jobs for those in the 18-21 age group in India has declined steadily, sharply eroding this cohort’s share of the net new Employees’ Provident Fund (EPF) accounts opened over the last four years. It is a trend that economists and researchers say might continue. The data shows the share of this age group in the net EPF accounts created — a proxy for net new formal jobs created — fell from 37.9 per cent in 2018-19 to 24.1 per cent in 2021-22. Read more

In a first, RBI governor to write to FinMin if inflation target missed

The Reserve Bank of India (RBI) governor will write a letter to the finance ministry if average headline consumer price inflation stays above 6 per cent for three consecutive quarters, which will be over at the end of September. The format is significant because it will be the template for such communication in future. Read more

Statsguru: Six charts explain falling rupee and how it impacts the economy

Rising crude oil prices and global liquidity tightening have significantly weakened the rupee. It has been touching fresh lows for a while, ending the month of June at 78.97 against the US dollar. It closed at Rs 79.04 on Friday. Read more