IIP contracts by 55% in April; Relief for late GST filers | Top Headlines
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1. The Indian economy has taken a massive hit due to the COVID-19 lockdown and the lack of manufacturing activity. India’s industrial production (IIP) was hit by a record 55.5% in April as the COVID lockdown almost froze all economic activities. The government has held back the full data of industrial production in April saying it is not appropriate to compare IIP data with earlier months due to the lockdown impact. Majority of industrial establishments according to the government reported zero production amid the lockdown months. 2. Key takeaways from the first GST Council meet since the lockdown where FM Nirmala Sitharaman announced various measures to encourage tax compliance, “For all those who have no tax liabilities but have not filed their returns between July 2017 and January 2020 there will be zero late fees,” FM Nirmala Sitharaman said. “For people who have tax liability, maximum late fee for non-filing of GSTR-3B returns for period July 2017 - January 2020 has been capped to Rs 500,” she added. Companies having no tax liability will not be fined any late fee if they have not filed returns, since July 1, 2017. Those with tax liabilities will now be able to pay a late fee of Rs 500 per month, per return, far lower than Rs 10,000 per month. 3. It has been a rough ride for Eicher Motors in the quarter gone by. Though the top and bottom line numbers were largely in-line with the ET Now poll, what came in as a negative surprise was the margins performance, which for the first time in six years. Management says production & sales were impacted due to suspension of operations & supply constraints in Q4FY20, but continued to maintain that despite the overall weakness in the industry, Royal Enfield was relatively less hurt. The silver lining to the commentary was that the bookings have started showing improvement and they are back near pre-Covid levels. Royal Enfield CEO Vinod Dasari sounded optimistic about the heightened digital engagement despite the uncertainty on customer walk-ins to showrooms. Siddhartha Lal, MD, Eicher Motors, reiterated confident in the company’s management and strong balance sheet, stating that the company will not be holding back on any long-term investments. He said, while the core capes is behind, their key area of focus will now be on product development. 4. After several relaxations being granted to the lockdown restrictions imposed amid the COVID-19 pandemic in India, the country is witnessing a worrying trend of case surge especially in metropolitan cities like Mumbai and Delhi. In a worrying atmosphere, a meeting between Prime Minister Narendra Modi and the Chief Ministers of all states is likely next week on June 16-17. The focus of the meeting will be to review the revival of economic activity while taking stock of healthcare facilities. Watch! Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com
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