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India's Exports Face Minimal Impact from New US Tariffs, Textile Sector Needs Monitoring
The US imposed new Section 301 tariffs, placing India in the lower 10% category, with minimal overall impact on its exports, according to FIEO. However, India's textile sector requires close monitoring for future tariff-rate quotas affecting competing nations.
Indian Banks, Insurers to Launch Common Customer Identification System in August
Indian banks and insurers will launch the Central Know-Your-Customer 2.0 (CKYC) system in August, allowing customers to access financial products without repeated ID submissions. Asset managers will join later, aiming to deepen financial participation and combat fraud by simplifying data access with customer consent.
EPFO Begins Crediting 8.25% Interest for FY 2025-26: How to Check Your Balance
The Employees' Provident Fund Organisation (EPFO) has started crediting 8.25% interest for FY 2025-26 to EPF accounts, with many subscribers receiving SMS confirmations. The process is phased, and members can verify their balance via the EPFO portal, a missed call, or SMS service.
Flipkart to Pilot Online Food Delivery in India, Challenging Zomato and Swiggy
Walmart-owned Flipkart plans to launch a pilot for online food delivery in India within 30 days, aiming to challenge market leaders Zomato and Swiggy. The company will learn from the pilot before a wider national rollout, believing a strong value proposition can disrupt the market.
Presumptive Taxation Scheme: Eligibility, Benefits, and Tax Audit Requirements
The presumptive taxation scheme simplifies income computation for eligible Indian taxpayers like freelancers and small businesses, reducing compliance burdens. However, a tax audit is required if actual income falls below prescribed rates, necessitating careful evaluation of profit margins and expenses before opting in.
US Imposes 10% Tariffs on India, 16 Other Nations Over Forced Labor Imports
The US has imposed 10% tariffs on goods from India and 16 other nations, including Pakistan and Bangladesh, for allegedly failing to ban forced labor imports. India amended its foreign trade policy to prohibit such imports after the investigation began, leading to a lower tariff than initially proposed.