Although the government postponed deadlines for tax payments by 15 days, the report noted that a suspension may help several industries.

It has also recommended the implementation of a facility to deposit GST to the government treasury on cash basis and suggested dispensation of credit reversal requirement on expired stock during this period. Among other suggestions, the report has also recommended expanding the tax base under GST.

It noted that a reason for the implementation of GST was to levy a single tax on all goods and services, resulting in free-flowing credit in the country. However, at present, certain items such as petroleum products — petrol, diesel, aviation turbine fuel and natural gas — and alcohol are outside the GST net.

To reassure states regarding protection of their fiscal autonomy, the government had initially decided to keep petroleum products, which form a major part of state revenues, outside the ambit of GST till revenue collections stabilise.

However, it is notable that due to the inward supplies of these sectors being subject to GST and the output supplies being beyond the scope of GST levy, the tax incidence in these sectors is significantly high, it said, adding that moreover, their compliance-related requirements have become fairly complicated.

“This is to some extent defeating the Government’s purpose of implementing the new tax regime. Representations have been made to bring industrial fuel, including natural gas and ATF, under the GST net,” it said.

Noting that bringing the petroleum sector within the GST net requires more consensus-building, however, in the absence of constitutional limitations, it is only a matter of time before this shift takes place and states are assured that they can maintain their levels of tax revenues.

Pratik Jain, Partner & Leader, Indirect Tax, PwC India says that the country embarked upon a

For Immediate Release

Chicago, IL – October 9, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: RH RH, The Boston Beer Company, Inc. SAM, Thor Industries, Inc. THO, Target Corporation TGT and FedEx Corporation FDX.

Here are highlights from Thursday’s Analyst Blog:

Top Growth Stocks to Buy on Iffy Stimulus Prospects

On Oct 7, U.S. stock markets closed sharply higher after President Donald Trump tweeted urging U.S. Congress to immediately pass a coronavirus-aid package for some specific segments of the economy.

This was in contrast to Trump’s tweet on Oct 6 when he asked his administration to halt negotiations with Democrats regarding a full-phased fiscal stimulus till the scheduled U.S. election on Nov 3. Wall Street saw an immediate downturn and ended sharply lower as soon as the news broke. However, investors’ hope for at least a truncated second round of stimulus package helped the market to more than offset the previous day’s losses.

A Partial Fiscal Stimulus

President Trump has urged Congress to clear $25 billion for airline payroll support and $135 billion for a small business paycheck protection program. Both of these aids could be paid for out of unused funds from the Cares Act, which came to an end in July. Moreover, Trump has also sent a stand-alone bill of $1,200 per individual as unemployment benefit.

Notably, the $2.2 trillion first round of coronavirus-relief package — popularly known as the CARES ACT — terminated at July end. Meanwhile, coronavirus-led severe economic devastation compelled lawmakers to inject another round of stimulus.

However, the U.S. Congress failed to reach an amicable solution regarding the size and scope of

By Jonathan Cable

LONDON, Oct 5 (Reuters)The euro zone’s economic recovery faltered in September with growing evidence sectors and countries in the bloc are diverging as a resurgence of the coronavirus forces the reimposition of restrictions on activity.

A rise in infection rates in Europe, which a Reuters poll concluded last month was the biggest threat to the economic recovery, will concern policymakers who had hoped the euro zone economy was healing after contracting an historic 11.8% in the second quarter. ECILT/EU

Monday’s purchasing managers’ surveys showed services activity, which accounts for around two-thirds of the bloc’s GDP, slammed into reverse after sister surveys last week suggested factories was enjoying something of a revival.

There was also a split between the currency union’s member countries. While Germany’s service industry barely grew in September, strong manufacturing helped the private sector in Europe’s largest economy remain on track for a solid recovery.

But French business activity fell for the first time since June and in Spain the services sector sank deeper into the red as travel restrictions ravaged the summer tourism season.

Italy’s services industry contracted for the second month running with no sign of recovery on the horizon.

“The recovery in industry had been lagging but does seem now to have been catching up whereas services really is bearing the brunt of tighter restrictions,” said Jessica Hinds at Capital Economics.

“In Spain and France in particular, and elsewhere in the euro zone, there has been a tightening up. Fears of a resurgence are adding to consumer caution,” Hinds said.

Meanwhile, Britain’s economy, outside the currency union, proved more resilient than initially thought last month, despite a tightening of lockdown restrictions and an end to a temporary government subsidy for businesses such as restaurants and bars. GB/PMIS

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  • Business Insider looked at the job losses and gains from February to September among industries.
  • Industries with the biggest drops in employment from February to September tended to pay lower wages, while high-wage industries were close to their pre-pandemic employment levels. 
  • This change in employment is similar to changes between February and July and February and August, showing that recovery has been slow for many industries.
  • Visit Business Insider’s homepage for more stories.

The US Bureau of Labor Statistics released its September employment figures on Friday. Although 661,000 jobs were added last month, many industries are still below their pre-pandemic employment levels.

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The recovery since major drops in the spring has not been equal across sectors. The economic recovery in the US instead seems to look more like a K, where more affluent Americans are recovering faster than others. The Washington Post wrote that white-collar jobs have mainly rebounded from their job losses.

To get a sense of the unequal recovery in the summer, Business Insider looked at the percent change in employment in detailed industries from February 2020 to September 2020, along with pre-pandemic wages from the Bureau of Labor Statistics’ May 2019 estimates. 

The following chart highlights the differences in industries returning to pre-pandemic employment levels. Based on the chart, a few subsectors that typically pay more are already back or close to their pre-pandemic levels, such as securities and other financial investments. Low-paying jobs tend to still be below their pre-pandemic levels. 

Jay Denton, senior vice president of business intelligence and chief innovation officer at ThinkWhy, told Business Insider that although retail overall seems to be one of the industries recovering well, the subsectors show that recovery is unequal. For instance, employment in clothing and clothing accessory

For Immediate Release

Chicago, IL – October 2, 2020 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Commercial Metals Company CMC, L.B. Foster Company FSTR, Schnitzer Steel Industries, Inc. SCHN, POSCO PKX and ArcelorMittal MT.

Here are highlights from Thursday’s Analyst Blog:

5 Red-Hot Steel Stocks Set to Run Higher in Q4

The steel industry has staged a recovery after being out of favor for much of the first half, thanks to a revival in demand in key end-markets from the coronavirus-induced slowdown and a rebound in steel prices.

With China (the top consumer of steel) seeing an economic rebound and businesses gradually resume across the world following loosening of lockdowns and restrictions, things are looking up for the steel industry for the balance of the year. Recovery across major end-use industries such as construction and automotive represents a tailwind for the steel industry.

Moreover, steel prices have gained strength on an upswing in demand. However, the resurgence of coronavirus infections in Europe and rising cases in the United States may play a spoilsport.

Steel Demand Takes an Upturn on Economic Recovery

Demand for steel has picked up with the resumption of operations across major steel-consuming sectors, following the easing of restrictions globally. The automotive industry has gotten back into gear following pandemic-led shutdowns on the back of a strong recovery in customer demand. Notably, major U.S. automakers are ramping up production to boost lean vehicle inventories at dealerships in the wake of surging demand. The automotive rebound is driving demand for flat steel products globally.

Moreover, the resumption of many projects, which were stalled earlier due to labor shortages