Biz EOD: GST filing streamlined; India imports 36,000 MT of onions; SBI cuts lending rates

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In order to avoid the last-minute rush of return filers, which often leads to crashing of its portal, the GST Network has come up with a few ideas under the new return filing system to be implemented from the next financial year. The Modi govt has given its approval to import of 36,090 metric tonnes of onions amid the ongoing supply crunch. SBI has announced a cut in the marginal cost of funds-based lending rate (MCLR) by 10 bps for its 1 year MCLR. Read for more top stories from the world of business and economy:

1. GST filing staggered to prevent network crash; who should file when?

Under the new system, return filings will be done in a staggered manner. For big taxpayers with annual turnover of Rs 5 crore or more, the last day for filing returns will be 20th of every month.

2. India orders over 36,000 metric tonnes of onions; imports at 5-year high

State-run trading firm MMTC has already floated a tender for buying 21,090 metric tonnes (MT) of onions from Turkey and Egypt and the shipments are expected to arrive mid-January.

3. Modi govt's centralised nature doesn't work well for economic reforms, says Raghuram Rajan

Rajan pointed out that extreme centralisation, coupled with lack of empowered ministers and a coherent guiding vision meant reforms picked up steam only when PMO focused on them and lost pace when its attention switched to other pressing issues.

4. SBI reduces 1 year MCLR by 10 bps; to be effective from Dec 10

State Bank of India, the country's biggest lender has said that it continues to be the cheapest loan provider in the country. It said that it commands 25 per cent of the market share in home as well as auto loans.

5. Big tax cuts may be coming for middle class in next Budget; here's why

FM Sitharaman also said that the government was looking at myriad suggestions and the relaxation on personal income tax was one of them before it presents the Union Budget 2020 in February next year.