The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
The Reserve Bank of India has ordered a special audit of private sector lender Bank of Rajasthan's accounts, suspecting violation of operational norms by the lender, including transparency in lending.
India remains an attractive destination for foreign direct investments (FDI) on account of healthy prospects of economic growth and its skilled workforce, according to a survey by Deloitte. A large proportion of international business leaders remain confident in India's short- and long-term prospects and are readying plans to make additional and first-time investments in the country, it said on Tuesday. "The survey, which questioned 1,200 business leaders of multinational corporations in the US, UK, Japan and Singapore, found that India remains an attractive destination for investments, scoring highly for its skilled workforce and prospects for economic growth," the survey - India's FDI Opportunity - said.
Wouldn't it be better to reach 45 with a backup engine of passive income that helps you glide through these years instead of grinding, asks Ramalingam Kalirajan
The net direct tax collection so far this fiscal rose 19.41 per cent to Rs 14.70 lakh crore, reaching about 81 per cent of the full-year target, the income tax department said on Thursday. "The provisional figures of Direct Tax collections up to January 10, 2024, continue to register steady growth," the Central Board of Direct Taxes (CBDT) said in a statement. Direct Tax collection, net of refunds, stood at Rs 14.70 lakh crore which is 19.41 per cent higher than the net collection for the corresponding period of last year.
Kolkata trams -- now in their 150th year -- are the last to survive modernity in Indian cities, writes Ishita Ayan Dutt.
India's merchandise exports rose by 9.1 per cent to $38.13 billion in May even as the trade deficit widened to a seven-month high of $23.78 billion during the month, according to government data. Healthy growth in sectors, such as engineering, electronics, pharmaceuticals, textiles and plastics helped register growth in exports despite global economic uncertainties.
Bharti Telesoft, a supplier of value added services platforms to wireline and wireless carriers, has been ranked as one of the country's fast growing 50 technology companies by Deloitte Technology.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
The government on Tuesday proposed reducing the long-term capital gains tax on immovable properties to 12.5 per cent from 20 per cent, but removed the indexation benefits to adjust for inflation, a move experts termed as "negative" for sellers.
The Ministry of Micro, Small and Medium Enterprises (MSME) has received "positive" feedback from industry regarding the 45-day payments cycle for MSMEs, according to a senior official familiar with the matter. The comment assumes significance amid concerns raised by some MSMEs that big companies may stop buying from small and medium suppliers and instead choose to make purchases from unregistered enterprises.
'The scrapping of import duty would help Indian companies compete in international markets, thus paving the way for India becoming a space manufacturing hub for the world.'
Additional investment of $190 billion has to be made in the next eight years.
Deloitte's hiring plans are in sync with technology firms Accenture and Infosys BPO which are also upbeat about their recruitment program for next year.
These companies, the study said, will have to either dip into its cash balance or borrow in short term.
Research and development (R&D) spending by BSE 100 companies has grown steadily, rising from 0.89 per cent of revenue in FY20 to 1.32 per cent in FY24, averaging around 1 per cent over the period in-between, according to data compiled from Bloomberg and company annual reports. Also, these companies more than doubled their R&D spending in absolute terms over these five years: From Rs 25,041 crore to Rs 63,072 crore. While this reflects a prioritisation of innovation, corporate R&D investment remains relatively conservative.
Brokers believe that the higher charges may not completely deter investors from taking bets in F&O but could help cool down some activity, as the threshold to break even rises.
Continuing the upward trend, GST collections rose 10 per cent to about Rs 1.64 lakh crore in December compared to Rs 1.49 lakh crore in the same month a year ago. During the April-December 2023 period, gross Goods and Services Tax (GST) collection witnessed a robust 12 per cent growth, reaching Rs 14.97 lakh crore against Rs 13.40 lakh crore mopped up in the same period of the previous year, the finance ministry said in a statement on Monday. The average monthly gross GST collection of Rs 1.66 lakh crore in the first nine-month period this year represents a 12 per cent increase compared to the Rs 1.49 lakh crore average recorded in the corresponding period of FY23, it added.
Goods and Services Tax collections jumped 10.4 per cent to over Rs 1.72 lakh crore in January, reflecting buoyant economic activity and setting the stage for the next phase of GST reforms. This is the second-highest monthly collection ever and marks the third month in this financial year with a collection of Rs 1.70 lakh crore or more, a finance ministry statement said on Wednesday.
Teledata Informatics Ltd and Deloitte Touche Tohmatsu (India) Pvt Ltd have signed an agreement to jointly work for the development and implementation of TDIL's Enterprise Resource Planning solution for the education industry.
96 per cent is being collected through TDS, advance tax, self-assessment tax, and other receipts.
While the minimum holding period for LTCG taxation has now been lowered, the tax outgo could be a bit higher under the new structure.
The latest ruling by the Registrar of Companies (RoC) in the LinkedIn Technology Information case for violating significant beneficial ownership (SBO) norms has brought the amended rules into the spotlight. Experts suggest that more entities, particularly multinational companies (MNCs), are expected to face greater scrutiny. "Companies are closely watching this space.
Direct tax collection, net of refunds, moderately exceeded the revised estimates (RE) for the financial year 2023-24 (FY24) on the back of personal income tax revenues, but corporation tax receipts fell short of the RE. Net direct tax collection stood at Rs 19.58 trillion in FY24, surpassing the RE of Rs 19.45 trillion by Rs 13,000 crore, or 0.7 per cent. The government had revised up FY24 projections for personal income tax by 13.5 per cent over the Budget estimates (BE) of Rs 9 trillion, at Rs 10.22 trillion.
Why are financial-technology (fintech) players moving back to India, or doing the reverse-flipping?
Leading FMCG firms reported a nearly two-fold increase in the share of quick commerce within their total e-commerce sales, and this surge is anticipated to continue, said a joint report by Deloitte and industry body FICCI. Quick Commerce, also known as hyperlocal delivery, is now reaching around 35 per cent of online sales and has become a preferred channel for urban consumers. "About 18 per cent of consumers prefer purchasing food and beverage items from Q-commerce channels.
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
From setting up cutting-edge facilities to cater to the domestic market and building capabilities of global standards, the action is building up.
Divya Nair/Rediff.com speaks to students and experts to find out whether it is better to study management in India or try for an international MBA.
Nearly 40 per cent of IITians sitting for placements in 2024 are yet to receive job offers, showing a doubling of the 'unplaced' in the last three years from 19 per cent in 2021-2022 to 38 per cent in 2023-2024.
Meet Nilima Kalra, 79, Manju Roy, 80, Sumita Maan, 79, and Gurpreet Kaur, 75.
Rejecting the contention of the auditors and others that they cannot be treated as part of the management, which is responsible for managing the affairs of the company and therefore should not be charged as per the said section, the NCLAT said that rules of natural justice are to be followed.
GST collection rose 11 per cent to over Rs 1.65 lakh crore in July as a result of anti-evasion measures and higher consumer spending. This is the fifth time since the rollout of the Goods and Services Tax (GST) regime that monthly collections have crossed the Rs 1.60 lakh crore mark -- making it the new normal. "Gross GST revenue collected in July is Rs 1,65,105 crore of which CGST is Rs 29,773 crore, SGST is Rs 37,623 crore, IGST is Rs 85,930 crore (including Rs 41,239 crore collected on import of goods) and cess is Rs 11,779 crore (including Rs 840 crore collected on import of goods)," the finance ministry said in a statement.
Gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, exceeding the government's revised collection target. Buoyed by personal income tax collection, the gross collection has exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. After adjusting for refunds, the net income tax paid by individuals and corporate, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023.
India Inc is expected to offer average salary increments of 11.3 per cent this fiscal and those working in sectors like pharmaceuticals, health care and life sciences are expected to get a raise of 13.1 per cent.
Adding petrol and diesel to GST was a challenging task due to their significant role as revenue generators for both the central and state governments.
Two-wheeler exports from India fell by 17.8 per cent to 3.65 million units in 2022-23 (FY23), according to data released by the Society of Indian Automobile Manufacturers (Siam) on Thursday. This decline is due to a rise in global inflation and the weakening of economies and currencies in key export markets of Africa, Latin America (LatAm), and South Asia. In contrast to FY23, two-wheeler exports from India jumped 35.4 per cent to 4.44 million units in 2021-22 (FY22).
In recent times, more and more audit firms have challenged company managements, some going to the extent of resigning on the ground of incompatibility with what the management wanted or was doing. This, said Ajay Bhushan Pandey, chairman of the National Financial Regulatory Authority (NFRA), in a media interview, was a good sign. Now, the national accounting watchdog has turned the spotlight on audit firms themselves.
