Going forward, the February factory output may be impacted as several industries such as automobiles, technology, pharma and fashion have some exposure to imports of raw and intermediate materials from China.
Experts, however, said that it is a very nominal benefit to the salaried class.
Under the new system, Infosys will handle end-to-end solution - from e-filing to return assessment to refund processing. The new portal is also expected to process the refunds within one day of filing of tax returns, in huge relief for taxpayers.
Experts consider Sebi's takeover code in its present form to be on a par with any foreign code governing public mergers and acquisitions.
In contrast, the dominant manufacturing superpowers of the late 20th century are expected to become less competitive.
The regulator last week reached out to custodians for beneficial ownership information of investors coming from China, Hong Kong, and 11 other countries.
Ghost beneficiaries aren't the only kind of issue companies face during a period of unprecedented CSR spending, touching nearly Rs 12,000 crore in 2018-19. Frauds related to procurement, construction, and end-use of funds have had companies engaging forensic auditors to keep tabs on how money is spent, revealed conversations with those involved in such investigations. Firms are also increasingly strengthening their own capabilities to better implement their programmes.
Crude oil hit an all time high in rupee terms; Tuesday figures expected to be higher
India's economy recovered faster than expected in the September quarter as a pick-up in manufacturing helped GDP clock a lower contraction of 7.5 per cent and held out hopes for further improvement on better consumer demand. The gross domestic product (GDP) had contracted by a record 23.9 per cent in the first quarter of the 2020-21 fiscal (April 2020 to March 2021) as the coronavirus lockdown pummelled economic activity.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
In the start-up world, hitting the $1-billion mark, which accords the "Unicorn" tag, is a milestone. Enterprises typically reach the milestone only by series C or series D, or three to four funding rounds later. Zeta achieved it at the first one. On May 25, the six-year-old banking tech firm raised $250 million from Japanese conglomerate SoftBank, at a post-money valuation of $1.45 billion. "This is the first time we have raised institutional money," Zeta co-founder Bhavin Turakhia beamed on the conference call. This trajectory is uncommon in start-ups.
In fact, India stands to gain in sectors such as textiles, handicrafts, chemicals and pharmaceutical from its trade with the Asean economies.
Every bank offers a different slab of minimum balance to customers, based on which 'free services' are provided
The government is looking to plug loopholes in the Indian customs law provision that allows tax exemptions for gifts up to Rs 5,000 and trade samples up to Rs 10,000 sent to India from abroad.
Personal information such as name, gender, email address and phone numbers of some Akasa Air passengers has been leaked to "unauthorised individuals", the airline stated on Sunday. India's newest carrier said it self-reported this incident to Indian Computer Emergency Response Team CERT-In, which is the government-authorised nodal agency tasked to deal with matters of this nature. However, Akasa Air asserted that there was no "intentional hacking attempt, but that the situation was reported by a research expert through a journalist for which we are grateful".
With India's GDP clocking a lower contraction of 7.5 per cent in the September quarter, industry and experts expressed confidence of further recovery in the coming months and said the government's actions are bearing fruit. In a tweet, Vedanta chairman Anil Agarwal said, "Q2 #GDP numbers show that economy is recovering. Government's efforts on stimulus and reform are showing results. Hopefully, we will have positive growth in H2 FY21 and double digit growth in FY22."
Reliance Jio had proposed that besides satellite connectivity, In-Flight Connectivity can be provided using cellular network as well.
Overseas funds have been spooked by several policy measures taken by the government in the past few years
Companies in India might be rushing in to tap the e-shopping market, but a lot has to be done to encourage consumer and see more transactions, said the Deloitte's State of the Media Democracy Survey -- India 2012.
Increase in surcharge will adversely impact fund managers planning to shift to India. As a matter of fact several fund professionals based in India could also relocate to other jurisdictions, resulting in a brain drain.
A panel will draft direct tax legislation, keeping in mind the system in other countries, international best practices and economic needs of the country
'Wine is an indicator of the quality of life,' says Alok Chandra.
The I-T department issued a circular allowing manual filing of Form 15CA/15CB (required for foreign remittances) with banks till June 30, so that business transactions may go on. The forms will be uploaded online on the e-filing portal later, it added.
Pulse oximeters, hand sanitisers, temperature check equipment and ambulances too will attract lower 5 per cent tax.
The dinner Jill Biden and her husband US President Joe Biden hosted for Indian prime minister Narendra Modi, June 22, at the White House brought together, Indians and Americans from so many firmaments.
The total revenue earned by central government and state governments after regular settlement in December was Rs 43,851 crore for CGST and Rs 46,252 crore for SGST.
According to the decision, such entities can now first operate through e-commerce and then open brick-and-mortar stores.
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
India's factory output climbed 22.4 per cent in March, benefiting from the base effect of the lockdown-marred month a year back as well as a turnaround in the manufacturing sector, while retail inflation slipped to a three-month low of 4.29 per cent in April. The high positive annual growth in the index of industrial production (IIP) in March 2021 came on back of a contraction of (-)0.9 per cent and (-)3.4 per cent in January and February 2021 respectively, according to the data released by the National Statistical Office (NSO) on Wednesday. This turnaround was led by recovery in the mining, manufacturing and electricity sectors.
India is unlikely to see a repeat of the 2021 energy crisis this festive season as coal-fired power stations across the country have comfortable levels of the fuel stock to meet electricity demand of the world's fastest expanding major economy.
'If this first instalment of advance tax is paid by June 30, instead of June 15, then the interest on delayed payment will be levied at 0.75% per month instead of 1% per month,' notes Homi Mistry, a partner with Deloitte India.
KPMG's global board will meet in India next week
The government is mulling allowing foreign direct investment (FDI) in the country's largest insurer LIC, a move which would help overseas investors take part in the company's proposed mega IPO, sources said. The proposal is under discussion between the Department of Financial Services and Department of Investment and Public Asset Management (DIPAM). "Discussions have been going on for the proposal for the last few weeks. "It would also go for inter-ministerial discussions and would also require Cabinet nod," a source said.
Sitharaman further said that to mitigate genuine difficulties of start-ups and their investors, government has decided to withdraw angel tax provisions for them.
Additional solicitor-general says extra-neutral alcohol liable to new tax
With India gearing up to host the Commonwealth Games next year, hoteliers in the country are rushing to make the most of the likely spurt in tourist traffic, leading to a boom in development, global consultancy firm Deloitte has said.
The Union Cabinet has cleared disinvestment of the country's largest insurer LIC and a panel headed by the finance minister will now decide on the quantum of stake dilution, a senior official said on Monday. The Department of Investment and Public Asset Management (DIPAM) had in January appointed actuarial firm Milliman Advisors LLP India to assess the embedded value of LIC ahead of the IPO (initial public offering), which is touted to be the biggest public issue in Indian corporate history. The Budget amendments to the LIC Act has been notified and the actuarial firm is expected to finalise the embedded value of the life insurer. Under the embedded value method, the insurance company's present value of future profit is also included in its present net asset value.
The Union Budget 2021-22 has made it easier for sovereign wealth funds and pension funds to invest in Indian infrastructure projects, but some of the new rules may need more clarity, experts said. The proposed regime requiring investments through holding companies may have adverse tax implications for such funds and may create an arbitrage between the new and old projects, they said. Besides, the ownership structure of holding companies through which investments are to be made requires further clarification, they added.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
