The central government's clarification on the 2 per cent equalisation levy on foreign digital operators in the Budget, which considerably expands the scope of the levy, might be challenged in court, with several companies contemplating filing a writ petition in the coming few weeks. The writs might be filed on the grounds of the levy's alleged extra-territorial overreach, as it aims to cover those entities that do not have a physical presence in India, going against international taxation rules.
At the heart of the issue is the way e-commerce is defined in the current draft policy.
On May 20, more than half dozen officials from Commercial Tax Department raided Kumar's shop which had been running for the past several years.
Commerce and Industry Minister Piyush Goyal urged start-ups to focus on three Ps - product, process, people - for building Aatmnirbhar Bharat.
Going ahead with its festive sales as per schedule, companies such as Flipkart, Jabong, and Myntra are having week-long Valentines' Day sales, offering discounts of as much as 80 per cent. Amazon India is also offering discounts of almost 40 per cent.
As Amazon India, Flipkart are forced to shut down 60 categories and push out 45 mn products, a new lobby group comprising sellers is in the making to take up e-com concerns.
The Modi government has to embrace the history of Tamil conquests in South East Asia and stop obsessing about Babar/Humayun, argues Colonel Anil A Athale (retd).
No longer Bengal's finance minister, Amit Mitra, Mamata's principal chief advisor, will still advise and aid the 'chief minister and finance department on all matters relating to management of state finance', represent the 'state government in national and international events/meetings/committees' and examine 'important proposals/files and policy issues relating to financial matters referred to him for advice/views'.
The Centre plans to create a special window for strategically important investors such as sovereign wealth funds and pension funds that wish to invest over Rs 3,000 crore through a single transaction.
Biden has reiterated America's support for India's permanent membership on a reformed UNSC and its entry into the NSG during his first in-person bilateral meeting with Modi at the White House.
December 2022 could be the last Christmas for Santha Bakery, a business drawing its lineage from the first Christmas cake baked in Kerala.
In a major relief to thousands of Indian IT professionals, a federal judge in the US on Thursday blocked the enforcement of a temporary visa ban by the Trump administration on a large number of work permits, including the most sought after H-1B visas, ruling that the president exceeded his constitutional authority.
The Union Cabinet on Wednesday approved revision in guidelines for providing direct to home (DTH) services in the country under which licenses would be issued for 20 years, Union minister Prakash Javadekar said. The Union Cabinet has also approved 100 per cent FDI in the DTH broadcasting services sector, Javadekar said, adding that while the commerce ministry had spoken of 100 per cent FDI in the DTH sector, the guidelines of the information and broadcasting ministry needed to be changed.
India Inc on Thursday pitched for continuation of reforms while ensuring tax and policy stability in the forthcoming Budget to prop up the economy hit hard by the COVID-19 pandemic. In the virtual pre-Budget consultation held with Finance Minister Nirmala Sitharaman, industry chambers said that government measures will help firmly entrench the nascent signs of recovery being currently seen in private investment. Capital expenditure by the government through enhanced infrastructure spending should in the meantime continue to support growth, CII president TV Narendran said.
The spread of the Omicron variant of the coronavirus has made Indian companies persist with their policy of banning overseas trips and allowing only essential travel within India. The IT services firms, which had planned to ask their employees to return to the workplace, are also waiting and watching the Covid-19 situation before fully opening up their offices. Large conglomerates like the Tatas, Birla, JSW and Reliance are continuing with the mandatory social distancing and masking policies within their office premises.
Violation of the provisions entails a punishment of a jail term up to five years or with fine up to Rs 1 crore or with both, the ordinance released by the Ministry of Law and Justice on Thursday said.
Experts say it is difficult to determine country of origin where most products are manufactured and sold, as part of a complex global value chain.
The Delhi Metro will operate at 50 per cent capacity and markets and malls in the national capital will open on an odd-even basis from June 7, Chief Minister Arvind Kejriwal said on Saturday as he announced further relaxations in lockdown.
Among all the geographies where Amazon is fighting regulators, India is the only place where its lines are also tangled in a major corporate battle, this one with India's largest company by market capitalisation over the acquisition of Mumbai-based Future Group's retail chain, the country's second largest. No other corporate entity in any country offers a challenge to Amazon's hegemony in a way Reliance Industries does - and the final hearing of an arbitration case filed at the Singapore International Arbitration Centre between the two may decide at least some of these issues. This legal battle between one of the world's most powerful corporations and one of India's most powerful conglomerates could be complicated by a host of other developments.
Mumbai Police on Wednesday announced the updated lockdown guidelines which restricts the movement of people in public areas and transport while exempting those involved in essential services.
The appointment of new expenditure secretary comes a month-and-a-half ahead of the Budget for 2020-21 to be presented on February 1.
Strengthening the portfolios of the home minister and the finance minister is a message that should not be missed, points out A K Bhattacharya.
Having almost closed the last contours of the limited trade deal and with the announcement of a much larger trade deal in the offing, we have moved to a new level of engagement: Goyal.
The leaders of the two countries "discussed the main aspects of bilateral cooperation and exchanged views on current regional topics, including developments in South Asia," said a brief statement issued by the Russian President's office - Kremlin.
Embargo on imports from a neighbouring country would send a chilling signal to foreign investors who look for transparency and companies with manufacturing units in India had requested the government to publish any change in port policy "to provide the business community with the visibility they need to function", says United States-India Strategic Partnership Forum.
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
Recently, the finance ministry waived off basic customs duty and health cess on imported oxygen and related equipment for three years.
The Maharashtra government on Sunday extended the lockdown-like curbs till June 15 and also announced that relaxations will be granted depending upon the Covid-19 positivity rate and availability of oxygen beds.
India will have to show more willingness to import, and since Biden will not encourage sale of oil and gas to bridge the gap, it means there has to be more meaningful duty reduction in other areas even if Delhi baulks at a Free Trade Agreement so soon after walking out of RCEP.
Beauty, Nykaa's founder Falguni Nayar realised, is a very long-tailed business and with e-commerce picking up in India, it seemed like a good idea to venture into.
The Kerala commercial taxes department has slapped a fine of Rs 53.63 crore (Rs 536.3 million) on four online trading companies including Flipkart and Jabong for allegedly doing illegal business in the state.
Receiving Ganga water by post could be a reality soon as the government endeavours to tap the e-commerce platform to bring the holy water at the doorsteps.
The order, issued by the Home Department, will come into effect only after guidelines are finalised, said a senior official.
The chances of the posts opening remain slim, with security agencies recently identifying 10 suspects who smuggled in weapons, narcotics and fake currency.
The Customs clearance required for moving equipment like laptops, desktops, etc out of SEZ units was delaying things as the clearance had to be taken in person after a first level of approval online.
'A fresh look is being given to ways of processing, transmission, and delivery.'
Overall, cumulative direct investment from China stood at just $2.05 billion till June 2018, according to consolidated DIPP figures
'Why is the government asking parents to be careful rather than coming up with strict rules and regulations for the companies?'
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
Starting today, Modi and top officials in the Prime Minister's Office will be briefed by various central ministries and departments on their plans as well as agenda for the next five years. They will also apprise the PMO of the work they have done so far in realising the agenda of government's second term in office.
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