Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
Govt steps up security to check criminals seeking bank details of taxpayers
What is worrying is that this year, angel investments and seed funding deals have fallen by 40 per cent, ringing alarm bells in the start-up community in India.
India has historically not had a strong compliance mechanism around insider trading. This is in stark contrast to developed countries.
'There's a huge need for advancements in current security incident logging and monitoring practices.'
India's huge digital prowess and potential will play a huge role in enabling digital lending, says Romita Majumdar.
He is the first Indian-origin person to head a 'Big-Four' audit co.
Soon, one will be able to pay utility bills at the local supermarket, while buying groceries, with the RBI allowing the setting up of payment banks.
In this era of online commerce and virtual shopping, Raymond Ltd, one of India's oldest textile manufacturers and retailers, has tailor-made an offline strategy to maintain a strong foothold in the tier III and IV towns. Samreen Ahmad reports.
In 2017, when Infosys announced that Salil Parekh would be its next chief executive officer (CEO) and managing director (MD), very few in the industry or the analyst community doubted his ability to bring the company back to a healthy growth trajectory, improve morale within the company and, more importantly, win the promoters' trust and investor confidence. There were reasons for this confidence. He was not only the deputy CEO of the Paris-headquartered IT services major Capgemini, but also one of the only non-European faces on the executive board of the company.
Only 300 assessees came forward with disputed tax liabilities amounting to Rs 10,000 crore
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
Government think-tank body Niti Ayog CEO Amitabh Kant supported the industry demand and called for setting up of a single window clearance system for expeditious approval of projects. Start-ups and small medium enterprises requested the prime minister to provide support in low-cost capital at the virtual launch of space and satellite industry body Indian Space Association (ISpA).
To begin with, there would be the immediate integration of various technology stacks. This would create more business for global consulting and IT services entities such as KPMG, PwC, EY, Accenture and IBM, among others. Indian service providers - Infosys, Tata Consultancy Services (TCS), and Wipro, for instance - would also cash in.
HUFs are not used for tax evasion but for tax avoidance/to save the tax within the four corners of the law. Experts say that there will be little or almost insignificant change in tax revenues.
Private equity and VC investments declined by 50 per cent. E-commerce deals lowest in value, volume in over 24 months. T E Narasimhan decodes the new EY report.
2018 recorded a strong uptick in start-up investments on the back of some mega deals and was the best year for the sector, surpassing the previous high of $4.8 billion in 2015.
The bill to nullify retrospective taxation offers a fair solution within the framework of Indian law and Parliamentary sovereignty to companies which have been subjected to such demands, Finance Secretary T V Somanathan said on Thursday. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws (Amendment) Bill, 2021' in the Lok Sabha that seeks to withdraw tax demands made using a 2012 retrospective legislation to tax the indirect transfer of Indian assets. The Bill provides for the withdrawal of tax demand made on "indirect transfer of Indian assets if the transaction was undertaken before May 28, 2012 (i.e. the day the retrospective tax legislation came into being)."
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
The move will help address apprehensions as well as potential disputes on various computational and transitional issues such as the loss of input credits and pricing that were bound to arise on account of the change.
In 2012, private equity investments touched $7.5 billion.
Some of the policy measures announced are expected to go a long way in removing current challenges on financing faced by businesses and also increasing economic activity, especially in areas of construction and manufacturing.
The thrust will be on improving connectivity in economic corridors and remote and border areas with a view to hike trade and enable faster movement of cargo.
Government believes privatisation would increase the airline's efficiency and make it profitable, enriching the value of the remaining stake with it.
Wants details of Vijay Mallya transactions over 4 years
Fraud is a big concern among many board members.
The time the companies have to get ready for GST is 6 to 12 months.
'Banning Bollywood films will mean a paucity of content to keep the multiplexes and theatres running profitably.'
Independent directors were supposed to safeguard the interest of all stakeholders.
India has been ranked as the most attractive investment destination in the world for the next three years.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
'This is a blip in the 100-year history of cinema.'
The RBI rejection is a second blow to BoB - the lead bank of both companies -- after a Delhi high court order on August 18 stayed a move by BoB and the entire consortium of lenders to classify these accounts as fraud, restraining them from taking any other coercive action till the next hearing.
Will the warning shots from giants like Unilever and P&G break digital growth?
Nokia may now not sell its Chennai unit.
No major deals above the value of USD 300 million happened last month, causing the decline from January, which registered deals worth USD 3.5 billion, according to a report released by consultancy firm EY on Wednesday.
The first quarter of 2018 saw infrastructure and real estate drive investment worth close to $8 billion across 180 deals
Although the June collections were higher than that in July, however, it is important to note that during the previous month, a large number of taxpayers also paid taxes pertaining to February, March and April 2020 on account of the relief provided due to COVID-19.
