Having grown swiftly since the acquisition of Flipkart by Walmart in 2018, it was looking at a valuation of $10 billion. However, factors such as lack of diversification, new e-commerce and data policies, as well as the overall investment environment, have slowed the process.
The income tax department estimates total collection to be between Rs 10.5 trillion and Rs 10.7 trillion against the revised target of Rs 11.7 trillion.
The Central Board of Excise and Customs, through a notification on February 12, has slashed the duty on both the variants of motorcycles imported as completely build units (CBU) to 50 per cent.
Yoga guru Baba Ramdev's Patanjali Ayurved on Wednesday made its first big acquisition when it paid Rs 4,350 crore to take over soya food brand Nutrela-maker Ruchi Soya through an insolvency process. The acquisition will help Patanjali acquire edible oil plants as also soyabean oil brands such as Mahakosh and Ruchi Gold.
Common items between Centre and states - bread, eggs, milk, vegetables, cereals, books and salt - will continue to be exempted.
The UK's 697 projects created a 1.4 per cent rise in foreign direct investment jobs to 30,311.
Days after the disbanding of Group Executive Council set up by Tata Sons ousted chairman Cyrus Mistry, N S Rajan and Nirmalya Kumar have resigned from their respective board positions at Indian Hotels Company and Tata Chemicals.
The total wealth of the ultra HNIs, or those with a networth of over Rs 25 cr, grew by five per cent to Rs 1.35 lakh cr.
The government is planning to liberalise the terms and conditions for the sale of the national carrier. The Centre is still pursuing the option of selling the airline's subsidiaries before the airline itself, in order to deal with an outstanding debt of around Rs 27,000 crore.
India's shift towards US companies for technology investments and partnerships fits well with the present government's 'Atmanirbhar Bharat' and 'Make in India' initiatives, say experts.
Despite the gains from Jet's closure, in 2018 and 2019, the airline continued to make losses in many quarters for a variety of reasons, including some mistakes like taking on Jet's aircraft, which were not in great shape and had business class configuration, a gamble that did not work for SpiceJet.
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.
The new system would be especially beneficial for Qualified Foreign Investors.
Sources in the know said the government would initiate talks with businesses, including Tatas, shortly for divesting its stake in the national carrier.
A mechanism on whistle blowing is mandated from October and third-party entities managing such services give staffers far more confidence to blow the lid on wrongdoing.
Record equity divestment by the Reliance Group in its telecom and retail businesses garnering around $23 billion revved up the deal street in 2020, which otherwise would have gone down as one of the dullest on record, and dealmakers are seeing sunnier days in 2021 given the large scope for consolidation in a slew of sectors ravaged by the pandemic. With Jio Platforms alone garnering over $16 billion (Rs 1,18,318 crore) by selling 25.24 per cent stake and Reliance Retail notching up $6.4 billion (Rs 47,265 crore) by divesting around 9 per cent shareholding, the deal street signed off with $85 billion in the deal kitty across 1,270 transactions. This is higher by about 10 per cent over 2019. What is significant is that over a third of the total deal value came from Reliance transactions, say investment bankers.
Tax experts said that in FY17 around 80,000 people had reported incomes of over Rs 1 crore
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
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.
The transaction is expected to close in the next 30 days and the merger process is expected to be completed in next 9-12 months
The phase-wise transition of iD Fresh products into organic items has started and will include flagship offerings such as idli and dosa batter and Malabar parotta.
A large number of large and small businesses process EU data, have customers from the EU or have access to data of EU citizens in one way or another.
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.
Investors say they see large companies going through the grind, as their promoters struggle with liquidity because they are levered up at the holding company level and are starting to get margin calls thanks to the crashes in the stock market, and in the next six months, the targets that will come up for PE companies will make for a harvest season like never before.
KPMG's global board will meet in India next week
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.
Senior Bharatiya Janata Party leader Dr Murli Manohar Joshi has backed Samajwadi Party leader Mulayam Singh Yadav's demand that the Centre should convene all-party meeting to discuss the Sino-Indian border issue.
This may mean easier access, simplified KYC and documentation requirements, and fewer investment restrictions for a majority of FPIs, especially broad-based funds and pooled vehicles that were earlier part of Category-II.
Experts said the rate hike would improve working capital position of the manufactures as it would correct the inverted duty structure but may lead to increase in price of the finished goods.
The Centre managed to collect only Rs 990 crore as compensation cess in April 2020-21, almost one-ninth of the figure of Rs 8,874 crore mopped up a year ago. The subdued collection would further increase states' problems unless the GST Council, which meets next week, decides to borrow from the market.
RBI had on February 12, 2018 issued a circular saying that lenders have to provide for resolution plan within 180 days in case of large account of Rs 2,000 crore and above.
The states which achieved "extraordinary growth" in total taxes collected include Kerala (44 per cent), Jharkhand (20 per cent), Rajasthan (14 per cent), Uttarakhand (13 per cent) and Maharashtra (11 per cent), an official statement said.
'Since the government will not hold any significant stake in the airline this time, such restrictions are not required anymore.'
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
The collections stood at Rs 98,202 crore in the month, against Rs 1.02 trillion in July. The figures indicate continuation of economic slow down which was reflected in the gross domestic product (GDP) growth which plummeted to a 25-quarter low of 5 per cent in the first quarter of 2019-20, experts said.
Such cold-shoulder by banks also indicates a credit freeze that is hard to overcome, unless the government comes out with credit guarantee schemes for loans given by banks. Since that is not happening, and there is no indication of that too, banks are not willing to listen to RBI prodding.
Prices of two-wheelers, passenger and commercial vehicles are set to rise 15-25%
Gangwal said he will not vote in favour of resolutions that intend to expand the size of the board to 10 members. Gangwal wants a seven-member board.
"There is no deletion from the list of other backward classes. It goes on increasing... is it that backwardness has increased instead of decreasing? If the answer is yes, as contended by the respondents (Centre and other pro-quota parties), then one is bound to raise eyebrows as to the effectiveness of providing reservations or quotas," Justices Arijit Pasayat and C K Thakker said.
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.
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