Domestic institutional investors pumped Rs 2.3 trillion into equities during H1 CY24. Of this, mutual funds contributed 80%.
India is on the brink of overhauling its tax system, implementing the BEPS project and seeing a further evolution of the GST at the same time as a general election. This makes 2019 an exciting and challenging year, note Maulik Doshi and Jigar Doshi.
The development is expected to pave way for greater transfer pricing cooperation between the two countries, enhance investment flow
Gujarat has around 3,000 licensees for allopathic drug manufacturing, apart from around seven homeopathic licensees, 500 ayuvedic and 600-700 cosmetics licensees
Corporate earnings got a big boost from the fall in commodity and energy prices in July-September 2023 (Q2FY24) despite a slowdown in revenue growth during the quarter. The combined net profits of 3,123 firms that have declared their results so far were up 38 per cent year-on-year (Y-o-Y) to Rs 3.07 trillion in Q2FY24, up from Rs 2.24 trillion a year ago. Earnings were, however, down 3.5 per cent on a sequential basis from Rs 3.18 trillion in April-June (Q1) FY24.
FY16 GDP growth was seen at 7.5%, against 8.1-8.5% earlier.
Finance Minister Nirmala Sitharaman is likely to step up efforts to boost consumption and rural economy while keeping inflation under check when she presents her sixth straight Budget on February 1. Experts said one way to boost consumption is to put more money in the hands of people, and one of the possible ways of doing it is by reducing the tax burden through tinkering with tax slabs or increasing the standard deduction. Another proposal is related to increasing the funds under the rural employment guarantee scheme MGNREGA and higher payout for farmers.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
A 5 per cent GST rate kicked in on Monday on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg.
Jaitley said the government has created transparent environment.
The price of aviation turbine fuel has increased by 50 per cent since January and the situation has adversely impacted IndiGo, its CEO Ronojoy Dutta said on Wednesday. He said the government should bring aviation turbine fuel (ATF) under the Goods and Services Tax (GST) and make flying affordable for consumers and viable for airlines. IndiGo is India's largest airline and with around 55 per cent share in the domestic passenger market.
The much-vaunted GST will reform India's complex indirect tax system, while maintaining the balance of power between the Centre and states. We bring you the key figures in its evolution. . .
Jewellers in India, the world's second largest gold consuming country after China, have started receiving more inquiries for purchase of gold or silver immediately after the Reserve Bank's announcement to withdraw Rs 2,000 notes from circulation. However, there is no panic buying of the precious metal unlike the situation witnessed in 2016 during demonetisation, jewellers body GJC said on Sunday. In fact in the last two days, the actual gold purchase has been less in exchange of Rs 2,000 notes due to strict Know your Customer (KYC) norms although sources said some jewellers have started charging a 5-10 per cent premium, taking the gold prices to Rs 66,000 per 10 grams level.
India's economy grew 6.1 per cent in the fourth quarter of 2022-23, pushing up the annual growth rate to 7.2 per cent, official data showed on Wednesday.
Most brokerages are betting that the new government will shift to a policy focussing on boosting rural incomes and consumption since that has clearly been a pain point.
There hasn't been any dramatic moment in the first act (the Budget) but nobody would complain. It's par for the course as long as the figures don't change in the main Budget, which will be presented after general elections.
GST will make it easier for governments to spend more, says T C A Srinivasa Raghavan.
Kerala's tax authorities are also reviewing other e-commerce companies for similar discrepancies, and might fine more defaulters.
If advance tax revenue fails to meet the expected growth, these PSUs could be asked to pay taxes on past demands raised against them.
'Alongside economic growth and the Asian century, stress has become an Asian caravan.' 'But stress doesn't arrive in one's country as invitation to taste exhaustion. It comes dressed as a challenge.' 'Its evangelists ask: Are you man enough to shoulder stress?' points out Shyam G Menon.
Several exemptions have been given to reduce the cost of raw materials.
All goods and services have been put in slabs of 5%, 12%, 18% and 28%
The Finance Act, 2020, has inserted a sub-section, mandating a seller to deduct tax equal to 0.1 per cent of sale proceeds if the value of goods sold exceeds Rs 50 lakh in a financial year.
It appears that things will crystallise on several aspects of the GST only by end 2008. This means that the country will only have a period of 15 months, from beginning 2009 to March 2010, to ensure that all the constitutional policy and legislative changes take place. It does seem increasingly a big challenge, says S Madhavan.
American businesses are lobbying with political parties here to build a consensus on stalled economic reforms such as liberalisation of foreign direct investment (FDI) in sectors like multi-brand retail, aviation and insurance, and for expeditious introduction of a Goods and Services Tax (GST).
The Centre has recovered around Rs 95.86 crore from at least 11 crypto exchanges for evading goods and services tax (GST), according to data released by Parliament on Monday. The amount includes interest and penalty. The GST investigation department has detected a total tax evasion of Rs 81.54 crore by crypto exchanges that include WazirX, Coin DCX, CoinSwitch Kuber, Buy Ucoin, UnoCoin and Flitpay, among other exchanges. In a written reply to Lok Sabha, minister of state (MoS) for finance Pankaj Chaudhary said 11 cases of GST evasion by cryptocurrency exchanges have been detected by central GST formations.
This follows an Authority for Advance Ruling (AAR) decision, which directed that payments made by an Indian subscriber for using a portal of a foreign company will be subject to deduction of tax at source.
It is natural that the world wants to talk directly to India and the world wants to hear directly from the horse's mouth about India's policies and potential. It matters if you hear it from the leader: Modi
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
GST would make compliance easier for big businesses, but hurt small scale industries., says SJM
Bharti Airtel Chairman Sunil Bharti Mittal said India has lost one of the finest political leaders and a legal luminary.
Shares of asset management companies (AMCs) have rallied in the last 3-4 sessions due to clarity on regulatory changes in total expense ratios (TER) and expectations that it won't upset profits much in the long run. HDFC AMC has gained over 12 per cent in the last four sessions, while Nippon AMC and UTI AMC are up around 5 per cent. Aditya Birla Sun Life (ABSL), the only other listed AMCs, has risen more than 2.3 per cent in the last four sessions.
'The government believes there is still significant scope to bring more people under the tax net and collect the right amount of taxes, in cases where taxpayers are underpaying,' says Kuldip Kumar, partner and leader personal tax, PwC.
A committee on digitalisation headed by Andhra Pradesh Chief Minister Chandrababu Naidu had in an interim report recommended taxing cash transactions of at least Rs 50,000 to promote digital payments.
The Securities and Exchange Board of India (Sebi) has just released a proposal to alter the regulations pertaining to the sponsor system for mutual funds. One of the reasons for the proposed changes is that there are two conflicting regulations that need to be clarified. The other reason is that the sponsor system may itself be outdated as it stands, and the proposed changes would allow new entities such as private equity funds and portfolio management services to enter this space.
The trend in corporate earnings suggests that index earnings could fall to the levels last seen in early 2014.
It's an undeniable fact that after enactment of GST, buying insurance will become a little expensive impacting your term plans, health plans and motor insurance plans the most. But you should not ignore the importance of insuring your life, health, vehicle, says Harjot Singh Narula
The government has made its initial moves, good and not-so-good, while the roll-out in some cases has been slow.
The Securities and Exchange Board of India (Sebi) is considering a proposal to allow mutual funds (MFs) to charge a fee based on their performance, said Ananta Barua, whole-time member of the markets regulator. He said the proposal is being reviewed by a working group formed to look into cost structures. "One working group has been set up which is going to review... One of the suggestions is that if any scheme or fund is performing well above the benchmark, it (fee) can be linked to its performance.
