Sources aware of the development said as part of the project, the airline had signed an agreement with Reliance Industries Ltd, which would extend quality control services at its coastal terminals for ATF imported by the airline.
Tea prices in the country could go up between Rs 10-20 a kilogram if the high level of value added tax (VAT) proposed to be levied on the commodity is not reversed, the industry has warned.
With 17 states ready with Value-Added Tax bills, Finance Minister P Chidambaram on Thursday promised to fully compensate states in the first year of introduction of VAT scheduled in April, 2005.
Discussions are said to have been heating up over how long a tax indemnity clause, which is part of such deals, should run, according to multiple people familiar with the matter.
The government said on Thursday that it will try to compensate states for the first three years for any loss of revenue they might suffer due to introduction of Value Added Tax regime next fiscal.
Finance Minister Nirmala Sitharaman on Thursday said taxpayer base has almost doubled to 1.28 crore in four years of rollout of the historic tax reform and the enhanced GST mop up in the recent months should now be the "new normal". In a written message to tax officers on the fourth anniversary of GST rollout, she said implementing any reform of this scale in a large and diverse country like India can be highly challenging, but GST has brought about ease in taxpayer compliance and reduced common man's tax burden.
Brokerages have maintained their ratings and target prices on FSN E-Commerce Ventures, the parent company of Nykaa, after the fashion and beauty online retailer posted in-line numbers during the October-December quarter (Q3) of financial year 2023-24 (FY24). They have, however, cut earnings before interest, tax, depreciation, and amortisation (Ebitda) estimates after weak demand weighed across line items in Q3. "While revenue growth was healthy at 22 per cent year-on-year (Y-o-Y), gross margins declined 90 basis points (bps), weighed by higher discounting in own brands and lower ad income.
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
In an apparent climb-down from its earlier stance, the Empowered Committee on value-added tax on Monday gave in to the Centre's plan for a nationwide VAT implementation.
Petrol and diesel prices on Wednesday were hiked by 25 paise per litre each, the third increase this week, propelling petrol price to cross Rs 100 per litre mark in more cities including Bhopal and Indore. Petrol and diesel prices are now at record high across the country, price notification of state-owned fuel retailers showed. In Delhi, petrol now comes for Rs 92.05 per litre and diesel is priced at Rs 82.61. This was the third increase in prices this week and seventh hike since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal.
The Empowered Committee of State Finance Ministers has been asked to sort out some of the contentious issues on the value-added tax including the refunds on credit and exemption for exports.
Maruti recorded a 13.12% year-on-year surge in average revenue earned per car in 2023 compared to M&M's 7.56%, Hyundai's 6.76% and Tata Motors' 1.88%.
ITC's results for the January-March quarter (Q4) were strong, with robust growth in the fast-moving consumer goods (FMCG) segment and a good performance in hospitality. The tobacco division's performance was on expected lines, with double-digit volume growth, helped by reclaiming of market share from the smuggled trade. There was 60 per cent growth in non-cigarette earnings before interest and tax (Ebit), despite a relatively weak performance in paperboards.
'The consensus was that the debate was between looking backward and looking forward.' 'Trump, with his great enamourment of his own 'achievements,' was obviously looking backward, while Harris, nearly 20 years his junior, was focussing on the future, with hope,' notes Shreekant Sambrani.
A hotel in 1975, entry into paperboards in 1979, India's dominant cigarette maker, ITC, read the tea - or tobacco - leaves early, leveraged its enterprise strengths and stepped up the diversification agenda to create multiple drivers of growth. Some failed, some faltered, some were transformational, adding steadily to the top line. Now those efforts are making a difference: margins from non-cigarettes - FMCG, hotels, agri, paperboards, paper and packaging - are expanding and profits are kicking in more significantly than ever before.
'What's sad today is that there are so many people who cannot find work, not because the country is devoid of that opportunity, but because we are not doing enough in the country.'
Tax Guru Anil Rego answers your personal income tax queries
High dividend yield stocks usually perform well in a rising interest rate environment when investors value cash flows more.
The Delhi Assembly on Friday suspended Bharatiya Janata Party MLA Jitender Mahajan from its one-day special session and also marshalled out BJP legislators Anil Bajpai and Mohan Singh Bisht for allegedly disrupting the proceedings of the House.
India's third largest IT company HCL Technologies on Friday reported a flat year-on-year growth in net profit in the March quarter at Rs 3,986 crore. However, the company posted an 8.4 per cent decline in net profit on a sequential basis, amid rising employee cost and tightening IT spends around the world. The company described the performance as "decent" in view of the global macroeconomic conditions.
The tax computation compares the original cost, along with the stock value on January 31, and grants benefit of the higher of the two.
The revenue growth of early birds or companies that have declared their Q4FY24 (March quarter) numbers is the highest in the last four quarters. The 178 companies (excluding their listed subsidiaries) that declared their results have reported a sales growth rate of 13.2 per cent year-on-year (Y-o-Y), taking aggregate revenue to Rs 9.1 trillion. Including other income, growth is at 16 per cent, the highest in the last four quarters.
E-commerce companies that fall within the scope of the equalisation levy include Adobe, Uber, Udemy, Zoom.us, Expedia, Alibaba, Ikea, LinkedIn, Spotify, and eBay.
GDP growth of 7.7 per cent in the first half of this fiscal has "left sceptics gasping and woefully behind the curve", an RBI article said on Wednesday. It also stressed the buildup in the growth momentum is likely to be sustained. The article on the state of the economy published in the Reserve Bank's December Bulletin on Wednesday also said CPI-based retail inflation is expected to ease to 4.6 per cent in the first three quarters of 2024-25 from 5.6 per cent in November.
We are, therefore, setting up more branches in more tertiary terms, like tier 2 and tier 3 terms. Going forward, that is where the growth will come.
A prolonged war in Iraq would shake the Indian economy with oil prices going up and growth rate dropping to 2.5 per cent, A C Muthiah, the president of Federation of Indian Chamber of Commerce and Industry
To seek tax exemption, a start-up will now have to apply, with all the documents, to the DIPP instead of the inter-ministerial board of certification. The earlier requirement of start-up to submit report from merchant banker specifying the fair market value of shares has also been removed.
It is immediately not clear how GST will impact the mass car market. Experts, however, say the level of tax on smaller cars will have to be at a differential to the sedans.
Mr Modi should be conscious that it was his choice to slash the number of tax-payers from 60 million to 15 million, notes T N Ninan.
Gandhi is out to "connect" Bharat but he needs to study Indian history first, Shah said.
Exporters on Thursday demanded fiscal incentives, tweaking in customs duties on certain products and credit at affordable rates in the forthcoming Budget to boost exports and create jobs. In a pre-budget virtual meeting with Finance Minister Nirmala Sitharaman, the Federation of Indian Export Organisations (FIEO) said the depreciation of the rupee against the US dollar is affecting exports' competitiveness and the sector requires more support. "Creation of employment is the biggest challenge faced by the country...We would urge the government to provide fiscal support to units which provide additional employment in the export sector," the exporter's body said.
Economic Advisory Council to the Prime Minister (EAC-PM) chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate. Speaking at an event organised by the Calcutta Chamber of Commerce in Kolkata, he however said that GST has led to a lot of simplification. "The ideal GST is one that has a single rate, and it was meant to be revenue neutral.
Petrol price can go down to Rs 75 a litre across the country if brought under the ambit of the Goods and Services Tax (GST), but there is a lack of political will, which is keeping Indian oil product prices at one of the highest in the world, economists at SBI said on Thursday.
Petrol price on Thursday was hiked by 35 paise per litre and diesel by 15 paise, pushing rates to a new high across the country. Petrol in Delhi now costs Rs 101.54 a litre and diesel Rs 89.87 per litre, according to a price notification of state-owned fuel retailers. The increase comes after rates stayed mute for three days. Petrol price was last hiked on July 12, on a day when diesel rates had seen its first reduction in almost three months. The increase on Thursday neutralised the 16 paise price cut in diesel on July 12.
The government has decided to relax angel tax norms for startups, including increasing the investment limit to Rs 25 crore for availing income tax concessions.
Discount retailer DMart (Avenue Supermarts) hit its highest levels in a year and a half last week and is up over 11 per cent in the last one month. The company depends on low operating costs to offer the lowest prices to consumers, which enables sales velocity and scale, further reducing costs. This virtuous feedback loop has helped DMart gain market share in a sector dominated by unorganised stores.
Petrol price on Friday scaled to Rs 102 per litre in some parts of Rajasthan and Madhya Pradesh after rates were raised for the fourth straight day after ending more than two-week-long hiatus during assembly elections in states like West Bengal. On Friday, petrol price was hiked by a steep 29 paise per litre and diesel by 31 paise a litre, according to a price notification by state-owned fuel retailers. This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73.
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