The companies have offered to pay upfront the principal amount due for licence fees and spectrum usage charges (SUCs) on the basis of adjusted gross revenue (AGR). This amount will not include the interest, the penalty, and the interest on the penalty.
Amid long-pending dispute between the UK-based telecom giant Vodafone and the tax authorities in India, Finance Minister's advisor Parthasarathi Shome on Wednesday said the government should not use retrospective amendment of tax laws to raise revenues.
Slams Channel 7 for talking game down.
Cabinet will take a decision on a conciliation offer from Vodafone.
The vacancies are learnt to be impacting the I-T department's day-to-day functioning.
India's telecom subscriber base grew to over 1.17 billion in October with Bharti Airtel maintaining its leadership in mobile subscriber addition that accounts for over 98 per cent of total connections in the country, according to the monthly report released by sector regulator Trai on Wednesday. This is the second consecutive month when Airtel added highest number of subscribers. In September, it had regained the leadership position in subscriber addition after a gap of four years. The Sunil Bharti Mittal-led company added 3.67 million new customers in October, taking its total wireless customer base to 330.28 million in October 2020, the Telecom Regulatory Authority of India's (Trai) report said.
Says govt and Vodafone would have a reasonable compromise.
The launch of Reliance Jio Infocomm Ltd last September, particularly the tariff war it has unleashed on its competitors, has deepened the crisis facing India's telecom sector. One offshoot of this is the major drop in earnings reported by industry leaders Bharti Airtel and Idea Cellular with each passing quarter. Aslam Hunani/Rediff.com tells the story in numbers.
India's second-largest telecom firm Bharti Airtel on Tuesday reported a net profit of Rs 1,134 crore for the September 2021 quarter, and said it is witnessing strong business momentum with growth in 4G customers and increase in mobile ARPU. This is against a loss (attributable to owners of the parent) of 763.2 crore during the year-ago quarter, the company said in a statement. Its consolidated revenues for the second quarter of FY21 stood at Rs 28,326.4 crore, up 18.8 per cent year-on-year (on a comparable basis) and 13 per cent y-o-y on a reported basis, it added.
For the fifth consecutive time, the Sydney Cricket Ground (SCG) will be splashed with pink for the Vodafone Pink Test featuring Australia and Sri Lanka, starting on Thursday.
Bulk of these customers use 2G phones and are still focused on voice services and might prove useful for both Bharti Airtel and the Idea-Vodafone combine.
Telecom complaints against other players were below 500 in the first half of 2016.
The move comes against the backdrop of the US and some of its allies banning the purchase of Chinese telecom gear over security concerns and pressuring other countries to follow suit.
Mittal said he discussed a plethora of issues with Commerce and Industry Minister Piyush Goyal and sought the government's support for faster clearances to streamline the group's investment plans.
From spending a little less than three hours on making voice calls, Indians are spending well over 5 hours. So, while people make more calls, they are spending less than ever, reports Romita Majumdar.
Changes have been made in several indices including Nifty 500, Nifty 200, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250 and host of sectoral indices including FMCG, IT, media, pharma, commodities and services sector.
Airtel reported a 19 per cent rise in its ARPU in the March quarter, as it removed the non-paying users from its network.
IndusInd Bank was the top loser among Sensex stocks, dropping by 4.38 per cent. SBI declined 2.41 per cent, HDFC Bank 1.77 per cent and Axis Bank fell by 1.5 per cent. Among others, auto, FMCG and power stocks also closed in the red.
Telecom companies have been desperately waiting for a bailout package from the government after a Supreme Court order put their statutory liabilities at Rs 1.47 lakh crore.
The Indian market is more in sync with mobile markets of advanced countries like the UK, Japan, and South Korea, where there are fewer players - three to four.
To help 2G customers who have to buy a new phone to upgrade to 4G, the company had earlier introduced 4G feature phones, to make it affordable for them to make the switch.
Idea, Reliance and BSNL have call drop rates in the range of 10 per cent or above.
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)."
The Sunil Bharti Mittal-led firm on Sunday approached its competitors to set up intra-circle roaming and other processes in the way it is done by the sector to respond to disasters.
Taking the pole position among other operators, Reliance Jio logged download speed of 19.12 mbps during April, even bettering its own performance of 18.48 mbps demonstrated in the previous month
Together, the top 10 business groups reported a pre-tax loss of Rs 19,342 crore during the January-March 2020 quarter, as against a profit before tax of around Rs 48,500 crore in the year-ago period and Rs 39,600 crore during the December quarter. While Vedanta was the worst hit. others included Aditya Birla, Bharti, Adani, Mahindra, and Tata.
India Inc's quarterly net profit reached a record high of Rs 1.64 trillion in the third quarter ended December 31, 2020, mainly due to gains from higher commodity prices and a big swing in banks' earnings. The combined net profit of 3,323 listed companies that have declared results so far was up 68.6 per cent year-on-year (YoY). In comparison, earnings were up six times (534 per cent) in the second quarter and 6.5 per cent in the corresponding period last year.
'I hope the trend is sustainable and that economic activity accelerates going forward.'
The retrospective tax decision reversing the January 2012 Supreme Court verdict in the Vodafone case has often been cited as the reason for foreign investors losing confidence in India as an investment destination.
Pranab Mukherjee's stewardship of the economy will stand out as much for the manner in which he managed controversies as for creating quite a few of them, says A K Bhattacharya.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your stock market queries.
In a most perverse example of tax bullying, someone I know has got by three such notices reopening his assessment minutes before the midnight deadline of June 30, reveals Debashis Basu.
Vodafone Plc's trusted ally, Analjit Singh of Max India, has been appointed non-executive chairman of its India operations. He talks about the backdrop of the two recent Supreme Court verdicts.
Given the many policy areas where the Centre and the states have not been seeing eye to eye in the last few years, it is time the Modi government convenes a meeting of the Inter-State Council, recommends A K Bhattacharya.
The telco, being one of the first operators in the circle, has a strong base of high-value subscribers; Airtel could leverage that for its top-end services.
But the road map of telecom will be decided by one thing: Whether Jio sticks to its ambitious plan and whether incumbents have enough financial muscle or ability to raise money every year to ensure that Jio does not reach its target, says Surajeet Das Gupta.
Doha-based Qatar Foundation Endowment has bought five per cent stake for $1.18 billion in Bharti Airtel.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Revenue decline has left the operators with little money to service their mostly 3G and partly 4G infrastructure leading to poor data and voice quality.
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