A majority of the companies said the law, aimed at jobs with a monthly salary cap of Rs 50,000, will result in them leaving Haryana or growing their operations in other states and abroad.
The government on Thursday tabled the Digital Personal Data Protection Bill 2023 in the Lok Sabha with an aim to protect the privacy of Indian citizens, while proposing a penalty of up to Rs 250 crore on entities for misusing or failing to protect digital data of individuals.
Experts said this will mean that companies, which have offices in multiple states, will have to raise Goods and Services Tax invoice for functions performed by employees in head office that has helped branches in other states.
A total of 326 cases were registered in the country under the controversial colonial era law of sedition between 2014 and 2019 in which just six persons were convicted.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
Life insurance companies assert that the blockchain being created has strict protocols to leave no room for manipulation and exploitation, or unauthorised use of customer data and personal information.
Indian rupee, which earlier this week touched an all-time low, is likely to remain under pressure and may test new levels as a fallout of the US Federal Reserve indicating more interest rate hikes, experts said. The aggressive rate hikes will dampen demand and increase the possibility of a recession in the US. This could accelerate the pace of capital outflows, weaken the rupee and raise the threat of imported inflation.
The development comes amid a growing clamour for the boycott of Chinese products in India, combined with the government's push for Aatmanirbhar Bharat.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
A series of steps taken by the government to promote ease of doing business and liberalisation of foreign direct investment norms have helped India receive record FDI inflows so far this year, and implementation of measures like PM Gati Shakti, single window clearance and GIS-mapped land bank are expected to further push investments in 2022. Notwithstanding the global slowdown and the COVID-19 pandemic, total foreign direct investments into India rose to a record $81.72 billion in 2020-21. During April-July this fiscal, FDI (foreign direct investment) into the country increased by 62 per cent to $27.37 billion.
The mandatory use of the Indian flag on SCI's ships has been a bone of contention with prospective buyers, on account of the costs it will entail in terms of taxation and vessel registration.
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
The Securities and Exchange Board of India (Sebi) has proposed measures mandating daily upstreaming of all investor funds from stockbrokers to clearing corporations (CCs). The step, aimed at reducing risk on client funds, will further deplete brokers' revenues as they will lose interest income with transfers being done daily. At present, stockbrokers convert the surplus funds into bank guarantees (BG) or fixed deposit (FD) receipts which earns them extra income.
Overseas funds have been spooked by several policy measures taken by the government in the past few years
The biggest fear many of the e-commerce firms have is the possible requirement to change business models overnight, which would drastically increase costs as well as disrupt businesses.
"This rationalisation is 3-4 month exercise," he said, adding that the GST Council decided on the rate cut on the recommendation of a Fitment Committee.
While there were concerns about the security aspect of drones, top government officials were of the view that restricting the drone industry would stifle a sunrise sector which holds significant promise for future, reports Arindam Majumder.
Rocked by a spate of student suicides, the city police has set up a dedicated "Student Cell" to reach out to students and make attempts to detect early signs of stress and depression.
India's third-largest pharmaceutical company by revenue, Cipla, is up for grabs in a three-way fight between Torrent Pharmaceuticals, Dr Reddy's Laboratories (DRL) and private equity (PE) giant Blackstone. Analysts say it is more likely for a strategic investor like Torrent or DRL to acquire Cipla than a PE firm, which may not derive healthy returns at Cipla's current market price (CMP) after the recent gains.
The challenge for the RBI in 2024 is likely to be less about containing elevated inflation and more about curbing excessive financial market exuberance and a 'problem of plenty', notes Sajjid Chinoy, Chief India Economist JP Morgan.
The broking industry's pecking order is set to change with Groww, a fin-tech startup from Bengaluru, poised to topple the industry's poster boy, Zerodha, as the leading brokerage in the number of active investors. According to data provided by the portal Topsharebrokers.com, Zerodha has 6.32 million active investors, while Groww is at 5.99 million. It is projected that Groww, which has grown at a much faster clip over the past two years, will surpass Zerodha this month, or next month.
The Supreme Court Tuesday asked the Centre to apprise it about the views on the issue of protection of interest of citizens till the colonial-era penal law on sedition is reconsidered by an appropriate forum.
Overriding the Biden administration's appeal, a US court has ordered a stay on the extradition of Pakistani-origin Canadian businessman Tahawwur Rana, to India where he is facing a trial for his involvement in the 2008 Mumbai terror attacks.
The Centre Monday urged the Supreme Court not to invest time in examining the constitutional validity of the penal law on sedition, saying it has decided to re-examine and re-consider the provision which can only be done before the competent forum.
'Hacking of an ID or an account will have the same impact on a user in a city and one in a small town.' 'Security is like a railroad, you create it to last for every customer.'
'We revolutionised the system in a manner so that the chances of leakage will be much lower than it was in the beginning.'
It also said that over 1.38 crore entities have already filed their income-tax returns till now.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
'I'm pitching India for the strengths we offer, including the English language, engineers, doctors, nurses, professionals, innovative talent of startups.'
The panel decided to omit the reverse charge mechanism (RCM) clause from the GST law under which registered taxpayers buying from unregistered taxpayers have to deposit the GST.
Dividend distribution tax in FY20 would only be applicable after deducting Rs 70 received from the foreign subsidiary, meaning 20.56 per cent DDT would be paid only on Rs 30.
Swiss brokerage UBS joins European banking peer HSBC in shutting down its offshore derivative business
Union Minister of Commerce and Textiles Piyush Goyal has stirred up a hornet's nest by taking on India Inc, specifically the Tata group, which is among the companies that lobbied against the Modi government's pro-consumer draft e-commerce policies. While Goyal's comments, made at a Confederation of Indian Industry (CII) event, were streamed live on YouTube, the industry lobbying body later edited the video and subsequently withdrew the entire speech. Goyal had said the Tata group and other Indian companies often lobbied for their interest, while ignoring national interest.
The panel suggests the government be authorised to raise the thresholds, which trigger applicability of Corporate Social Responsibility provisions.
Close to three dozen companies will launch their IPOs over the next four-six months.
The government has notified a host of procedural changes in the GST rules, including levy of interest for wrongful utilisation of ITC and turnover threshold for filing annual returns for the 2021-22 fiscal. The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week. With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.
A fundraising boom in the domestic market and tightening of the regulatory framework for overseas issues are responsible for this trend.
Dealers with turnover of Rs 2 crore and above covered; industry says threshold too low
Brokers will be required to reveal statistics such as trade-to-order ratio of the algo during a period as well as details of any changes made to the core programme.
