Companies have activated a comprehensive pandemic response plan with requisite risk mitigation protocols for keeping networks working as telecom is an essential service.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
While the tax treatment does legitimise past crypto transactions, there is a possibility that any, or all, private cryptocurrencies will be banned in future.
In a set of FAQs on applicability of Goods and Services Tax on banking, insurance and stock brokers sectors, the revenue department has clarified that transactions relating to securitisation, derivatives, future and forward contracts are exempt.
Fintechs need to behave with responsibility and transparency. A lot of mis-selling has been happening. Other issues have been plaguing the fledgling industry -- high interest rates, even higher processing fees, harsh collection process and, most critically, data leakage leading to rampant frauds, points out Tamal Bandyopadhyay.
Vodafone Idea Ltd (VIL) CEO Ravinder Takkar did some plain speaking. In an analyst call after its quarterly results recently, Takkar said that the main stumbling block to raising fresh capital from investors is "pricing" - telecom tariffs, in other words. Nine months ago, the telecom company's board had cleared a proposal for raising Rs 25,000 crore from investors, after the promoters made it clear that they were not ready to pump in more money. But potential investors are concerned that without clarity on tariff hikes (there have been none for more than 18 months) they might just lose their money. The lack of visibility on raising tariffs has also impelled VIL to request the Department of Telecom (DoT) for a fresh reprieve by extending the two-year moratorium on paying its spectrum instalment of Rs 8,200 crore for another year till FY23.
Even as the lockdown remains in force till June 30, the Maharashtra government, as part of the phase-wise reopening of the economy and public activities under 'Mission Begin Again', has allowed private offices to resume operations with 10 per cent staff. Since the lockdown came into force in March, regular operations of BEST buses were suspended and services were available only for the essential services staff and health workers.
Regional States will be worried that the US's nascent engagement with the Taliban behind the fig leaf of humanitarian aid enables the return of US intelligence personnel to Afghanistan, observes Ambassador M K Bhadrakumar.
In a major expansion into sportswear and lifestyle wear segment, the Kumar Mangalam Birla-led Aditya Birla Fashion & Retail has signed a long-term licensing agreement with Authentic Brand Group of New York, which has the marketing and branding rights of Reebok, to run the operations of the global sportswear, athletic and lifestyle major in the country and ASEAN markets. The new agreement between the largest domestic multi-brand fashion retailer and Authentic Brand is an extension of their existing relationship as ABFRL already markets and sells some ABG brands like Forever 21. The agreement follows the global transfer of ownership of the Reebok brand from Adidas to ABG, which is expected to close in the first quarter of 2022.
Traders' body CAIT on Thursday urged the government to impose a ban on Amazon's e-commerce portal and its operations in India, accusing the global e-tailing giant of indulging in predatory pricing, deep discounting and inventory control. Addressing a press conference, CAIT secretary-general Praveen Khandelwal demanded an "immediate ban on Amazon's portal and its operations in India" and an investigation against the company in a time-bound manner. He also urged the government to probe the business practices of Amazon and Flipkart. However, responding to the allegations, both Amazon and Flipkart said they remain compliant with Indian laws.
'Aquaponics can effectively cushion the impact of a calamity like COVID.'
The government would be ironing out issues related to the controversial 'bail-in' clause in the earlier Bill, explore hiking the deposit insurance cover of customers, and decide whether the resolution framework should apply to public sector banks.
Select works from the airline's huge art collection will be showcased at the National Gallery of Modern Art in the exhibition titled 'Air India salutes Indian Masters', which begins in New Delhi on Saturday and runs till September 1.
Liquor shops reopened across the country in the non-containment zones after 40 days from Monday with people queuing up in large numbers, giving social distancing norms a toss at some places.
The agency said the first-of-its-kind attachment under the Prevention of Money Laundering Act "enabled" the zoo authorities to retain the animals as the smuggler was making attempts to take them away.
'During Amit Shah's recent visit to Kerala, the strategy of concentrating the attacks on the CM on false charges was clear enough.'
'Under this government, tax laws have become more draconian, and the government itself is setting stiff, unrealistic targets for tax officials, who have got more powers to harass us,' points out Debashis Basu.
Reduce the government stake in public sector banks to 33 per cent, recommends A K Bhattacharya
Anil Rego, CEO, Right Horizons, answers your personal income tax queries.
After staging a strong recovery from COVID-induced slowdown in 2021, India's exports are likely to extend the growth story to the New Year also on increased demand in the global markets, boost in domestic manufacturing due to production-linked incentive schemes and implementation of some interim trade pacts. Expectations of positive growth in the country's exports are also backed up by the outlook of the World Trade Organisation (WTO) which predicts a 4.7 per cent expansion in the global merchandise trade volume in 2022. Exporters believe that the outbound shipments would cross $400 billion mark in this fiscal going by the current momentum and may reach $475 billion in 2022-23.
Now BSNL customers will be able to make calls using the company's mobile app 'Wings' to any phone number in the country.
This money was found wrapped in newspapers and was concealed in their check-in baggage.
The aim of the exercise was to further simplify GST forms and make the filing process more user-friendly, the finance ministry said in a tweet, reports Dilasha Seth.
Djokovic, a vocal opponent of vaccine mandates hoping to win his 21st Grand Slam at the Australian Open, has been holed up since Thursday in a modest Melbourne hotel after his visa was cancelled due to problems with the exemption.
Filing your tax returns may seem like a lot of paperwork, but it is swift and smooth once you start with a clear plan, says Anil Rego.
Hasmukh Adhia to present revenue dept's performance over past year & plan for current financial year
With the first quarter gross tax mop-up reaching Rs 5.6 lakh crore, Icra Ratings on Friday said the government is set to exceed the budgeted tax collection target of Rs 22.2 lakh crore for 2021-22, led by indirect taxes. The government has budgeted a modest 9.5 per cent growth in tax collections at Rs 22.2 lakh crore for FY22, over FY21 collections of Rs 20.2 lakh crore. However, despite the second wave of the pandemic, the April-June quarter tax collections rose to Rs 5.6 lakh crore, which is 39 per cent higher than Q1 of FY20.
Major rivers in Ratnagiri district, including Jagbudi, Vashishti, Kodavali, Shastri, Bav are flowing above the danger level. As a result, Khed, Chiplun, Lanja, Rajapur, Sangameshwar towns and nearby areas have been affected and residents are being shifted to safer places.
The most expensive gift received by Modi was a painting worth Rs 30,000, which is at the toshakhana. He also received a silver plate and five small silver bowls worth Rs 25,000, marked 'option of the recipient pending'. Ditto with another painting worth Rs 25,000.
Hercules Singh Munda's father used to open the gates to a forest. Today, Hercules leaves for London to open the gates of his many dreams.
On October 18, the tax department had said searches had led to detection of undisclosed income of more than Rs 500 crore in addition to Rs 93 crore worth seizures, including gold jewellery and diamonds. A revised appraisal of such seizures now pegs its value at Rs 106 crore which includes cash (Rs 45 crore), gold jewellery and diamonds (Rs 41 crore) and foreign currency Rs 20 crore.
The CBEC will itself be rechristened as the Central Board of Indirect Taxes and Customs and will supervise GST and Customs activities and provide the government policy inputs.
Details of identity and residence will not be required for exchange of notes between April 1 and June 30.
It, however, does not manufacture devices on its own and rather does it through contract manufacturers.
High-speed mobile internet services had been restored in two districts -- Ganderbal in Kashmir region and Udhampur in Jammu region -- in August last year.
'The huge amount of investments being made by telcos in India for telecom gear, there is no way this demand could be met only by Europeans.' 'The Chinese are quick in installation and offer great value for money.'
To prevent hoarding and check price rise, the Centre on Friday imposed stock limits on all pulses, except moong, held by wholesalers, retailers, importers and millers till October. The stock limits are imposed with immediate effect. An order in this regard has been issued by the Union food and consumer affairs ministry. Retail prices of pulses rose by more than 20 per cent during the January-June period of this year, according to the ministry's data.
He was a part of the 1960 Rome Olympics squad but didn't get a game but was an integral part of the 1962 Asiad gold winning team in Jakarta.
Beauty technicians and hairstylists in PPEs. Constant disinfection of instruments such as scissors and combs, Disposable neck-wraps and fresh towels. That's what beauty may look like now, reports Amrita Singh.
With Goods and Services Tax (GST) officers under pressure to exceed the Rs 1-trillion collection mark per month, industry has faced a barrage of recovery notices and summons issued over the last one month across sectors, according to company executives. Industry bodies have claimed harassment by field officers, blocking of input tax credit, cancellation of GST registration, threats of arrest and steep penalties, impacting their working capital and operations. Company executives pointed at an atmosphere of apprehension and fear due to such notices and summons.
