The government has tweaked the income tax laws to make it easier for the new owners of loss-making public sector undertakings (PSUs) to carry forward the accumulated losses and set them off against future profits. This will result in significant tax savings for the new owners if they are able to turnaround operations of the ailing PSU within a few years. This will, in turn, boost the post-tax earnings and returns for the new owners.
The government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
The government has reached out to investors to apprise them about Life Insurance Corporation of India's (LIC's) growth and prospects as it prepares for the country's largest initial public offering (IPO). Preliminary presentations have been made to inform investors on how the organisation is being restructured ahead of the IPO, along with its financials, so that the IPO process can be hastened once its embedded value is derived. "A detailed presentation has been made to investors, giving them details on how LIC is positioned beyond what is known. "This includes how LIC is being restructured ahead of the IPO, and investors are keen to know that," said an official. In the Finance Bill, 2021, the government had proposed a slew of changes to the LIC Act, 1956.
India's GST collection remained above Rs 1 lakh crore for the third month in a row at over Rs 1.17 lakh crore in September, raising expectations that second half of the year will post higher revenues. The tax collections in September on goods sold and services rendered was 23 per cent higher than Rs 95,480 crore collected in September 2020, and 27 per cent higher than Rs 91,916 crore collected in September 2019. The collection in September is the highest in five months since April, when revenue was at record high of Rs 1.41 lakh crore.
In a significant move, markets watchdog Sebi on Tuesday decided to implement the requirement to separate the positions of chairperson and managing director at listed companies on a voluntary basis and not make it mandatory for now. The development also comes against the backdrop of Finance Minister Nirmala Sitharaman recently saying the regulator should hear if Indian companies have a view on the matter even as she made it clear that she was not "giving a diktat". The top-500 listed entities were required to split the roles of chairperson and managing director/chief executive officer before the April 2022 deadline.
The old guard of Board of Control for Cricket in India continued to show defiance to the Supreme Court-appointed Committee of Administrators (COA) with only six state units filing their responses to "Due Diligence Report' prepared by Deloitte on the functioning of these associations.
'IIM Ahmedabad has seen one of the best placement seasons ever and this change can be attributed to the markets opening up after the pandemic.'
Kasam Shaikh is the fifth person in India and first from Maharashtra to receive the award for Microsoft Most Valuable Professional title in Artificial Intelligence.
India Inc is expected to offer average salary increments of 11.3 per cent this fiscal and those working in sectors like pharmaceuticals, health care and life sciences are expected to get a raise of 13.1 per cent.
The Supreme Court-appointed Lodha Panel, on Thursday, instructed the BCCI to furnish the reports by accounting firm Deloitte on four state units before deciding on disbursal of funds for their players' payments, allowances and other expenditures.
More people using the internet for financial and e-commerce transactions has led to job creation in a niche segment. Specialists who can help deal with rising technology (tech) frauds are in high demand amid the surge in electronic transactions during the pandemic. Demand for tech fraud experts has risen upwards of 35 per cent, reveals employment and human resource services company TeamLease Services.
There's no place like home, but even for the affluent buying one in India is difficult. On top of that, the coronavirus pandemic-now in its eighteenth month-has made life uncertain. A hopeful thing is buying a house looks alluring as loan interest rates fall below 7 per cent, their multi-decadal lows. The slow decline in GDP growth after demonetisation, followed by the economic shock caused by Covid-19 waves, has hurt us unevenly.
All-rounders in Indian cricket are a rare commodity and the newest entrant to the club, Venkatesh Iyer, knows only too well that he has to keep his focus on both aspects of the game in order to remain relevant.
Deloitte, MCX's is learnt to have objected to PwC pointing out several irregularities in the exchange's expenditure, donations, etc, in its audit report.
While auditors have come in for a lot of praise for their proactive stand against what they perceive to be dodgy practices followed by companies, there is still a long way to go, says Shyamal Majumdar.
Chartered accountants are readying themselves for a higher onus on individuals to report violations that they come across as part of their work. There has been a scramble to understand the implications as the non-compliance with laws and regulations (NOCLAR) comes into effect in less than six months. It is applicable from April 1, 2022 after being deferred earlier because of the Covid-19 pandemic.
News of all that's transpired on and off the football field.
Once the 21-day lockdown is lifted, which may happen in phases, those who have been contemplating purchasing a car may actually do it, said analysts. Thanks to social distancing norms and rising hygiene awareness, daily commuters may ditch public transport and shared mobility solutions like Ola and Uber. Many are likely to prefer the confines of a car over roughing it up in crowded public transport services such as a metro, local sub-urban trains and buses, they said.
Amid fears of a third wave of coronavirus pandemic and hardening of retail inflation, the Reserve Bank is likely to maintain status quo on interest rate and watch the developing macroeconomic situation for some more time before taking any decisive action on monetary policy. The RBI is scheduled to announce its bi-monthly monetary policy review on August 6 at the end of the three-day meeting -- August 4-6 -- of the Monetary Policy Committee (MPC). The RBI Governor-headed six-member MPC decides on the key policy rates.
Manchester United have deposed Real Madrid as the world's richest soccer club after revenue grew to a record $735 million in 2015-16, according to Deloitte's annual Money League published on Thursday.
IIM Lucknow has concluded its 2020-21 final placements.
Franklin Templeton Mutual Fund, which has closed six debt schemes, has said the winding-up process will be delayed in the absence of authorisation from investors and further steps will be possible only after seeking fresh approval from them. It further said that investors who do not have an e-mail ID or mobile number registered with the fund house will not be able to participate in the voting process. The date on which the voting would start has not been disclosed yet.
GST mop-up likely to fall in May, June after touching record levels in April and March.
GST revenue for the month of June stood at Rs 92,849 crore, a 2 per cent increase over the same month a year ago, the Finance Ministry said on Tuesday. The gross GST revenue collected in the month of June 2021 stands at Rs 92,849 crore of which central GST is Rs 16,424 crore, state GST Rs 20,397, Integrated GST Rs 49,079 crore (including Rs 25,762 crore collected on import of goods) and cess is Rs 6,949 crore (including Rs 809 crore collected on import of goods), the ministry said. The GST revenues for the month of June 2021 are 2 per cent higher than Rs 90,917 crore collected in June 2020.
Despite competitive conditions all round for industry players across India, the 50 companies on our list have managed to achieve an average revenue growth rate of 372 percent over the last three years.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
Messi was named the top-earning footballer in the world by French newspaper L'Equipe earlier this year, claiming an estimated 8.2 million euros ($9.97 million) per month from Barca.
57% of the respondents indicated that their organisations did not conduct independent fraud risk assessment
In signs of acceleration in economic activity, India's tax collections on goods sold and services rendered returned to over Rs 1 lakh crore in July after the second wave of Covid-related restrictions caused a blip in the previous month. Goods and Services Tax (GST) mop-up grew 33 per cent year-on-year in July to over Rs 1.16 lakh crore, indicating that the economy is recovering at a fast pace. In July 2020, the collection was Rs 87,422 crore. This is the second highest collection so far this fiscal after a record Rs 1.41 lakh crore mop-up in April.
The analyst community tracking the Indian IT services industry took special note of Accenture's first quarter (Q1) performance, which showcased the rapid growth of its consulting business that outperformed its outsourcing business. Bookings indicate that the trend will continue. Consulting bookings increased 41.6 per cent year-on-year (yoy) to $9.4 billion, higher than the 17.6 per cent growth in outsourcing to $7.4 billion. The management commentary was also more bullish on the consulting business.
Premier League clubs enjoyed record revenues of 3.3 billion pounds ($4.76 billion) in 2014-15 thanks to broadcast deals that will be even more lucrative next season, according to Deloitte.
Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
Mukesh Ambani's Reliance group has struck acquisition deals worth $4.2 billion with a dozen companies in just two years to expand its retail business. The latest purchase was of a majority stake in Justdial for Rs 3,497 crore. Elaborating on his acquisition strategy a few weeks ago during the AGM, Ambani stated that one of the key planks would be to acquire businesses that enhanced Reliance's offerings and experiences to customers and that they would be both physical and digital.
A rare bonhomie among three private telecom companies in raising tariffs coming on the back of a bailout package by the government may have helped the telecom sector avert a crisis but the challenges haven't ceased to exist as the industry faces a cash-guzzling task of rolling out 5G networks in the coming months. The sector that provides direct and indirect employment to millions is projected to see Rs 1.3 lakh crore to Rs 2.3 lakh crore of investments in the coming years in creating robust infrastructure and building telecom and network products that have been incentivised by the government through PLI and other initiatives. After years of cut-throat competition and the apex court ruling on payment of past statutory dues left some players in the lurch, billionaire Sunil Mittal's Bharti Airtel and struggling Vodafone Idea almost in tandem raised tariffs, taking the plunge they had long been talking about.
DHFL has been generating funds through various means and has exited from its subsidiary units to tide over the current financial crunch.
A leap in commercial and broadcast revenue lifted Manchester United into second place behind Real Madrid on the list of the world's richest clubs in 2013-14, according to Deloitte's latest Football Money League.
The banks also received a warning from the rating agency Care, in February 2016, after Firestar's financials deteriorated.
Welcoming the latest round of stimulus announced by Finance Minister Nirmala Sitharaman on Thursday, experts said the measures will support the economic recovery boosting demand, job creation and by providing funds to the MSME and stressed sectors. The fiscal impact of the stimulus is likely to be around 0.25-0.6 per cent of GDP in the current fiscal, they said.
The divestment of Bharat Petroleum Corporation (BPCL) may hit a fuel price hurdle, according to officials dealing with the matter. They pointed out that the inconspicuous administered price regime could hamper the prospects for potential buyers of BPCL. A senior oil ministry official said public-sector oil-marketing companies (OMCs) take a hit when they sell petrol, diesel, and liquefied petroleum gas (LPG), three of the most popular petroleum products in the country.
Chief financial officers in the country are cautiously optimistic about the future and are neutral about their companies' performance in the short term, said the Deloitte India CFO Survey 2013.
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