Six years after the rollout of the biggest indirect tax reform in India, Goods and Services Tax (GST) revenue of Rs 1.5 lakh crore every month has become a new normal and tax officers are focusing on dealing with fraudsters who are adopting newer modus operandi to game the system, causing loss to the exchequer. To apprehend black sheep, who operate as syndicates and create fake entities on the basis of forged documents to claim input tax credit (ITC), tax officers have started using data analytics, artifical intelligence and machine learning aiming to curb evasion, which was over Rs 3 lakh crore since inception of GST. It was over Rs 1 lakh crore in 2022-23. Thinktank Global Trade Research Initiative (GTRI) said the most critical pending GST reform is upgradation of GST Network to prevent fake supplies and fraudulent claims of Input Tax Credit (ITC).
A pick of just 10 watchable (a couple of them admittedly in the so-bad-it's-fun category) foreign films starring Bollywood stars in significant roles are available to watch on streaming platforms.
In the domestic segment, demand is currently led by rural markets, oil and gas, LPG and B2C segments like roofing and sheeting.
Red chillies are not at all hot these days if the dwindling price of the commodity is of any indication.
Vanilla seems to be the flavour of the season, if you go by the claims made by Vanilla India Producers Company recently.
The country's textile industry is concentrated in a few pockets of Gujarat and Maharashtra in the west and Tamil Nadu and Karnataka in the south.
Micron plans an assembly testing, marking and packaging project of $1 billion, and talks are on to set up a memory chip plant for captive requirements.
The Swadeshi Jagran Manch (SJM) on Friday opposed a regulatory body's recommendation for environmental release of genetically modified mustard, calling it "dangerous" and urged the Centre to ensure that the crop's seed is not allowed to be planted "now or ever". In a letter to Union Environment Minister Bhupender Yadav, the RSS-affiliated organisation accused the Genetic Engineering Appraisal Committee (GEAC) of functioning in an "irresponsible fashion" and said the claims made in support of genetically modified (GM) mustard were "completely untrue, unsubstantiated and wrongly projected". "Swadeshi Jagran Manch has all along been opposing this dangerous and unneeded GM mustard being brought in through the backdoor as a public sector genetically modified organism (GMO)," organisation co-convenor Ashwani Mahajan said in the letter.
E-commerce in India could grow to $137 billion by 2020 from $11 billion in 2013, says Morgan Stanley, and firms like Amazon, local market leader Flipkart and rival Snapdeal, backed by Japan's SoftBank, are fighting for a bigger share.
After successfully working on the contracts for the Indian navy and army, the New Delhi-based JV is now poised to expand in the international market and some of the contracts are already in the pipeline, Brahmos CEO Sivathanu Pillai said.Many nations across the globe are taking keen interest in the deadly supersonic Brahmos cruise missile, which will remain unmatched at least for the coming decade.South Africa, Chile, Kuwait are in the waiting list.
Prime Minister Modi also made a veiled reference to China, saying the global order is based on the respect for the principles of the UN Charter, peaceful resolution of disputes, and respect for sovereignty and territorial integrity.
Parliament has cleared the Mines and Minerals (Development and Regulation) Amendment Bill, 2023, recently. The objective of the Act is to invite investments from the private sector, including foreign companies, for mining minerals such as lithium and other critical minerals. Other than lithium, some of these minerals were classified as atomic minerals, including beryl and beryllium, niobium, titanium, tantalum and zirconium.
The flight, carrying 216 passengers and 16 crew, landed safely, the Tata Group-owned private carrier said in a statement Tuesday evening.
He claimed China has a policy of keeping "hot spots like Taiwan, South China Sea and Tawang burning" in order to divert attention to its own failings.
Equity benchmarks shrugged off lacklustre global cues to clock smart gains on Tuesday, buoyed by strong buying interest in index heavyweights Reliance Industries and HDFC twins. However, a depreciating rupee and unabated foreign fund outflows capped the gains, traders said. The 30-share BSE Sensex rallied 562.75 points or 0.94 per cent to settle at 60,655.72.
Mangoes are likely to be expensive this year as the country's overall production is estimated to come down by upto 20 per cent because of crop damage in some states due to last month's unseasonal rains, industry body Assocham said.
Dealers of Tata Motors in most parts of the country have stopped placing orders for this small car in the last three-four months and the showrooms are displaying contemporary models such as Tiago, Tigor, Hexa and Nexon.
Without naming China or any other country, Singh said the "top-down approach" towards solving problems has never been sustainable, adding often it leads to "debt trap, reaction from the local population and conflict."
Maruti's results and the investor response indicate that quite a few stocks in the auto sector could be on the verge of a big bounce, says Devangshu Datta.
Buoyed by higher demand for crude oil and imported coal, Indian ports recorded a growth of 11 per cent in traffic during the April-June quarter of 2022-23. This shows that the economy is opening up, a report by DAM Capital said. The volume increase assumes significance since both prices of crude oil and imported coal have been soaring this year. Indian coal companies were pressed for supply amid a thermal coal crisis earlier in the year.
The order would ensure that the US fully collects all duties imposed on foreign importers that "cheat".
The S&P BSE Auto Index has been one of the biggest outperformers among sectoral indices over the past year with returns of 26 per cent. By comparison, the benchmarks - the National Stock Exchange Nifty50 and the S&P BSE Sensex - managed about 6-8 per cent during this period. Improving demand, falling raw material costs, and rising product realisations, led by the premiumisation of portfolios, have led to a revision of growth estimates and upgrades by domestic brokerages.
The Nikkei Markit India Manufacturing Purchasing Managers' Index (PMI) -- an indicator of manufacturing activity -- declined from 52.5 in April to a three-month low of 51.6 in May.
Maharashtra's Labour Minister Dilip Walse-Patil has sought a written submission from the General Motors' (GM) Employees Union and the management of the company detailing its stance on the issue of plant closure. The labour minister asked the warring sides for submission at a hearing on Tuesday. Both sides have been given a week's time to reply.
One of India's main export destinations, the euro zone, is struggling to revive its economy and battling disinflation.
Banks have become more vigilant over the past two weeks, with many more officials involved in loan approval and disbursal.
The Philippines, confronted with Chinese bullying in the South China Sea, have become the first foreign military to order the shore-based, anti-ship cruise missile.
'...The more the Pakistan army becomes weaker, then there is every possibility that terrorist groups may create more anarchy in Pakistan.'
Of the 23 companies, eight have raised funds after Shark Tank India.
The government has allowed import and export of COVID-19 vaccines without any value limitation, in order to ensure speedy clearance and distribution. The Central Board of Indirect Taxes and Customs (CBIC) has amended the regulations to facilitate the import/export of COVID-19 vaccines through courier, at locations where the Express Cargo Clearance System (ECCS) is operational. "Imports and exports of vaccines in relation to COVID-19 has been allowed without any value limitation," said the amended Courier Imports and Exports (Electronic Declaration and Processing) Amendment Regulations, 2020.
Foreign currency loans raised by Indian companies nosedived to $210 million in the September quarter (Q2), 93.3 per cent less than the year-ago period when five firms raised $3.1 billion. The Q2 amount is the lowest since December 2003 quarter when India Inc raised $191 million. Companies cited volatility in the currency markets, sharp rise in interest rates in the United States, and fund availability in India as the main reasons behind the sharp fall.
'In terms of semiconductors, challenges do remain in the pan industry, but I think we are much better than where we were a year or so back.'
India's manufacturing sector activity contracted for the third straight month in October amid falling levels of production and new orders, as the business climate within the country remained tough, an HSBC survey said on Friday.
The agency said in a statement that a provisional order has been issued under the Prevention of Money Laundering Act "attaching bank accounts of Amnesty International India Pvt Ltd (AIIPL) and Indians for Amnesty International Trust (IAIT)".
The survey showed firms passed on a greater cost burden to consumers. Prices charged rose at their fastest pace since October.
Mumbai-based Indian Semiconductor Manufacturing Company (ISMC) and Singapore-headquartered IGSS Ventures have one strategy in common: They have told the government in their application for semiconductor fabrication plants that they will export the bulk of the chips they make in India in the initial five or 10 years. The third applicant, Vedanta-Foxconn, which is also building a fab plant, has said it will concentrate on the needs of consumer electronics and mobile device markets, and earmark 80 per cent of output for domestic consumption, but has not specified its customers. Finding a viable domestic market could well be the biggest challenge for India's renewed tryst with semiconductors. Fab plants do not sell directly to end users but to intermediary chip design companies - such as Qualcomm or MediaTek.
Rajan said in order to export, one needs to be able to import things that go into those exports as cheaply as it can.
Hyundai Motor India said on Friday that its car sales rose by 42 per cent in July 2003 to an all-time high of 13,033 units
Negotiations for a trade deal between India and the UK have run into fresh controversy, after the proposals under a leaked chapter of the deal on intellectual property (IP) are believed to put access to affordable, lifesaving generic medicines from India at risk. According to the draft IP chapter put out by an international trade portal bilaterals.org, the UK is seeking continuous extension of patent period and rights through small tweaks in the drug, known as evergreening. This may prevent patents from expiring, impacting cheaper drug availability and its production by Indian generic drug manufacturers.
World Health Organisation (WHO) chief Tedros Adhanom Ghebreyesus on Wednesday thanked Union Health Minister Mansukh Mandaviya for announcing resumption of COVID-19 vaccine shipments to the COVAX global pool in October.
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