Taking both direct and indirect taxes, the gross collection is expected to grow 10.45 per cent to Rs 33.61 trillion in 2023-2024.
Investments by private equity and venture capital funds into Indian entities fell by 69 per cent to $3 billion during July, a report said on Wednesday. The investments in July are the lowest for any month in a year, and lower than the $4.9 billion recorded across 118 deals in the preceding month of June, the report by industry lobby IVCA and consultancy firm EY said. Going by the number of deals, July 2022 recorded 74 deals, as against 134 deals in the year-ago period, the report said.
IAMAI in a statement, which represents digital businesses in India, said Trai's recommendation to formulate standards of anonymisation and de-identification was akin to putting the cart before the horse, and till such time the Srikrishna Committee submits the report, making these standards would be like groping in the dark.
GST collections jumped 15 per cent to nearly Rs 1.68 lakh crore in November, the finance ministry said on Friday. Goods and Services Tax (GST) mop-up was over Rs 1.45 lakh crore in November 2022.
Probable reasons that led to failure of the sale process include 24 per cent government stake and corresponding rights, high debt, volatile crude oil prices, fluctuations in exchange rate, changes in macro environment, profitability track record of bidders and restriction on bidding by individuals.
Bolstered by bullish investor sentiments, India witnessed companies mopping up a whopping $9.7 billion through initial share sales in the first nine months of 2021, the highest amount for the nine-month period in two decades, says a report. As many as 72 initial public offerings (IPOs) hit the stock market during the January-September period this year in India and strong sentiments were visible in the global markets as well, according to leading consultancy EY. EY, in its latest report, said the global IPO market continued to boom through Q3 2021 resulting in the most active third quarter by deal numbers and proceeds in the last 20 years.
Wants details of Vijay Mallya transactions over 4 years
Deepening the funding crisis that startups have been witnessing for some time, the October inflows plunged 75 per cent on-year to $3.3 billion across 75 deals, including six large deals worth $2.2 billion, according to an industry report. Exits touched half of the inflows at $1.6 billion across 15 deals in the reporting months, a significant improvement over the previous month which saw just $653 million worth of exits across 24 deals, but 69 per cent lower on-year basis, according to the numbers collated by EY for the Indian Private Equity & Venture Capital Association, the umbrella body the PEs and VCs. However, the report said, on a month-on-month basis, the inflows continued to grow, clipping at 60 per cent over the September numbers.
Auditors seem to have developed a heightened sense of risk and are not content to tick the boxes and sign the papers.
The central government has given banks and credit card entities six to eight months to put in place the requisite reporting mechanism and related features to collect tax at source on international credit card transactions, a senior bureaucrat told Business Standard. According to the bureaucrat, the plan to bring overseas credit cards under the Liberalised Remittance Scheme (LRS) has not been mothballed and is simply being deferred so that banks get adequate time to get the system up and running. The official expects the reporting mechanism to be ready in the given time, and the rule could be implemented in the next financial year (2024-25, or FY25).
Investments by private equity and venture capital funds (PE/VC) declined by 22 per cent in March to $4.6 billion spread across 107 deals, a report said on Wednesday. The deal activity showed an increase of 54 per cent by value at $15.5 billion across 360 deals, largely on the back of heightened activity in the startup space, the monthly report by IVCA and EY said. "While India's position as an attractive destination for PE/VC investments is expected to remain strong in 2022 given its high growth and macroeconomic and policy stability, the continuing geopolitical tensions, rising inflation, quantitative tightening by the US FED and inversion in the US yield curve are potential downside risks, making investors circumspect," Partner at EY Vivek Soni said.
Finding enough shows to air, creating content that gets people to pay and watch and wooing advertisers back into the fold are going to be the biggest challenges the M&E industry faces.
No major deals above the value of USD 300 million happened last month, causing the decline from January, which registered deals worth USD 3.5 billion, according to a report released by consultancy firm EY on Wednesday.
Falling valuations, slowing funding rounds and faltering investor sentiment seem to have prompted many start-ups to lay off employees in a bid to conserve cash. The latest to do so is SoftBank-backed Cars24, a leading e-commerce platform for pre-owned vehicles, which has laid off over 600 staff, according to sources in the know. The move, they said, is aimed at conserving cash amid cautious investor sentiment and a slowdown in funding.
Green Tomato Days are here. Make the most of them.
For IT services companies, ESG (environmental, social, and corporate governance) metrics are becoming a crucial component in winning deals as clients are considering sustainability a top priority and are keen to work with partners who are on the same page. "Sustainability is becoming an important part of the client's evaluation. "There is a tremendous focus across the world on sustainability, and it is becoming one of the top five business priorities.
Investments by private equity and venture capital funds in November stood at $6.8 billion across 102 deals, which is double by value when compared with the pandemic-impacted year-ago period but half of the bets in the preceding month of October, as per a report. In November 2020, such high-risk investors had infused $3.9 billion, while in October, the total investments had stood at $13.1 billion, the monthly data shared by industry lobby IVCA and the consultancy EY said. The overall investments in the first 11 months of the year have touched $72.6 billion, which is 53 per cent higher than the all-time high for a year achieved in 2020, it said.
Global professional services organisation Ernst & Young Services on Thursday said it will hire about 9,000 new workforce in India in 2021, in various technology roles across all member firms. These hires will be from the STEM (science, technology, engineering, and mathematics) background and in areas including artificial intelligence, machine learning, cyber security, analytics and other emerging technologies, EY said in a statement.
More people working in India's technology industry have lost their jobs in the first six months of 2023 than in the corresponding period in 2022.
An internship at EY is a dream come true for finance graduates, MBA, CA, and commerce students, says Sarvesh Agrawal.
The mysterious Himalayan 'yogi' who allegedly advised Chitra Ramkrishna, former managing director and chief executive officer of the National Stock Exchange (NSE), on important matters of the bourse could be none other than Anand Subramanian, according to a letter written by former NSE chairman Ashok Chawla to the Securities and Exchange Board of India (Sebi). Subramanian was group operating officer of the NSE and advisor to Ramkrishna during 2015-16. He joined as chief strategic advisor in April 2013.
Aviation watchdog DGCA will conduct a special audit of grounded airline Go First's facilities in the national capital and Mumbai from July 4 to 6 before approving the revival plan for resumption of flights, according to a senior official. Cash-strapped Go First stopped flying on May 3 and is undergoing a voluntary insolvency resolution process. Meanwhile, a senior executive at the airline expressed hope of resuming ticket sales -- which was paused by DGCA following the grounding of the carrier -- from July 7 or July 8 and subsequent relaunch of the operations from middle of next month.
Investments by private equity and venture capital funds declined by 22 per cent to $5.4 billion in June, as compared to the $6.9 billion in the year-ago period, a report said on Monday. However, if compared with May's $4 billion, the investments were higher by 33 per cent, the monthly report by industry lobby group IVCA and consultancy firm EY said. If one were to compare the inflows into companies in the first half of 2021, the investments were 45 per cent higher at $26.9 billion.
The critical information in the first quarter (Q1) gross domestic product (GDP) data relates to the proximity of real and nominal GDP growth rates at 7.8 per cent and 8 per cent, respectively. The implicit price deflator (IPD)-based inflation is only 0.2 per cent. This phenomenon has repeated after fifteen quarters.
'There is a need for an innovation sandbox where the PSBs can collaborate and then they can do their own innovation on top of it.'
The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters.
Union Minister of Road Transport and Highways Nitin Gadkari on Tuesday unveiled the prototype of the world's first Bharat Stage (BS)-VI-compliant electrified flex-fuel car, developed by Toyota Kirloskar Motor. The car, which runs on 100 per cent ethanol (E100), is based on the Toyota Innova HyCross. It can cover 40 per cent of its distance on ethanol and the remaining 60 per cent on electric, with the petrol engine shut off.
Investments by private equity and venture capital funds doubled to a record high of $9.5 billion in July mainly driven by higher investor interest in the e-commerce sector, a report said on Monday. Private equity (PE) and venture capital (VC) investments stood at $4.1 billion in the year-ago period. The activity was higher by 77 per cent when compared to June's $5.4 billion, the report on monthly PE/VC investment activity by industry lobby IVCA and consultancy firm EY said.
This is due to the newly formed Union Territories of Jammu and Kashmir, and Ladakh, which will get funds from the Centre's share, which means devolution will be for 28 states compared to 29 earlier.
Private equity and venture capital investments more than halved to $3.6 billion in May 2021 when compared to the preceding April's $7.5 billion and a third lower than the year-ago period's $5.4 billion, a report said on Monday. However, on a year to date basis, the venture investments by these two categories of investors have doubled to $20 billion for the first five months of 2021, the report by industry lobby IVCA and consultancy firm EY said, stressing that investors continue to remain bullish. It can be noted that the country underwent the ravages of the second wave of the pandemic since April this year.
Cancellation of at least Rs 3,000-crore worth of business has happened in the past few weeks.
...followed by financial services, IT, and sales and marketing.
Recently, Slice, a payment app, acquired a 5 per cent stake in North East Small Finance (NESF) for $3.42 million - the first such deal by a fintech in a small finance bank. Slice (valued at $1.5 billion, and backed by Tiger Global, Blume Ventures and Axis Bank) will technically get a toehold in a scheduled commercial bank if NESF were to get a licence to morph into one down the line Such a transition is well within the banking regulator's declared framework. The transaction has to be seen in a larger context.
GST taxpayers will be required to reverse by November 30 the input tax credit (ITC) claimed in the last fiscal in case their suppliers fail to deposit the due tax by September 30, the finance ministry has said. The taxpayers, however, can reclaim the ITC later following the deposit of taxes by the supplier. The ministry has inserted Rule 37A in Central Goods and Services Tax rules to give effect to the new provision.
The silver lining is that after two years, e-commerce has emerged as the top sector with $689 million in investments across 15 deals, accounting for 43 per cent of all investments in January 2021.
The surge in deal value is largely due to the $12.9 bn Essar-Rosneft deal
India Inc is not in the dark about moonlighting employees. According to a forensic accountant, companies can easily turn to experts and deploy digital tools that can be used to check if an employee is doing a second job or not - reaffirming fears of many who are wary of the practice in the context of the recent sacking of moonlighters by IT major Wipro. Arpinder Singh, global markets and India leader, forensic and integrity services, EY, said that EY had been involved with several companies to gauge moonlighting.
'It is nice that the banking system is in good shape.' 'It is a little early to call it too good because I think it was too bad in the past.'
India witnessed 22 initial public offers worth over $2.5 billion in the first three months of 2021 amid "high momentum" in the country's capital markets and the trend is likely to stay bullish in the current quarter also, according to a report. Leading consultancy EY India's IPO (Initial Public Offer) report released on Wednesday showed that consumer products and retail, diversified industrial products, automotive and transportation were the most active sectors in terms of the number of IPOs in the 2021 first quarter. The IPOs include both in the main as well as SME (Small and Medium Enterprise) markets.
The race for space has got real, and it is attracting funding like never before. In 2022 so far, funding to private players in the space sector has jumped a whopping 61.5 per cent - soaring to $108.52 million compared to $67.2 million in 2021. Propelling it is the government's decision to open up the space sector to private players and the work done by companies like Skyroot Aerospace, the Hyderabad-based start-up behind the launch of India's first privately developed rocket on November 18.
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