Author: Finance Khabar
Mumbai: The industry had earlier this year raised concern over the directive of recovery of about Rs 46,000 crore of unpaid interest on delayed GST payment. The interest was charged on gross tax liability. The GST Council, comprising centre and state finance ministers, in its 39th meeting in March had decided that interest for delay in payment of GST to be charged on net tax liability with effect from July 1, 2017, and law would be amended retrospectively. However, the Central Board of Indirect Taxes and Customs (CBIC) on August 25, notified September 1, 2020, as the date from which…
MUMBAI: The domestic stock market has been doing well today, amid mixed global signals. Both the Sensex and Nifty indices have closed with good gains. In today’s business, shopping has been seen in every sector except FMCG and Pharma. Auto stocks saw a great rise. There is also shopping in the bank and financial sector. At present, the Sensex gained about 230 points to close at the level of 39,073.92. At the same time, the Nifty also closed with a gain of 77 points at 11,549.60. All IndusInd Bank top gainer is Airtel top loser. Talking about global signs, the…
Chennai: The Madras High Court had, on August 18, refused to allow the reopening of Sterlite copper smelting plant in Tamil Nadu’s Thoothukudi, which has remained closed since April 2018 and disposed of the plea filed by Vedanta challenging the closure of the plant. The High Court had in January this year reserved its orders on the appeal of Vedanta-owned Sterlite Copper challenging the Tamil Nadu government’s decision to shut down its copper smelter in Thoothukudi and seeking the reopening of its plant. In April last year, the Supreme Court had dismissed a petition seeking reopening of the Sterlite copper…
The 2020 Honda Jazz BS6 has been launched in India. The new premium hatchback from the Japanese carmaker gets refreshed looks, updated styling, and new range-topping ZX trim. The 2020 Honda Jazz BS6 is available in 3 variants with prices starting at INR 7.49 lakh*. To enhance the overall visual appeal of the new Jazz, Honda has included several interesting features such as a chrome accentuated high-gloss black front grille, new LED headlamps with LED DRLs, and LED fog lamps. The Tata Altroz rival also gets revised front and rear bumpers. The signature rear LED wing light ensures that the…
New Delhi: The Telecom Regulatory Authority of India (TRAIP) on Tuesday issued a show-cause notice to Vodafone Idea over the contentious priority plan ‘RedX’, saying that offer is not in compliance with regulatory principles. In its notice, the regulator raised certain points regarding the plan which lacks transparency and is misleading. As per PTI, the regulator has asked Vodafone Idea to “show cause” by August 31, “as to why appropriate action should not be initiated against it for violating the extant regulatory framework by its RedX tariff plan”. If the company fails to answer regulator’s queries, the plan will be…
New Delhi: A report in the Australian Financial Review (AFR) first reported this, citing an internal staff meeting by Accenture CEO Julie Sweet in mid-August. India, which has the largest Accenture employee base of nearly 2 lakh employees, could see thousands of workers being affected by the move. Accenture told IANS that at this time, the company is not planning extraordinary global workforce actions. “Every year, as part of our performance process, we have conversations with our people about how they are performing, areas for improvement, their potential to progress, and whether they are a long term fit for Accenture,”…
MUMBAI: Domestic stock market today had a good start in the domestic market due to better global signals, but at the end of business, the edge was reduced. The American market was on record high due to increased hopes of treatment for Corona virus, which was supported by the market. Currently, the Sensex has gained 45 points at the end of trading and has closed at the level of 38,843.88. At the same time, the Nifty has also strengthened by 6 points and closed at the level of 11,472.25. Today, banks and financial stocks have continued to boom. Realty has…
New Delhi: Finance Minister Nirmala Sitharaman said on Tuesday that the two wheeler is neither a luxury item nor does it fall into the category of perishable goods. Therefore, a case for amendment in the Goods and Services Tax (GST) rate is made on this. In the meeting held with the Confederation of Indian Industry (CII), Sitharaman said that the matter of amending the GST rate on two-wheelers will be considered in the meeting of the GST Council. This information has been given in the statement issued by CII. It was also released later by a finance ministry spokesperson. Two-wheelers…
New Delhi: The road transport and highways ministry said it has made the use of electronic toll collection device FASTag mandatory for availing any discount in toll charges, including a return journey within 24 hours. The step has been taken to encourage the adoption of digital payments. “In order to further promote digital payments on the fee plazas on the national highways, it is decided that discount for users who make return journey within 24 hours and all other local exemptions shall be provided only if the vehicle carries a valid functional FASTag,” an official statement said. “For discount on…
New Delhi: On Tuesday, gold prices in India eased on global cues. Gold futures on MCX were trading almost flat, up only by 0.37 percent at Rs 51,459 per 10 grams and in the international market, spot gold was down 0.2 percent to $1,929.25 per ounce. Asian stock market, including indices of the stock exchanges in India, opened higher after Standard and Poor’s 500 and the Nasdaq Composite, both notched up to new all-time highs on the back of US regulatory approval for a blood plasma treatment for COVID-19. At the close of trading on Monday, the Dow Jones Industrial…
New Delhi: ICICI Bank announced the usage of satellite data to access creditworthiness of its customers in the farming sector. “This use of innovative technology helps farmers with existing credit to enhance their eligibility, while new-to-credit farmers can now get better access to credit,” it said in a statement. The private lender said that since the land verification will be done in a contactless manner with the help of satellite data, credit assessments can be completed in a few days instead of the industry practice of 15 days. It has already conducted a pilot study using satellite data for the…
New Delhi: RBI announced open market operation (OMO) as part of which it will carry out sale and purchase of G-securities worth Rs. 20000 crore in two tranches scheduled for August 27 and September 3. The two tranches will be worth Rs 10,000 crore each on multi-security auction using multiple price method, said RBI in a statement.”Eligible participants should submit their bids/offers in electronic format on the Reserve Bank of India Core Banking Solution (E-Kuber) system between 10:00 am and 11:00 am on August 27, 2020,” the RBI added. The results of the auction will be announced on the same…
Kirin Holdings Co and China Mengniu Dairy Co said that they have called-out their deal on the sale of the Japanese company’s wholly-owned Australian dairy firm Lion-Dairy and Drinks Pty Ltd to the Chinese company. This statement comes after the Australian Financial Review, last week, reported that the Australian government had decided to block the sale. Treasurer Josh Frydenberg said he had advised the buyer China Mengniu Dairy Co. that the sale of the Japanese company’s Australian subsidiary Lion Dairy and Drinks “would be contrary to the national interest.” “This follows the communication of my preliminary view to Mengniu Dairy…
New Delhi: Airtel chief Sunil Mittal has said that only two telecom companies can exist in the coming days. He said that this situation could arise due to economic crisis and only two telecom companies will remain in the country. Bharti Airtel chairman said, “Due to economic pressure on the telecom sector, business can be limited between two companies.” If the promoters of the third company cannot raise capital on a large scale, then it will be difficult to remain in the competition. Airtel has also been adversely affected. We have done rights issues and other ways to bring new…
New Delhi: According to the credit rating agency, the industry’s uneven, extended recovery will depend on a gradual improvement in demand as global economic activity picks up, particularly in the key consumption markets of China, Southeast Asia, and the US. The pandemic had increased the pressure on the large integrated oil and gas companies to adjust their product mixes and reduce their carbon footprints. These companies seek further opportunities to increase operations with lower carbon intensity, and with redoubled efforts to reduce break even production costs. Earnings for national oil companies (NOCs) will recover gradually over the next two to…
Tata Digital could launch a ‘Super App’ by December, which will integrate its consumer offerings on a single platform Tata Group operates ecommerce platform Tata CLiQ, online grocery store StarQuik and online electronics platform Croma. The new app will pit the company against rivals such as Reliance and Amazon Tata Digital To Launch ‘Super App’, Integrate Consumer Offerings Tata Digital, India’s oldest conglomerate Tata Group’s foray into the tech sector, is set to launch an integrated ‘Super App’ which will combine the company’s consumer offerings on a single platform. The new app is expected to pit the company against rival…
Giving a major relief to the Goods and Services Tax (GST), the central government has decided to exclude businesses with turnover up to Rs 40 lakh per annum. Earlier the exemption limit from GST was Rs 20 lakhs per annum. Apart from this, companies with annual turnover up to Rs 1.5 crore can take advantage of the composition scheme and they have to pay only 1% tax. The Finance Ministry tweeted and said, “Since the implementation of GST, the tax rate on most things has been reduced. Currently, the 28 per cent tax rate is limited to luxury goods. There…
MUMBAI: The domestic stock market has witnessed a great boom today amid better global signals. The market has received strong support from banks and financial stocks. Today, shopping has been seen in almost every sector except IT and Pharma. In today’s trade, the Nifty has reached close to 11500. At the end of trading, the Sensex has gained more than 364 points and has closed at the level of 38,799.08. At the same time, the Nifty has gained 95 points and closed at the level of 11,466. IndusInd Bank, Kotak Bank and Bajaj Finance were the fastest. There is pressure…
New Delhi: ShareChat said it has acquired Circle Internet for an undisclosed amount, a move that will help the homegrown social media app strengthen hyperlocal content on its platform.Backed by SAIF Partners and Venture Highway, Circle Internet provides locally relevant information to Indian language internet users across Tier-II and III cities and currently has a presence in more than 120 districts across Uttar Pradesh, Rajasthan, and Kerala. With the acquisition of Circle’s business, the existing 15-member team has joined ShareChat and will be contributing towards building a language-first, community-driven user generated hyperlocal content ecosystem, a statement said. The platform brings…
New Delhi: According to a regulatory filing by the company, GIC Pvt Ltd on account of Government of Singapore (GOS) and Monetary Authority of Singapore (MAS) sold a total of 93.30 lakh shares, amounting to 0.97 per cent stake in ZEEL on August 20. While GOS sold 56,76,912 shares aggregating 0.59 per cent stake, MAS sold 36,53,266 shares accounting for 0.38 per cent shareholding, the company said. Based on the closing price of Rs 199.45 per share on BSE on the day of share sale, the transaction is estimated to be valued at over Rs 186 crore. Prior to sale,…