GST evasion of Rs 14k crore detected in April-May

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28% GST on e-gaming, casinos is here to stay

Ruling out any change in the proposed 28% GST on online gaming and casinos, government sources said it is prudent to stick to levying tax on the gross value as any other method comes with complications in businesses that lack transparency. The gaming industry has been seeking a review of last month's GST Council decision, arguing that the levy is too steep and will hurt business.

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Read my Lips! Offices open door to inflation in beauty products

Return to office and a possible 'lipstick effect' might be contributing to higher inflation in beauty products and services. Prices of beauty products and services grew at 6.3% on average in the April-June period compared to 6.5% in FY23, according to official data.

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Cognizant sees exit of old guard after Ravi Kumar's entry

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'A $1 difference can boost Scotch imports'

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70 startups cut over 17k jobs in 1st half of 2023

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TCS revamps senior management under CEO Krithivasan

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NFRA bans Coffee Day auditors, slaps penalty

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Ethnic violence drags down Manipur exports by nearly 80%

Manipur is famous for fabrics like moiraingphee, leirum, lasingphee and phanek, which have good demand in the US, Europe and Singapore.

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RBI may maintain status-quo on interest rate, say experts

The Reserve Bank is likely to maintain status-quo on the key interest rates for the third time in a row in its upcoming bi-monthly policy review despite the US Federal Reserve and the European Central Bank hiking benchmark rates, as domestic inflation is within the RBI's comfort zone, say experts. The borrowing cost which started rising in May last year has stabilised with RBI keeping the repo rate unchanged at 6.5 per cent since February when it was raised from 6.25 per cent.

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393 infra projects show cost overruns of Rs 4.64 lakh cr in June

Over 390 infrastructure projects with an investment of more than Rs 150 crore each have faced cost overruns totaling Rs 4.64 lakh crore in June 2023, according to a report by the Ministry of Statistics and Programme Implementation. Reasons for time overruns as reported by various project implementing agencies include delay in land acquisition, delay in obtaining forest and environment clearances, and lack of infrastructure support and linkages.

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India's per capita income seen growing nearly 70% to USD 4,000 by FY30

India's per capita income is likely to grow by nearly 70 per cent to USD 4,000 by FY 2030 from USD 2,450 in fiscal 2023, helping it become a middle-income economy with USD 6-trillion GDP, stated a report.indicators

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As many as 5.83 crore ITRs filed for 2022-23 fiscal

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40% work on Zojila tunnel over; terrain, weather challenges push completion deadline to 2030

The deadline for completion of the 13 km-long Zojila Tunnel, the longest of its kind in Asia and at the highest altitude, has been pushed back to December 2030 due to difficulties posed by weather and terrain. The tunnel project, running through the Zojila Pass at an altitude of 11,578 feet on the Srinagar-Kargil-Leh National Highway, is of strategic importance as highway closures during winter due to snowfall cut off the Ladakh region from Kashmir.

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Govt to get significant stake in HPCL post preference issue

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Hostel rent, PG accommodation to attract 12% tax

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Cost and time overruns of infra projects underreported: MoSPI

"It has also been observed that project agencies are not reporting revised cost estimates and commissioning schedules for many projects, which suggests that time/cost overrun figures may be underreported," the ministry said, adding that it will come up with revised cost estimates for 34 projects.

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AMD brings $400 million to design semiconductors

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Rains may dip in August, but crops won't be hit: Experts

As the soil moisture has risen in July, lesser August rainfall won't negatively impact the crops, said agricultural experts.

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ONGC offers one-time settlement to end disputes

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Parliamentary panel for forward-looking surveys on private capex

In a report on the action taken by the government on its various earlier suggestions, the panel headed by BJP leader Jayant Sinha has also asked the government to closely monitor the progress of its capital expenditure to ensure that actual spending is in sync with the record budgetary outlay and achieve desired multiplier effect on economic growth and employment.

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India-ASEAN free trade agreement most ill-conceived: Piyush Goyal

India's Commerce and Industry Minister Piyush Goyal criticised the previous governments for not doing enough stakeholder consultations on free trade agreements, saying the India-ASEAN FTA was "most ill-conceived" and unfairly favoured imports. Goyal also said India opened its markets to Japan and Korea but has not seen an increase in exports to those countries.

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Govt to divest 5.4% in RVNL through offer for sale

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Discretionary demand on the mend in June-July; cos see full recovery in second half of fiscal year

Companies in India's discretionary consumption sectors, including electronics and retail, have reported a recovery in sales volumes since June on a year-on-year basis, which further improved in July. This could be attributed to eased inflation and a stronger manufacturing industry since April and May.

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KKR-backed Highways Infra Frontrunner to win ToT 12 road asset

The projects have strong counter parties - NHAI for four projects and Ministry of Road Transport and Highways (MoRTH) and Madhya Pradesh Road Development Corporation (MPRDC) for one each, said a recent Crisil report. The toll road projects have a long tolling track record between 8 to 14 years, while the annuity projects have a track record of receiving 26 and 20 semi-annual annuities without any material deduction.

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Monsoon woes: Sugarcane shortage likely to dilute ethanol blending

Erratic and uneven rainfall this year has affected sugarcane and rice cultivation in the country, which means less will be available for the distilleries. State-run Food Corporation of India (FCI) has already stopped supply of rice for ethanol production owing to an expected shortfall of rice for general consumption.

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US Fed raises interest rates, leaves door open to another hike

The Federal Reserve raised interest rates by a quarter of a percentage point on Wednesday, citing still elevated inflation as a rationale for what is now the highest US central bank policy rate in 16 years.The rate hike, the Fed's 11th in its last 12 meetings, set the benchmark overnight interest rate in the 5.25%-5.50% range, and the accompanying policy statement left the door open to another increase.

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India readies for talks with EU on refurbished items

Brussels has insisted that such items should be treated at par with new ones and be eligible for tariff concessions, while New Delhi has concerns it will lead to dumping of e-waste and impact India's domestic manufacturing.

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Adani stocks jump, market capitalisation up Rs 51,000 crore in 1 day

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ICAR Sees Normal Paddy Sowing This Season

India's National Rice Research Institute has allayed fears of further increases in rice prices following normal sowing of the crop for the Kharif season. The institute's director, AK Nayak, said there was little cause for worry about the paddy crop despite excessive rainfall and flooding in some parts of the country and rainfall deficiencies in other areas.

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Assessment of 1 lakh I-T notices to end by March: Sitharaman

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RIL to buy 33% in Brookfield, Digital Realty data centre JV

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Rs 1.1 lakh crore GST dent from 26k invoice fraud: Finance ministry

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Drug companies on toes amid glare on USFDA

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Maruti recalls over 87,000 cars over steering woes

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Don’t be harsh in loan recovery: Finance minister Sitharaman to banks

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I-T lens on use of multiple PAN cards in weddings, big purchases

Sale and purchase of goods or services exceeding ₹2 lakh in cash must be reported on form SFT-013 by the seller. As per the board's plan, details of which have been shared on some tax platforms and are being discussed in industry circles, such transactions need to be inspected closely since it has noticed rampant circumvention of this provision.

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NREGS outlay for FY24 may see steep hike with 58% used in Q1

The Centre may have to sharply increase the outlay for its flagship rural job guarantee scheme, with 58% of the budgeted Rs 60,000 crore for 2023-24 used up in the first quarter itself, an official indicated. Almost steady work demand and up to 10.4% hike in wage rates under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) have kept expenditure under the programme elevated, the official told ET on condition of anonymity.

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Bain to buy 90% stake in Adani Capital and Adani Housing

US-based investment firm Bain Capital said on Sunday that it has entered into an agreement to acquire 90% of Adani Capital and Adani Housing, buying out all of the Adani family's private investments in the company.Gaurav Gupta will retain the remaining 10% stake in Adani Capital and will continue to serve as its Managing Director and CEO, Bain said.

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Reliance Retail revamping Trends stores with new-age, tech-enabled features

Reliance Retail said it is revamping Trends fashion stores across the county by adding contemporary and tech-enabled features ranging from self-checkout counters to electronic shelf labels to attract customers of younger generations. Reliance Retail is revamping around 150 Trends stores pan-India with a new brand identity. The stores will have a new look right from the façade to fixtures, lighting, ceiling and flooring, becoming more aspirational for shoppers, the retailer said.

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India's engineering exports see mixed fortunes in June; trade with Russia surges: EEPC

India's engineering exports declined by 11% YoY to $8.53bn in June 2023, with shipments to the US, the EU, and China leading the drop, according to the Engineering Exports Promotion Council of India (EEPC). Exports to the US fell to $1.45bn, a 12.5% dip; to the EU slumped by 16.2% to $1.51bn and to China fell by 20% to $184m. However, exports to Russia reached $116.9m in June, with a four-fold surge in YoY exports cumulatively from April to June, totalling $337.4m. EEPC said the global steel demand slowdown was the key reason for the downturn.

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HDFC Bank expects 17-18% credit growth this year

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No special policy for Tesla: Govt official

The government is unlikely to establish a separate policy to incentivise Tesla to operate in the country, according to a government official. Alternately, the carmaker can apply to existing schemes such as the production-linked incentives scheme for advanced chemistry cell batteries and auto-industry related PLI scheme.

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Govt officers entitled to mobile, laptop costing up to Rs 1.3 lakh

The Indian government has allowed central government officers to be issued mobile, laptop or similar devices with a cost limit of Rs 1.3 lakh, which can be kept by them for personal use after 4 years. According to the guidelines, all central government officers of deputy secretary and higher rank are eligible for such electronic devices.

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FPIs stay invested in Indian equities; put in Rs 43,800 crore this month

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ICICI Q1 profit zooms 40% to Rs 9,648 crore, Kotak jumps 67%

ICICI Bank has reported a record net profit of Rs 9,648 crore in Q1-2024—a 39.7% increase from Rs 6,905 crore in Q1-2023. Meanwhile, Kotak Mahindra Bank exceeded analyst estimates to report a 67% jump in standalone net profit at Rs 3,452 crore for the June quarter. On a consolidated level, the profit grew 51% to Rs 4,150 crore. Another private lender, Yes Bank, said its net profit rose 10.3% to Rs 342 crore.

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Ravi Ruia buys London mansion for Rs 1,200 crore

Billionaire Ravi Ruia bought a £113 million (about Rs 1,200 crore) London mansion linked to Russian property investor Andrey Goncharenko in one of the UK capital’s biggest residential deals in recent years. The family office of Ruia, who co-owns Essar Group, purchased the Hanover Lodge mansion overlooking Regent’s Park at 150 Park Road this month through a sale of the home’s Gibraltar-incorporated holding company, according to a person familiar with the matter.

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Reliance Q1 profit falls 6% to ₹18,258 crore on higher costs

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Sunflower oil, wheat prices up as Russia ends Black Sea grain deal

Shipments of sunflower oil to India have stopped after Russia on July 17 said it was pulling out of the year-old deal that allowed shipments of grains and other foodstuffs to move past the Russian naval blockade in the Black Sea.

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PFC, REC extend Rs 3 lakh crore funding for green energy projects

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