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The Economic Times
The Economic Times GST on health & life insurance fetched Rs 21,000 crore in 3 years, government tells House
Responding to a Parliament question, junior minister for finance Pankaj Chaudhary said another Rs 3,274 crore was received as GST from reissuance of health policies during last three years.
The Economic Times Emirates, Lufthansa, and other foreign airlines fly into trouble with Rs 10k cr GST shock
The Directorate General of Goods and Services Tax Intelligence sent notices to 10 foreign airlines over alleged ₹10,000 crore unpaid taxes. Airlines like British Airways and Emirates are accused of not paying taxes on imported services by Indian branches. This issue covers the period from July 2017 to March 2024, sparking an investigation that began in August 2023.
The Economic Times Karnataka authorities withdraw GST notice sent to Infosys, direct the company to ...
Infosys received relief after Karnataka state tax authorities withdrew a Rs 32,403 crore GST demand. The company has been instructed to respond to the central GST intelligence agency, DGGI, instead.
The Economic Times A new discussion on GST begins after Gadkari's letter to Sitharaman strikes a chord with many
Approximately six months ago, a parliamentary standing committee led by Jayant Sinha also highlighted the need to reduce GST on health and term insurance. The current tax environment imposes significant levies not only on insurance but also on other essential services such as telecom, which also attracts an 18 per cent GST.
The Economic Times Nifty fear gauge India VIX jumps over 60%, biggest surge since 2015
Fearing a US recession, investors fled riskier assets, leading to a significant drop in Indian equity markets. The Sensex plummeted 2,600 points and the Nifty fell below 24,000 in early trading, due to heavy selling pressure on blue-chip stocks.
The Economic Times Jyothy Labs’ CFO Sanjay Agarwal resigns
Agarwal's resignation follows his decision to pursue an external opportunity, according to a statement from Jyothy Labs.
The Economic Times India’s Services PMI at 60.3 in July, rise in Output Prices at 11-year high
The overall rate of charge inflation climbed to a seven-year high, stated the report.
The Economic Times Finance ministry asks state-owned insurance companies to focus on profitable businesses
The finance ministry directed state-owned general insurers to focus on profitability over top-line growth. Following Rs 7,250 crore in capital infusions, companies like Oriental Insurance saw profitable turnarounds. Efforts now prioritize profitable lines of business, exiting loss-making segments such as motor and health insurance, aiming for sustainable improvements without further capital infusions.
The Economic Times Deloitte India aims to be first Big 4 firm to hit ₹20,000 crore revenue by 2027, says South Asia CEO
Deloitte India planned to double its revenue to ₹20,000 crore by 2027 after reaching ₹10,000 crore in FY24 with a 30% growth rate. CEO Romal Shetty emphasized expanding in consulting, risk advisory, and new sectors like semiconductors. The firm aims to strengthen its presence in tier II cities and has made strategic investments.
The Economic Times Govt committed to fairness, simplicity in tax system: Revenue secretary
Revenue Secretary Sanjay Malhotra on Saturday said the government remains committed to fairness, simplicity and equity in the tax system.
The Economic Times IDBI Bank sells distressed Rs 6151 cr portfolio to Omkara ARC
At inter-se bidding held on Saturday (August 3), Omkara ARC gave the highest offer of Rs 652 crore, outbidding government-promoted National Asset Reconstruction Company Ltd (NARCL). For IDBI Bank, the distressed portfolio sale equates to a recovery of 10.5%, which will be reflected in its second-quarter earnings.
The Economic Times New service quality rules tough, will hike cost burden: Telcos
Telcos in India are expressing concerns over new service quality rules set by the Telecom Regulatory Authority of India (Trai), which they believe will increase their cost and compliance burden. The rules will come into effect from October 1, and telcos will raise the issue with telecom minister Jyotiraditya Scindia soon. The industry claims that no regulator in similar economies has introduced such norms, and that while the rules will entail a cost burden, the benefits on consumers won't be great.
The Economic Times GST demand on development rights push landowners into legal dilemma
The dispute over GST on transfer of development rights resurfaces as authorities demand landowners pay taxes on joint development agreements with developers, potentially impacting major property markets. The focus is on whether GST applies to land transactions and who is responsible for payment. Landowners face confusion as developers try to shift tax burden. Legal battles loom as tax authorities issue notices, adding to financial strain and judicial backlog.
The Economic Times DIIs close in on FIIs in high-stakes battle
In the April-June quarter, the difference between foreign and domestic institutional investors' ownership in Indian companies hit a record low of 115 basis points. The share of foreign investors dropped to 17.38%, a 12-year low, while domestic investors' ownership rose to a record high of 16.23%. The gap was widest in March 2015.
The Economic Times Slowdown, likely rate cut in US will drive foreign investment to India: Experts
Fitch Ratings indicated that elevated US interest rates have started to affect the labor market and consumer demand, predicting a slowdown in 2024. Political uncertainties and geopolitical tensions continue. In India, potential US rate cuts could boost foreign investments due to India's strong growth and fiscal policies, drawing investor interest.
