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The Economic Times
The Economic Times Not all states on board for fewer GST slabs
West Bengal and Karnataka oppose plans to reduce GST slabs from the current four, as discussions on rate changes for sectors like health insurance, online gaming, and beverages continue. More deliberations are expected before final decisions. The GST Council will address these concerns in its September 9 meeting.
The Economic Times Significant decline in job growth in FY24, IT & Textile sector labelled 'job destroyers': Report
India Inc. experienced a sharp slowdown in employment growth in FY24, with a mere 1.5% increase compared to 5.7% in FY23, according to a Bank of Baroda report. Only 90,840 jobs were added in FY24, down from 333,000 in the previous year. By March 2024, total employment across 1,196 companies reached 6.25 million, indicating a cautious approach by businesses amid economic uncertainty.
The Economic Times Dish TV penalised by BSE, NSE for lacking board strength
The latest notice dated August 21, 2024 is for not having proper composition of the Board and Nomination and Remuneration Committee, for June quarter 2024, it added.
The Economic Times ED conducts searches on premises of Religare's Rashmi Saluja, other officials
The Enforcement Directorate conducted searches at multiple premises linked to senior officials of Religare Enterprises, seizing documents related to allegations of fund siphoning from Religare Finvest. The investigation stems from a complaint alleging financial misconduct by former promoters and current officials. This has led to further scrutiny, including summoning Dabur India chairman.
The Economic Times Infosys tax status: IT's complicated
The Karnataka government withdrew a hefty ₹32,000 crore tax notice against Infosys, but the investigation continues under the Directorate General of GST Intelligence. The case, involving alleged IGST evasion, highlights issues within the GST enforcement mechanism's interpretation of the IT sector. Similar notices are anticipated for other IT companies in Bengaluru, Hyderabad, and Delhi-NCR.
The Economic Times Paytm-Zomato deal chips away at India’s Alibaba dream
Curiously, Paytm is selling its most profitable venture. Let’s not forget that payment has not been a profitable business for everyone. Ticketing was one of the primary businesses for Paytm where the margins are high as they charge conveyance fees. The company has 70 million customers in this segment.
The Economic Times Fibe CFO targets pan-India growth with new financial products and focus on tier-two and tier-three cities
Co-Founder and CFO Ashish Goyal said the company is set to launch several new products aimed at tapping into the education, healthcare, and insurance sectors.
The Economic Times Tax on external remittances reduces Indians' overseas spending by 44%
In June 2024, India's outward remittances plummeted by 44% to $2.2 billion, reflecting significant declines in travel, education, and family support expenditures abroad. Explore the latest trends here.
The Economic Times Forbidden no more: India begins OKing Chinese proposals
Prominent names that have recently got approval include Chinese electronics major Luxshare, which is also a vendor for Apple, and a joint venture (JV) between Bhagwati Products (Micromax) and Huaqin Technology, in which the Chinese company will own a minority stake. Other proposals cleared include some Taiwan-based firms listed in Hong Kong or having investments from there.
The Economic Times Success of Paytm biz acquisition hinges on effective customer transition, team integration: Zomato CEO
Zomato's purchase of Paytm's events and movie ticketing division hinges on effective customer transition and team integration, as noted by CEO Deepinder Goyal. The Rs 2,048 crore deal includes onboarding 280 employees. Initial operations will remain on separate apps, later merging into a new app, District, aimed at consolidating dining and event services.
The Economic Times Premji invest, Ranjan Pai team looks to board Akasa Air
Premji Invest and Claypond Capital are in discussions to invest approximately $125 million for a significant minority stake in Akasa Air, valuing the airline at over $350 million. This investment demonstrates confidence in Indian carriers, historically struggling to attract interest. The funds will support expansion and aircraft pre-delivery payments, diluting the Jhunjhunwala family and CEO Vinay Dube's stake. The investors are optimistic about Akasa's potential in the Indian market.
The Economic Times CCI nod sought for merger of Tata Motors Finance with Tata Capital
Tata Capital Ltd has applied to the Competition Commission of India for approval to merge with Tata Motors Finance Ltd. The merger, approved by both companies' boards in June, will see Tata Capital issuing equity shares to TMFL shareholders, resulting in Tata Motors holding a 4.7% stake. The move aligns with Tata Motors' focus on emerging technologies.
The Economic Times Inflation must slow to 4% for rate cut: RBI Governor Shaktikanta Das
Reserve Bank of India Governor Shaktikanta Das stated that inflation should settle near the 4% target sustainably before any rate cut can be considered. Although July saw a dip, inflation is expected to rise again from September. Current policy aims at price stability, economic growth, and reforms in various sectors.
The Economic Times 52% of MSME B2B payments overdue for 90+ days in major Indian cities: Recordent survey
As per the report, Mumbai demonstrated a much better payment behaviour with 29% of payments overdue for more than 90 days.
The Economic Times Inter-ministerial group to draw up MSME scheme
Finance minister Nirmala Sitharaman had announced an MSME package in the budget that included a credit guarantee scheme to cover loans of up to Rs 100 crore by MSMEs for purchasing machinery and a guarantee fund for 'stressed MSMEs' or MSMEs in the 'special mention account' to prevent them from becoming non-performing assets (NPAs).
