The Goods and Services Tax (GST) was passed in a joint session of parliament on 1 July, 2017. It is the biggest tax reform in the history of the country. GST’s rollout abolished a plethora of regional taxes and ushered in a unified indirect tax regime across the country. This change was expected to cut red tape, facilitate movement of goods and services across state borders and widen the tax base by bringing erstwhile evaders into the system via the input tax credit radar. It was a radical reform. Reforms…
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Business
UPI payments hit all-time high of 1.34 billion transactions in June !!
UPI payments had fell to 999.57 million in terms of volume with transactions worth of Rs 1.51 lakh crore in April, following the coronavirus-induced lockdown that halted almost all services, except essentials. Payments on Unified Payments Interface (UPI) in June hit an all-time high of 1.34 billion in terms of volume with transactions worth nearly Rs 2.62 lakh crore, as per National Payments Corporation of India (NPCI) data. On a month-on-month basis it registered a 8.94% growth from 1.23 billion in May. UPI payments had fell to 999.57 million in terms…
Read MoreSensex, Nifty record strongest quarter in 11 years
Bengaluru: The Nifty settled down 0.1% at 10,302.1 on Tuesday, while the benchmark Sensex slipped 0.13% to 34,915.8 after rising around 0.8% each during the session. Indian shares ended lower on the last day of its best quarter since 2009, led by losses in energy stocks, and ahead of Prime Minister Narendra Modi’s address to the nation. The Nifty settled down 0.1% at 10,302.1 on Tuesday, while the benchmark Sensex slipped 0.13% to 34,915.8 after rising around 0.8% each during the session. The Nifty closed over the quarter about up…
Read MoreGreen shoots in rural India set the stage for economic revival !!
Business leaders expect a normal monsoon, record sowing of summer crops, improved winter harvest and a raft of government measures to help farmers and boost rural incomes to boost demand for goods ranging from two-wheelers to tractors. Businesses are banking on a bumper harvest and high rural incomes to drive demand for goods after the Covid-19 pandemic stunted growth in the country’s cities, where most of the factories and offices are located. Business leaders expect a normal monsoon, record sowing of summer crops, improved winter harvest and a raft of…
Read MoreRupee settles flat at 75.65 against US dollar !!
The rupee opened on a strong note at the interbank forex market at 75.51 against the US dollar, but pared the initial gains and settled at 75.65 against the US dollar, unchanged against its previous close. The rupee pared initial gains and settled on a flat note at 75.65 (provisional) against the US dollar on Friday as concerns about rising Covid-19 cases weighed on investor sentiment. Forex traders said risk appetite has waned amid spike in fresh coronavirus infections globally. The rupee opened on a strong note at the interbank forex…
Read More‘Why import even Ganesha idols from China’: Nirmala Sitharaman in push for self-reliance !!
New Delhi: Finance minister Nirmala Sitharaman wondered if importing household products used everyday like a soap-box, plastic items or incense sticks used for pooja purposes would support self-reliance especially when such products were made locally by Indian firms and MSME(s). Finance minister Nirmala Sitharaman said on Thursday there was nothing wrong in imports to spur growth but wondered why even Ganesha idols should be bought from China. Importing raw materials that were not available in the country and needed for our industries was not wrong, she said addressing the BJP’s…
Read MoreSensex soars 300 points to reclaim 35,000-level in opening session, Nifty near 10,400 !!
New Delhi: Indian benchmark indices opened in green on Friday with BSE Sensex reclaiming 35,000-level with a jump of over 300 points in early trade while the broader Nifty was nearing 10,400-mark in early trade in line with global peers.At 9:30 am, Nifty was up at 1.02% or 104.45 points to trade at 10,393.35 whereas Sensex was about 0.86% or 300.36 points higher at 35,139.42. Gains on the Sensex were led by IndusInd Bank and Infosys. Kotak Bank, HUL and Sun Pharma were among the laggards. About 1001 shares have…
Read MoreIndia looks inward to save economy as crisis bites !!
New Delhi: Prime Minister Narendra Modi wants to make India more self-reliant, but if the experience over the past few years is anything to go by, it’s not going to be easy. Faced with disruptions to raw material supplies from China because of the Covid-19 pandemic and millions of job losses following a nationwide lockdown, Modi has ratcheted up calls to boost local manufacturing and reduce India’s reliance on imports. A shortage of personal protective equipment at the beginning of the outbreak increased his resolve — and within the space…
Read MoreCustom check for Chinese goods can worsen shortages of smartphones, laptops, TV !!
Kolkata: India’s move to check each and every consignment coming in from China will lead to delays and amplify shortages of smartphones, tablets, computers and televisions, said executives of leading brands and contract manufacturers. The disruption in the industry’s supply chain comes at a time when demand for these products is higher than supplies, they said. Three senior industry executives said supplies will be impacted for brands such as Apple, Xiaomi, Oppo, Vivo, OnePlus, RealMe, Lenovo and several online focused brands, as consignments for most of them are currently stuck…
Read MoreSequoia India Backs AI-Based Sales Solutions Provider In $8 Mln Round !!
Bengaluru: Salesken.ai, a start-up that provides artificial intelligence-based tools to improve sales, has raised $8 million in a Series A round from Sequoia India. The round also saw existing investors such as Unitus Venture and Michael and Susan Dell Foundation making a partial exit. Founded in 2019 by Sreeraman Vaidyanathan and Surga Thilakan, Salesken’s proprietary technology uses machine learning and data science tools to learn successful sales tactics and help teams with real-time intelligence to land more deals. The Bengaluru-based company said the new funds would be used for further development…
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