India is considering import duty cuts on components key to producing high-end mobile phones, two government officials said, which would potentially be a boost for companies like Apple and the country’s exports. Companies in the sector have been pushing for cuts on nearly a dozen components to reduce the cost of making smartphones in India […]
The Income Tax department reportedly levied a Rs 4,000 crore fine on Shree Cement following a survey indicating improper claims of Rs 8,500 crore over nine years. Conducted at five locations in June last year, the survey focused on deductions under section 80IA of the Income Tax Act from April 2014 to March 2023, as […]
The Reserve Bank of India (RBI) has extended the deadline for the implementation of a new penal charges regime by three months from 1 January 2024 to 1 April 2024. This extension applies to new loans, while existing loans must be switched to the new penal regime by 30 June 2024. It is important to […]
Delhi Chief Minister Arvind Kejriwal on Tuesday granted permission for 32 more shops and commercial establishments to operate 24 hours, an official statement said. According to the initiative, it could provide new job opportunities for young people as well as boosting economic activity in Delhi, it said. The Delhi labour department suggested to the CM […]
The Reserve Bank of India (RBI) on Monday said that 97.38 per cent of the Rs 2000 banknotes in circulation as of 19 May 2023 have been returned. The latest data reveals that the total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore as of 19 May 2023, when the […]
The gross goods and services tax (GST) collection increased by 12 per cent year on year from April to December 2023, reaching Rs 14.97 lakh crore when compared to the previous year’s collection of Rs 13.40 lakh crore during the same period. The average monthly gross GST collection for the first nine months of this […]
In the wake of the Russian invasion of Ukraine, the 12th package of sanctions over the import of Russian diamonds into G7 countries and restrictions on deliveries of diamonds to the European Union came into effect today, Russian News agency TASS reported on Monday. It said in its report that G7 nations announced the introduction […]
Food delivery platform Zomato revealed on Sunday that it has been served with notices from tax authorities in Delhi and Karnataka regarding purportedly insufficient payment of goods and services tax in 2018, amounting to Rs 4.2 crore. Zomato, in a filing with stock exchanges, stated its intention to contest the tax demand notices and emphasised […]
In the face of international scrutiny, India has staunchly defended its substantial purchases of Russian crude oil since the onset of the Ukraine war. A recent report from a parliamentary panel highlighted that all import deals were executed within the scope of Western sanctions imposed on Moscow for its involvement in the conflict, as per […]
Union Minister For Commerce and Industry Piyush Goyal announced on Thursday that the National E-commerce Policy is in its final stages of discussion and is poised for imminent announcement. Addressing the media at a press conference, Goyal stated, “It is in the final stages of discussion at the highest level in the government. We hope […]
