In its audit report of government accounts, the Comptroller and Auditor General (CAG) flagged that Rs 47,272 crore of GST compensation cess was to be credited to the non-lapsable GST Compensation Cess collection fund for payment to states for loss of revenue due to implementation of GST since 2017, but the government did not do … Continue reading Centre used GST compensation cess elsewhere: CAG

In another major reform in the Income Tax (I-T) department, the Central Board of Direct Taxes (CBDT) on Friday launched faceless income tax appeals where all future appeals in tax dispute cases will be resolved only through e-mails, e-inquiries or e-hearings.

The government plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as it seeks to promote the use of electric vehicles and cut down its dependence on oil, according to a government proposal seen by Reuters.

Vodafone Group Plc has won an international arbitration case against the Indian government in a $2 billion retrospective tax dispute, sources said. The tribunal ruled that the Indian govt’s imposition of a tax liability on Vodafone is in breach of the investment treaty between India and the Netherlands. Earlier this month, the Supreme Court gave … Continue reading $2bn dispute: Voda wins arbitration against India

The finance ministry on Friday said that public sector banks (PSBs) have on-boarded about one crore customers on digital payment modes in just one month of the launch of ‘Digital Apnayen’ campaign. The campaign, aimed at encouraging customers to use digital banking channels, was launched on August 15 under the aegis of the government’s Digital … Continue reading PSU banks on-board 1cr a/c holders in a month

Tata Projects, Adani Group, Larsen & Toubro, and GMR Group were among 43 prospective bidders who attended a pre-bid meeting on Friday for the redevelopment of Chhatrapati Shivaji Maharaj Terminus (CSMT) of the railways in Mumbai, a UNESCO World Heritage site.

Reliance Jio on Friday said its customers will be able to access mobile services during international flights after the aircraft reaches a height of 20,000 feet. Jio has become the first Indian mobile operator to have started in-flight voice calls, SMS and data services.

Equity market investors became richer by Rs 3,52,020.53 crore on Friday as benchmark indices made a strong comeback after falling for almost a week. Snapping its six-day falling streak, the BSE benchmark index jumped 835.06 points or 2.28 per cent to close at 37,388.66.

The country’s foreign exchange reserves increased by $3.378 billion to touch a lifetime high of $545.038 billion in the week ended September 18, RBI data showed. In the previous week ended September 11, the reserves had declined by $353 million to $541.660 billion.

In order to check banking fraud, the RBI has decided to introduce from January 1, 2021, the ‘positive pay system’ for cheque, under which re-confirmation of key details may be needed for payments beyond Rs 50K. Availing this facility would be at the discretion of the account holder. However, banks may consider making it mandatory … Continue reading Positive pay system to come into effect from Jan 1: RBI

India’s economy may experience a record contraction in the current financial year mainly due to the global Covid-19 pandemic, and the real GDP growth is expected to recover from next fiscal onwards, according to a report by global rating agency S&P. The weak fiscal settings will worsen further this year, constraining the government’s ability to … Continue reading ‘Economy to see record contraction in 2020-21’

The government on Friday said it will consider all options, including legal remedies, with regard to Vodafone arbitration case which went in the company’s favour. British telecom giant Vodafone Group plc won the arbitration case against the Indian government over a demand for Rs 22,100 crore in taxes using retrospective legislation.

Covid-19 has altered the travel industry “irreversibly”, with 60% of Airbnb’s business now coming from outside of the cities, said co-founder Brian Chesky. “There is a general shift in consumer taste, at least right now, which is…shifting away from things that are really big, mass and industrial to things that are smaller, more intimate and … Continue reading 60% of biz from outside of cities, says Airbnb CEO

Analysts say that the Covid-hit industry is banking heavily on new models to steer out of the slowdown as pressure on economy, job losses and salary cuts have broadly kept buyers nervous.

For over four years the government has been maintaining that it was drafting a mandatory code on ethical marketing of pharmaceuticals with penal provisions since the voluntary code had not worked. But it has now admitted in Parliament that it has no intention of making the code mandatory.

The National High-Speed Rail Corporation (NHSRCL) on Wednesday opened the bids for first tender entailing an investment of around Rs 20,000 crore for construction work for the Ahmedabad-Mumbai bullet train project. All the bidders for this 237 km length of the mainline falling in Gujarat are Indian companies.

Saudi Arabia has partially relaxed its suspension order for travel to and from India. It has allowed schedule flights to fly passengers to India. However, the temporary suspension on passengers going from India to Saudi continues. This is a partial relaxation from an earlier order that suspended all travel to and from corona outbreak hotspots … Continue reading AI Express to fly passengers from Saudi to India

The new provisions relating to tax collection at source (TCS) kick in from October 1. The dire economic situation arising out of the pandemic and certain ambiguities in these provisions has led several CA associations to make a joint representation to the finance minister.

Facebook on Thursday said it has tied up with early stage venture capital fund Matrix Partners to scale small businesses in India by providing them with digital skills. The tie-up is a part of Facebook’s VC Brand Incubator Program that collaborates with venture capital funds to help early-stage small and medium businesses (SMBs) to maximise … Continue reading FB ties with Matrix Partners India to scale up SMBs

Twenty-two foreign airlines have partnered Mukesh Ambani’s Reliance Jio for inflight internet connectivity in Indian skies. The telecom major, which is among the Indian companies that got the in-flight connectivity licence, has also announced three onboard data plans all of which have a validity of a day with prices ranging from Rs 499 to Rs … Continue reading Reliance Jio announces inflight data plans

Nicknamed “Lone Wolf” for his eschewing of politics and clubby business groups, Zhong’s fortune has jumped $51.9 billion in 2020, more than anyone else in the world except Amazon.com Inc’s Jeff Bezos and Tesla Inc’s Elon Musk. Zhong Shanshan’s net worth reached $58.7 billion on Wednesday, $2 billion more than Jack Ma.

Airlines are now free to implement their own check-in baggage policies. When domestic flights were allowed on May 25 after a two-month lockdown suspension, the aviation ministry had asked airlines to allow one check-in bag of up to 20 kg per passenger.