DEPARTMENT OF REVENUE
Airtel, Jio help telecom industry record 3.87% sequential growth in AGR in last quarter of FY24 to Rs 70,462 cr
The telecom industry saw a 3.87% sequential growth in adjusted gross revenue in the last quarter of FY24, driven by Airtel and Reliance Jio. Vodafone Idea and BSNL faced declines in mobile services AGR. Private telecom operators raised headline rates, leading to increased revenue. The Department of Telecommunications reported higher licence fee and spectrum usage charge collections. Broadband subscribers increased to 924.07 million, with wireless Arpu at Rs 153.54. Overall sectoral minutes of consumption and telephone subscribers also showed growth.
Tax refund season in North Carolina began in March: Why didn't you receive your refund yet? Here's what you should know
North Carolina had already started issuing tax refunds to its residents earlier this year but many are still waiting for their money, which has raised a lot of confusion and anger among them. There can be multiple reasons why tax refunds in North Carolina are taking too long, including issues with refund details, form types and more. Here are some details around this latest issue around tax refunds in North Carolina.
Government may be on target on telecom revenues despite weak auction
The Department of Telecommunications (DoT) is expected to earn around Rs 1.20 lakh crore in revenue receipts this fiscal, with state-run BSNL contributing significantly, despite a tepid response to the recent spectrum sale. The government is likely to retain its revenue target from the telecom sector in the upcoming budget, with estimates suggesting a significant portion will come from past auction dues, spectrum usage charges, and licence fees.
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
Pakistan's National Assembly passes Rs 18,877 billion budget for fiscal 2024-25
The budget, facing opposition, sets growth targets and tax revenue goals while addressing concerns about IMF loans and tax exemptions to aid economic growth.
Delhi govt to set up control room to monitor city's waterlogging situation after heavy rain
Bharadwaj said a round-the-clock control room is being set up at the PWD headquarters where senior officials will be present to monitor the waterlogging situation. Delhi government has started WhatsApp chatbot number 8130188222 and helpline number 1800110093 to register waterlogging complaints, he added.
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After iPhone, Foxconn’s next big revenue project in India is AI servers
Contract manufacturer Foxconn said it has plans to begin manufacturing AI servers—the high-performance computing engines that train and run artificial intelligence (AI) models—at its Indian facilities, sources told ET.
Indian Pharma exports: 'USD 10 billion opportunity up for grabs in off patent drug market by 2029'
A senior official of the Pharmexcil said drugs such as Merck's Pembrolizumab (Keytruda) whose revenue were at USD 25 billion and Bristol-Myers Squibb's Eliquis (Apixaban)-USD 12 billion, among others would be off-patented in the next few years.
We could stop beating about GST
States may need less convincing about basic reform of the GST with their reservations over revenue neutrality successfully laid to rest. The council can step up the pace of building consensus over converging the actual weighted average GST with the revenue-neutral rate proposed before the new tax was introduced.
DGFT, Revenue dept working on dedicated hubs to boost e-commerce exports
India's e-commerce exports are set to receive a boost with the establishment of designated e-commerce hubs by DGFT and the Department of Revenue to streamline the export process.
Salesforce, its partners expected to create 1.8 million new jobs in India by 2028: IDC report
Salesforce in India is set to create 1.8 million jobs and $88.6 billion in revenues by 2028 through AI-driven initiatives. The company's focus on public sector solutions and digital lending reflects its commitment to India's growth.
Curb on unfair GST demand recovery proceedings: GST official needs prior approval from higher authority to act within 3 months of demand
GST demand order: If you have received a GST demand order, you can either it pay it or file an appeal against it. However if GST officials believe that it is necessary to ask for early payment of the demand before the stipulated time period they can do so. However they need to give a justifiable reason to do so.
DRI clarifies 10% import duty on component imports, huge relief to industry
The Department of Revenue Intelligence (DRI) has clarified that components attached to the display assembly of mobile phones will attract a combined import duty of 10%, resolving a long-standing ambiguity. This decision affects parts like SIM sockets, side keys, and antennas when included in display assembly kits. This clarification, supported by the Ministry of Electronics and IT and the Prime Minister’s Office, aims to reduce litigation and confusion among manufacturers, customs officers, and the industry since the 2020 imposition of a 10% duty. The move is expected to aid the growth of the mobile phone manufacturing sector in India.
Puri firecracker explosion: Toll mounts to eight, 22 others undergoing treatment
The death toll in the explosion of a firecracker stockpile in Odisha's Puri rose to eight with two more casualties. The explosion took place during Lord Jagannath's Chandan Jatra. 30 people were injured, with 22 still receiving treatment. Chief Minister Naveen Patnaik ordered an inquiry and offered Rs 4 lakh ex-gratia to each victim's family. Officials are investigating the incident, with Puri Police filing a criminal case.
ABFRL Q4 Results: Net loss widens to Rs 266.35 crore YoY
Aditya Birla Fashion and Retail Ltd has reported a consolidated net loss of Rs 266.35 crore for the fourth quarter ended March 2024. The company had posted a net loss of Rs 194.54 crore during the January-March quarter a year ago, according to a regulatory filing from Aditya Birla Fashion and Retail Ltd (ABFRL).
Cyclone Remal: Rain lash Tripura, 11 flights cancelled
The India Meteorological Department (IMD) had issued a red alert in two districts - Sepahijala and Gumati - and an orange alert in the remaining six districts in view of the possible impact of cyclone Remal, they said. "Tripura received average rainfall of 40.73 mm on Monday with West Tripura district recording the highest of 59.50 mm. There is no report of any substantial damage or loss of life from any district except uprooting of trees and blockade of roads," said an official of the Revenue department.
Delhi govt to direct private, state-run hospitals to complete fire audit by June 8: Bharadwaj
Dr Naveen Khichi and Dr Aaksh arrested for running an unlicensed neonatal hospital without qualified doctors, where a fire killed newborns, as Health Minister Saurabh Bharadwaj addresses fire safety measures and compensation for affected families.
Adda247 logs 88% jump in revenue to Rs 243 crore
Google-backed edtech startup Adda247 saw strong growth in FY24, with revenue nearly doubling to Rs 243.39 crore from Rs 129.65 crore in the previous year. They also made significant progress on profitability, slashing their net loss by two-thirds to Rs 101 crore, down from Rs 296 crore in FY23.
Severe cyclonic storm Remal: Tripura issues red alert in four districts
"On Sunday, the chief secretary convened a meeting of the state executive committee of disaster management with all stakeholders to review the preparedness for 'Remal'. Officials from the revenue and meteorological departments, Airports Authority of India and security forces attended the meet," revenue secretary Brijesh Pandey told reporters.
Kerala rains: IMD issues Orange alert for three districts
Heavy rains continue to batter Kerala with parts of the state receiving over 200 mm of rain in 24 hours causing waterlogging in cities like Kochi and Thrissur. The India Meteorological Department (IMD) issued an Orange alert for three districts, including Pathanamthitta, Kottayam and Idukki districts. As many as 11 deaths have been reported due to rain-related incidents. Relief camps have been set up and efforts are underway to mitigate the impact of the ongoing heavy rains.
South Africa launches 'nomad visa' for remote workers
South Africa’s Department of Home Affairs introduces a 'nomad visa' for remote workers, with a 1 million rand income requirement. The move aims to assist major foreign-owned employers facing challenges due to delays in work permit processing and a shortage of skilled workers. Updates include a points-based system for general work visas and a reduction in police clearance certificate period.
Vodafone Idea’s AGR dues to plunge 46% if SC verdict on curative petition is favourable: Analysts
Vodafone Idea's AGR dues may drop by 46% to Rs 38,400 crore with relief on curative petition, analysts say. Vi seeks waiver of penalty component in AGR demand. Payment reduction could provide cash flow relief, but challenges remain with significant payouts ahead. Management hopeful for Supreme Court relief on AGR calculation errors. Financial restructuring and strategic partnerships planned for Vi's future growth.
Kerala govt activates emergency operation centres amidst heavy rains
Kerala government opens emergency operation centres in all districts to tackle heavy rains, mudslides, and issues warnings to tourists about possible landslides in hilly areas. Safety boards will be installed to warn travellers, and night travel bans may be imposed in hilly areas. District collectors address intense water logging, uprooting of trees, and Health Minister Veena George warns about epidemics.
Liquor, drugs, cash worth Rs 56 crore seized in Haryana since imposition of poll code
Law enforcement agencies in Haryana seized Rs 56 crore worth of drugs, liquor, and unaccounted-for cash since the Model Code of Conduct for Lok Sabha elections began on March 16. The seizures included cash amounting to Rs 11.50 crore, illegal liquor, narcotic substances, and items worth Rs 44.69 crore. Various agencies conducted seizures, with police seizing Rs 5.
Government working to help exporters deal with countervailing duty cases
The government is developing a verification system for exporters under the RODTEP scheme to ensure compliance with countervailing duties. This system will involve a joint mechanism with DGFT, DGTR, and DoR officials to check subsidy allegations on Indian products.
Government appoints Manoj Panda as 16th Finance Commission member
The appointment of Panda came after Artha Global Executive Director Niranjan Rajadhyaksha expressed his inability to join the Commission. Rajadhyaksha was named a full-time member on January 31, but later in February he expressed his inability to join as a member citing personal reasons.
Karuvannur-like 'scams' at 12 Kerala co-op banks, ED tells revenue department
Sharing its investigation report with the Department of Revenue, the ED has shared a list of 12 service co-operative banks where "similar irregularities have been observed" as in the case of Karuvannur Service Co-operative bank where ED already claims to have discovered "five undisclosed bank accounts" of CPM leaders, as first reported by ET on April 1.
Centre appoints 22 joint secretaries in different departments
Senior bureaucrat Deepankar Aron has been named joint secretary, department of chemicals and petrochemicals, Harish Kumar Vashisth will be joint DG, Directorate General of Civil Aviation and Siddharth Mahajan has been named as joint secretary in the department of commerce, according to a personnel ministry order.
Bombay HC grants relief to Godrej Industries in a Dispute against the Income Tax department
The Bombay High Court has ruled that the show cause notice issued by the revenue department against Godrej Industries was illegal due to a limitation. The company challenged the notice, which was issued during reassessment proceedings under an earlier notice. The court clarified that the time limit to issue a notice under Section 148 of the Income Tax Act 1961 was six years from the end of the relevant assessment year, which expired on March 2021 for the assessment year 2014-15.
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