Top headlines: Govt withdraws spending curbs; direct tax mop-up grows 74%

Business Standard brings you the top headlines on Friday

FinMin withdraws spending curbs on ministries, depts

The Finance Ministry on Friday withdrew expenditure curbs on various departments and ministries imposed in June in the wake of the COVID-19 second wave, reflecting improvement in public finances and the urgency to step up growth.

The expenditure restrictions are being withdrawn with immediate effect following a review of the guidelines, said an office memorandum issued by the Economic Affairs Department of the Finance Ministry. Read more

Net direct tax mop-up grows 74% at Rs 5.7 trn so far this fiscal

Net direct tax collection grew 74.4 per cent to Rs 5.70 lakh crore between April 1 to September 22 this fiscal, the Finance Ministry said on Friday.

The net direct tax collection of Rs 5,70,568 crore after adjusting for refunds includes Corporation Tax (CIT) at Rs 3.02 lakh crore and Personal Income Tax (PIT) at Rs 2.67 lakh crore. Read more

CCI imposes Rs 750-cr penalty on United Breweries in beer price fixing case

Competition Commission on Friday imposed penalties totalling over Rs 873 crore on United Breweries Ltd, Carlsberg India, All India Brewers' Association (AIBA) and 11 individuals for cartelisation in the sale and supply of beer.

In its 231-page order, which comes nearly four years after ordering a detailed probe, the Competition Commission of India (CCI) has also directed the companies, association and individuals to "cease and desist" from anti-competitive practices in the future. Read more

Bitcoin falls 4.5% after China vows crackdown on cryptocurrency trading

Bitcoin, Ether and other digital tokens tumbled as China intensified its push to rein in crypto speculation and mining.

Bitcoin fell about 4% to $42,900 as of 10:39 a.m. in London. The losses were more severe in other coins, with Ether, EOS, Litecoin and Dash all falling more than 7%. Crypto-related stocks also came under pressure, with Marathon Digital Holdings Inc. tumbling 6% in U.S. pre-market trading. Read more