Top headlines: Restructuring of I-T dept, highest-ever monthly exports

Business Standard brings you the top headlines of the day

'Faceless' authority proposes restructuring in Income-Tax department

The department tasked with administering the ambitious Faceless Assessment Scheme (FAS) has admitted that the scheme has not gotten off to a smooth start and has proposed a restructuring in the income tax (I-T) department to iron out the anomalies.

The National Faceless Assessment Centre (NaFAC) on Thursday shot off a letter to senior officials of the I-T department seeking a restructuring of the faceless system by merging the role of supervisory officers from the level of Commissioner of Income Tax (CIT) and above. Read more...

At $35 billion in July, India records highest-ever monthly exports

Outbound shipments grew by nearly 50 per cent over July 2020, which can be partly attributed to a favourable base. As compared to pre-Covid level, the growth was 35 per cent from July 2019. Merchandise exports and imports had plummeted in the first few months of 2020-21, with the imposition of lockdown measures to curb the spread of Covid-19. Read more...

Bharti Airtel, Reliance Jio close Rs 1,004-crore spectrum trading deal

Bharti Airtel on Friday said it closed a pact to transfer the 'Right to Use' of its 800 MHz spectrum in three circles to rival Reliance Jio for Rs 1,004.8 crore. In addition, Jio will assume future liabilities of Rs 469.3 crore relating to the spectrum. Read more...

Serum chairman Cyrus Poonawalla against using cocktail of Covid vaccines

Serum Institute of India (SII) chairman Dr Cyrus Poonawalla on Friday said he was not in favour of administering two different coronavirus vaccines for better efficacy. Read more...

Not a right time to implement next stage of emission norms: Maruti Suzuki

The country's largest carmaker Maruti Suzuki India (MSI) has said the implementation of the next stage of emission norms in the country from next year will force automakers to increase vehicle prices, leading to further drop in sales for the industry which has been reeling under a severe slowdown. The auto major also noted that people were finding it difficult to buy new cars as the prices have gone up significantly over the last few years. Read more...

No sweat for Vodafone Idea 4G customers even if telco goes under

If Vodafone Idea folds up, competing telcos have enough capacity to absorb its 4G customers but its 2G customers could face serious challenges, according to top telecom executives. Read more...