 "taxes, tax, taxing, audit")
Revenue boost: FY23 net direct tax collection exceeds Revised Estimate
Direct tax collection rose 17.63 per cent to Rs 16.61 trillion in FY23, exceeding the Revised Estimate (RE) on this count slightly, the provisional data released by the finance ministry on Monday showed. Collection was Rs 14.12 trillion in FY22. Collection was Rs 14.12 trillion in FY22. The strong growth reflects improved business performance amid external headwinds. The mop-up could help the government meet its fiscal deficit target for FY23. Read more...
Semiconductor chip shortage may derail automakers FY24 production plans
Even as India’s passenger-vehicle sales touched a record high of 3.9 million units in 2022-23, growing 27 per cent over the previous financial year, the country’s largest carmaker, Maruti Suzuki India (MSIL), said on Monday uncertainties in the electronic-component supplies might affect production in FY24.
MSIL said the shortage of electronic components had some impact on production in FY23. Read more...
Centre's grievance appellate committee to hear pleas against gaming SRBs
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A government-appointed grievance appellate committee (GAC) will handle complaints against self-regulatory bodies (SRBs) for the online gaming sector to solve any disputes on their decisions on matters like membership of companies and registration of games under the upcoming online gaming rules, informed sources.
The Ministry of Electronics and Information Technology (MeitY) in January this year proposed the formation of SRBs for online gaming with draft amendments to the Information Technology, or IT (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. Read more...
Soaring variety in in-flight meals is giving a lift to ready-to-eat brands
When it first entered the market, MOM started supplying instant poha to GoAir (now rebranded Go First) while also finding its feet in retail. Today, MOM (the name was given by Mugdha, co-founder and Bhagchandka’s wife) is available on all leading airlines, including IndiGo, Akasa, Air India, SpiceJet and AirAsia. The business, says Bhagchandka, has grown: from 5,000-10,000 instant meals a month to each airline, MOM today supplies between 30,000 and 200,000 ready-to-eat bowls per airline per month. The range includes instant pastas, biryani, fried rice with schezwan gravy, ghee rava upma, poha, besides other packaged products. The demand, he says, is growing. Read more...
Aim to make FAME scheme more transparent: Minister for Heavy Industries
After initiating a probe into the import of components by electric two-wheeler makers following allegations of wrongly claimed subsidies under the FAME scheme, the Ministry of Heavy Industries (MHI) is widening the investigation net to include its own departments, too. Having one of the highest numbers of public sector utilities under its aegis, the MHI is looking to reduce imports and boost domestic manufacturing, says M N Pandey, Minister for Heavy Industries, in an interview with Nitin Kumar. Read more...
