Page 2 - Businesses

Dominance and vibrancy: Is Indian business getting oligopolistic?

With cash in the bank and low debt, the bigger players may establish their dominance in markets that require scale, but that does not seem to mean smaller companies will do poorly, writes T N Ninan

Cipla announces transfer of Generics Business Undertaking to subsidiary

The generics business contributed 9.95 per cent of Cipla's turnover and 0.92 per cent of its net worth in the financial year ended March 31, 2023

Over 80% biz making partially automated payments to suppliers: Survey

Reflecting increased automation in the payments system in India, a survey on Tuesday said 84 per cent of businesses have partially automated payments to suppliers. The survey commissioned by American Express with the Centre for Economics and Business Research (CEBR) is based on responses from 513 entities across sectors and industries included sole enterprises, micro businesses, small and medium businesses as well as large businesses. As per the survey, 34 per cent businesses that haven't fully automated their payments are seeking partners for the purpose. "A substantial 84 per cent of Indian businesses have taken steps to partially automate payments to their suppliers, with an impressive 39 per cent achieving full automation of their payment processes," Manish Kapoor, Vice President and Head, Global Commercial Services (GCS), American Express Banking, India, said. As the business landscape becomes increasingly competitive, Kapoor said, "The need to adopt smarter and more efficien

CTI writes to PM Modi; flags issue of decline in biz due to Delhi pollution

CTI chairperson Brijesh Goyal said business is declining despite the festive season due to pollution. The central government is requested to take strict and concrete steps against air pollution

Businesses need to factor in impact of terror while making investments: FM

Finance Minister Nirmala Sitharaman on Friday said businesses will have to factor in the impact of global terror while making investment decisions. Addressing the Kautilya Economic Conclave 2023, she said terrorism is impacting the entire globe and no region is spared. With that level of risk or uncertainty coming into business decision-making, investments will face uncertainty and high risk permanently, she said. "Businesses can no longer be just attracted by policies or by the openness of an economy. The risk that investors and businesses will have to factor into their decision-making is going to be strongly influenced by the impact of global terror," she said. On globalisation, she said there is pessimism about it and there is talk of re-globalisation... how strategic blocks are reshaping itself. "Who is grouping with whom, who has left the Group and who and who is remaining outside of all these groups or forming new groups. So re-globalisation but with different shades and col

Vedanta Ltd preparing to demerge sprawling operation, says report

Vedanta Ltd.'s parent, Vedanta Resources, will remain the holding company, the people said. Deliberations are ongoing and no final decisions on the structure or timing of the de-merger have been made

Biz with Rs 100 cr turnover will have 30 days to upload invoices from Nov 1

Large businesses with turnover of Rs 100 crore and above will have to upload invoices on the e-invoicing portal within 30 days with effect from November 1. The National Informatics Centre in an advisory stated that the GST authority has decided to impose a time limit of 30 days for reporting of invoices from the date of invoice, on e-invoice portals. This time limit is applicable for taxpayers with AATO (average annual turnover) greater than or equal to Rs 100 crore. Hence, taxpayers having an annual turnover of Rs 100 crore and above will not be allowed to report invoices older than 30 days from the date of reporting. This validation will come into effect from 1st November 2023, the National Informatics Centre (NIC) said.. AMRG & Associates Senior Partner Rajat Mohan said the GST ecosystem from November 1 will set a 30-day reporting deadline for invoices on the E-invoicing portal. The new rule would apply to large taxpayers. "CBIC may extend these provisions to all taxpayers in .

Security, convenience, prosperity enriched biz in Gorakhpur: UP CM Yogi

Chief Minister Yogi Adityanath was interacting with the owners of business organisations/traders at the Circuit House, Gorakhpur

New GST rules on anvil; biz may have to explain discrepancy in ITC claims

The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer, sources said. They said the Law Committee, comprising tax officers from Centre and states, has opined that where the ITC availed in GSTR-3B return exceeds the amount of ITC available in accordance with the auto-generated statement GSTR-2B by a specified threshold, the registered person may be intimated on the portal about such difference and be directed to either explain the difference or pay the excess ITC along with interest. The Committee has suggested that the provision should kick in if the difference is more than 20 per cent and more than Rs 25 lakh. GST Council is likely to take a final call on the recommendation of the Committee in its 50th meeting on July 11. Currently, businesses use taxes paid by their suppliers commonly referred to as ITC to offset their GST liabil

Nasa to invest $45mn in small biz to develop tech for future missions

For first-round funding, Nasa selected 300 proposals from 249 small businesses and 39 research institutions

LG India expects 10% growth, exploring new business categories, says MD

LG Electronics India expects around 10 per cent growth in FY24 and exploring new business categories here besides investing further in its manufacturing ecosystem, said its Managing Director Hong Ju Jeon on Wednesday. India is an important market for the South Korean chaebol, where it sees a "big potential" as the economic situation is bright compared to other global markets with a growing population with more youths, he said. The company is working towards increasing the domestic value addition of India-made products and is even inviting its sister concerns from South Korea to set up plants for component manufacturing here, Jeon told PTI in an interaction here. It is also looking to increase exports to other countries from India by enhancing the cost competitiveness and more products in its offerings. "We will support the India government's make-in-India initiatives and will increase the exports from here and contribute to the Indian Economy," said Jeon. Jeon also lauded India's

Trade resents losses due to government's faults

It is now for the industry associations to agitate the matter before the government

GHCL completes demerger of its spinning business into GHCL Textiles

Chemicals major GHCL has completed the demerger of its spinning business into GHCL Textiles. The demerger became effective from April 1 and the new entity GHCL Textiles will be listed on NSE and BSE after receiving regulatory approvals. The "demerger aims to unlock and maximise value for all stakeholders' and focus on operations and customers. It brings forth focused leadership and addresses independent opportunities with prudent capital allocation, the company said in a statement on Monday. "GHCL Textiles assumes all the assets and liabilities of the spinning business," it added. As per the demerger scheme, GHCL shareholders are "to get shares of GHCL Textiles in the ratio of 1:1". GHCL Managing Director R S Jalan said, the demerger is envisaged to create strong independent businesses uniquely positioned to enhance stakeholders' value over time. In February, the Ahmedabad bench of NCLT approved the demerger of the spinning division of the company into GHCL Textiles. GHCL is int

Biz can apply for revocation of GST registration cancellation by Jun 30

The government has allowed businesses, whose GST registrations were cancelled for non-filing of returns, to apply for revocation of the cancellation by June 30, after paying due taxes, interest and penalty. The finance ministry has made amendments in the Central GST act specifying that businesses whose registration have been cancelled on or before December 31, 2022, and who have failed to apply for revocation of cancellation within the specified period can do so by June 30, 2023. However, the application for revocation shall be filed only after furnishing the returns due up to the effective date of cancellation of registration and after payment of any amount due as tax, in terms of such returns, along with any amount payable towards interest, penalty and late fees. No further extension of time period for filing application for revocation of cancellation of registration shall be available in such cases, as per the finance ministry notification. This would act as relief for taxpayers

Goyal asks businesses to adopt sustainable, green approach in practices

He mentioned that India was one of the top five countries in the world in terms of adopting and implementing environmental goals

India, govt open for business round the clock, says Smriti Irani

The minister for women and child development also said that India runs the largest healthcare system in the world in the form of Ayushman Bharat that covers 100 million families

Co-heads of business at $4.3 bn Centrum Wealth asked to leave the firm

The board of the Mumbai-based firm asked managing directors Ganashyam S. and Arpita Vinay to leave due to a "loss of confidence,"

Apple launches tool to allow customisation of information for businesses

Apple has introduced a new free tool named 'Apple Business Connect' which will allow businesses of all sizes to customise the way their information appears across Apple applications

Budget should avoid subsidies and protection to biz

Subsidies and tax concessions are not the best ways to boost our production and exports in the medium and long term

ICRA downgrades PTC Financial Services short-term rating over operations

Failure to improve business volumes may impact profitability of Delhi-based NBFC, says agency