BUSINESS
GST collections for May fell 19% to Rs 1,57,090 crore
Out of the total GST collections of Rs 1,57,090 crore for May, CGST was Rs 28,411 crore, SGST was Rs 35,828 crore, IGST was Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess was Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).
Elon Musk loses world's richest person tag in a jiffy
According to Forbes Real-Time Billionaires List, Arnault is now worth $216 billion, while Musk is worth $200 billion. Musk, who saw his net worth tumble by more than $100 billion in 2022, had been replaced by Arnault as the world's richest man in December last year as well.
TVS Motor hikes prices of EV scooter by Rs 17,000 - Rs 22,000
The price hike on its electric two-wheeler iQube is effective from Thursday (June 1) following the revision in the central government's FAME II subsidy scheme. The company said it will offer a loyalty benefit programme for the customers of iQube who had made bookings till May 20 for a limited period to ease the cost burden post the revision in FAME II subsidy.
Indo-Canadian charged with laundering bitcoin worth over $24 mn in US
The order for Firoz Patel, 48, came on Wednesday, shortly before he reported to prison in another case in 2021. The two-count indictment, unsealed on May 17, charged Firoz with money laundering and engaging in monetary transactions in property derived from specified unlawful activity.
India sees 4% spike in high-net-worth individuals amid sharp global drop
"Agility and adaptability are going to be key for high-net-worth individuals as their attention gears towards wealth preservation. The industry will need to fortify value, empower relationship managers, and unlock new growth opportunities to remain relevant," said Nilesh Vaidya, Global Head of Banking and Capital Markets, Capgemini.
Meta threatens to block news on FB, Instagram if California bill passes
Once the bill is cleared, big tech companies will need to pay a "journalism usage fee" whenever they distribute local news content on their respective platforms. "If the Journalism Preservation Act passes, we will be forced to remove news from Facebook and Instagram rather than pay into a slush fund that primarily benefits big, out-of-state media companies under the guise of aiding California publishers," Meta said in a statement.
Govt's fiscal deficit moderates to 6.4% of GDP in 2022-23
The Controller General of Accounts (CGA) said that the fiscal deficit in absolute terms was Rs 17,33,131 crore (provisional), which was marginally down from the amount projected in the revised estimates (RE) in the budget.
Growth of eight key infrastructure sectors slides to 6-month low of 3.5% in April
The core sector growth was 9.5 per cent in April 2022, though in March 2023, the key infrastructure sectors had recorded a growth rate of 3.6 per cent. The growth rate in April 2023 is the lowest since October 2022 when the sectors had witnessed a growth of 0.7 per cent.
Go First case: Lessors' applications shown 'rejected' due to technical glitch, DGCA to Delhi HC
In a major blow to its passengers, the low-cost airline stopped flying on May 3 and is undergoing voluntary insolvency resolution proceedings before the National Company Law Tribunal (NCLT). The DGCA said it was not processing such requests after a moratorium on financial obligations and transfer of assets of the crisis-hit airline post insolvency resolution proceedings.
Government to offload 3% stake in Coal India via OFS route
The offer will open on June 1 for non-retail investors, while retail investors can bid for it on June 2. The divestment of Centre's 3 per cent equity also includes a Green Shoe option of 1.5 per cent. The size of the OFS is around Rs 4,000 crore, and its floor price is set at Rs 225 per share. This is at a discount of nearly 7 per cent from Coal India's current market price.
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