BUSINESS
Reduction in oil import bill narrows down India's trade deficit in Nov
The trade deficit narrowed month-on-month (MoM) in November to $23.89 billion as against $27.58 billion in October, while up only 13 per cent year-on-year (YoY), said Amnish Aggarwal, Head-Research, Prabhudas Lilladher.
BharatPe CEO called co-founders over drinks to poison them against me: Ashneer
Facing a civil lawsuit in the Delhi High Court for Rs 88.6 crore fraud at BharatPe during his tenure, Grover wrote that taking advantage of the fact that "I do not indulge in alcohol, he would call Bhavik and Shashvat for drinking sessions and poison them against me". "Suhail detested Madhuri because she saw through his nefarious designs early.
Direct tax collections up 20% at Rs 11,35,754 cr till Dec 17
The gross collection of direct taxes (before adjusting for refunds) for 2022-23 stood at Rs 13,63,649 crore, compared to Rs 10,83,150 crore recorded in the corresponding period of last year, registering a growth of 25.90 per cent. Advance tax collections for the current fiscal stood at Rs 5,21,302 crore as on December 17, 2022, 12.83 per cent more than last year, according to official sources.
Fake currency worth Rs 137 cr seized in 3 yrs, most are Rs 2000 notes
This creates trouble for the common people and poses a big challenge for the government and the police. According to sources, police and other security forces have seized fake currency worth the face value of Rs 137 crore in the last three years. The seized counterfeit new notes of Rs 2000 are also amount to crores in face value.
Markets at make-or-break stage
BSESENSEX lost 843.86 points or 1.36 per cent to close at 61,337.81 points while NIFTY lost 227.60 points or 1.23 per cent to close at 18,269 points. The broader indices saw BSE100, BSE200 and BSE500 lose 1.32 per cent, 1.28 per cent and 1.15 per cent respectively. BSEMIDCAP was down 1.37 per cent while BSESMALLCAP lost 0.14 per cent. All the sectoral indices on BSE lost ground during the week.
58% of Indians cut 'Make in China' purchases across products in 2022
About 59 per cent of Indians surveyed said they do not have any Chinese app on their phone while 29 per cent still have one or more, according to data compiled by social community engagement platform LocalCircles. The survey received over 40,000 responses from consumers located in 319 districts.
Rajnish Kumar showed early signs to make money out of BharatPe: Ashneer
Grover, who last week said in a tweet that hiring Kumar was his "biggest mistake", wrote that his exit from BharatPe has been the most publicly covered controversy of the startup world, "more importantly thanks to my own stakeholders, who plotted the most Machiavellian plot to get rid of the creator of the company". "Rajnish Kumar: Ex-chairman of State Bank of India. Invited to the board by Madhuri and me, he had shown enough early signs of wanting control and to make money out of BharatPe, which I ignored to my detriment," Grover said.
No tax increase on any item; GST on biofuel down to 5% from 18%
The GST Council has made the recommendations relating to changes in GST tax rates, measures for facilitation of trade and measures for streamlining compliances in GST. As per the Council recommendations, GST on husk of pulses reduced to nil from five per cent.
GST Council to allow e-commerce for unregistered vendors
Appreciating wholeheartedly the major decision of the GST Council to allow small unregistered vendors to sell their goods through e-commerce portals, the Confederation of All India Traders (CAIT) on Saturday thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for this "progressive decision" which was demanded by CAIT since last more than two years.
GST Council recommends to decriminalise certain offences
Moreover, it also recommended reducing the compounding amount from the present range of 50 per cent to 150 per cent of tax amount to the range of 25 per cent to 100 per cent.Measures for facilitation of trade also included recommendation on decriminalising certain offences including obstruction or preventing any officer in discharge of his duties; deliberate tempering of material evidence and failure to supply the information.
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