BUSINESS
GST collections stood at Rs 1,43,612 cr in Aug
According to figures released by Finance Ministry on Thursday, GST collections in August 2021 were Rs 1,12,020 crore. Out of the total collections, CGST was Rs 24,710 crore, SGST was Rs 30,951 crore, IGST was Rs 77,782 crore (including Rs 42,067 crore collected on import of goods), while the cess stood at Rs 10,168 crore (including Rs 1,018 crore collected on import of goods).
After IMF approval, SBP receives $1.16 bn tranche
According to the details of the estimates done by the IMF for Pakistan, the country's "economy will grow to around 3.5 per cent but the average inflation rate is estimated at about 19.9 per cent", in projections that were made before the floods destroyed at least one-third of the country and impacted massively on economic standing.
IMF strikes $2.9bn deal with Sri Lanka to recover from financial crisis
The IMF mission led by Peter Breuer and Masahiro Nozaki who were in the island nation from August 24 to September 1. They extensively discussed IMF's support for Sri Lanka and the authorities' comprehensive economic reform programme. "The new EFF arrangement will support Sri Lanka's program to restore macroeconomic stability and debt sustainability, while safeguarding financial stability, reducing corruption vulnerabilities and unlocking Sri Lanka's growth potential," the IMF announced in a statement.
Energy stocks fall sharply after govt hikes windfall profit tax on diesel, jet fuel export
Shares of Chennai Petro, Adani Total Gas, ONGC, Asian Energy and Reliance were trading more than 1.5 per cent to 4 per cent lower during early trade. While, BSE Energy were down 102.51 points or 1.15 per cent at 8,780.11, and Nifty Energy were down 269.65 points or 0.96 per cent at 27,834.85.
Indices fell during early trade following international peere
At 11.10 a.m., Sensex were trading at 431.12 points or 0.72 per cent down at 59,105.95, and Nifty was down 87.85 points or 0.49 per cent at 17,671.45. TCS, Infosys, Reliance Industries, Tech Mahindra, HCL Technologies were the major losers on the Sensex. Domestic equity markets were closed on Wednesday on account of Ganesh Chaturthi festival.
Delhi set to return to old excise policy regime with new liquor shops, app
Delhi government has planned to start the service from Thursday with 300 outlets across the city and later by the end of the year, the number will go up to 700. However, the city was earlier expected to have around 500 outlets from September.
$790 bn sought for Japan's fiscal 2023 budget, defence spending to rise
The budget requests for fiscal 2023, which starts next April, marked the first drop in five years from the record high of the fiscal 2022 initial budget of 111.66 trillion yen, but the figure to be adopted by the government at year-end is likely to increase further due to additional costs to tackle soaring prices, the Covid-19 pandemic and a natural increase in social security spending. Breaking down the total amount, the largest request came from the Ministry of Health, Labor and Welfare on Wednesday, which asked for 33.26 trillion yen, amid continued rises in social security costs stemming from Japan's aging population, Xinhua news agency reported.
Spicejet CFO resigns as airline reports net loss of Rs 789 crore
SpiceJet said in a regulatory filing, said that its Chief Financial Officer resigned with effect from August 31. SpiceJet airline reported a net loss of Rs 789 crore (Rs 420 crore excluding forex adjustment) for the quarter ending June 30, 2022 as compared to a net loss of Rs 729 crore in the quarter ending 30 June, 2021 as business was severely impacted by record high fuel prices and a depreciating rupee.
No cap on airfare from now, air ticket prices may go up during festive season
However, experts said that high competition among the airlines may lead to benefits for fliers and many airlines may offer discounts as per the demands. Aviation expert Harshvardhan said: "The move will give flexibility to the airlines in deciding air fares and airlines can charge as per their policies. Airfare cap was more towards the higher side. New airline has come and there is competition in the sector.
Growth of eight core sectors down to 4.5% in July 2022 from 9.9% July 2021
The government also revised the final growth rate of Index of Eight Core Industries for April 2022 to 9.5 per cent from its provisional level of 8.4 per cent. The Index of Core Industries (ICI) measures combined and individual performance of production in selected eight core industries viz. coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.
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