Business News Updates

Online food delivery platform Zomato has received a new GST demand notice for Rs 9.45 crore, including interest and penalties, from the Assistant Commissioner of Commercial Taxes Audit in Karnataka for FY 2019-20. The company plans to appeal the order, asserting it has a strong case.

Dr Jitendra Singh is set to launch a special campaign for addressing family pension grievances in New Delhi. Initiated by the DOPPW as part of its 100 Days Action Plan, this month-long campaign will involve 46 ministries and departments. The effort aims to significantly reduce pending cases, focusing primarily on women pensioners.

Indian stock indices saw a stellar performance in the June quarter of FY 2024-25, with a 13.8% increase in capitalisation, making it the highest among the top 10 global markets. India remains the fifth-largest equity market globally, while other major markets like China and Saudi Arabia witnessed declines.

Meta-owned Instagram experienced a major global outage on Saturday, affecting thousands of users in India. Downdetector reported over 6,500 incidents at the peak, with problems in accessing feeds, the app, and server connections. Cities including Delhi and Mumbai were impacted.

As June ends and July approaches, stay updated on significant financial deadlines and regulatory changes. Key updates include Paytm Wallets closure, SBI Card reward points rules, ICICI Bank fee revisions, ITR filing deadline, and PNB Rupay Platinum Debit Card benefits.

The World Bank has approved $1.5 billion to aid India's development of low-carbon energy. This funding will boost green hydrogen production and electrolysers, supporting India's net-zero target and creating clean energy jobs. The reforms aim to produce 450,000 metric tonnes of green hydrogen annually by FY2526.

India's fiscal deficit narrowed to 3% of the full-year estimate in the first two months of FY 2024-25, driven by strong revenue growth and a significant dividend from the RBI. Net tax revenues rose to Rs 3.19 lakh crore, while total expenditure stood at Rs 6.23 lakh crore.

India and the US have extended a 2% equalisation levy on e-commerce supplies until June 30, 2024. This decision aligns with the OECDG20 Inclusive Framework's efforts to address digital economy taxation challenges, aiming for a finalised multilateral convention by March 2024.

A Deloitte India report forecasts that Global Capability Centres (GCCs) in India could employ 2 million people and generate up to $80 billion in revenue within the next two years. Currently, there are over 1,580 GCCs employing 1.66 million people. By 2024, this number could rise to 1,900 centres with significant economic contributions.

India's foreign exchange reserves increased by $816 million to $653.71 billion as of June 21, per RBI data. This follows a dip of $2.92 billion the previous week. The rise reflects strong economic fundamentals and provides the RBI with more leverage to stabilize the rupee.

The recent 15-20% mobile tariff hikes for prepaid and postpaid plans by telecom providers could result in additional operating profits of Rs 20,000 crore. Bharti Airtel and Reliance Jio are expected to see significant ARPU benefits, while Vodafone Idea has yet to implement the hikes.

JP Morgan will add Indian government bonds to its Government Bond Index-Emerging Markets from June 28, marking the first-ever inclusion of these securities. This move is expected to positively impact the Indian economy by increasing foreign investment, enhancing market liquidity, and reducing borrowing costs for the government.

Morgan Stanley highlights the success of India's PM Gati Shakti scheme in boosting infrastructure and multi-modal connectivity, spurring economic growth. The report anticipates a significant increase in infrastructure investment, projecting a rise from 5.3% to 6.5% of GDP by FY29, with cumulative spending of USD 1.45 trillion over five years.

Airtel has revised its mobile tariffs following Reliance Jio's recent price hike. Starting July 3, 2024, various Airtel plans will see price increases ranging from 11.2% to 13%. Reliance Jio had earlier announced a rise of 12-27% in their mobile plan prices.

Reliance Jio has announced a significant price hike across all its prepaid and postpaid plans, effective from July 3. While the benefits remain unchanged, most plans have increased by over 20%. The move has sparked humorous reactions on social media, particularly referencing a recent tweet by Prafull Billore.