DGGI drops ₹3,000 crore tax demand on 18 foreign shipping firms for FY18
The Directorate General of Goods and services Tax Intelligence (DGGI) dropped a ₹3,000 crore tax demand for 2017-18 against 18 foreign shipping companies, following their joint declaration of no service imports in that year. However, the tax demand for subsequent years remains pending, with ongoing investigations and further decisions awaited from the GST Council. Key Points
Economic TimesIndia's services sector shows strongest growth rates in around 14 years: PMI data
In April, India's services sector saw a slight moderation, but maintained strength due to robust domestic and international demand, boosting business confidence to a three-month high. Despite a dip in the HSBC services PMI to 60.8 from March's 61.2, it remained among the fastest growth rates in nearly 14 years. Key Points
Economic Timesservices sector growth picks up in March on robust demand
The seasonally adjusted HSBC India services Business Activity Index rose to 61.2 in March from 60.6 in February. The performance was largely attributed to healthy demand conditions, efficiency gains and robust sales. The HSBC India Composite PMI Output Index rose to 61.8 in March from 60.6 in February, the second-strongest growth in over 13-and-a-half years. A reading above 50 indicates expansion. Key Points
Economic TimesBharti Airtel rejects Jio view on commercial usage of allocated satcom spectrum
Vodafone Idea (Vi) plans to raise funds via a preferential share issue on April 6, following shareholders' approval of a proposal to raise ₹20,000 crore through equity and equity-linked instruments. The company expects to complete the equity fund raise by the end of June, with promoters expected to infuse around ₹2,000 crore. Key Points
Economic TimesIndia Inc may see 9.6% average salary hike in 2024: EY report
The report, ‘Future of Pay 2024’, highlighted that e-commerce is expected to have the highest salary growth in 2024, at 10.9 per cent, followed by financial services with a projected growth of 10.1 per cent. Key Points
Business TodayIndia's services sector growth eases in February on softer expansions in business activity, sales
New Delhi, Mar 5 (PTI) The services sector growth in India moderated in February amid softer expansions in business activity, sales and jobs, a monthly survey said on Tuesday. The seasonally adjusted HSBC India services Business Activity Index registered 60.6 in February, down from 61.8 in January. In Purchasing Managers’ Index (PMI) parlance, a print […] Key Points
ThePrintInfosys plans walk-in recruitment event in Bengaluru on March 9
Infosys' hiring comes after a renewal of four big-ticket contracts, spurring the need for more professionals. The company has sent a broadcast mail to employees, urging them to refer potential candidates in a sign of easing curbs on hiring and revival in business sentiment. Key Points
Economic Times'US, not India, creating hurdles by blocking judges' appointment': Experts
The US blocks WTO appointments, hindering negotiations and voice of Least Developed Countries. India's Joint Statement Initiative on services Domestic Regulations benefits developing countries. Key Points
Economic TimesFarmers' Protest: Haryana government extends mobile internet suspension
The Haryana government extended suspension of mobile internet and bulk SMS services in seven districts due to the ongoing 'Delhi Chalo' agitation led by farmers. The suspension aims at maintaining law and order, preventing disruptions and damage to public assets, and addressing farmers' demands for MSP and farm loan waiver. Key Points
Economic TimesGST-AAR rules that AIIMS, Telangana is not eligible for exemption on services received by it
India Business News: The Telangana State Authority for Advance Ruling (AAR) has ruled that AIIMS Telangana is not eligible for GST exemption on pure services received from vendors. This ruling has financial implications for the institution. Key Points
Times Of India
Indian official delegation heads for London for FTA talks
Negotiations for the India-UK free trade agreement are in the final stage. A high-level Indian delegation is heading to London to resolve remaining issues on goods, services, and rules of origin. The negotiations cover 26 chapters, including market access, skilled professionals, and import duties. The bilateral trade between India and the UK increased to USD 20.36 billion in 2022-23. Key Points
Economic TimesBlockbuster Debut! BLS E-Services shares list at 129% premium over IPO price
Shares of BLS E-Services had a strong debut on Dalal Street, listing at a premium of 128.9% on BSE and 125.9% on NSE. The company's IPO received overwhelming response, with the issue being subscribed over 160 times. Analysts are optimistic about the future prospects of BLS E-Services, citing the government's focus on 'Digital India' and the company's strong financial track record. Key Points
Economic TimesBLS E-Services IPO: What GMP signals ahead of listing on Tuesday
If the current trends sustain, the company's shares are expected to list at a premium of 117%. The IPO was priced at Rs 135 at the upper end. Key Points
Economic TimesIndia's services PMI rises to 6-month high in January on higher demand, new export sales
In January, India's services sector reached a six-month peak, propelled by increased demand, improved productivity, and a rise in the intake of new projects, as per private survey data released on Monday. The HSBC India services PMI climbed to 61.8, marking the most rapid expansion in six months, up from December's 59. Key Points
Economic TimesRBI banned Paytm Payment Bank, TCS' policy, Zuckerberg blames Apple & Google and more
In a significant move, India's central bank, the Reserve Bank of India (RBI), has imposed restrictions on fintech giant Paytm, prohibiting it from providing any forms of banking services to its customers. The RBI cited non-compliance and ongoing material supervisory concerns at One 97 Communications, the parent company of Paytm, as the reasons behind this decision.This new restriction imposed by the RBI could result in the disruption of several services offered by the Paytm platform. It is important to note the services that will remain functional and those that will be affected by this decision:Click here to read the full article Key Points
Times of India
Interim Budget 2024: Cos need to register for Input Service Distribution
Companies with branches in multiple cities will now need to register for input service distribution (ISD) to claim input tax credit for services provided by the head office to the branch office. The interim budget proposed to make this rule mandatory, besides the requirement of a separate registration that allows headquarters of companies to distribute their input tax credit with their branch offices. Key Points
Economic TimesCCI gives nod to merger of Fincare Small Finance Bank, AU Small Finance Bank
New Delhi [India], January 24 (ANI): The Competition Commission of India (CCI) has granted its approval for the merger of Fincare Small Finance Bank Limited (Fincare) and AU Small Finance Bank Limited (AU). According to CCI, this significant move is poised to reshape the landscape of the small finance banking sector. Show Full Article The […] Key Points
ThePrintGovt widens scope of financial services offered at International Financial services Centre
The Indian government has broadened the range of activities permitted at the International Financial services Centre (IFSC) by incorporating services such as bookkeeping and accounting. The Ministry of Finance issued a gazette notification, expanding the scope of financial services to include bookkeeping, accounting, taxation, and financial crime compliance. Key Points
Economic TimesAIIMS Delhi reverses decision to shut OPD for half-day on Ram temple consecration day
AIIMS had earlier issued a memorandum saying OPD services would remain closed until 2.30 pm on 22 January, although critical and emergency services would be operational. Key Points
ThePrint'Hey Ram': Oppn MPs react as AIIMS, other hospitals declare half-day on Jan 22
According to a notice by the AIIMS, Delhi, the central government has declared January 22 as a half-day holiday till 2.30pm. | Latest News India Key Points
Hindustan Times
India-UK FTA: Scotch whiskey, EV, services issues may figure in 14th round of talks in Jan
The upcoming round of FTA talks between India and the UK in January will address important issues such as duty concessions on scotch whisky and electric vehicles, as well as matters concerning the services sector. According to an official, significant progress has been made in resolving issues related to rules of origin and intellectual property rights. However, differences remain regarding customs duty concessions on scotch whisky and EVs, as well as liberalization of norms in sectors like banking, insurance, and legal services. Key Points
Economic TimesHRH Next services IPO: Check subscription status on day 3, GMP and other details
The issue witnessed a good response from investors and was subscribed 66.29 times on the final day of bidding on December 29. Key Points
mintHRH Next services IPO: Check out price band, date, size and other important details
It is a fixed price issue of ₹9.57 crores and is entirely a fresh issue of 26.58 lakh shares. Key Points
mintView: Telecom connections just got better
The Telecommunications Bill 2023 is seen as a positive step, particularly for satellite services, as it introduces the provision for administrative assignment of spectrum, aligning with global practices. The shift away from spectrum auctions for satellite services is observed in countries like the US, Brazil, Australia, Germany, Britain, and Taiwan. Key Points
The Economic TimesNew bill drops regulation of OTTs, allows govt to ‘take over’ firms for national security
Bill introduced in Lok Sabha Monday. Decision to keep OTTs outside its ambit comes despite telecom services providers’ push to bring them under the regulatory regime. Key Points
ThePrint
services exports hit USD 192 bn so far this fiscal: SEPC
India's services exports is now just shy of $200 billion so far in this fiscal year that started April 1 and are likely to jump to $400 billion by the end of the financial year, according to SPEC. Sectors such as tourism, hospitality and medical value tourism are now showing revival signs after the Covid-led crisis. Key Points
Economic Timesservices sector activity in India hits one-year low in November on slower order growth, output: PMI
The seasonally adjusted S&P Global India services Business Activity Index fell from 58.4 in October to a one-year low of 56.9 in November. Despite witnessing a month-on-month decline, the rate of expansion was stronger than its long-run average. Key Points
mintservices activity eases to the lowest level in a year
The seasonally adjusted S&P Global India services PMI Business Activity Index eased further to 56.9 in November compared with 58.4 in the previous month. Key Points
Economic TimesChina's Nov services activity accelerates on boost from new orders
The Caixin/S&P Global services purchasing managers' index (PMI) rose to a three-month high of 51.5 in November from October's 50.4, but it remained softer than the long-run series average. Key Points
Business TodayTake FPI custody services out of GST: Lenders to government
The issue cropped up during the GST audit of some foreign banks and lenders expect tax demands notices since 2017 when the new indirect tax was rolled out in due course. Assets under custody (AUC) stood at ₹48.7 lakh crore in March 2023, declining from ₹50.94 lakh crore in March 2022, shows data. Key Points
Economic Times
Qatar court accepts former Indian Navy Men's appeal, next hearing expected soon: Report
The Court of First Instance in Qatar had passed the original judgment of death penalty to the eight men, who used to work at Dahra Global Technologies and Consultancy services on October 26. They were arrested on August 30, 2022. Key Points
Business TodayITC launches app to provide crop advisory, market access, financial services to Bengal's farmers
Kolkata, Nov 22 (PTI) ITC Limited on Wednesday launched a mobile application to provide crop advisory, market access and financial services to the farmers of West Bengal. ITC chairman Sanjiv Puri launched the ITCMAARS (Metamarket for Advanced Agriculture and Rural Services) application on the concluding day of the Bengal Global Business Summit (BGBS) here. He […] Key Points
ThePrintservices sector activity in India hits 7-month low in Oct on softer increase in output, new business: PMI
The seasonally adjusted S&P Global India services PMI Business Activity Index fell to 58.4 in October, from a 13-year high of 61 in September, signalling the slowest rate of expansion since March. The services sector growth in India fell to a seven-month low in October on softer increase in output and new business, amid competitive conditions and price pressures, a monthly survey said on Friday. Key Points
The Tribune IndiaSensex Today | Share Market Live Updates: Sensex, Nifty set to gain at start; Gift Nifty trades in green
Sensex Today | Share Market Updates: The Indian stock market is expected to jump at the start as Gift Nifty is trading significantly higher amidst positive global cues. Wall Street rallies on hopes the Federal Reserve’s rate hikes are done. Most Asian markets are trading in the green. Key Points
Mintservices exports decline 2.7 pc to USD 28.42 bn in September
The decline in services imports persisted throughout all three months of the September quarter. However, there was a silver lining in the fact that services exports had seen an increase during July and August. Key Points
Economic Times
FY24 services procurement from GeM seen Rs 1.5 lakh crore
The Government e-Market (GeM) portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. GeM CEO P K Singh said that services procurement was just Rs 3,069 crore in 2019-20 but reached Rs 65,957 crore in FY23. Key Points
Economic TimesRules for co-location: CBIC clarifies on place of supply
In case of services delivered overseas from India or from outside the country, the Central Board of Indirect Taxes and Customs (CBIC) said the place of supply will be the location of the recipient, if the location is known. In case the recipient's location is not readily available in the regular course of business, the place of supply will be the service provider's location. The same principle will be applied to services provided by courier or mail. Key Points
Economic TimesMumbai local: Get ready for 10 days of trouble from October 25, Railways plans to cancel 400 service
Western Railway has started the process of activating the sixth line between Khar and Goregaon, which will have a significant impact on train services from October 25 to November 4. The infrastructure work aims to improve the number of services on Western Railway while ensuring minimal disruption to suburban services. Key Points
Economic TimesTCS warns of US tech spending weakness after earnings disappoint
India Business News: Tata Consultancy services (TCS) reported a net income rise of 8.7% to 113.4 billion rupees ($1.4 billion) for the second quarter, just missing analyst Key Points
Times Of IndiaAmazon confirms plans to roll out satcom broadband
Amazon has expressed its interest in bringing affordable broadband to India by entering the country's satcom market. The company's Project Kuiper aims to provide fast and affordable broadband to underserved communities, including rural areas. Amazon is currently in the process of obtaining the necessary approvals from the Indian National Space Promotion and Authorisation Centre and is expected to apply for a GMPCS license from the telecommunications department. Key Points
Economic Times/cloudfront-us-east-2.images.arcpublishing.com/reuters/UVCR7Y7UWZNCXPVCTNDOYDPJCQ.jpg)
Should new tech rules apply to Microsoft's Bing, Apple's iMessage, EU asks
EU antitrust regulators are asking Microsoft's (MSFT.O) users and rivals whether Bing should comply with new tough tech rules and also whether that should be the case for Apple's (AAPL.O) iMessage, people familiar with the matter said on Monday. Key Points
ReutersGST council meeting today, what is the agenda?
The Goods and services Tax (GST) council will meet to discuss various topics including exemption on GST on powdered millets, extending concessional rates on vehicles for visually impaired persons, and taxability on corporate and bank guarantees. The fitment committee is expected to exempt certain services supplied to government authorities and relax eligibility criteria on the Appellate tribunals. Key Points
Economic Timesservices activity rises back in September; optimism improves to the highest in over nine years
India's services sector showed strong growth in September, with the S&P Global India services PMI Business Activity Index rising to 61, its highest level in over nine years. The increase in new business and output growth contributed to the positive sentiment. The survey also revealed that service firms are optimistic about market dynamics and expect buoyant demand in the coming months. Key Points
Economic TimesUpdater services D-Street debut: What GMP signals about potential listing price on Wednesday
The Rs 640-crore IPO of Updater services was subscribed 2.9 times overall at the close. The issue comprised fresh equity of Rs 400 crore and an offer for sale (OFS) of 80 lakh shares by promoter and other selling shareholders Key Points
Economic TimesUpdater services IPO share allotment out. Here's how you can check status
The company's shares are expected to get listed on the exchanges on October 3. Updater services is commanding a premium of Rs 0 in the unlisted market, which indicates the stock is expected to see a muted to flattish listing. The Rs 640-crore IPO of Updater services was subscribed 2.9 times overall at close. Key Points
Economic Times
Govt may let satcom companies provide wireless service
The move to grant mobility services authorisation to Global Mobile Personal Communication by Satellite services (GMPCS) licence holders will potentially pave the way for companies such as Elon Musk-owned Starlink - which has applied for the licence - to compete with mobile service providers, experts said. An inter-ministerial panel involving the ministries of defence and home affairs, departments of telecommunications and space, and the cabinet secretariat will decide on the matter after security clearance, officials aware of the details told ET. Key Points
Economic TimesGoogle, Facebook, Edtech companies may have to pay up to 18% IGST
As per a notification issued by the Central Board of Indirect Taxes and Customs these services will no longer be exempted from integrated goods and services Tax (IGST). This will cover overseas companies providing advertising, cloud services, music, subscriptions based service, online education and even information to all individuals and government irrespective of whether it is used for personal or business purpose, a senior official told ET. Key Points
Economic TimesIndia's Burmans seek to boost financial services play with control of Religare
India's billionaire Burman family said on Monday it would buy around 26% of Religare Enterprises (RELG.NS) for 21.16 billion rupees ($255 million), as it seeks to bolster its presence in the rapidly growing financial services sector. Key Points
ReutersAll eyes on Jio Financial services in the upcoming Reliance Industries Limited AGM
Reliance Industries Limited will hold its annual general meeting (AGM) on August 28, where Chairman Mukesh Ambani is expected to make key announcements regarding the company's growth and expansion plans. The focus will be on Jio Financial services (JFS), which recently listed on the stock exchanges. Ambani is likely to share growth plans for JFS, including its entry into the B2B credit business and expansion into insurance, payments, digital broking, and asset management. Key Points
Economic TimesIndia's services sector exports' basket can expand dramatically: Suresh Prabhu
Services exports can create huge employment, as it is more labour-intensive than the manufacturing sector, which is becoming more and more mechanised. The services sector will always involve the human angle... and that can boost employment, Suresh Prabhu said. Key Points
Economic Times
We still have enough dry powder to deploy in India: Baring EQT CEO Jean Salata
Baring Private Equity Asia-EQT (BPEA-EQT) announced two headline transactions in as many months. In June, it teamed up with Chrys Capital to buy 90% of Credila, the education loan arm of HDFC Ltd, for $1.1 billion--the largest-ever private equity (PE) buyout in India in the financial services sector. Key Points
Economic TimesVinsys IT services makes stellar debut; lists with 62% premium at ₹207.25 per share on NSE SME
After the IPO listing, Vinsys IT services shares gained further and made a high of ₹217.60 apiece. Key Points
mintAfter retail and telecom, Ambani casts eye on financial services, new energy business
Billionaire Mukesh Ambani aims to make his recently demerged Jio Financial services the largest non-banking lender in India, according to Reliance Industries' latest annual report. The unit plans to leverage digital and retail businesses technological capabilities to democratically provide financial services to citizens. It recently partnered with BlackRock to set up a mutual funds business and has little revenue, but owns 6.1% of Reliance. Key Points
Economic TimesIndia's Reliance expects to soon list shares of its financial unit
Reliance Industries Ltd (RELI.NS) hopes to soon list shares of its financial services unit, Reliance Jio Financial services Ltd, to unlock value for shareholders, the company said in its annual report. Key Points
ReutersNuh violence: Haryana govt extends suspension of mobile internet, SMS services
The order to extend the suspension was issued by Additional Chief Secretary (Home), T V S N Prasad, on Saturday evening. The Haryana government had earlier suspended mobile internet and SMS services and later extended till August 5. Key Points
Firstpost
services by directors in personal capacity to company not taxable under GST reverse charge method: Fin Min
Companies will not have to deduct GST under reverse charge mechanism (RCM) on services such as renting of immovable property provided by directors in his personal capacity, the finance ministry said on Tuesday. In a clarification issued after the GST Council meeting on July 11, the ministry said that only those services which are provided by directors in his official capacity to the company would attract GST under RCM. Key Points
Economic Times