BUSINESS
Market volatility to continue with some initial surge in markets
The Indian Rupee lost 42 paisa or 0.57 per cent to close at Rs 74.12 to the US Dollar. Dow Jones lost 471.54 points or 1.36 per cent to close at 34,326.46 points. A large part of the losses was reversed on Friday when Dow Jones gained 482 points. Had that not happened, loses would have been close to 950 points.
Petroleum taxes to take govt's excise collections to historic high levels in FY22
As per latest government data, central excise duty collection has already touched Rs 1,37,236 crore till August in FY22. This is a growth of almost 37 per cent over Rs 1,00,398 crore excise revenue collected by the Centre in the first five months of FY21.
Tesla sales continue to surge in face of chip shortages
The company released its third-quarter delivery and production numbers -- confirming it achieved new records again, reports Elektrek. According to the report, it looks like this quarter's delivery wave was successful as Tesla reported record deliveries of 2,41,300 electric cars in the third quarter of 2021.
Three-tier GST rate structure likely by next fiscal
Sources working on the GST rate rational said that a three rate tax structure may become a reality early next fiscal after the views of a group of ministers (GoM) set for purpose is presented before the GST Council. The idea is, sources said, to move away from the present broad five rate structure of zero, 5, 12, 18 and 28 per cent to just three of 5, 18 and 28 per cent.
Centre notifies rules to scrap retrospective tax clause
Accordingly, the amendment bill notified on October 1, 2021, will enable the scrapping of the contentious retrospective tax demand provisions. Significantly, the notification of the bill is expected to end the much stretched tax disputes with UK's Cairn Energy, and Vodafone Plc.
Pakistan sells rice by maligning India
Disinfolab said in a report that taking advantage of this campaign, from September 30, the Pakistani accounts started another campaign to malign India by boycotting Indian Food products. The 'boycott business' come with an economic logic, it added. Analyzing this campaign gave interesting details about the mechanics of Pakistan troll factories.
Supply crunch morphing into full-blown global crisis
All the problems are in one way or the another tangled up in the surge of post-pandemic consumer demand, but taken together they threaten what one leading economist calls a "stagflationary wind" that could blow the global economy off course, the report said.
India, UAE aim to ensure speedy normalisation of air services
"Given the importance of air transport in facilitating bilateral ties and people-to-people connections, both sides agreed that their respective civil aviation authorities should continue to work together on a priority basis, for their mutual benefit, to ensure the speedy normalisation of air transport operations between the two countries," the Ministry of Commerce & Industry said .
Worries mount over China's local govt debt bubble of $8.2tn
Analysts at Goldman Sachs have flagged the risk of surging local government debt levels that President Xi Jinping's men have done their best to hide. The data that Goldman's Maggie Wei highlights is as of the end of 2020. Clearly, the tally is higher now, perhaps markedly.
'Idly on stick' post by Anand Mahindra ignites debate
Anand Mahindra has stated, "Bengaluru, India's innovation capital, can't stop its creativity from manifesting itself in the most unexpected areas -- Idli on a stick -- sambhar & chutney as dips. He has also asked the netizens to respond by asking "those in favour, those against??"
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