BUSINESS
Amazon, Flipkart, Microsoft to pay 2% extra tax now
As per a statement, it has also been clarified in the Budget that the tax will be applicable for consideration of sale of goods, irrespective of whether the provider owns the portal, and consideration of provisions of services irrespective of whether services are provided or facilitated by e-commerce operators.
Union budget 2021: Here is how leading politicians and industrialists reacted
Although the covid vaccination drive helped a bit in recovery, India’s economy faced a huge slump due to coronavirus and struggled despite the government introducing a pandemic relief plan. However, with the new budget and funds allocation, the health sector has got a boost to relaunch the fight against the pandemic.
Union Budget 2021: Around 19% hike in capital outlay for defence
Last year the capital allocation for the defence was pegged at Rs 1.13 lakh crore which has been raised to Rs 1.35 lakh crore, an increase of around 19%. The hike in capital outlay came in for praise by Defence Minister Rajnath Singh. “This is the highest-ever increase in capital outlay for defence in 15 years,” Rajnath Singh tweeted.
Share Market: Budget boosts bourses, Sensex rises over 1,000 points
Investors continued to cheer the fact that the budget did not announce any additional burden in terms of taxes or cess on citizens and corporates. Amongst sectors, buying was witnessed in Media, Banking and Auto indices. Banking stocks surged after the Finance Minister on Monday announced that two public sector banks will be privatised apart from the IDBI Bank in the upcoming financial year.
Sugar production rises by 25% Year-on-Year in first 4 months this season
The Indian Sugar Mills Association (ISMA) said on Tuesday in a statement that 491 sugar mills in operation as of January 31, 2021 produced 176.83 lakh tonnes of sugar from October 2020 till January 2021, compared with 141.04 lakh tonnes produced by 447 mills as of January 31, 2020.
$104 billion in stranded asset risk for oil, gas pipelines in India
While the Indian government has not announced any net zero targets, continued deflation in renewable energy price is making its economics of continued dependency on fossils untenable. India's energy sector has the highest exposure to nonperforming assets (NPAs), said the survey by Global Energy Monitor.
Union Budget 2021: No new tax measures positive for equities
The Budget is positive for the jewellery industry with customs duty on gold and precious metals decreased from 12.5 per cent to 10 per cent, this will enable volume growth. It is also positive for domestic leather and leather product manufacturers as customs duty increased to 10 per cent from nil last year. Better pricing will enable further volume growth, it said.
Spotify arrives in South Korea amid fierce competition
The service, which originally launched back in 2008, has more than 60 million songs and over 320 million users across 93 markets. The latest launch comes amid the growing presence of K-pop in global markets. The service said it has been running K-pop playlists since 2014 and noted last year that the portion of K-pop listening has jumped by more than 2,000 percent over the last six years, with total streaming time reaching 180 billion minutes.
RBI appoints external IT firm for special audit of HDFC Bank's IT infra
Last December, the RBI asked HDFC Bank to temporarily stop all launches of the digital business generating activities and sourcing of new credit card customers, after outages in the bank's online facilities or payment utilities occurred over the past 2 years, including the incident in the internet banking and payment system on November 21, due to a power failure in the primary data centre.
66% of middle-income group expected more from Union Budget 2021
To a question on being the middle class did you expect more from the budget, 66 per cent of the middle-income group said they expected more. On the other hand, the high-income group is most dissatisfied with the Budget presented by Finance Minister Nirmala Sitharaman on Monday. 52.8 per cent of respondents of this segment said no to a question on whether the Budget presented by the Finance Minister met your expectations.
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