BUSINESS
GST collection rises 28% in August: Here's what experts say
The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), it said.
UPI transactions reach 657 crore in August worth Rs 10.72 lakh cr
"With the acceptance of card payments via UPI the transaction volumes are bound to grow strongly and the average value per transaction too will increase. Through this growth, the NPCI systems have been robust and have rendered uptime that stands among the best in the payments industry. NPCI is on track to achieve their vision of 1 billion transactions per day," said Rajesh Mirjankar MD and CEO, Kiya.ai.
Indices end sharply lower; Sensex down over 700 points
At close, Sensex ended 770.48 points or 1.29 per cent down at 58,766.59, and Nifty closed 216.50 points or 1.22 per cent lower at 17,542.80. Nearly, 1,952 shares have advanced, 1,473 shares have declined and 153 shares remained unchanged. Reliance Industries, TCS, Sun Pharma, Tech Mahindra, Hindustan Unilever, Infosys were among the major losers on the Sensex.
Hero Electric sells record over 10K EV 2-wheelers in a month, Ola Electric falters
Hero Electric had sold 8,954 EV two-wheelers in July while Okinawa Autotech had sold 8,096 two-wheelers. Bhavish Aggarwal-run Ola Electric sold 3,421 EV two-wheelers in August, a drop from 3,862 units the company sold in July, indicating that it still needs to bring its strategy back on track. Ather Energy saw a massive jump at selling 5,239 vehicles, from a mere 1,289 in July.
Despite decline in global oil rates, Pakistan govt raises fuel prices
In a latest tough decision by the Shehbaz Sharif government, prices of petroleum products were raised about Rs 3 per litre despite a decline in global oil rates. The decision to increase prices is being done mainly because of the exchange rate fluctuation and an increase in petroleum levy in line with the commitment with the recently revived bailout loan programme by the International Monetary Fund (IMF).
Rupee expected to trade in Rs 79.75-80.0/$ range in the near-term: BOB report
This will keep global currencies, including INR under pressure. While FPI flows have remained positive in August 22, higher rates in the US along with a slowing global growth may spur a fresh bout of FPI withdrawals from the Indian market. On the positive side, oil prices may see some correction as higher rates tip the global economy into a slowdown if not recession.
Airtel introduces next-gen Cloud solutions ahead of 5G launch
The new cloud offerings will fall under Edge Cloud Portfolio and will include Edge content delivery network (CDN). Airtel Cloud's Edge CDN accelerates web and video content delivery by using its edge network to bring content as close to users as possible. This reduces latency, costs and load on servers making it easier for enterprises to focus on app performance for OTT, ed-tech, gaming and healthcare sectors.
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.
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