Indian banks’ digital maturity score above global average: Deloitte

Indian banks’ digital maturity score above global average: Deloitte

Mumbai: Indian banks have scored above the global average in the Digital Banking Maturity survey by consultants Deloitte but have scope to improve to match what it calls the global champions, which are ahead in providing non-financial services such as healthcare. But Indian banks were ahead of global peers on user experience and they could … Read more

GST mop-up grows 12% YoY in June to Rs 1.61 lakh crore

GST mop-up grows 12% YoY in June to Rs 1.61 lakh crore

Goods and services tax (GST) revenue rose 12% in June to `1.61 lakh crore from the year earlier, maintaining a robust pace, showed data released on Saturday, the sixth anniversary of the single tax that replaced multiple indirect levies in 2017. Bolstering the theme, automobile companies reported a sixth straight month of 300,000-plus sales in … Read more

Economic Survey shows agribusiness has strong potential for growth, say experts

Economic Survey shows agribusiness has strong potential for growth, say experts

The Economic Survey 2023 shows that agribusiness continues to show strong potential for growth and enhancement of farmer livelihood, said analysts and corporates. They also added there is a need to give a fresh fillip to the development of storage and agri warehousing facilities which so far is largely fragmented with the majority of warehouses … Read more

GDP slowdown in Q4 due to impact of pandemic, high commodity prices, say experts

GDP slowdown in Q4 due to impact of pandemic, high commodity prices, say experts

The slowdown seen in India’s GDP growth to a four-quarter low of 4.1 per cent in January-March period of 2021-22 was mainly on account of impact of the third Covid wave and high commodity prices, opined experts. Indian economy grew at its slowest pace in a year during January-March, pulling down the Gross Domestic Product … Read more

Splitting of provident fund accounts may be delayed

Splitting of provident fund accounts may be delayed

The Employees’ Provident Fund Organisation (EPFO) hasn’t yet been able to split subscriber accounts into two for members who contributed more than ₹2.5 lakh last fiscal, which may create tax complications and filing issues, experts said. The EPFO is likely to split accounts only at the time of crediting the interest for FY22, which generally … Read more

Future of food: Indian consumers turn focus on health, convenience amid Covid-19, emission concerns

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Today, half the habitable land in the world is used for agriculture and contributes significantly to global emissions. (Reuters) The Covid-19 pandemic has sparked greater focus on health, convenience, and sustainability among consumers as attention turned to proteins and fresh proteins, a Deloitte India survey has found. The ‘Future of Food’ report, launched today at … Read more

FPIs seek tax clarity on variable capital companies in financial centres

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Foreign portfolio investors (FPIs) are seeking clarity over the tax implications of the recently proposed variable capital company (VCC) structures in financial centres such as Gujarat International Finance Tec-City (GIFT City). Among other benefits, the VCC structure allows funds some concession from short-term and long-term capital gains tax on returns on equities. The onus of … Read more

Time for government, companies to adopt artificial intelligence: Deloitte India

Time for government, companies to adopt artificial intelligence: Deloitte India

The Deloitte CEO said whether it is manufacturing, banking, services or agriculture – technology is key for India’s aspirations in any of these sectors. Synopsis “Indian companies need to re-skill, train, and acquire more relevant talent, if they are to successfully integrate AI technologies. Most importantly, they should be willing to make the continued investment. … Read more

President-elect Joe Biden’s tax policies could be a boon for India, feel experts

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US President-elect Joe Biden’s policies of taxing corporates at a higher rate than present levels could prove to be an opportunity for India which has brought down its tax rates substantially. Experts said that multinational companies and US-based companies may end up moving a large part of their profits to overseas destinations like India to … Read more

GST Council extending cess levy beyond 5 years would worry business: Experts

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New Delhi: The GST Council not looking to increase tax rates to fund revenue shortfall of states is a positive move, but extending the period of levy of compensation cess beyond the originally envisaged five years would worry businesses, tax experts said. At the 41st GST Council meeting on Thursday, the Centre presented before the … Read more