Gross direct tax collection grows 16.7% to Rs 5.47 lakh crore in April-September -The Total Investment & Insurance Solutions

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04 October 2018

 

Tax (The Total Investment & Insurance Solutions)

Gross direct tax collection in the first six months of the financial year grew 16.7 per cent to Rs 5.47 lakh crore, Finance Ministry said Thursday.

Refunds amounting to Rs 1.03 lakh crore have been issued during April 2018 to September 2018, which is 30.4 per cent higher than refunds issued during the same period in the preceding year.

“The provisional figures of direct tax collections up to September 2018 show that gross collections are at Rs 5.47 lakh crore which is 16.7 per cent higher than the gross collections for the corresponding period of last year,” the ministry said in a statement.

 Net collections (after adjusting for refunds) have increased by 14 per cent to Rs 4.44 lakh crore during April, 2018 to September, 2018.

The net direct tax collections represent 38.6 per cent of the total budget estimates of direct taxes at Rs. 11.50 lakh crore for current fiscal.

Gross corporate income tax (CIT) and personal income tax (PIT) collection grew 19.5 per cent and 19.1 per cent. After adjustment of refunds, the net growth in CIT collections is 18.7 per cent and that in PIT collections is 14.9 per cent, the ministry said.

The Central Board of Direct Taxes (CBDT) has collected Rs 2.10 lakh crore as advance tax, which is 18.7 per cent higher than the advance tax collections during the corresponding period of last year.

The growth rate of corporate advance tax is 16.4 per cent and that of PIT advance tax is 30.3 per cent, the ministry added.

The ministry further said that gross collections of the corresponding period of last fiscal (2017-18) also included extraordinary collections under last instalment of the Income Declaration Scheme (IDS), 2016, amounting to Rs 10,254 crore, which does not form part of the current year's collection. The Total Investment & Insurance Solutions

Cabinet nod for railways' plans to commercially develop space at stations -The Total Investment & Insurance Solutions

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04 October 2018

 

Railways(The Total Investment & Insurance Solutions)

Paving the way for large-scale modernization of railway stations, the Union Cabinet on Wednesday approved Railways' station redevelopment plans so as to commercially develop space in and around stations, Union Law Minister Ravi Shankar Prasad said on Wednesday.

The Cabinet, under the chairmanship of Prime Minister Narendra Modi, also provided for a longer lease tenure of up to 99 years from the previous 45 years. 

According to Prasad, the name of the agency would be Indian Railway Stations Development Corp Ltd (IRSDC). Calling the Cabinet decision a progressive move, Prasad said: "IRSDC shall be the nodal agency for the development of railway stations across the country." 

Developing railway facilities will not only benefit the commuters but also help the Indian Railways make use of its unused or under-used properties. 

"It was a decisions based on the feedbacks collected from the government's earlier railway modernisation attempts," Prasad said. 

The Minister said redevelopment of major stations across the country is planned by leveraging commercial development of land and air space in and around the station, saying "this program will help provide state-of-the-art amenities for passengers, generate additional revenues and will be overall at least cost neutral to Ministry of Railways over a basket of stations."

"Furthermore, redevelopment of railway stations across the country will have a multiplier effect in the economy with increased job creation and improved economic growth."

"IRSDC being the nodal agency will prepare the overall strategic plan and business plans for individual or a group of stations ensuring cost neutrality of this programme. Upon approval of business plans by Ministry of Railways, IRSDC or other project development agencies will take up the work of station redevelopment," Prasad said. 

He said that Railway/RLDA/IRSDC will be planning and development authority for Railway land in consultation with urban local bodies, DDA or other Union Territories, to transfer land on free-hold basis to Railways. This would enable Ministry of Railways to accelerate the redevelopment of major stations across the country on an overall cost neutral basis. These redevelopment efforts will lead to creation of state-of-the-art smart stations that will function as mini smart cities.

"Railway passengers and Industry shall be benefited at large. Passengers will now get amenities at par with international railway terminals and a large number of local job creation is expected as a positive external outcome of this program," he added. 

A Cabinet approval was obtained on June 24, 2015 to redevelop ‘A1' and ‘A' category stations by Zonal Railways through Cabinet approved procedures and for a lease period of 45 years. However, insufficient interest was visible amongst the prospective bidders. The Total Investment & Insurance Solutions

Indian oil firms can stagger $10-bn overseas borrowing: Finance Ministry-The Total Investment & Insurance Solutions

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04 October 2018

 

RBI (The Total Investment & Insurance Solutions)

The Finance Ministry on Thursday said that the $10 billion foreign currency loans that state-run oil-marketing companies (OMCs) can raise for their working capital needs will have to be staggered over a period of one year from now.

The oil companies can raise $10 billion via External Commercial Borrowings (ECBs) with a maturity of five years in a phased manner, with an initial tranche of $4 billion followed by two tranches of $3 billion each, in one year from now, the ministry said in a statement.

The ministry's statement follows the Reserve Bank of India's decision on Wednesday to relax ECB norms for the working capital needs of fuel retailers. The RBI has waived off the individual company limit of $750 million or equivalent and the mandatory hedging requirements, as it seeks to stem the rupee's slide.

The RBI has allowed the oil companies to borrow from all overseas recognised lenders under the automatic route.

Further, the RBI relaxed the requirement of a minimum average maturity of five years and replaced it with minimum average maturity of three to five years.

The move is seen as an attempt to encourage oil firms to raise their dollar requirements from abroad, as the rupee has been hitting new lows against the dollar amid hardening crude oil prices.

India imports about 80 per cent of its crude oil requirements, and rising global prices threaten to widen its current account gap, pressuring the domestic currency.

The rupee on Thursday hit a new low of Rs 73.77 to a US dollar.The Total Investment & Insurance Solutions

Global Stocks Slip As US Treasury Yields Surge-The Total Investment & Insurance Solutions

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04 October 2018

financial markets (The Total Investment & Insurance Solutions)

Global stocks are falling Thursday as interest rates in the U.S. continue to rise. In the U.S., internet and technology companies and high-dividend stocks are falling. The yield on the 10-year Treasury note is rising further after hitting a seven-year high a day ago.

KEEPING SCORE: The S&P 500 index skidded 17 points, or 0.6 percent, to 2,907 as of 10:15 a.m. Eastern time. The Dow Jones Industrial Average lost 186 points, or 0.7 percent, to 26,642. The Nasdaq composite fell 84 points, or 1.1 percent, to 7,940. The Russell 2000 index of smaller-company stocks gave up 12 points, or 0.8 percent, to 1,658.

BONDS SURGE: Bond prices fell again. The yield on the 10-year Treasury note climbed to 3.18 percent from 3.16 percent. The 10-year yield is at its highest level in more than seven years following encouraging signs on hiring by private companies and growth for services companies.

That data suggests the economy should keep growing at a solid pace. That translates to bigger profits for U.S. companies and continued increases in interest rates by the Federal Reserve, which raises rates to keep inflation in check. But as interest rates continue to rise, it becomes more expensive for consumers and businesses to borrow money, and growth gradually slows.

BANK RALLY: Banks surged for a second day as higher yields mean they make bigger profits on mortgages and other types of loans. JPMorgan Chase gained 1.5 percent to $116 and Bank of America added 1.8 percent to $30.55.

The S&P banking index has surged 2.5 percent over the last two days while the broader S&P 500 is lower. European banks including Barclays and HSBC also climbed.

Among technology companies, Apple fell 0.9 percent to $229.89 and Microsoft lost 1.2 percent to $113.84. Facebook sank 1.5 percent to $160.03 and Alphabet, Google's parent company, lost 2.3 percent to $1,183.94.

OVERSEAS: France's CAC 40 sank 1.1 percent and Britain's FTSE 100 tumbled 0.9 percent. The DAX in Germany added 0.1 percent resumed after a national holiday.

Hong Kong's Hang Seng index sank 1.7 percent and Japan's Nikkei 225 index lost 0.6 percent while the Kospi in South Korea sank 1.5 percent.

BOOK SALE?: Barnes & Noble climbed 23.6 percent to $6.75 after the bookseller said it will review offers from potential buyers, including one from founder and chairman Leonard Riggio, the company's biggest shareholder. Even after Thursday's gain, Barnes & Noble stock is essentially flat in 2018 and has lost almost two-thirds of its value since July 2015.

HORTON HEARS A DEAL: Business software companies Hortonworks and Cloudera said they agreed to combine in an all-stock deal. Cloudera shareholders will own most of the new company, which the two sides said will be worth $5.2 billion. Cloudera rose 12.7 percent to $19.25 and Hortonworks added 12.8 percent to $24.69.

DRINK TO THAT: Beer and wine maker Constellation Brands climbed 4.8 percent to $220.81 after its second-quarter profit surpassed Wall Street projections.

DIABETES DRUG: Eli Lilly gained 4.4 percent to $113.42 after it reported strong results from an experimental diabetes drug. The company said patients with type 2 diabetes experienced meaningful reductions in blood sugar and body weight.

INDIAN SELL-OFF: Shares sank in India as the rupee continued to weaken and investors worried about the country's trade deficit thanks to surging costs for oil imports. The Sensex index fell 2.2 percent.

ENERGY: Benchmark U.S. crude fell 0.8 percent to $75.78 per barrel in New York. U.S. crude hit four-year highs this week. Brent crude, used to price international oils, lost 0.7 percent to $85.65 per barrel in London.

CURRENCIES: The dollar fell to 113.81 yen from 114.34. The euro rose to $1.1524 from $1.1517.The Total Investment & Insurance Solutions

Nifty, Sensex may log in more gains – Monday closing report-The Total Investment & Insurance Solutions

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01 October 2018

The major indices of the Indian stock markets rallied on Monday and closed with gains over Friday’s close. On the NSE, there were 725 advances, 1,034 declines and 318 unchanged. The trends of the major indices in the course of Monday’s trading are given in the table below:

Commercial vehicles major Ashok Leyland Ltd on Monday said it closed September 2018 with a 26% growth in sales. In a statement here, the company said it sold 19,373 units last month, up from 15,371 units sold in September 2017. Ashok Leyland Limited shares closed at Rs121.00, up 1.60% on the NSE.

Pharma major Dr Reddy's Laboratories Ltd on Monday announced the sale of its antibiotic manufacturing facility and related assets in Tennessee, US, for an undisclosed sum. Dr Reddy’s Laboratories shares closed at Rs2,512.00, down 0.74% on the NSE.

Gayatri Projects has been awarded with two add-on works to the existing works of Chintalapudi Lift Irrigation Scheme (Package-1 & 2). These two additions lead to a consolidated increase of Rs548.98 crores, nearly 55% of the existing value. Gayatri Projects shares closed at Rs192.30, up 14.70% on the NSE.

Cadila Healthcare has received final approval from the USFDA (US Food & Drug Administration) to market Desoximetasone Cream USP (US RLD — Topicort® Cream), 0.25%. Desoximetasone is a strong corticosteroid, used to treat a variety of skin conditions like eczema, dermatitis, allergies and rash. Cadila Healthcare shares closed at Rs398.00, up 3.12% on the NSE.

KEC International has secured new orders of Rs1,159 crore in its Transmission & Distribution business across India, Africa, Oceania and Americas. KEC International shares closed at Rs285.00, down 3.72% on the NSE.

GMR Infra has emerged as the highest bidder for the Development, Operations and Management of Dr Babasaheb Ambedkar International Airport, Nagpur on a Public Private Partnership (PPP) basis. In FY2017-18, Nagpur Airport had handled 2.18 million passengers and 7,800 MT cargo. GMR Infrastructure shares closed at Rs17.00, up 4.94% on the NSE.

HCC Infrastructure Company has executed a definitive agreement for the sale of 100% equity stake in Farakka-Raiganj Highways to Cube Highways II, Singapore for an equity consideration of Rs372 crore subject to closing adjustments. Hindustan Construction Company Limited shares closed at Rs11.10, up 4.23% on the NSE.

The Fortive Corp. has chosen TCS as the preferred partner for providing engineering & digital/IoT solutions and services to its operating companies. To explore other opportunities allowing for potential offerings that leverage skills, resources, and IP from both companies. TCS shares closed at Rs2,250.30, up 3.05% on the NSE.

Take Solutions's subsidiary Navitas, Inc (USA) has sold off its supply chain unit namely 'TAKE Supply Chain' in Austin, USA to ESW Capital, LLC, USA for a consideration of US$ 3.25 million (approx. Rs23.58 crore). Take Solutions shares closed at Rs171.00, up 11.80% on the NSE.

Bandhan Bank shares closed at Rs452.20, down 20.00% on the NSE after RBI withdrew permission to open new branches stands after the bank failed to comply with the licensing condition to bring down the shareholding of holding company in the Bank to 40%. 

The Heavy Civil Infrastructure business of L&T won orders worth Rs7,489 crore from the Municipal Corporation of Greater Mumbai (MCGM) for the construction of the Mumbai Coastal Road Project (MCRP), packages 01 & 04. Larsen & Toubro shares closed at Rs1,251.00, down 1.66% on the NSE.

The top gainers and top losers of the major indices are given in the table below:

The closing values of the major Asian indices are given in the table below:The Total Investment & Insurance Solutions

Major Indices (The Total Investment & Insurance Solutions)

Core sector growth slows to 4.2% in August-The Total Investment & Insurance Solutions

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01 October 2018

Core sector growth (The Total Investment & Insurance Solutions)

The growth of India’s infrastructure industriesNSE 1.84 % slowed to 4.2% in August as output of coal, refinery products and fertilisers moderated. Core sector had grown 7.3% in August and 4.4% in August last year. 

Official data released by commerce and industry ministry on Monday showed growth slowing in six out of eight sectors. 
The eight infrastructure sectors of coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity, constitute 40.27% of the total industrial production. 

Its cumulative growth in the April to August period was 5.5% compared with 3% in the year ago period. 

Fertiliser production declined after six months. It fell 5.3% in August from a 1.3% rise in July. 

Cement production rose 14.3% in August from 11.1% in July and natural gas output increased 1.1% from a 5.2% decline in the previous month. 


The pace of output growth slowed to 2.4% in coal, 5.1% in refinery, 3.9% in steel and 5.4% in electricity. 

Crude oil output continued to decline with a 3.7% fall registered in August compared with a 5.4% drop in July. The Total Investment & Insurance Solutions

Retail inflation for industrial works rises to 5.61pc in August -The Total Investment & Insurance Solutions

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01 October 2018

Retail inflation (The Total Investment & Insurance Solutions)

Retail inflation for industrial workers rose to 5.61 per cent in August from 2.52 per cent in the year-ago month mainly due to rise in prices of food items and petroleum products. "The year-on-year inflation based on CPI-IW remained stagnant at 5.61 per cent for August, 2018 as compared to the previous month and 2.52 per cent during the corresponding month of the previous year," a Labour Ministry statement said. 

According to the statement, the food inflation was (-) 0.32 per cent in August as compared to 1.61 per cent during the year-ago period. 

The All-India Consumer Price Index for Industrial Worker (CPI-WI) for August, 2018 remained at 301. On 1-month percentage change, it remained static between July and August and was also static between the corresponding months of previous year, the ministry said. 

It said the maximum upward pressure to the change in current index came from miscellaneous and food groups contributing (+) 0.25 and (+) 0.07 percentage points, respectively to the total change. 

At commodity level, rice, wheat, wheat atta, groundnut oil, brinjal, cabbage, carrot, parval, mango (ripe), sugar, cooking gas, petrol, ornaments, glass, etc are responsible for the increase in index. 

However, the ministry said, this increase was checked by fish fresh, poultry (chicken), eggs (hen), onion, french beans, methi, peas, radish, tomato, apple, guava, etc. 

Centre wise, Ranchi-Hatia and Bhavnagar reported the maximum increase of 5 points each followed by Kodarma (4 points). 

Among others, 3 points increase was observed in 9 centres, 2 points in 7 centres and 1 point in 13 centres. On the contrary, Pune and Tripura recorded maximum fall of 3 points each. Among others, 2 points decline was observed in 6 centres and 1 point in 15 centres. Rest of the 23 centres' indices remained stationary. 

The indices of 37 centres are above All-India Index and 41 centres' indices are below national average. The Total Investment & Insurance Solutions

September GST collection stands at Rs 94,442 crore against Rs 93,690 crore in August -The Total Investment & Insurance Solutions

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01 October 2018

 

GST (The Total Investment & Insurance Solutions)

The GST collection for the month of September stood at Rs 94,442 crore against Rs 93,690 crore in August. Collections in September marked a slight uptick from the preceding month. However, it is lesser than the gross GST revenue in April, where it had exceeded 1.03 lakh crore. 

As many as 67 lakh Goods and Services Tax (GST) returns were filed in September. The total number of GSTR 3B Returns filed for the month of August up to 30th September, 2018 is 67 lakh. 

According to Finance Ministry, of the Rs 94,442 crore collected last month, Central GST (CGST) mop-up is Rs 15,318 crore, State GST (SGST) is Rs 21,061 crore, Integrated GST is Rs 50,070 crore (including Rs 25,308 crore collected on imports) and cess is Rs 7,993 crore (including Rs 769 crore collected on imports) and cess is Rs 7,993 crore (including Rs 769 crore collected on imports) 

The total revenue earned by Central Government and the State Governments after settlement in the month of September, 2018 is Rs. 30,574 crore for CGST and Rs. 35,015 crore for the SGST. The Total Investment & Insurance Solutions