Business

[ad_1] NEW DELHI: Govt on Friday clarified that it is not considering to levy GST on UPI transactions above Rs 2,000. Clarifying on reports, which said govt is considering levying GST on UPI transactions over Rs 2,000, the finance ministry said they are false, misleading, and without any basis.GST is levied on charges, such as Merchant Discount Rate (MDR), relating to payments made using certain instruments. Effective Jan 2020, the CBDT has removed MDR on person-to-merchant UPI transactions. "Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions," the ministry said. UPI transaction values have seen an exponential increase, from Rs 21.3 lakh crore in 2019-20 to Rs 260.6 lakh crore by March 2025.agencies [ad_2] Source link

[ad_1] Representative Image (Danny generated IA Image) MUMBAI: Billionaire industrialist Gautam Adani intends to shift the ownership of an Australian port terminal to his publicly listed enterprise for $2 billion. The transaction involves Adani Ports issuing preferential shares to Carmichael Rail and Port Singapore Holdings, an entity under the Adani family's control.The preferential share issuance will result in Carmichael Rail acquiring a 6.2% stake in Adani Ports, becoming a promoter of the Mumbai-listed company. This will raise the total promoter shareholding in Adani Ports to 68 from 66%.The non-monetary transaction is based on the valuation report issued by GT Valuation and SBI Capital Markets, Adani Ports said.The North Queensland Export Terminal in Australia was initially purchased by Adani Ports in 2011, and was later sold to the Adani family in 2013 for $2 billion. The terminal, with a yearly capacity […]

[ad_1] MUMBAI: Markets regulator Sebi on Thursday issued a consultation paper proposing to increase the amount of funds a mutual fund scheme can invest in Real Estate Investment Trusts (REITs) and Infrastructure Investment Trusts (InvITs). It also asked for suggestions if REITs and InvITs could be categorised as 'equity-related instruments', a departure from the current 'hybrid' status. Sebi proposed that while equity funds may invest up to 20% of a scheme's assets in the units of REITs, InvITs, debt funds should maintain the same at a 10% level. TNN [ad_2] Source link

[ad_1] BENGALURU: Infosys forecast one of its weakest revenue guidance ranges, between 0% and 3% for 2025-26, mainly due to macroeconomic uncertainties and tariff-related concerns.According to the company, in response to tepid market cues, customers have become more cautious with their discretionary spending, prompting discussions about cost efficiency and vendor consolidation deals. However, it retained its margin guidance of 20-22% for the current financial year.This forecast stands as one of the lowest revenue guidance in more than a decade, excluding the pandemic when the company suspended its guidance due to broader economic instability. At the beginning of 2024-25, it projected revenue of 1-3%. The company's worst growth in the past 16 years was during the global financial crisis in 2009-10 when growth fell to 3%.The bleak forecast led to its American Depositary Receipts (ADRs) shedding about 3% in early trade […]

[ad_1] Bulls Trump Bears On D-St, At Least For Now, Even As Chaos Engulfs Wall St Amid Escalating Trade War, Fed’s Wait-&-Watch TalkHopes Of Further Rate Cuts, ‘Normal’ Monsoon Lift Street SpiritsMUMBAI: Strong buying in stocks of banking and financial services companies, along with Reliance Industries, led to a more than 1,900-point intraday reversal in the sensex on Thursday, while technology stocks were the laggards.In the process, Dalal Street investors ignored the overnight selloff on Wall Street as foreign fund managers continued to buy domestic stocks.During the day, weighed down by a weak closing in the US market the previous night, the sensex opened in the red and was down more than 350 points early in the session. However, soon the trend reversed, and in late trades, the sensex was up nearly 1,600 points. At close, the index was up […]

[ad_1] MUMBAI: India's education loan companies are facing collateral damage from the Trump administration's crackdown on immigrants. With the US accounting for 50-75% of the education loan disbursements, lenders are facing a business slowdown as students rethink their America plans. Lenders are also implementing stringent assessment checks to process US education loans, preferring strong profiles and top-tier universities amid mounting concerns over borrowers' ability to repay loans given the political situation and risk of a hiring slowdown in the US due to tariff-led recession fears. This, in a way, is shrinking their pool of US candidates, impacting business. Apart from banks, a growing crop of NBFCs, new-age financial and study abroad platforms, including players like Credila, Avanse Financial Services, and InCred Finance, operate in the higher education lending space in India.For some firms like InCred Finance, enquiries and applications for […]

[ad_1] The government on Friday denied reports suggesting GST levying on UPI transactions exceeding Rs 2,000, calling such claims “completely false, misleading, and without any basis.”In an official statement, the finance ministry said, “Currently, there is no such proposal before the government,” dismissing concerns that had surfaced earlier.The ministry also clarifyed the tax framework, explaining that GST is only applicable on charges like the merchant discount rate (MDR), which are relevant for certain payment methods.However, in January 2020, the Central Board of Direct Taxes (CBDT) eliminated MDR on person-to-merchant (P2M) UPI transactions.“Since currently no MDR is charged on UPI transactions, there is consequently no GST applicable to these transactions,” the ministry stated.UPI, or Unified Payments Interface, has witnessed a remarkable surge in usage, with transaction values skyrocketing from Rs 21.3 lakh crore in 2019-20 to a soaring Rs 260.56 lakh […]