Goods and Services Tax collections rose 15.4 percent to Rs 2,11,205 crore in July. This increase was largely due to a 29 percent jump in integrated GST on imports. Strong economic activity and higher commodity prices also contributed to the robust tax collections. Central GST mop-up increased 12.3 percent while state GST grew 8.7 percent. Net collections after refunds went up 15.8 percent, reflecting continued economic resilience.from Business News Today: Stock Markets, Financial News, India Business & World Business News https://ift.tt/1BodKD4
Zepto will delay its public listing by two to three quarters. The quick commerce startup faced tepid investor response on its valuation. Domestic investors offered valuations significantly lower than its last funding round. The company now seeks Rs 1,000 crore in pre-IPO funding. Zepto aims for a lower valuation of around $4-4.5 billion for this investment.
Sebi has banned Zee group's Subhash Chandra and Punit Goenka for one year. They fraudulently pledged Zee Entertainment Enterprises land parcels as security for personal loans. Chandra and Goenka misused their positions, risking the company's assets for personal gain. The regulator also imposed fines on Chandra, Goenka, and the company for these fraudulent acts. This action was taken after a thorough investigation into the 2018 transactions.
Gold loans fueled a significant acceleration in bank credit during Q1FY27. This segment expanded by 93.8% year on year, adding substantial value. Overall bank credit also saw robust growth, crossing a significant milestone. Credit to industry recorded its highest first-quarter expansion in recent years. Vehicle loans and medium enterprises also showed strong performance.
Tata Steel is acquiring Martrade's stake in their joint shipping venture for Rs 335 crore. This move ends a twenty-five-year partnership with the German logistics group. The company also committed Rs 33,873 crore for capacity expansion at Neelachal Ispat Nigam. This expansion will bolster its long products portfolio and branded retail offerings. Tata Steel reported a 19% net profit rise and 15% revenue increase in Q1 FY27.
Amazon and Flipkart are reducing seller fees to attract more businesses. This strategy aims to boost sales volumes in smaller Indian cities and towns. Lower costs for sellers translate into more affordable products for consumers. The e-commerce giants are focusing on onboarding local sellers from tier two cities. This move is crucial for their continued growth and market expansion.