QBiz: 37 Lakh Taxpayers File GST Returns for September & More
The Quint’s roundup of the top business news of the day.
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1. Nearly 37 Lakh Taxpayers File GST Returns for September
About 36.84 lakh taxpayers filed GSTR-3B returns or summarised returns for September as of 7 pm for 30 October, a government official told BloombergQuint. The deadline for filing the initial returns in GSTR-3B for September under the Goods and Services Tax regime ends midnight on Friday night.
Returns filed on the last day increased by over four lakh as compared to the previous month, said the official quoted above. About 32 lakh entities had filed returns on 20 September, the last day for filing GSTR-3B returns for August.
The government collected around 95,000 crore in GST revenue for the month of July and mopped up over 90,000 crore for August. According to a report by wire agency PTI, 55.68 lakh and 50 lakh returns had been filed for July and August, respectively.
Source: BloombergQuint
2. Air India Looks for Short-Term Loans Worth Rs 1,500 Crore for 'Urgent' Capital Needs
Disinvestment-bound Air India has sought proposals for short term loans worth Rs 1,500 crore to meet “urgent” working capital needs, according to a document. This is the second time in little over a month that the flagship carrier has floated tenders for short tenure loans even as the government is working on the modalities for the stake sale.
The debt-laden carrier, which is surviving on taxpayers’ money, is battling multiple headwinds, including financial woes and stiff competition. In a document issued on 18 October, Air India said it is looking for “government guarantee backed Indian Rupee short term loans totalling up to Rs 1,500 crore to meet its urgent working capital requirements”.
Source: PTI
3. Government Permits Banks to Sell More Small Savings Schemes
In order to encourage savings, the government has allowed banks, including the top three private sector lenders, to accept deposits under various small savings schemes like National Savings Certificate, recurring deposits and monthly income plan. Until now, most of the small savings schemes were sold through post offices.
According to a recent government notification, banks can also sell National Savings Time Deposit Scheme 1981, National Savings (Monthly Income Account) Scheme 1987, National Savings Recurring Deposit Scheme 1981 and NSC VIII issue. All public sector banks and the top three private sector lenders – ICICI Bank, HDFC Bank and Axis Bank – can receive subscription from the expanded portfolios.
Source: PTI
4. Amazon Claims Great Indian Festival Its Biggest Shopping Event Ever
Online retailer Amazon India claimed that its flagship festive season sale, the Great Indian Festival, was its biggest ever shopping event, and said that more customers shopped on its online marketplace during the sale than on any other e-commerce site.
Amazon India on Friday claimed that it had grabbed a 44 percent share of total customers and shopping volumes, which was higher than any of its competitors.
Source: Livemint
5. Blue Dart Turns to Cost Efficiencies to Prop Earnings
Blue Dart Express Ltd, whose financial metrics were under pressure due to the twin impact of demonetisation and the goods and services tax (GST), has surprised the Street with a sharp improvement in profitability.
While revenues expanded by a sedate 6 percent, margins rose from 6.9 percent in the first quarter to as much as 10.9 percent last quarter (Q2). Of course, the sustainability of margins remains an uncertainty.
The GST-infused disruption to trade remains a headwind. Post the hit in July and August, business recovered towards the end of September. But it is not clear if this is a structural recovery or a temporary boost to volumes thanks to the festive season. The management expects clarity to emerge next month. But it is concerned the industry may continue to be challenged by the after-effects of the GST-related disruption.
Source: Livemint
6. Lodged Seven More Cases In Coal Scam, Enforcement Directorate Tells Supreme Court
The Enforcement Directorate informed the Supreme Court that it has lodged seven more cases in the coal block allocation scam and was in the process of filing prosecution complaints against two firms, including Jindal Steel and Power Ltd.
In its tenth status report filed in the apex court for the period from January last year to 30 September this year, ED has said it had earlier received 55 FIRs from the CBI and registered enforcement case information report in all of them.
“Subsequent to the ninth status report, the Directorate of Enforcement has received seven more FIRs from the CBI and it has registered ECIR in respect of these seven cases,” the agency told a bench headed by Justice MB Lokur.
Source: PTI
7. OPEC Sends Strongest Signal Cuts Will Be Extended to End-2018
OPEC sent its strongest signal yet that output cuts will be extended until the end of 2018, saying negotiations are taking their lead from Vladimir Putin’s tentative backing for a further nine months of curbs.
That statement is the basis for talks ahead of next month’s OPEC gathering, led by Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih, said OPEC Secretary-General Mohammad Barkindo.
The comments signal not only the growing chance of an extension of the cuts, but also how far Russia and Saudi Arabia, two countries that haven’t been close historically, are working together to lift oil prices. King Salman visited the Kremlin earlier this month – the first visit by a Saudi monarch to Russia.
Source: BloombergQuint
8. Hyderabad Airport Operator GHIAL Mops up $350 Million
GMR Hyderabad International Airport Ltd (GHIAL) has raised $350 million by issuing securities and the proceeds will be utilised to refinance loans as well as partially fund capital expenditure, a release said.
GHIAL is a subsidiary of diversified GMR group. In a release on Friday, GHIAL said it successfully priced an offering of $350 million worth bond in the international bond market. “GHIAL has entered into a Purchase Agreement to issue and allot USD 350 million of 4.25 per cent senior secured fixed rate notes of 10-year tenure,” it said.
At current exchange rate, $350 million amounts to around Rs 2,275 crore.
Source: PTI
9. GVK Power Set to Bag 16,000-Cr Navi Mumbai Airport Project
GVK Power & Infrastructure Ltd is close to bagging the mandate for the mega Rs 16,000 crore Navi Mumbai greenfield airport project with the Project Monitoring Committee approving its financial bid.
The financial bid, which was made by the GVK-led Mumbai International Airport Ltd, which had developed the existing airport in Mumbai, was approved by the committee this week. It now has to secure the government’s approval, which is likely in early November.
Source: The Hindu BusinessLine
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