Piramal Pharma to sell its decommissioned unit in MIDC, Thane for Rs 8.50 cr
The company added, "We reiterate that the unit is decommissioned and contributed Nil to the Company's turnover, income, and net worth in the last financial year. Accordingly, sale will have no impact on Company operations."
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Business Standard
20 minutes ago
- Business Standard
India's net GST revenue rises 1.7% to ₹1.68 trillion in July; refunds surge
India's net revenues from goods and services tax (GST) grew by a marginal 1.7 per cent in July to ₹1.68 trillion, thanks largely to a sharp spike in refunds even as gross collections from the indirect tax were up 7.5 per cent at almost ₹ 1.96 lakh crore. July's net GST kitty growth marks the slowest pace since last February from when disaggregated data on gross and net GST collections is available. In June, net GST revenues were up 3.3 per cent. Net revenues from domestic transactions, in fact, contracted 0.2 per cent in July, even though gross domestic revenues were up 6.7 per cent, as refunds for domestic transactions more than doubled to nearly ₹17,000 crore from under ₹8,000 crore in July 2024. GST refunds to exporters grew at a slower pace of 20 per cent and added up to a little over ₹10,000 crore, so net revenues from imports were up 7.5 per cent at ₹42,548 crore. Gross revenues from imports rose 9.7 per cent prior to refunds, to touch nearly ₹53,000 crore. 'Higher refunds on domestic supplies could be from excess tax payments, inverted duty structures, and other adjustments. The increased refunds should aid cash flows for businesses,' observed Abhishek Jain, indirect tax head and partner at KPMG. Sequentially, July's net GST collections, for transactions undertaken in June, were nearly 6 per cent higher than from ₹1.59 trillion reported in June. In May and April, the net GST receipts were registered at ₹1.73 trillion and ₹2.09 trillion respectively. In the first four months of financial year 2025-26, net GST revenues are up 8.4 per cent at ₹7.11 trillion, with domestic revenues rising 6.1 per cent to ₹5.6 trillion and import revenues surging 18.1 per cent to almost Rs. 1.51 trillion. Gross GST revenues, before effecting refunds, are up 10.7 per cent to ₹8.18 trillion, while refunds have risen 29 per cent to about ₹1.07 trillion. 'The growth in net monthly collection is only 1.7 per cent as against YTD (year-to-date) growth of 8.4 per cent, though partly attributed to significant increase in refunds,' said Pratik Jain, partner with Price Waterhouse & Co LLP. 'After a tepid growth in the previous month as well, the GST Council may like to discuss the possible measures to augment the revenues in the next meeting. With the GST Compensation Cess going away, the states may also be a bit more concerned about the slowdown in GST collections,' Jain remarked. MS Mani, partner at Deloitte India noted that though there has been a focus on domestic manufacturing and import substitution, the GST revenue numbers indicate that the gross GST domestic revenue risen only 9 per cent so far this year, while import revenues have risen 16 per cent. The spike in refunds augurs well for businesses as it signals quicker processing by the tax authorities, he said. Mani also pointed to the weak growth in revenues amongst large producing and consuming states — from 2 per cent for Delhi, 3 per cent for Gujarat, 4 per cent for Rajasthan, 6 per cent for Maharashtra, 7 per cent for Karnataka and Uttar Pradesh, and 8 per cent for Tamil Nadu. The state-wise data shows smaller states and Union Territories like Tripura (41 per cent), Andaman and Nicobar Islands (31 per cent), and Meghalaya (26 per cent) posted over 25 per cent growth in July. , Uttar Pradesh (7 per cent) reported single digit growth. Mizoram, Manipur and Lakshdweep clocked contractions of 21 per cent, 36 per cent and 52 per cent, respectively, as did Jammu and Kashmir (-5 per cent), Chhatisgarh (-4 per cent), and Jharkhand (-3 per cent).
Time of India
27 minutes ago
- Time of India
Retd ACP duped of Rs 94L by ‘fake' investment firm
Berhampur: A retired assistant commissioner of police (ACP) from New Delhi and his family members were allegedly duped of around Rs 94 lakh after they invested in a private firm in silk city two years ago, which turned out to be fake. A case was registered against the firm's owner at Baidyanathpur police station on Thursday after K S N Subudhi, the retired ACP, filed a complaint. Subudhi, a resident of Ganesh Nagar here, invested around Rs 50 lakh in Nov 2023 after discussing it with his relatives, including his son, who had already invested Rs 43.99 lakh in the firm in 2022. Before investing the money he received after retirement, Subudhi visited the firm's office in Jyoti Nagar, and held a discussion with the owner. The firm's owner told Subudhi that they followed all the guidelines of Reserve Bank of India (RBI) and conducted financial transactions with several banks. He also requested Subudhi to invest in the company to earn a commission. Immediately after his investment, Subudhi started receiving a weekly commission after the deduction of TDS for a few weeks. But the firm suddenly stopped paying commission, citing bank problems, and assured him that payments would resume after the issue was resolved. The accused assured Subudhi that all the deposits were safe. From Jan last year, Subudhi could not reach him on phone. The firm's owner also did not respond to his messages requesting the return of the money. After some days, Subudhi learned that the accused had fled to an unknown destination, siphoning off the money of all investors. As there was no response to his calls and messages, Subudhi realised that the firm's owner had cheated him and his family members of their hard-earned money, leading him to lodge a police complaint. SP (Berhampur) Saravana Vivek M said that earlier they had registered at least five cheating cases against the accused in different police stations. In one case, one of his associates was arrested. Several attempts have been made to arrest him, but he managed to escape. "Search efforts have been intensified to nab the accused," he added.
Time of India
28 minutes ago
- Time of India
Delhi zoo may increase ticket prices to 100
New Delhi: The Delhi zoo is considering increasing its ticket prices from Rs 80 to Rs 100 as part of modernisation efforts and also align with other zoos in India. Officials stated that a final decision has yet to be made. The most recent ticket price hike occurred in 2021 when the entry fee was doubled from Rs 40 to Rs 80 following the zoo's reopening after the Covid-19 pandemic. Prior to that, tickets were raised in 2013 from Rs 20 to Rs 40. The Delhi zoo currently attracts between 8,000 to 10,000 visitors on weekends and 4,000 to 6,000 on weekdays. "In several states and countries across the world, the average ticket price per adult is over Rs 100. In the recent meeting, a discussion was held regarding a possible hike, which may see ticket charges increase from Rs 80 to 100," a zoo official said. The official added that the file is yet to be sent to the ministry and that only after due approval will the charges be revised. You Can Also Check: Delhi AQI | Weather in Delhi | Bank Holidays in Delhi | Public Holidays in Delhi If approved, adult tickets will cost Rs 100 and Rs 50 for children. TNN
