Latest news with #RMG
Fibre2Fashion
16 hours ago
- Business
- Fibre2Fashion
Egypt to set up private free zone units for textiles & RMG
Egypt's ministerial group for industrial development recently approved three new private free zone projects: a readymade garments (RMG) factory, a PVC panel and flooring plant and a textile unit. The RMG factory in the medium industries zone of New Beni Suef City will be set up with an investment of $30 million, and is expected to create 9,000 jobs. Egypt's ministerial group for industrial development recently approved three new private free zone projects. A $30-million RMG factory in New Beni Suef City is expected to create 9,000 jobs. A $78.5-million textile project in 10th of Ramadan City will create an estimated 4,000 jobs. A $108-million PVC panel and flooring manufacturing plant in New Alamein City is expected to create 2,150 jobs. The textile manufacturing project in 10th of Ramadan City in Sharqia governorate will come up with an investment of $78.5 million, and will create an estimated 4,000 jobs. The $108-million PVC panel and flooring manufacturing plant in the industrial zone of New Alamein City, is expected to create 2,150 jobs, according to domestic media reports. The country's Deputy Prime Minister for industrial development and Minister of Industry and Transport Kamel Al-Wazir noted that the PVC panel project represents a new industry for the Egyptian market and will help meet domestic demand from a strategic location in New Alamein. The minister also highlighted government efforts to encourage industrial investment in governorates like Beni Suef, Minya, and Fayoum, which are rich in skilled labour. Two integrated textile cities have already been launched in Wadi El-Saririya (Minya) and the North Fayoum Industrial Zone to support job creation, meet local market needs and boost exports. Fibre2Fashion News Desk (DS)
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Business Standard
a day ago
- Business
- Business Standard
Bet value doesn't qualify as income under I-T Act: Egaming firms to SC
The bet money placed by users in online real-money games (RMG) is neither accrued nor received by casinos and, therefore, should not be considered as income under the Income Tax Act, RMG intermediaries told the Supreme Court on Tuesday. As per the Income Tax Act, a consideration is defined by law as any sum or value that is either received or recoverable from a user or a client in return for a service that has either been provided or will be provided. Since online RMGs do not accrue or receive the monies deposited by users for themselves, it cannot be considered taxable income, the counsel for the companies told the Court. He further explained that when people play against the casinos, they settle with the winners and losers and then take whatever is left as surplus. "We are not valuing the bet but the right to win. It's a different concept from bet far as the face value of the bet is concerned, it belongs to the winner," he said. The court will continue hearing online RMGs' arguments until Friday. In the last hearing, the companies had argued that the GST provisions before October 2023 were inadequate to impose a 28 per cent tax on online gaming operators in the manner attempted by the authorities. The government's reliance on Rule 31A of the GST Rules (value of supply in case of lottery, betting, gambling, and horse racing), introduced in 2018, was challenged because it lacked statutory authority under the Central GST (CGST) Act, the companies had said. On Tuesday, online RMGs also contended that attempts to tax actionable claims like betting and gambling as 'goods' by amending the Goods Rate Notification were flawed. Until October 1, 2023, there was no entry for actionable claims in the Customs Tariff Schedule, making their classification as goods unsustainable under GST. The petitioners (online gaming companies) explained to the court the distinction between platform fees, on which GST is already paid, and prize pool contributions made by players, which are held in trust and returned to winners. They claimed that prize pool contributions do not constitute consideration and thus cannot be taxed under GST. In the case of online games, they argued that these games are played against each player, with the online gaming operator merely providing platform services, and that the platform operator, as the supplier of platform services, has discharged GST during the relevant period at the specified rate. The division bench of Justices J B Pardiwala and R Mahadevan is hearing the case, which deals with the absence of clear taxing provisions to enforce tax collection before the October 2023 overhaul. The case, with an estimated financial impact of Rs 2.5 trillion, is one of the biggest tax battles in India's history. The matter will continue on Wednesday.
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Business Standard
a day ago
- Business
- Business Standard
Online RMGs tell SC bet money is not taxable income under Income Tax Act
The bet money placed by users in online real-money games (RMG) is neither accrued nor received by casinos and, therefore, should not be considered as income under the Income Tax Act, RMG intermediaries told the Supreme Court on Tuesday. As per the Income Tax Act, a consideration is defined by law as any sum or value that is either received or recoverable from a user or a client in return for a service that has either been provided or will be provided. Since online RMGs do not accrue or receive the monies deposited by users for themselves, it cannot be considered taxable income, the counsel for the companies told the Court. He further explained that when people play against the casinos, they settle with the winners and losers and then take whatever is left as surplus. "We are not valuing the bet but the right to win. It's a different concept from bet far as the face value of the bet is concerned, it belongs to the winner," he said. The court will continue hearing online RMGs' arguments until Friday. In the last hearing, the companies had argued that the GST provisions before October 2023 were inadequate to impose a 28 per cent tax on online gaming operators in the manner attempted by the authorities. The government's reliance on Rule 31A of the GST Rules (value of supply in case of lottery, betting, gambling, and horse racing), introduced in 2018, was challenged because it lacked statutory authority under the Central GST (CGST) Act, the companies had said. On Tuesday, online RMGs also contended that attempts to tax actionable claims like betting and gambling as 'goods' by amending the Goods Rate Notification were flawed. Until October 1, 2023, there was no entry for actionable claims in the Customs Tariff Schedule, making their classification as goods unsustainable under GST. The petitioners (online gaming companies) explained to the court the distinction between platform fees, on which GST is already paid, and prize pool contributions made by players, which are held in trust and returned to winners. They claimed that prize pool contributions do not constitute consideration and thus cannot be taxed under GST. In the case of online games, they argued that these games are played against each player, with the online gaming operator merely providing platform services, and that the platform operator, as the supplier of platform services, has discharged GST during the relevant period at the specified rate. The division bench of Justices J B Pardiwala and R Mahadevan is hearing the case, which deals with the absence of clear taxing provisions to enforce tax collection before the October 2023 overhaul. The case, with an estimated financial impact of Rs 2.5 trillion, is one of the biggest tax battles in India's history. The matter will continue on Wednesday.
North Wales Live
2 days ago
- Science
- North Wales Live
Two epic meteor and fireball displays are about to light up the night skies
Two separate meteor showers will overlap in the coming days, giving ample scope for seeing shooting stars. In fact there's a third shower happening later this month – but this one is fainter and only viewable in the southern hemisphere. Taking pride of place will be the ever reliable Perseids, often considered the year's best meteor shower. At their peak, between 50 and 100 meteors will streak across the night sky each hour. The Perseids originate from Comet Swift-Tuttle, a short-period comet that orbits the Sun every 133 years. As Earth crosses its dust trail, tiny fragments hit the atmosphere at up to 45 miles per second, igniting into rapid, glowing trails. Their displays began on July 17 and they will run until August 23, peaking overnight around August 11-12. The peak period is usually amongst the highlights of the annual stargazing calendar. Royal Museums Greenwich (RMG) said: 'The Perseid meteor shower is one of the best meteor showers of the year because it produces bright meteors and is one of the most active. "There's also a high chance of seeing fireballs, which are very bright meteors, as well as meteors with long trains during the Perseid meteor shower.' This year, however, there's a complicating factor. In mid August, the full Sturgeon Moon is likely to wash out the displays, leaving only the brightest meteors visible. For this reason, it may be better to look out for Perseids either side of the peak when the skies are darker. Clouds permitting, this week is a decent time, especially around the new Moon on July 24. You won't need any special equipment. Best time for viewing them is in the early morning, between midnight and dawn. However, some may be visible earlier, said RMG. RMG, which hosts the Royal Observatory, said: 'The radiant of the Perseids is actually always above the horizon as seen from the UK, which means that observers in the UK should be able to see some meteors as soon as the Sun sets. Therefore, it is worth looking up in the early evening.' Other meteors displaying already, in both northern and southern skies, are the Alpha Capricornids. Unlike the Perseids, they will peak on July 29-30 when the Moon is in its waxing crescent phase, meaning there will be much less light pollution. This shower isn't particularly prolific, yielding only around five meteors per hour at its peak. But where they lose out in quantity, they make up for in quality, blazing brightly across the night sky, some as fireballs. Scientists estimate this meteor shower originated about 3,500 to 5,000 years ago when half of the parent comet disintegrated. The Earth began orbiting through some of the resulting dust cloud only recently. By the 24th century, most of the dust trail is expected to be in Earth's path. In two centuries from now, the Alpha Capricornids are predicted to become a major annual meteor storm, stronger than all current showers. How to view meteor showers As always, it's best to find a dark spot away from city lights – and one that gives the maximum field of view. Hills and mountains are ideal, but parks and the countryside are fine too. Chose a night with clear skies and, ideally, mimimal Moon glare. If peak shower viewing is not possible – poor weather, full Moon – Royal Museums Greenwich said the days leading up to the peak are usually better than the days after. It added: 'Give your eyes at least 15 minutes to adjust to the dark so that you can catch more of the fainter meteors – this does mean that you should avoid looking at your phone!' Sign up for the North Wales Live newsletter sent twice daily to your inbox
Economic Times
3 days ago
- Business
- Economic Times
India's electronics exports jump 47% in Q1; US, UAE, China top destinations
The US, UAE, and China have emerged as the top three export destinations for India's electronics sector during April-June quarter of 2025-26, according to the commerce ministry data. The Netherlands and Germany are other major export destinations for the country's electronic exports. During April-June this fiscal, the exports rose by 47 per cent to USD 12.41 billion, the data showed. "This geographical spread highlights India's growing integration into the global electronics supply chain and underscores the country's emergence as a credible alternative manufacturing hub in Asia," an official said. The US remains India's largest export destination, commanding a 60.17 per cent share, followed by the UAE (8.09 per cent), China (3.88 per cent), the Netherlands (2.68 per cent), and Germany (2.09 percent). The data also showed that the US remains the dominant export destination for India's ready-made garments (RMG). It accounted for 34.11 per cent of shipments. The US is followed by the UK (8.81 per cent), the UAE (7.85 per cent), Germany (5.51 per cent), and Spain (5.29 per cent). During April-June this fiscal, exports of RMG of all textiles rose to USD 4.19 billion as against USD 3.85 billion in the same quarter last fiscal. "These figures reflect India's continued competitiveness in the global apparel market, backed by its skilled manufacturing base, diversified product offerings, and growing reputation for quality and compliance," the official said. India's RMG sector, a key pillar of the textiles industry, recorded a 10.03 per cent growth during FY25 at USD 15.99 billion compared to USD 14.53 billion in FY24. Similarly, marine exports grew by 19.45 per cent to USD 1.95 billion during April-June this fiscal. In 2024-25, these exports rose marginally by 45 per cent to USD 7.41 billion. The revival in these exports during the first quarter of the current fiscal is largely attributed to robust demand from key markets such as the US, which remains the largest importer with a 37.63 per cent share. It was followed by China (17.26 per cent), Vietnam (6.63 per cent), Japan (4.47 per cent), and Belgium (3.57 per cent). Diversification in product offerings, improved cold chain logistics, and compliance with international quality standards have been instrumental in sustaining India's competitive edge in the global seafood market. A closer look at India's export performance across electronic goods, RMG, and marine products reveals a common thread - strong reliance on mature, high-value markets. "The US consistently emerges as the leading destination across all three sectors, underscoring its position as India's most critical trade partner," the official said.
