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Time of India
4 days ago
- Business
- Time of India
Delhi's draft Industrial Policy proposes financial incentives to promote AI, fintech
The Delhi government has come out with draft Industrial Policy 2025-35, which seeks to set up a Rs 400 crore venture capital fund and provide Rs 50 crore capital investment reimbursement, to promote frontier tech services , including AI and fintech, officials said on Monday. Research and innovation as well as hospitality sector are also designated as focus areas in the draft policy on which comments have been invited from stakeholders by July 30. Explore courses from Top Institutes in Select a Course Category Data Analytics Others MCA MBA Public Policy others Leadership Operations Management Data Science CXO Project Management healthcare Data Science Cybersecurity Design Thinking Healthcare Digital Marketing Degree Finance Product Management Technology Skills you'll gain: Data Analysis & Visualization Predictive Analytics & Machine Learning Business Intelligence & Data-Driven Decision Making Analytics Strategy & Implementation Duration: 12 Weeks Indian School of Business Applied Business Analytics Starts on Jun 13, 2024 Get Details The draft focuses on investment in frontier tech services including Artificial Intelligence, Big Data, Banking, Financial Services and Insurance (BFSI), Gaming, Animation, Biotech, IT and iT enabled Services among others, with a view to generating employment opportunities. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Play War Thunder now for free War Thunder Play Now "Investor-friendly initiatives need to be introduced for fintech, AI, biotech, and research and development (R&D) sectors, encouraging leading global companies to set up headquarters in Delhi," the document said. The scarcity of commercial office spaces has contributed to a notable reduction in the IT and ITeS sector's contribution to Delhi's economy, said the draft document. Live Events The government aims to augment the availability of expansive office spaces, ensuring dependable power and transportation infrastructure, and fostering robust research and development endeavours in innovative technologies, it said. The key fiscal incentives proposed for attracting investments in the frontier tech sector include 50 per cent fixed capital investment reimbursement (including land) over a period of 5 years for businesses in the frontier tech sectors up to a maximum limit of Rs 50 crore per project, it said. In addition, there will be a 6 per cent interest subsidy per annum for first five years, reimbursement of 100 per cent State GST for five years, 100 per cent reimbursement of patent filing up to Rs 5 lakh per patent and exemption of 50 per cent on wheeling charges and transmission charges, on interstate purchase of power. The draft policy also proposes establishing a Rs 400 crore venture capital fund for industries. It further suggests various greenfield interventions of the government to spurt frontier tech service , including setting up a 'Delhi Frontier Tech Services Cell'. It also suggests development of plug and play IT parks through public private partnership, leverage Rozgar Bazaar of Delhi Skill and Entrepreneurship University, support intellectual property rights ecosystem with fast-track approvals on patents. The government has earmarked industrial areas in Baprola, Ranikhera and Kanjhawala for development of frontier tech services sector. The vision of the draft policy targets to foster a "future-ready, non-polluting industrial ecosystem in Delhi by promoting high value, innovation-driven sectors." In the research and development (R&D) sector, the draft policy proposes expanding reach within academic and research institutions, Rs 10 lakh support in R&D, creating a portal to highlight existing R&D capacity, infra and available funds. Setting up mini research and innovation clusters for tech upgrades, adoption of best practices and cross-fertilisation of ideas, collaboration between government and private sector for training and capacity building, new grants and remodelling old grants, were other interventions proposed in the draft policy. According to the draft, Industries department will implement the policy and coordinate for disbursal of the incentives for various sectors. An 'inter-Departmental Committee' will serve as a recommendatory body to the Cabinet for sanction of incentives across various sectors. Further, a high level 'Review and Monitoring Committee' will be constituted to monitor the implementation and progress of all the policy provisions regularly. This Committee will ensure the timely issue of enabling government orders by various departments concerning the Policy. The subsidies will be sanctioned by the Commissioner of Industries, it said. Further, the draft policy recommends holding Global Investor Summit and other events for promotion of the policy and industrial development in Delhi. PTI
The Print
02-07-2025
- Business
- The Print
Gross GST collections rise 6.2 pc to over Rs 1.84 lakh cr in Jun
In May, the Goods and Services Tax (GST) collection was Rs 2.01 lakh crore. It touched a record high of Rs 2.37 lakh crore in April this year. Gross GST collections stood at Rs 1,73,813 crore a year ago, as per government data released on Tuesday. New Delhi, Jul 1 (PTI) Gross GST collections increased by 6.2 per cent to over Rs 1.84 lakh crore in June but slipped below the Rs 2 lakh crore mark recorded in the previous two months. In June, gross revenues from domestic transactions rose 4.6 per cent to about Rs 1.38 lakh crore, while GST revenue from imports grew 11.4 per cent to Rs 45,690 crore. The gross Central GST revenues stood at Rs 34,558 crore, State GST revenues at Rs 43,268 crore and Integrated GST at about Rs 93,280 lakh crore in June. Revenues from Cess were Rs 13,491 crore. Meanwhile, total refunds during the month rose by 28.4 per cent to Rs 25,491 crore. The net GST mop-up stood at about Rs 1.59 lakh crore, registering a 3.3 per cent year-on-year growth. Looking at the numbers on a month-on-month basis, the net GST collections of June this year have shown a reduction of 8.48 per cent, with collections from the domestic market and imports showing a fall, Karthik Mani, Partner, Indirect Tax, BDO India, said. Coming on the 8th anniversary of the introduction of GST, it is hoped that such muted growth in collection on a year-on-year basis is just an aberration and GST collections would be back to the usual growth trajectory in the coming months, he added. While large states like Maharashtra, West Bengal, Karnataka, Rajasthan, and Tamil Nadu have reported collection increases of 4 to 8 per cent, other states like Uttar Pradesh, Punjab and Gujarat reported contraction between 1 and 4 per cent. Some states like Haryana, Bihar and Jharkhand have shown median increases of 10 per cent. According to Vivek Jalan, Partner, Tax Connect Advisory, after two successive months of Rs 2 lakh crore plus GST revenues and double-digit growth, Rs 1.85 lakh crore collections in June 2025 seem a little dampening. However, the YTD growth of 11.8 per cent in GST still gives a tax buoyancy of more than 1 per cent, which means that India is still in the 'Goldilocks situation' amid global turmoil, Jalan added. PTI DP DP BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
The Print
01-07-2025
- Business
- The Print
Gross GST collections rise 6.2 pc to over Rs 1.84 lakh cr in June
During the last month, the Goods and Services Tax (GST) collection was Rs 2.01 lakh crore. Gross GST collections during the same month a year ago was Rs 1,73,813 crore. New Delhi, Jul 1 (PTI) Gross GST collections increased by 6.2 per cent to over Rs 1.84 lakh crore in June, as per government data released on Tuesday. The GST collection touched a record high of Rs 2.37 lakh crore in April this year. In June, gross revenues from domestic transactions rose 4.6 per cent to about Rs 1.38 lakh crore, while GST revenue from imports grew 11.4 per cent to Rs 45,690 crore. The gross Central GST revenues stood at Rs 34,558 crore, State GST revenues at Rs 43,268 crore and Integrated GST at about Rs 93,280 lakh crore in June. Revenues from Cess was at Rs 13,491 crore. Meanwhile, total refunds during the month rose by 28.4 per cent to Rs 25,491 crore. Net GST mop-up stood at about Rs 1.59 lakh crore, registering a 3.3 per cent year-on-year growth. PTI DP HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
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Business Standard
01-07-2025
- Business
- Business Standard
June GST collection up 6.2% YoY to ₹1.85 trillion, but dips from May, April
The Goods and Services Tax (GST) collection in June came in at ₹1.85 trillion, reflecting a 6.2 per cent year-on-year (y-o-y) rise, according to government data. However, the June collections marked a decline when compared to the previous month. In May 2025, the Centre collected ₹2.01 trillion, while April witnessed a record-high GST revenue of ₹2.37 trillion. According to official data, domestic transactions contributed approximately ₹1.38 trillion in gross revenue in June, marking a 4.6 per cent increase over the same period last year. Revenue generated from imports also saw an upswing, growing by 11.4 per cent to reach ₹45,690 crore. Breakdown: Central GST (CGST): ₹34,558 crore, State GST (SGST): ₹43,268 crore Integrated GST (IGST): ₹93,280 crore. Revenue from cess: ₹13,491 crore Meanwhile, total refunds issued during the month rose significantly—by 28.4 per cent y-o-y—to ₹25,491 crore, reported PTI. The net GST revenue after refunds was approximately ₹1.59 trillion, representing a 3.3 per cent increase compared to June last year. Reacting to GST collections, Pratik Jain, partner PwC said that it indicates a softening of demand and cautious outlook. 'Around 6 per cent growth in GST collections, coupled with less than 4 per cent growth in advance tax collection for first quarter of FY 26 does indicate softening of demand and cautious outlook. One of the reasons could be conservative spending by the consumers which may improve in next couple of months with overall geopolitical situation improving," Jain said.
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Business Standard
07-06-2025
- Business
- Business Standard
UP CM directs officials to take action against fake, shell companies
Uttar Pradesh Chief Minister Yogi Adityanath on Saturday directed officials to take action against shell companies to stop the attempts to misuse the facilities meant for genuine traders. While conducting a high-level review of the State Tax Department, the CM directed officials to ensure transparency in tax collection and adopt a policy of technological efficiency and strict enforcement. "Tax evasion is a national crime that negatively impacts development plans and welfare schemes," he said. Stressing that the Goods and Services Tax (GST) is a consumer-based tax system, he noted that areas with higher population density are naturally expected to generate more tax revenue. He instructed officials to develop special strategies for zones where tax collection is below average. Adityanath directed that information on suspicious firms registered under Central GST (CGST) be shared with the Centre for cancellation of their registration. For firms under State GST (SGST), he ordered in-depth departmental investigations, and if irregularities are found, their registration should be canceled and FIRs lodged. The CM emphasised the need for on-site inspection of all newly registered firms, stating "fake companies should not be allowed to obstruct the rights of honest taxpayers. CM Adityanath said that such acts are an attempt to misuse the facilities meant for genuine traders, which is unforgivable. Such inspections are essential to ensure that genuine businesses can operate fairly and without interference," he said. During the meeting, officials informed the CM that Rs 18,161.59 crore in GST and VAT had been collected during April and May against the financial year 2025-26 target of Rs 1,75,725 crore.
