The Australian share market has closed flat despite strong overseas leads as traders ponder the impact of a sharp rise in new coronavirus cases in the country’s second-most populous state.…
The CBIC on Tuesday said the GST Implementation Committee is considering the demand for extending the due date for filing of annual return for 2019-20 by composition dealers.
“Representations have been received on non-availability and extension of date of Form GSTR-4 for FY 2019-20 on the common portal. The matter of extension of date of GSTR-4 for FY 2019-20 is under consideration by the GST Implementation Committee, the Central Board of Indirect Taxes and Customs (CBIC) tweeted.
The time limit to file GSTR-4 annual returns for the FY 2019-20 by the composition dealers had been extended till July 15, 2020 on April 3, 2020.
“But, as GSTN still grapples to provide the facility of smooth filing of the return, a further extension is expected,” AMRG & Associates Senior Partner Rajat Mohan said.
GST composition scheme can be opted by any taxpayer whose turnover is less than Rs 1.5 crore. Under the scheme, manufacturers and traders are required to pay GST at 1 per cent, while it is 5 per cent for restaurants (which do not serve alcohol).
Jewellery major Titan on Tuesday said that it had reopened 83 per cent stores across all its businesses as of end of June. The disclosure was made in its quarterly update for the April-June (Q1) period. Apart from jewellery, the company makes watches, eye wear and other accessories.
In Tanishq, Titan’s jewellery division, stores reopened were higher, at 95 per cent, in Q1, the firm said, though revenue in May and June was below 20 per cent in the unit. Titan gets 80 per cent of its total revenue from the jewellery division.
While sales recovery in June, at an overall level, was 70 per cent of last year, it was higher in non-metros versus metros, the company said. Also, April had seen a complete loss of sales due to the lockdown, Titan said.
On Monday, Godrej Consumer Products (GCPL) said in its quarterly update that it expected to post mid single-digit sales growth in the April-June period (Q1) in India, driven by higher volumes. The India business contributes 55 per cent to GCPL’s overall revenue.
The firm also said that it had added six Tanishq stores
French President Emmanuel Macron on Tuesday used the wildly popular but controversial social media app TikTok for the first time to congratulate French school leavers after their exam results.
“The first thing to say is bravo, congratulations, it is the fruit of your work,” said Macron in a video filmed in the garden of the Elysee Palace.
But he also told the teenage viewers they belonged to a “generation which we are calling sometimes the world after”, referring to the COVID-19 pandemic.
He said that the new generation must create a world that is “stronger, shows more solidarity and is more ecological”, while adding: “It is not me who will decide your future, it is you.”
Macron’s message follows local elections last month which indicated young voters in urban centres are increasingly voting green.
TikTok, which is owned by China’s ByteDance, has over the last months become a global sensation with users — especially young people — sharing 15 to 60-second video clips
But there has been increasing controversy over how it collects and uses data, although it has repeatedly denied sharing any user information with Chinese authorities.
India banned TikTok over national security concerns following a deadly border clash
Hopes of a sellout 60,000 crowd for the July 19 western derby is under threat after the state government announced it is considering delaying the relaxation in COVID-19 restrictions.…
Just like in airlines, passengers of private trains, once launched, could have to pay for preferred seats, baggage and onboard services, the earnings from which will be part of the gross revenue to be shared with the Railways, according to a document of the national transporter.
The Railways recently floated a Request for Qualification (RFQ) inviting private entities to operate passenger trains on its network.
The decision on whether to charge passengers for these services will rest with the private parties, officials said.
In the document, it has said that bidders based on their financial capacity, will be required to offer share in the gross revenue at the request for proposal (RFP) stage for undertaking the project.
While the Railways has given private players the freedom to fix the fare to be charged from passengers, they will also have the freedom to explore fresh avenues to generate revenue, according to the RFQ.
The definition of gross revenue, which is under consideration is as below.
Any amount accruing to the concessionaire (private entity) from passengers or any third party from the provision of following