GST shortfall: Govt allows 20 states to borrow Rs 69,000 crore more

A day after the goods and services tax (GST) Council meeting ended in a deadlock, the Centre on Tuesday allowed 20 states to borrow an additional Rs 68,825 crore through the market to make up for the compensation shortfall amid inadequate cess collection.

Meanwhile, dissenting states like Kerala, West Bengal, Punjab and Chhattisgarh said they are exploring legal options, including moving the Supreme Court, to counter the Centre’s move.

Twenty states had picked the finance ministry’s first option of raising up to Rs 1.1 trillion to make up for revenue loss estimated on account of GST implementation alone, but not for losses due to the pandemic. Under this option, the entire principle and the interest will be repaid through compensation cess collection, which has been extended beyond June 2022.

“Additional borrowing permission has been granted at 0.50 per cent of the gross state domestic product (GSDP) to those states that have opted for Option 1 out of the two options suggested by the Ministry of Finance to meet the shortfall,” said the official release.

The 20 states are Andhra Pradesh, Arunachal Pradesh, Assam, Bihar, Goa,

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Wipro board approves Rs 9,500-crore share buyback; revenue up 1.4%

Wipro, India’s fourth-largest company, on Tuesday approved a share buyback worth Rs 9,500 crore, having improved its performance in the second quarter of FY21 on several parameters, apart from giving a stronger outlook.

This is the second quarter in a row that the Bengaluru-based firm is going for a share buyback programme.

The company is looking at buying 237.5 million equity shares, or 4.16 per cent of its paid-up capital, though the date of the programme has not been fixed.

The buyback is proposed to be made from the shareholders on a proportionate basis under the tender-offer route, the company said in a regulatory filing.

The repurchase price has been set at Rs 400 per share, a 6.25 per cent premium to Tuesday’s closing price.

“Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback,” the company added.

Tata Consultancy Services, India’s largest company, last week announced a share buyback, the third such programme of the Mumbai-headquartered company in the past four years.

The buyback, worth Rs 16,000

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Apple Joins 5G Revolution With Four New IPhones For Fast Networks

Apple joined the move to 5G on Tuesday, unveiling four new iPhones which use the new standard in what could be a turning point for the high-speed wireless technology.

“Today is the beginning of a new era for iPhone,” Apple chief executive Tim Cook said during a streamed launch event from the company’s headquarters in California.

“This is a huge moment for all of us. And we’re really excited. 5G will bring a new level of performance for downloads and uploads, higher quality video streaming, more responsive gaming, real time interactivity and so much more.”

The new models include the redesigned iPhone 12 — successor to the top-selling iPhone 11 launched last year — with a display of 6.1 inches at a starting price of $799, available October 23.

In this photo released by Apple, Apple CEO Tim Cook speaks about 5G during an Apple event at Apple Park in Cupertino, California
 Apple Inc. / Brooks KRAFT

A smaller iPhone 12 mini with a 5.4 inch display will start at $699 and will be in stores November 13.

With more features, the iPhone 12 Pro will launch this month from $999 and the 6.7 inch Pro Max from $1,099 in

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