An indirect tax is the one levied on goods and services rather than on income or profits. Sales tax, value-added tax (VAT), and excise taxes are examples of indirect taxes. These taxes are typically levied by the government on businesses, who then pass the cost on to consumers. In general,Continue Reading
On February 1, finance minister Nirmala Sitharaman will present the Union budget for the fiscal year 2023-24. The budget will be significant because it will be the last full budget of the Modi government before it faces parliamentary elections in April-May next year. Click here for full coverage of BudgetContinue Reading
The Indian government will borrow a record 16 trillion rupees ($198 billion) in the fiscal year to March 2024, according to a Reuters poll of economists, who said infrastructure spending and fiscal discipline ought to be its highest budget priorities. The federal government’s gross indebtedness has more than doubled inContinue Reading
Billionaire Gautam Adani is, for now, not among the three wealthiest individuals in the world, as he slipped to the fourth spot on the Bloomberg Billionaires Index, a daily ranking of the world’s richest people. Amazon founder Jeff Bezos is the now the third wealthiest person, while the top twoContinue Reading
Elon Musk on Monday told jurors that his 2018 tweet about taking Tesla private at $420 a share was no joke and that Saudi Arabia’s sovereign wealth fund was serious about helping him do it. The Tesla chief returned to the witness stand to answer questions from lawyers for angryContinue Reading
Ford Motor Co. plans to cut about 3,200 jobs across Europe, following workforce reductions in the US as the automaker slashes costs in a shift toward electric vehicles. A majority of the affected positions are concentrated in Germany affecting roles in product development and administrative areas, the IG Metall unionContinue Reading
Asia’s richest man, Gautam Adani, plans to sell shares to the public in at least five companies between 2026 and 2028, helping the port-to-power conglomerate improve debt ratios and broaden its investor base. “At least five units will be ready to go to the market in the next three toContinue Reading
PTI | | Posted by Singh Rahul Sunilkumar State-owned IDBI Bank on Monday reported a 60 per cent growth in net profit to ₹927 crore in the third quarter ended on December 31, on lower provisioning and better interest income. IDBI Bank, for which the government and the LIC haveContinue Reading
AP | | Posted by Shobhit Gupta Music streaming service Spotify says it’s cutting 6% of its workforce, becoming yet another tech company resorting to layoffs as the economic outlook worsens. CEO Daniel Ek announced the restructuring in a message to employees that was also posted online. “To bring ourContinue Reading
Reuters | | Posted by Singh Rahul Sunilkumar Indian private lender Axis Bank Ltd on Monday reported a stronger-than-expected 62% jump in quarterly profit, as a surge in interest income outpaced a rise in provisions for bad loans. Demand for credit has rebounded from the pandemic lows and boosted loanContinue Reading