 "Top headlines: GST collections rise 26%, 5G launch in India and more")
GST collections rise by 26% to over Rs 1.47 trn in September 2022
India's tax collection from the sale of goods and services soared 26 per cent to Rs 1.47 trillion in September, on account of rising demand, higher rates, and greater tax compliance.
The Goods and Services Tax (GST) collection remained above the Rs 1.4 trillion mark for the seventh straight month during the month, continuing to display very high buoyancy, the finance ministry said on Saturday while releasing the provisional data of the collection. Read more here
Airtel to launch 5G services across India by March 2024 : Sunil Mittal
Airtel will roll out 5G services nationwide by March 2024, while Vodafone Idea will do the same 'in the coming period', leaders of both companies said on October 1.
Sunil Bharti Mittal and Kumar Mangalam Birla, the leaders of Bharti Airtel and Vodafone Idea respectively, were speaking at the sixth India Mobile Congress where Prime Minister Narendra Modi launched 5G sevices in the country. Read more here
India Inc's credit rating upgrade momentum continues in first half of FY23
The credit profile of Indian corporates continued the strong rating upgrade momentum in the first half ended September 30, 2022 (H1FY23). The momentum has remained resilient to deteriorating macroeconomic conditions, according to two rating outfits - India Ratings and CareEdge.
The drivers of credit ratings in H1FY23 are similar to those of FY22, i.e. healthy financial profile, improving business performance and availability of liquidity. Read more here
Govt defers Rs 2/litre additional excise duty on petrol, diesel by a month
The government has put off by one month the levy of an additional Rs 2 per litre excise duty on petrol and diesel that is not doped with ethanol and bio-diesel in a bid to give the industry more time to implement the measure.
The finance ministry, in a Gazette notification issued late on Friday (September 30), stated that the additional excise tax will now be levied from November 1, 2022. Read more here
Tata Motors clocks record domestic monthly PV sales in Sept at 47,654 units
Tata Motors' achieved its highest ever domestic monthly sales of passenger vehicles (PV) in September this year when the company dispatched 47,654 units amid high festival season demand and new car launches.
In September 2022, PV sales increased by 85 per cent. India's third largest carmaker sold 25,730 PV units in September 2021. Auto companies count dispatches to automobile dealers as sales. Read more here
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