Top Headlines: WTO members reach deal, advance tax collection up 48% in Q1

The members of the World Trade Organization (WTO), for the first time in a decade, finalised a historic deal at 12th Ministerial Conference (MC12). Read more in our top headlines

The members of the World Trade Organization (WTO), for the first time in a decade, finalised a historic deal at 12th Ministerial Conference (MC12) as negotiations concluded on Thursday morning. Advance tax paid by companies in the first quarter of the fiscal year grew 46 per cent over that in the equivalent period in 2021-22, indicating healthy tax buoyancy. Read more on these in our top headlines. 

For the first time in a decade, WTO members reach historic deal at Geneva

For the first time in a decade, the members of the World Trade Organization (WTO), a 164-nation body, have finalised a historic deal at the 12th Ministerial Conference (MC12), an Indian negotiator said. The four-day MC12 was extended by a day as trade ministers negotiated through the night at WTO headquarters, next to Lake Geneva, and negotiations continued till Thursday morning. Read more
 

India joins global league after allowing private captive telecom networks

Despite the vehement protests of telecom companies, the Union Cabinet has gone ahead with allowing direct allocation of spectrum to private captive networks, in line with the growing global trend. According to the Global Mobile Suppliers Association’s (GSA’s) internal report last month, 794 customers have deployed private networks out of which 37 per cent (297) are powered by 5G. Read more

At Rs 42,679 crore, advance tax collection up 48% in April-June quarter

Advance tax paid by companies in the first quarter of the fiscal year grew 46 per cent over that in the equivalent period in 2021-22, indicating healthy tax buoyancy that will provide the government the cushion to absorb part of the higher subsidy bill. At Rs 42,679 crore, advance tax collection, corporation and personal, rose 48 per cent in the first quarter this fiscal year. Read more

Mandatory registration on the govt anvil to curb wheat flour exports

After having banned wheat export, the Central government might look to curb the shipping out of wheat flour by making registration mandatory for all participants just as in the case of sugar. However, an outright ban is ruled out for now, trade and market sources said. Read more

Market may fall further to compensate for sharp rise in bond yields

There has been a sharp decline in equity valuation in India in the past year, but foreign portfolio investors (FPIs) continue to be sellers on Dalal Street, thanks to an even bigger rise in bond yields in the US. The benchmark BSE Sensex’s trailing price-to-earnings (P/E) multiple is down nearly 40 per cent, from a peak of 34.3x at the end of March 2021 to 21x on Thursday. Read more