Top headlines: India Inc divided over new apps, tax revenues at record high

Business Standard brings you the top headlines this morning

The Ministry of Finance on Friday informed that India's gross revenue collection has soared to a record high of Rs 27.07 trillion in FY22. Meanwhile, toll revenues on FASTag reached Rs 4,095 crore in March, the highest since the digital toll collection system. More on those stories in our top headlines this morning.

India's tax revenues soar to a record high of Rs 27.07 trillion in FY22

The Centre beat all its estimates of revenue collection in the financial year ended on March 31, aided by better indirect tax mop-up, strict compliance measures, and recovery in most sectors following the successive waves of the Covid-19 pandemic.

India’s gross revenue collection soared to a record high of Rs 27.07 trillion in FY22, while the tax-to-GDP ratio jumped to an over two-decade high of 11.7 per cent, the finance ministry said on Friday. Read more here

LIC IPO: Government advisors seek large investors' views on valuation

The Centre has asked merchant bankers to seek feedback from anchor and large investors on the valuation at which they would participate in Life Insurance Corporation of India’s (LIC) initial public offering (IPO).

Merchant bankers have been asked to submit views of investors on LIC’s valuation by as early as Monday, said an official. Read more here

India Inc clearly divided over super apps to reach their customers

Corporate India is clearly divided over the best way to reach their customers — should they build a one-stop super app straddling various segments, or should they have standalone apps with focus on ease of usage? The Tata Group, which launched its app Tata Neu yesterday and also Paytm have chosen the former, while telecom major Bharti Airtel has gone for the latter model.

Building digital platforms has become a big focus for large companies to build valuations which can be monetised at hefty premiums. Read more here

FASTag collections top Rs 4,000 crore in March, FY22 mop-up Rs 38,000 crore

With growing mobility and increasing FASTag adoption, toll revenues on the platform reached Rs 4,095 crore in March, the highest since the digital toll collection system was introduced in 2016.

This is the first time toll collections through FASTag crossed Rs 4,000 crore. Read more here

Sanjiv Kapoor could create history if Jet Airways flies again this year

Back to the airline boardroom after almost two years, Sanjiv Kapoor now has a job which has no precedence- to take back Jet Airways, which has been grounded for three years now back to skies.

If that happens, Jet Airways will be the first bankrupt airline which will be revived under the Insolvency process. Read more here