Connecting Businesses with Opportunities in India

News You Can Use

Aug 10, 2019

Mahesh Sharma, Chartered Accountant, has listed the following Direct and Indirect tax changes in Indian Budget 2019.

  1. Direct tax revenue has increased to 11.37 lakh crores and there is no change in Income tax slabs.
  2. Corporate Tax- Tax Rate of 25% on Companies with turnover of up to Rs. 400 crores. This will cover 99.3 % companies which further promotes entrepreneurship.
  3. GST rate reduced on electric vehicle from 12% to 5% promoting the all transport electrification motive by 2025.
  4. Tax deduction on loan taken for purchase of electric vehicle: Additional Income tax deduction of Rs. 1.5 lakh of interest on loan taken for purchase of electric vehicle.
  5. Startup’s would not be under scrutiny by IT Department removing the needless hassles faced. Startups and investors who provide requisite documents will not be subject to angel tax assessment.
  6. Additional deduction of Rs. 1.5 lakh for interest on loans borrowed under affordable housing.
  7. STT change in case of Options purchased on Stock Exchange.
  8. Aadhaar can be used in place of PAN for filing Income Tax Returns. Aadhaar cards to be issued to non-residents Indians with Indian passports after arrival in India without waiting for 180 days.
  9. Faceless E-assessment for Income Tax Scrutiny and automated GST refund system initiated to curb the corrupt practices in the administration of taxes.
  10. TDS of 2% on cash withdrawal exceeding Rs. 1 cr. from a Bank account per year.
  11. No charges for customer on Digital modes of payment.
  12. Surcharge on individuals having taxable income of Rs 2 crore to Rs 5 crore, and Rs 5 crore and more raised.
  13. Basic customs duty on auto parts, optical fiber, digital camera, cashew, certain synthetic rubber, vinyl flooring hiked.
  14. Customs duty exempted on components of specified electronic goods and customs duty on certain parts of electric vehicles removed.
  15. Cess on petrol, diesel raised by Re 1 per litre; customs duty on gold raised to 12.5 percent from 10 percent.
  16. A nominal basic excise duty imposed on tobacco- Proposes Legacy Dispute Resolution scheme to solve litigations in service tax and excise.

May 3, 2019

1. The Chinese video app TikTok is no longer available in Google and Apple app stores in India after a state court prohibited its downloads.

2. OYO China has fired 25 employees for unethical practices and misconduct, and issued warnings to over 100 more

3. Mukesh Ambani-led RIL gears up for e-comm initiatives, has begun withdrawing its products such as clothes, shoes including fashion and lifestyle products from its rival marketplaces like Amazon and Flipkart.

4. Reliance Jio Infocomm has approached the telecom department for in-flight connectivity licence, according to sources.

5. CivilCops, A Civic-tech Startup Raises Investment from Alfa Ventures

6. Supply chain management startup Increff has raised $3 Mn (INR 20.8 Cr) from Flipkart cofounder Binny Bansal and venture capital company 021 Capital.

7. Drug major Cipla Ltd is acquiring a 30 per cent stake in South African healthcare firm Brandmed (Pty) Ltd for Rs 32 crore

8. Motilal Oswal PE-backed Kurl-on, a mattress maker, has acquired US-based brand Spring Air’s operations across India, Bangladesh, Sri Lanka and Pakistan.

Keyphrsases: Raising Funds in India, Doing Business in India, Investing in India, Make in India, Startups in India, Raising money in India, find investors in India, Funding Startups in India

May 1, 2019

1. BookMyShow Makes Strategic Investment in Technology Solutions Provider AtomX

2. Routematic Gears up to Become a Prevalent EV Player in the Country; Raises $2.5M in Pre Series A

3. PhonePe crosses 2 billion transactions on the app

4. Wealth management firm Kuvera raises $4.5M in Series A round from Eight Roads

5. AI-centric edtech startup WhiteHat Jr has raised $1.3M in a seed funding round from Nexus Venture Partners and Omidyar Network India.

6. India’s Ministry of Electronics and Information Technology (MeitY) has reportedly asked Google and Apple to remove the Chinese video sharing application TikTok from their app stores.

Keyphrsases: Raising Funds in India, Doing Business in India, Investing in India, Make in India, Startups in India, Raising money in India, find investors in India, Funding Startups in India

April 29, 2019

1. Mumbai-based A&G Partners has launched an accelerator programme, called Agribator, in partnership with Noida-based EM3 Agri services, reports YourStory.

2. Hotstar has now become one of the largest vide platforms, with over 300 million monthly active user (MAU), in the world, according to chairman of Star and Disney India Uday Shankar.

3. IIT-D has decided to back startups and research scholars willing to start a business in deep technology, including artificial intelligence and machine learning to boost its research ecosystem.

4. IIFL Asset Management Ltd (IIFL AMC) has picked up a significant minority stake in analytics company Neewee Analytics Pvt. Ltd through IIFL India Private Equity Fund.

5. Medlife Clocks Run Rate of 1000 Cr in FY 2019 Amidst Steady Growth

6. YouTube has introduced two new features – Top News (highlights videos from authoritative news sources in search results) and Breaking News (highlights videos from authoritative news organizations about that vent directly on the YouTube homepage).

7. Spain's Hotelbeds and OYO Form Strategic Distribution Partnership

8. Bengaluru Car Service Firm Pitstop Reports 350% Growth In Revenue

9. CarDekho FY 19 Annual Revenue Soars Up by 62% to $53M

Keyphrsases: Raising Funds in India, Doing Business in India, Investing in India, Make in India, Startups in India, Raising money in India, find investors in India, Funding Startups in India

April 26, 2019

1. Flipkart cofounder Sachin Bansal is expected to pick up as much as 75% stake in Chaitanya Rural Intermediation Development Services which runs a microfinance institution, Chaitanya India Fin Credit (CIFCPL), reports ET. Bansal could take up the role of the company’s CEO once the transaction goes through.

2. PayU has announced the acquisition of Cupertino California based payments security and mobile payments technology company Wibmo for $ 70 million.

3. Vivo will invest more in India to bring its design and research and development (R&D) centres to support its ‘make in India’ strategy, having already announced Rs 4,000 crore investment

4. Angel tax free: 277 startups have got an all clear certificate from income tax department

5. Healthcare platform Curefit has launched an incubator that will invest $5 million to back emerging brands under its Eatfit business. The company plans to incubate 10 brands across snacks, beverages, spa food, supplements and meal replacement categories.

6. Reliance Jio has consolidated its portfolio of news and magazine apps under JioNews, which will be available as a mobile app and also as a website.

7. Online pharmacy Medlife has raised about $17 million in an equity financing round from founder Tushar Kumar’s family trust, Prasid Uno Family Trust, reports Inc42.

8. Consumer lending company Credy has raised an undisclosed amount in a pre-Series A round of funding. reports Inc42.

9. Online global travel community for travellers, Tripoto has raised $3.6 Mn (INR 25 Cr) in a fresh funding round from Orchid India, Hornbill Orchid India Fund, Chiratae Ventures, 3one4 Capital and Lasmer NV.

Keyphrsases: Raising Funds in India, Doing Business in India, Investing in India, Make in India, Startups in India, Raising money in India, find investors in India, Funding Startups in India

10. Ola stops ride-sharing facility between 11 PM to 6 AM in Bengaluru and Chennai

11. US-based retail-focused VC Silicon Road has launched an accelerator for foodtech and retail startups in Mysuru, Karnataka, in association with NUMA, an international innovation hub from France.

Keyphrsases: Raising Funds in India, Doing Business in India, Investing in India, Make in India, Startups in India, Raising money in India, find investors in India, Funding Startups in India

April 23, 2019

1. Kunal Shah’s financial technology platform Cred is in talks with China’s Hillhouse Capital and some of its existing investors to raise $100 million (Rs 692 crore), reports ET.

2. Health and fitness startup CureFit may raise $75 million funding led by Accel Growth and Chiratae Ventures. The deal, when completed, is expected to value the company at about $500 million, reports ET.

3. French ad firm Publicis Groupe agreed to buy digital marketing firm Epsilon from Alliance Data Systems for $4.4 billion in cash.

4. US private equity giant KKR Inc’s India arm is set to launch an India-dedicated Rs 5,000-crore credit fund.

5. Mukesh Ambani-owned Reliance Industries’ offline retail subsidiary Reliance Retail is reportedly looking to foray into B2B ecommerce, offering smartphones, televisions, garments, spices and soap to retailers.

6. Personal care and cosmetics brand Lotus Herbals is looking to divest 10-15 per cent stake to a private equity investor to fund acquisitions, reports ET.

7. Electricals company Anchor by Panasonic is eyeing three acquisitions and planning to build a new facility in Andhra Pradesh, reports ET.

 

Pages