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Hero MotoCorp Gets Demand Notice Of ₹ 605 Crore From Tax Body

NEW DELHI, April 4: The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around ₹ 605 crore, including interest, for six assessment years.

On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing.

The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added.

The notice pertains to six assessment years, amounting to a tax demand of ₹ 308.65 crore and interest thereon of ₹ 296.22 crore, Hero MotoCorp said.

This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added.

"In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or other activities of the company," the two-wheeler major stated.

Shares of the company on Thursday ended 0.75 per cent lower at ₹ 4,522.30 apiece on the BSE.

India’s trade reliance on China and EU rising: UN trade body

GENEVA, April 1: India’s trade reliance on China and the European Union is rising as global trade is witnessing a marked shift along geopolitical lines, says a report by the United Nations Conference on Trade and Development (UNCTAD).

This comes in the backdrop of major supply chain reset following the pandemic and the Russia-Ukraine war that had sent food and fuel prices to record highs.

The UNCTAD estimates, based on national statistics, showed that India’s dependence on China and the European Union (EU) grew by 1.2 per cent while its reliance on Saudi Arabia slid by 0.6 per cent.

This came despite India’s efforts to cut reliance on China by implementing its flagship Production-Linked Incentive (PLI) scheme and Quality Control Orders (QCOs) largely to limit entry of cheap Chinese products.

“During the last two years, the geographical proximity of international trade has remained relatively constant, showing minimal nearshoring or far-shoring trends. However, since the latter part of 2022, there has been a noticeable rise in the political proximity of trade,” the UNCTAD report said.

“This indicates that bilateral trade patterns have been favouring trade between countries with similar geopolitical stances. Concurrently, there has been an increasing concentration of global trade to favour major trade relationships, although this trend has softened in the last quarter of 2023,” the report released earlier this month said.

UNCTAD’s estimates showed a major shift in trade due to the ongoing Russia-Ukraine war. While Russia’s trade dependence on China surged by a record 7.1 per cent, its reliance on the EU slid by 5.3 per cent.

This was largely a result of Russian oil shifting from the EU to China and India. Chinese custom data showed that China’s two-way trade with Russia in 2023 had hit a record $240 billion. Russia had also increased purchasing Chinese goods when major US and European Union companies began exiting Russia after the war.

Interestingly, the US managed to cut reliance on China by 1.2 per cent in 2023 and increase its trade dependence on the EU and Mexico.

The dependence of an economy on another is calculated as the ratio of their bilateral trade over the total trade of the dependent economy. Change is computed as a four quarter average of this ratio relative to the same period in the previous year, the report said.

The report showed that global trade declined in most sectors, except for pharmaceuticals, transportation equipment, and road vehicles, particularly, electric cars.

Among the sectors where the value of trade declined by more than 10 per cent during 2023 are apparel, chemicals, energy metals, office equipment, and textiles, UNCTAD said.

The report further said that the value of global merchandise trade has experienced continuous decline since mid-2022. Trade in goods expected to contract by about US$ 1.3 trillion or 5 per cent in 2023. But services trade is expected to gain about $500 billion, or 8%.

GST Collection in March 2024 Secures 2nd Highest Since July 2017

NEW DELHI, April 1: In March 2024 Goods and Service Tax collection rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017.

In March the rise of GST collection can be attributed to the rise in GST collection from domestic transactions at 17.6 per cent,’ the Finance Ministry stated in a press release. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore.

Out of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore, and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, along with Rs 40,322 crore collected through the imported goods. The Cess collections stood at Rs 12,259 crore, along with Rs 996 crore collected via imported goods.

Rs 1.87 lakh crore in April 2023 is the highest-ever GST collection recorded. A growth of 12.5 per cent to Rs 1.7 lakh crore is registered in February GST collection marking the 5th highest since the GST incorporation.

An increase of 11.7 per cent at Rs 20.14 lakh crore is witnessed which is the highest ever GST collection for FY24. In FY24 the average GST collected per month rose to Rs 1.68 lakh crore from Rs 1.5 lakh crore the year before. For the entire fiscal year GST revenue net of refunds stood at Rs 18.01 lakh crore, up 13.4 per cent YoY.

 

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