National Anti-Profiteering Authority (NAA) has dismissed allegations of ‘profiteering’ against Xiaomi, bringing in respite for the Chinese mobile manufacturer.“…We do not find the present case to be a case of profiteering as had been alleged…,” read the order from NAA dated 10 February 2020. NAA is a body set up to deal with the consumer complaints against profiteering by companies.In the case, the complainant had alleged Xiaomi did not pass down the benefits of reduction in the goods and services tax rates for its article Power Bank. The GST council had slashed the rates of power bank from 28 per cent to 18 per cent in December 2018, which was effective from Jan 1, 2019. Xiaomi contended this saying it had classified the ‘power bank’ item as lithium ion batteries on which the rate notification was never applicable and which always attracted a levy of 18 per cent. It had therefore kept the selling prices of the powerbank unchanged, the … [Read more...] about NAA dismisses profiteering allegation against Xiaomi
Samsung outlines 160bn investment plan to underpin profits
New Delhi: The net profit of operating central public sector enterprises (CPSEs) rose 15.52 per cent on-year to Rs 1.43 lakh crore in FY19, even as 70 loss making CPSEs reduced their overall losses by 1.69 per cent in the same period to Rs 31,635 crore, noted the Public Enterprises Survey-2018-19 tabled in Parliament on Monday. The survey, brought out by the department of public enterprises under ministry of heavy industries and public enterprises on performance of CPSEs, further noted that profit of 178 profit making CPSEs was up nearly 12 per cent on-year to Rs 1.74 lakh crore. As per the survey, of the total 348 CPSEs as on March-end, 249 were operational, while the remaining 86 were under construction and 13 were under liquidation. The number of profit making and loss making companies was lower than the previous fiscal. “Overall net profit of operating CPSEs during 2018-19 stood at Rs 1,42,951crore as compared with Rs 1,23,751crore during 2017-18, showing a growth in … [Read more...] about Operating CPSEs’ net profit rises 15.5% in FY19
NEW DELHI: GST officers have one more task — conduct mock purchases to identify businesses that are not passing on benefits of lower taxes to consumers. With several stores and sectors such as real estate and restaurants found wanting, the government has decided to “proactively” use the provision of the Central Goods and Services Tax (CGST) Act to collect evidence against suppliers, who are “profiteering” by either keeping prices unchanged or not transferring the gains of credits for taxes paid on inputs and raw material. The move comes as part of the government’s anti-profiteering drive, which is set to intensify in the coming days as commissioners have been given specific targets to identify 20 suppliers each and check their B2B invoices to ascertain if tax rate changes are being passed on or not as part of the exercise. Commissioners have also been allowed to set up specialised anti-profiteering cells. The initiatives come along with the extension … [Read more...] about GST profiteering: Government to build case with proof
CHENNAI: The Tamil Nadu government is eyeing investments worth USD 15 billion in the aerospace and defence sectors in the next 15 years to make the state a preferred hub for the two industries. This was revealed in the ambitious aerospace and defence policy unveiled by Defence Minister Nirmala Sitharaman on the inaugural day of the second edition of the Global Investors Meet here Wednesday. The objective of the policy is to make Tamil Nadu the preferred hub for aerospace and defence industries in India in the areas of engineering, design, manufacturing and allied activities. Sitharaman had on January 20 inaugurated the Tamil Nadu Defence Industrial Corridor in Tiruchirappalli, about 300 km from Chennai. Investments worth over Rs 3,038 crore in this defence corridor were announced with majority of them from public sector undertakings. The Aerospace and Defence Policy aims to attract an estimated investment of about USD five billion in a five-year period and another USD 10 billion in … [Read more...] about Tamil Nadu eyes USD 15 billion investments in aerospace, defence sectors
I am 40 years old. I want to start investing in mutual funds through SIPs to create wealth over the long term (retirement corpus). My risk profile is moderate. I am looking at a time-frame of 10 to 15 years. Should I start with the funds listed below?Axis Focused 25 Fund: Rs 2,500 per monthInvesco India Contra Fund: Rs 2,000 per monthInvesco India Mid Cap Fund: Rs 2,000 per monthKotak Standard Multicap Fund: Rs 3,000 per monthMotilal Oswal Nasdaq 100 FOF: Rs 2,000 per monthHDFC Index Fund Nifty 50 Plan: Rs 2.000 per monthI am looking at investing Rs 25,000 per month. Please tell me how I should split the money per fund (Rs 25,000 per month). It would be great if you can let me know the projected returns that I should expect in 10 to 15 years.- Manmohan If you are a moderate risk-taker investing for a long period, you should invest mostly in multi cap mutual funds. You may also invest in large cap mutual funds if you want to diversify and reduce the overall risk in your mutual fund … [Read more...] about Can I invest in these mutual funds for 10-15 years?