Direct tax collections up 24% to `15.67 L cr

New Delhi (FIB): According to a data released by the Finance Ministry of India, country’s Direct Tax collections, between April 1, 2022, and February 10, 2023, rose 24.09% to `15.67 lakh crore.

Major Highlights

and individual income tax

New Delhi: State-owned Oil India Ltd (OIL) reported its highest ever quarterly net profit in the third quarter ended December 31 on the back of a rise in oil and natural gas prices.

Net profit of `1,746.10 crore, or `16.10 per share, in October-December compared with `1,244.90 crore, or `11.48 a share, in the same period a year back, the company said in a statement. The rise in profitability was helped by higher realisation on crude oil and gas the firm produces and sells. —PTI

FPIs TAKE OUT `9,600 CRORE FROM INDIAN EQUITIES IN FEB 2023

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DOMESTIC MARKET OWNERSHIP RISES FOR FIFTH

QUARTER IN A ROW TO 24.44% IN DECEMBER

New Delhi: Foreign investors continue to desert Indian stock markets as they pulled out over `9,600 crore this month so far on costlier valuation of domestic equities compared to other emerging markets. The outflow comes following a net withdrawal of `28,852 crore by FPIs in January. This was also the worst outflow in the last seven months. According to the data, FPIs withdrew a net sum of `9,672 crore from equities in Feb 1-10. —PTI

SIX OF TOP-10 FIRMS LOSE `49,231 CRORE IN M-CAP

Mumbai: The equity ownership of domestic investors, including institutions and high networth individuals, touched an all-time high of 24.44% in December quarter, making it the fifth consecutive quarterly increase. Retail investors’ ownership in the market stood at 7.23% in December 2022, marginally down from 7.34% in September 2022. But in rupee terms, the same increased to `19.94 lakh crore from `19.48 lakh crore in the previous quarter, registering an increase of 2.35%. —PTI

Hyundai India Aims To Tap Rising Demand In Rural Areas

New Delhi: Hyundai Motor India is looking to tap growth opportunities in the rural areas with rise in demand for aspirational products like sports utility vehicles and feature-rich models. It is looking to enhance presence in the smaller towns and rural areas with more sales outlets and also initiatives like deployment of mobile service vans. The automaker’s sales outlets in the rural areas have crossed the 600-mark and it has also increased its manpower. —PTI

New Delhi: The combined valuation of six of the 10 most valued firms eroded by `49,231.44 crore last week, with FMCG major Hindustan Unilever taking the biggest hit. Last week, the 30-share Bombay Stock Exchange Sensex declined 159.18 points or 0.26%. While Bharti Airtel, ITC, ICICI Bank and HDFC twins were the other laggards from the top10 pack, TCS, SBI, Reliance Industries and Infosys posted gains. However, the combined market valuation gain of the four firms at `35,840.35 crore was less than the total loss suffered by the six companies. —PTI

BLINKIT LOOKING TO EXPAND DARK STORE COUNT BY 40%

INDIA’S TOY EXPORTS TOUCHED `1,017 CR

DURING APRIL-DEC

New Delhi: The country’s toy exports have touched `1,017 crore during April-Dec period this fiscal, according to the govt data. In 2021-22, the exports stood at `2,601 crore. “Made in India toys continue to tap global markets! India’s toy exports rose to more than 6 times in AprilDecember 2022 as compared to the same period in 2013,” commerce and industry minister Piyush Goyal said. During AprilDec 2013-14, the shipments were at `167 crore. —PTI

Due To Earthquake

After adjusting for refunds, the net Direct Tax collection was ` 12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year. This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the Revised Estimates of Direct Taxes for FY 2022-23.

The Corporate Income Tax grew at 19.33% while Personal Income Tax saw

Macro data, global cues to guide markets

New Delhi (PTI): Trading activity in the domestic equity markets this week will be largely driven by inflation data, trend in global markets and foreign fund movement, analysts said.

Participants will also monitor developments related to the Adani Group crisis, which has been a major overhang recently, they added.

“...The movement of crude oil, the dollar index, and US bond yields will be other important factors.

The institutional flow will be important as FIIs’ selling has come down after relentless selling in January,” Santosh Meena, Head of Research at Swastika Investmart Ltd, said.

FIIs offloaded equities worth a net `144.73 crore last week.

India’s exports to Turkiye may get hit

New Delhi (PTI): India’s merchandise exports of commodities such as cotton, manmade yarn and textile dyes may be impacted in the short run to earthquake-hit Turkiye, according to exporters.

Exports to Turkiye increased to $6.2 billion during April-November 2022 against $5.1 billion in the corresponding period in 2021. Federation of Indian Export Organisations (Fieo) Director General

Robust Growth

New Delhi: Blinkit is looking to expand its microfulfilment centres or dark stores, targeting up to 40% increase in store count in the next 12 months, according to company CEO Albinder Dhindsa. The companycurrently has over 400 dark stores. “We’ve identified several new high potential neighbourhoods in existing as well as new cities. We should start seeing the net dark store number increase going forward,” he said. —PTI

Ajay Sahai said that the extent of the damage in Turkiye is yet not known and thus its impact on exports is difficult to ascertain.

However, the earthquake z After adjusting for refunds, the net Direct Tax collection was `12.98 lakh crore which is 18.40% higher than the net collections for the corresponding period of last year

29.63% growth.

After adjustment of refunds, the net growth in corporate tax collections stood at 15.84% and that in personal tax collections is at 21.93% (PIT only)/ 21.23% (PIT including STT), according to latest data.

The govt further said z This collection is 91.39% of the total Budget Estimates of Direct Taxes for FY 2022-23 and 78.65% of the Revised Estimates z The Corporate Income Tax grew at 19.33% while Personal Income Tax saw 29.63% growth that refunds amounting to `2.69 lakh crore have been issued during 1st April, 2022 to 10th February 2023, which are 61.58% higher than refunds issued during the same period in the preceding year.

The government has projected a 10.5% growth in revenues from corporate to ` 18.23 lakh crore in the next fiscal.

FY23 revenue from direct tax, which includes income and corporate taxes, is projected to grow by over 17% to ` 16.50 lakh crore from ` 14.08 lakh crore in FY22.

Between April 1 last year and February 10 this year, growth in gross corporate income tax (CIT) and gross personal income tax (PIT) collections was 19.33% and 29.63%, respectively, from the year-ago period. After adjusting for refunds, CIT was up 15.84% and PIT was up 21.23%. PIT included securities transaction tax.

Telecom department starts doling out production-linked incentives

New Delhi (PTI): The Department of Telecom has started disbursing production-linked incentives to shortlisted manufacturers who have completed their target for 2021-22, a government official said.

Telecom gear maker GX Telecom, which has been shortlisted under the PLI scheme for promoting local manufacturing, said it received an incentive from the DoT under the scheme.

“Our vision for 2023 will be to develop products that are designed in India, made in India which will create skilled job opportunities in the direction of building India as a global hub ... With the incentive received further supporting new innovation to cater international market demands with indigenous products,” GX will further depreciate Turkish Lira , which has significantly depreciated recently, and has touched its record low following the earthquake making imports costlier and impacting the demand, he said.

“Since textile manufacturing centres of Gaziantep and Kahramanmaras provinces are worst-affected, our exports of cotton and manmade yarn and textile dyes may be impacted in short run,”he said.

International Group CEO Paritosh Prajapati said in a statement on Sunday.

The company has a capacity to make 3.5 lakh units of GPON equipment which are used for rolling out broadband networks.

A DoT official said that the GX Group firm GX India is the first shortlisted entity under the scheme to have received the incentive.

Modified norms for some foreign investors soon

New Delhi (PTI): The I-T Dept is likely to come out with modified valuation rules under the I-T Act for ascertaining the fair market value (FMV) of shares of unlisted companies for the purpose of levying tax on non-resident investments, an official said.

The Finance Bill, 2023 has proposed amending Section 56(2)(viib) of the I-T Act, thereby bringing overseas investment in unlisted closely held compa-

42 Companies Selected

z The government has selected 42 companies under the productionlinked incentives (PLI) scheme, of which 17 companies have applied for additional incentives of 1 per cent under design-led manufacturing criteria

TATA STEEL SUBSIDIARY MERGERS BY FY24, SAYS MD

nies, excepting DPIIT-recognised startups, under the tax net. Amendments are needed as I-T Act and FEMA provide different methodologies for calculating the FMV of shares of unlisted companies.