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Direct, indirect tax collections up in April-February

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New Delhi, March 10: Direct tax collections rose by 10.7 per cent to Rs 6.17 lakh crore while indirect tax collections jumped 22.2 per cent to Rs 7.72 lakh crore during the April-February period of the current fiscal, an official statement said on Friday.

“The figures for direct tax collections up to February 2017, show that net collections are at Rs 6.17 lakh crore which is 10.7 per cent more than the net collections for the corresponding period last year,” said the Finance Ministry in a statement.

The collection up to February 2017 indicates that 72.9 per cent of the annual budget target of direct taxes has been achieved, it said.

Refunds amounting to Rs 1.48 lakh crore have been issued during April-February, which is 40.2 per cent higher than the refunds issued during the corresponding period last year (2016), it added.

On indirect tax collection, the Finance Ministry statement said: “The figures for indirect tax collections (central excise, service tax and customs) up to February 2017 show that net revenue collections are at Rs 7.72 lakh crore, which is 22.2 per cent more than the net collections for the corresponding period last year.

The collection up to February 2017 indicates that 90.9 per cent of the revised estimates of indirect taxes has been achieved, it added.

“As regards central excise, net tax collections stood at Rs 3.45 lakh crore during April-February 2016-17, as compared to Rs 2.53 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 36.2 per cent,” the statement said.

Net tax collections on account of service tax during April-February, 2016-17 stood at Rs 2.21 lakh crore as compared to Rs 1.83 lakh crore during the corresponding period in the previous financial year, thereby registering a growth of 20.8 per cent, it said.

Net tax collections on account of customs during April-February 2016-17 stood at Rs 2.05 lakh crore as compared to Rs 1.94 lakh crore during the same period in the previous financial year, thereby registering a growth of 5.2 per cent, it added.

IANS

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Petrol, diesel touch all time highs as oil companies hike rates

Apart from Karnataka politics, crude oil prices which have lately been around the $80 per barrel-mark are expected to impact investor sentiments.

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Mumbai, May 20 : Persistently high global crude oil prices, along with the rupee’s movement against the US dollar and the ongoing quarterly results season are expected to drive the trajectory of the key Indian equity indices in the coming week.

However, analysts predict a negative reaction from investors on the formation of a non-BJP government in Karnataka and any further outflow of foreign funds.

“Markets will closely track the floor test results in Karnataka,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

“Globally USD, US interest rates and crude oil prices need to be monitored due to their influence on the local markets.”

Apart from Karnataka politics, crude oil prices which have lately been around the $80 per barrel-mark are expected to impact investor sentiments.

As per the latest estimates of the Finance Ministry, the rise in oil prices may inflate India’s import bill by around $25 billion to $50 billion. The surge has already pushed the cost of petrol in the national capital to Rs 75.32 per litre.

Besides, the rupee’s price movement against the US dollar will also be crucial for the market, especially in the backdrop of a continuous outflow of foreign funds.

“Rupee continues to weaken against the US dollar as outflows continue across the emerging markets. However, high oil prices and political risk premium in a pre-election year is ensuring that the rupee remains as an underperformer in the EM basket,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

“Developments in Karnataka are not going to have any lasting adverse impact on the rupee bit come Monday, but there is a risk of a knee-jerk sell-off in the INR against the USD.”

On a weekly basis, the Indian rupee weakened by 68 paise to close at 68.01 against the US dollar from its previous close of 67.33 per greenback.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,496.79 crore during the trade week ended May 18.

According to the National Securities Depository (NSDl), foreign portfolio investors (FPIs) divested equities worth Rs 799.88 crore, or $117.63 million.

In addition to the rupee’s movement, companies like Bata India, Bharat Forge, Bosch, Cipla, Dr Reddys lab, Future Consumer, IndianOil, State Bank of India, Jet Airways and Tata Motors are expected to announce their fourth quarter (Q4) earning results in the coming week.

“We are also expecting to see a mixed bag of result for Q4 going forward. With Q4 results below estimates, there are concerns of downgrade in FY19 estimates,” said Vinod Nair, Head of Research at Geojit Financial Services.

Technical charts showed the National Stock Exchange’s (NSE) Nifty50 in a downtrend.

“Technically, with the Nifty ending lower for the fourth consecutive session and closing below the short term trend reversal levels of 10,630 points, the underlying uptrend has reversed,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

“The coming week could see further downsides towards 10,514 points and lower. On the upside bounces, 10,692 points-level can offer resistance.”

The political stand-off in Karnataka, consistent rise in global crude oil prices and outflow of foreign funds, pulled the key Indian equity indices deep into the red in the week just-ended.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE declined by 687.49 points or 1.93 per cent to 34,848.30 points.

Similarly, the wider NSE Nifty50 edged-lower. It ended at 10,596.40 points — down 210.1 points or 1.94 per cent — from its previous close.

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Vodafone brings exciting offers for IPL fan

All it takes is – to download the MyVodafoneApp and participate in the Vodafone Unofficial Sponsor of Fans contest by answering a few simple questions,

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New Delhi, May 19 : Telecom major Vodafone has come up with bagful of offers for the Vodafone customers in Delhi and NCR this IPL season.

With the playoff matches around the corner, the company has floated Unofficial Sponsor of Fans contest for Vodafone pre-paid and post paid customers.

All it takes is – to download the MyVodafoneApp and participate in the Vodafone Unofficial Sponsor of Fans contest by answering a few simple questions, a Vodafone release said.

There are 80 match tickets which can be won by Delhi & NCR Vodafone customers.

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Karnataka’s political crisis, oil prices plunge equities

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SENSEX-

Mumbai, May 18: The uncertain political environment in Karnataka along with high global crude oil prices pulled the key Indian equity indices deep in the red on Friday.

According to market observers, heavy selling pressure was witnessed in capital goods, auto and metal counters.

At 3.30 p.m., the wider Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,596.40 points, down 86.30 points or 0.81 per cent from the previous close of 10,682.70 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE ended in the red. It had opened at 35,143.59 points, closed at 34,848.30 points (3.30 p.m.) — down 300.82 points or 0.86 per cent — from its previous session’s close of 35,149.12 points.

In the intra-day trade, barometer S&P BSE Sensex touched a high of 35,163.11 and a low of 34,821.62 points. The BSE market breadth was bearish with 1,856 declines against 765 advances.

The major gainers on the BSE were Hindustan Unilever, Kotak Mahindra Bank, IndusInd Bank, ITC and Yes Bank, while Sun Pharma, Wipro, Tata Steel, Larsen and Toubro, Tata Motors and ICICI Bank were the major losers.

On the NSE, the top gainers were Bajaj Finance, Tech Mahindra and Bajaj Finserv. The major losers were Cipla, Wipro and Indiabulls Housing Finance.

IANS

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