Top Headlines: UK crisis to delay FTA; revenue from govt's new levies

The government's new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. Read more on this in our top headlines

As the UK faces turmoil with PM Boris Johnson's reisgnation announcement, this political storm will likely delay the talks for an ambitious free trade agreement (FTA) with India. Meanwhile, the government’s new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. Read more on these in our top headlines.

UK politics likely to push back FTA talks with India beyond Diwali

The political storm in the UK is likely to delay the talks for an ambitious free trade agreement (FTA) with India, according to a senior government official. With UK Prime Minister Boris Johnson’s resignation on Thursday following a spree of exits by ministers and other lawmakers, the Diwali deadline to conclude the bilateral FTA talks could be derailed, the official said. Read more

Windfall tax, new export, import duties may fetch exchequer over Rs 1 trn

The government’s new levies could help balance the Budget and leave room for more money to be spent on infrastructure like roads. The total additional amount collected by the new levies is likely to be around Rs 1 trillion, according to estimates by global financial services group Jefferies and the Mumbai-based Emkay group.  The government is likely to raise between Rs 40,000 crore and Rs 50,000 crore from new taxes on crude oil production. Read more

Ex-NITI Aayog CEO Amitabh Kant to replace Piyush Goyal as India G20 Sherpa

The Centre on Thursday appointed Amitabh Kant, former chief executive officer (CEO) of the government’s policy think tank NITI Aayog, as India’s Sherpa for the Group of Twenty (G20) grouping, replacing Minister of Commerce and Industry Piyush Goyal. The appointment comes ahead of India’s G20 Presidency from December 1, 2022, to November 30, 2023, culminating in the first-ever G20 summit to be organised by the country in 2023. Read more

Vivo India transferred Rs 62,476 crore to China to avoid paying taxes: ED

The Enforcement Directorate’s (ED’s) money-laundering probe into mobile phone maker Vivo India has revealed the company, to avoid paying taxes in India, remitted about Rs 62,476 crore of its turnover to China between 2017 and 2021. According to the agency, 18 companies that were allegedly incorporated fraudulently helped the smartphone maker to transfer 50 per cent of the turnover outside India, mainly China. Read more

Tax probe heat on Micro Labs, maker of India's go-to fever pill Dolo-650

Bengaluru-based pharma firm Micro Labs, the maker of the popular paracetamol brand Dolo-650, is under the scanner for alleged tax evasion. The tax department is looking into financial records, balance sheets, and business distributor networks as part of their searches. Micro Labs had been in news during the Covid-19 pandemic, during which its paracetamol brand became a household name with the brand showing 74 per cent growth between July 2020 and June 2021. Read more