Here are the India Business News Headlines as on 27th June 2017:
- IT department has raised a tax demand of about Rs 24,500 crore on realty-based investment firm PACL (formerly Pearls Agrotech). The revenue demand pertains to six-year period, from AY 2008-09 to 2014-15. The company also owes more than Rs 57,000 crore to some 51.5 million investors.
- GST Update – Government has deferred date of implementation for TCS/TDS. Now only e-commerce platforms will have to implement GST from July 1 and their vendors can register later.
- Flipkart’s share among top three e-commerce players grew to 57% in March 2017 from 45% in June 2016. Part of increase in market share was on account of reporting sales of Myntra and Jabong since September 2016.
- HDFC is planning to raise up to Rs 85,000 crore through various debt instruments.
- Amazon founder and CEO Jeff Bezos said that they will keep investing in India. The firm has committed to investing $5 billion and half of its investments have so far gone into building infrastructure.
- Prime Venture, a seed fund focused on financial technology space, is scouting for investments in lending, customer support and other areas that support banks. They want to partner with start-ups to grow their business.
- Sebi’s quest for Sahara’s elusive investors has remained unsuccessful.Till 31 March, Sebi has managed to return only Rs85.03 crore to investors. Sahara has deposited Rs11,798 crore.
- H&M has recorded has a sale of Rs.445 Crore ending November 2016. This augurs well for the Indian retail market worth $641 billion in 2016 which is expected to grow to $1.6 trillion by 2026.It is believed that H&M also contributes to nearly 25-35% of overall fashion sales for the likes of Amazon, Flipkart and Snapdeal.
- Unilazer Ventures, owned by Ronnie Screwvala, has grown its stake in Easypolicy to 55%.
- Stashfin, virtual credit facility provider, has raised $5million in pre-series A Funding from Snow Leopard Ventures and Alto Partners.
*News as published in Business Standard, Live Mint and Economic Times.