Reuters India Business

NEW DELHI (Reuters) – India collected 1.75 trillion rupees ($20.87 billion) in goods and services tax (GST) in July, a rise of 10% from the same period last year, according to a government statement on Saturday. The Indian government collected 1.59 trillion rupees as GST in the same month last year. ($1 = 83.8670 Indian …

India collects $21 billion in goods and services tax in August Read More »

By Aditya Kalra NEW DELHI (Reuters) – British insurer Aviva said on Saturday its India unit is “actively engaging” with local authorities in connection with alleged tax evasion practices. Reuters reported on Friday that an Indian tax agency has found that Aviva India breached local regulations capping commissions to sales agents with a system of …

Aviva says India unit ‘engaging’ with authorities over tax investigation Read More »

By Nidhi Verma NEW DELHI (Reuters) – India’s ONGC Videsh Ltd (OVL) is seeking U.S. approval to operate two projects in sanction-hit Venezuela to boost output, its managing director Rajarshi Gupta said on Friday. ONGC is seeking specific licenses similar to the one awarded to U.S. oil major Chevron to operate oil fields in Venezuela, …

India’s ONGC seeks US approval to operate two projects in Venezuela Read More »

By Manoj Kumar NEW DELHI (Reuters) -India’s economic growth slowed to 6.7% year-on-year in the April-June quarter as a decline in government spending during national elections weighed, data showed on Friday, but it remained the world’s fastest-growing major economy. The rise in gross domestic product was less than a 6.9% expansion forecast by a Reuters …

India outperforms other major economies even as growth slows in April-June Read More »

BENGALURU (Reuters) -An Indian company tribunal has approved the $8.5 billion merger of Reliance Industries and Disney’s Indian media assets, Reliance said on Friday. Earlier this week, the companies had won approval from the Competition Commission of India (CCI) for the deal, after assuaging regulatory worries about their grip on broadcasting rights for cricket. The …

Indian tribunal approves $8.5 billion Disney, Reliance media assets merger Read More »

By Nidhi Verma and Sethuraman N R NEW DELHI (Reuters) -India’s Bharat Petroleum Corp plans to increase its integrated refining and petrochemical capacities within the next five to seven years to meet growing energy demand, Chairman G. Krishnakumar told shareholders. India’s annual consumption of refined fuels and petrochemicals is expected to rise steadily by 4-5% …

India’s BPCL plans new refining, petchem projects in next 5-7 years Read More »

By Daksh Grover and Rajendra Jadhav (Reuters) – Gold discounts in India widened this week to their highest in six weeks as a price rebound dampened purchases, while new import quotas failed to lift Chinese demand. In India, the world’s second-largest gold consumer, domestic prices were ruling around 71,900 rupees per 10 gram on Friday, …

Indian dealers offer steeper discounts as high prices dent demand Read More »

(Corrects spelling of “facilitate” in paragraph 29) By Aditya Kalra and Nikunj Ohri NEW DELHI (Reuters) -An Indian tax agency has found that British insurer Aviva breached local regulations capping commissions to sales agents with a system of fake invoices and clandestine cash payments, according to a notice seen by Reuters. In an attempt to …

Exclusive-UK’s Aviva conspired to dodge India compensation and tax rules, agency says Read More »