India's biggest spectrum auction for 72 GHz (gigahertz) of 5G airwaves worth Rs 4.3 lakh crore has started today. Billionaire Mukesh Ambani's Reliance Jio, Sunil Mittal-led Bharti Airtel, Vodafone Idea and a unit of Gautam Adani's Adani Enterprises are in the race to bid for 5G spectrum.
The deadline to file an Income Tax return (ITR) is July 31, and the government isn't keen to extend the timeline any further. Taxpayers should file their ITRs before the due date to avoid paying penalties or other legal consequences. Over the last two financial years, the government extended the deadline for filing ITR to ease compliance for taxpayers battling the Covid-19 pandemic. However, the situation is different this year as the Centre isn't considering extending the deadline, a step to be seen for the first time in three years. "So far, there is no thinking of extending the last date of filing," Revenue Secretary Tarun Bajaj said last week.
Starting today, a 5 per cent GST (goods and services tax) rate will be levied on packed and labelled food items such as cereals, pulses and flour weighing up to 25 kg, a detailed frequently asked questions (FAQs) compilation by the Union Finance Ministry stated. Unbranded food items ranging from cereals, pulses to curd, 'lassi' and puffed rice will now be taxed under the tax regime. Prior to this, only branded items used to attract the levy.
Shares of Life Insurance Corporation of India (LIC), the country's biggest insurer and largest domestic financial investor, plunged 2.86 per cent to settle at record closing low of Rs 777.40. The stock touched an all-time intraday low of Rs 775.40 on the BSE index. On NSE, LIC cracked 2.97 per cent to close at 776.50. Considering today's closing figure, LIC has plunged 18.08 per cent from its issue price of Rs 949.
Billionaire Gautam Adani's conglomerate plans to buy Switzerland-based Holcim AG's cement businesses in India for $10.5 billion (around Rs 81,361 crore). This will be the largest-ever acquisition. Under the deal, Holcim will sell its 63 per cent stake in Ambuja Cements to Adani Group. Adani will also inherit Ambuja's controlling stake in another publicly traded cement producer, ACC, and buy Holcim's direct 4.5 per cent holding in the unit.