OPINION, P 10 SPOTLIGHT Pennywise,security foolish WORDS WORTH BOSSES @ 20 Chinese checkers Defying age and norms, they became their own bosses when most youngsters are still finding their way in life. Find out how they did it and can their path be everybody’s road to success? Pages 6 & 7 ACROSS THE AISLE , P. CHIDAMBARAM VOL. XVIII, NO. 43 A comprehensive telling of opaque & murky world of Chinese spies spanning hundreds of years Page 4 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM ‘VEGANISM ISN’T JUSTATREND’ FINANCIAL EXPRESS ON SUNDAY KOLKATA SUNDAY, JUNE 26, 2022, 12 PAGES, `10 (NE STATES & ANDAMAN `13) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , Infosys gives `8.22 TRN RELEASED TO STATES SO FAR capital return of over `24,100 crore in FY22 Centre extends GST cess till March 2026 PRESS TRUST OF INDIA New Delhi, June 25 IT SERVICES FIRM Infosys gave capital return of over `24,100 crore (about $3.1 billion) in 2021-22 with a total dividend of `31 per share along with share buyback of over `11,000 crore, company’s co-founder andchairmanNandanNilekani said on Saturday. Speakingatthe41stAnnual General Meeting (AGM) of the company, Nilekani announced thatthe2021-22fiscalhasbeen a year of exceptional growth – 19.7% in constant currency – bringingin$16.3billion,which isthefastestgrowththatInfosys has recorded in 11years. Hesaidthecompany’sboard has recommended a final dividend of `16 per share, which, alongwiththeinterimdividend of `15 pershare,leads to a total dividend of `31 per share in FY2022.“With this,the companyhasannouncedatotaldividend of approx.`13,000 crore for FY22.Alongwiththesharebuybackofover`11,000crorecompleted in September, the total capital return in FY22 is over `24,100crore,” Nilekani said. Continued on Page 2 ● Proceeds to be used solely to repay loans taken to bridge shortfall in states’ kitty of compensation FE BUREAU New Delhi, June 25 AHEAD OFTHE end of the fiveyear goods and services tax (GST) shortfall compensation to states on June 30,the Centre has extended the ‘compensation cess’till March 31,2026. The extension, which was earlier approved by the GST Council, is necessary to repay the principal and service the interest cost of the loans taken in FY21 and FY22 to compensate states for the shortfall in guaranteed GST revenues. The GST Compensation to States Act provides for the release of compensation against 14% year-on-year growthoverrevenues in201516 from taxes subsumed in GST.This compensation cess is credited to the compensation Centre argued against extension of compensation to states beyond June 30, 2022, saying the cess proceeds between July 2022 and March 2026 will suffice to service loans ■ Many states are demanding extension of compensation period by 2-3 years due to pandemic weakening their fiscal position fund and as per the Act, all compensation is paid out of the fund. Currently, the cess is levied on demerit items like pan masala, tobacco, coal and expensive cars. The Centre has argued against extension of compensation to states beyond June 30, 2022, saying the cess proceeds between July 2022 and March 2026will just suffice to service the loans. Many states are demanding extension of the compensation period by23yearsinviewofthepandemic in the last two years, which have weakened their fiscal position.The matterwill likely READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , ■ Matter likely to be discussed in GST Council meeting on June 28-29 at Chandigarh be discussed in the upcoming GST Council meeting on June 28-29 at Chandigarh. The Centre has so far releasedatotalof`8.22trillion to the states as GSTcompensation till May 31 2022, including `1.6 trillion in FY22, even as the collections of cesses for this purpose fell way short of the target. The Centre arranged backto-back loans totalling` 2.6 trillion to bridge the shortfall in the cess pool in FY21 and FY22 under a special low-cost facility offered by the RBI. Continued on Page 2 L U C K N O W , M U M B A I , N E W D E L H I , P U N E India shines at Cannes with 47 Lions TABLE OF WINNERS ● Also picked up 5 Grand Prix FCB Gold: Silver: Bronze: the Cannes Lions Festival of Creativity 2022 took home a total of 47 metals, including five Grand Prix honours,making this year’s festival the best performance yet for the country’s ad land. FCB and Dentsu Creative were the most awarded agencies with 14 and 12 awards, respectively. Dentsu Creative has also become the first Indian agency to win the title 3 5 6 DENTSU CREATIVE Grand Prix Gold Silver Bronze Titanium FE BUREAU Mumbai, June 25 THE INDIAN CONTINGENT at TAXING ISSUES French chef Alain Ducasse talks about Indian cuisines, restaurants & more Page 5 3 1 4 3 1 of Agency of the Year. The UnfilteredHistoryTourforVice Media, conceptualised and Ogilvy India Gold 2 Silver 2 Bronze 1 Titanium 1 VMLY&R Grand Prix 1 Gold 1 Silver 4 Bronze 1 Leo Burnett Grand Prix: 1 Silver: 1 DDB Mudra Silver: 1 Bronze: 2 BYJU’s (Dora Digs) Silver 1 executed by Dentsu Creative, was the most awarded piece of work with 12 Lions, including BBDO India Bronze: 1 McCann Gold 1 three Grand Prix. Continued on Page 2 Second PLI scheme for textiles sector BANIKINKAR PATTANAYAK Coimbatore, June 25 GOYALSPEAK Cotton and yarn prices are easing, don't think we need to allow duty-free cotton imports beyond Sept THE GOVERNMENTIS planning to roll out a second productionlinked incentive (PLI) scheme forthe labour-intensive textiles and garment sector following good response to the first such programme, commerce and industry minister Piyush Goyal said on Saturday. Speaking at an event in Coimbatore, Goyal said: “We arekeento support theapparel manufacturing sector... Talks are going on between the ministry of textiles, the depart- ■ If required, we ■ Expect may extend early-harvest trade zero-duty imports deal with Canada by a month only by the end of 2022 ment for the promotion of industry and internal trade (DPIIT) and NitiAayog.We will be shortly devising a scheme after consulting the industry. We will then put up a proposal for Cabinet approval.” ■ Textile & garment exports to cross $50 bn in FY23 from $44 bn in FY22 Thegovernmenthasalready selected 61 companies,including Shahi Exports,Arvind Mills, Gokaldas Exports and Monte Carlo,underits first PLIscheme forman-madefibreandtechnical textilesproducts. Incentives of `6,013 crore will be extended to them,which represent 56% of the `10,683 crore that the government had initially earmarked for this scheme.As persources,the governmentwill likelyuse the remaining funds to launch the second PLI scheme, instead of spending it elsewhere. Goyal said,giventherecentdropincotton andyarn prices,the governmentmaynotneedtokeepallowing duty-free imports of the fibrebeyondSeptember30(whenthenewcrophitsthemarket). Continued on Page 2 “ Gao Miyan Malhar Yaa Bhimpalasi, Cough Syrup Hai T Alvida Toh Khansi “ /TorexSyrup COUGH SYRUP HAI TO ALVIDA KHANSI For more information, please contact : +91 97792 14455, +91 73199 35154 (Whatsapp) / email@example.com Kolkata
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