COMPANIES, P13 BACK PAGE, P14 INTERNATIONAL, P12 NEW AD CAMPAIGN FROM TODAY THE BIG PICTURE FLAK FOR AVOIDING SHUTDOWN Cleartrip to resurrect Flipkart's ‘kidults’ for travel booking lessons Vedanta gambles on demerger in bid to simplify & deleverage Republican McCarthy faces threat of ouster from US House speaker post FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLIV 126, 14 PAGES, `12.00 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 , H Y D E R A B A D , K O C H I , K O L K ATA , 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 EXPLAINER Why India’s diamond industry is losing its sparkle ■ PAGE 6 Continued on Page 2 57 428 1,434 2,133 775 2,070 2,554 3,841 897 1,418 1,546 1,169 Delta Corp 798 773 419 616 Head Digital Works (A23) 600 819 722 Source: Industry/Companies 21,000 45,000 20,000 16,822 5,000 ■ Demand from high net worth individuals, desire for larger homes post-pandemic key drivers Mumbai and Chennai in the coming quarters.“DLFhasalwaysperformedwellinluxuryand customers trust ourbrand.It is just thatthepipelinehascomenow,”saidAakash Ohri,joint managingdirectorat DLF. K Raheja Corp Homes,led by billionaire developer Chandru Raheja, is coming up withtwoultra-luxuryresidentialprojectsin the Juhu area of Mumbai,which is home to manyBollywood actors and industrialists. Continued on Page 13 GST mop-up rises 10% to `1.63 trn PRIYANSH VERMA New Delhi, October 1 GROSS GOODS AND services tax (GST) collections in Septembercame in at `1.63 trillion, 10% higher on year, and the fourth month this fiscal the figure crossed the `1.6-trillion mark. September collections reflect the GST liable transactions from August. Total GST collections for the first half of FY24 stood at `9.93 trillion, which is 11% higher year-on-year. “The average monthly gross collection in FY24 is `1.65 hw trillion,which is 11% higherthan average monthly gross collection for the first half of FY23 where it was `1.49 trillion,” the finance ministry said on Sunday. At `1.65 trillion, monthly collections have averaged more than what the government had estimated ahead of the Budget. In February, former Central Board of Indirect Taxes and Customs (CBIC) chairmanVivek JohrihadsaidmonthlyGSTcollectionswill average higherthan `1.5 trillion in FY24. Continued on Page 2 GROSS COLLECTIONS (` trn) Apr FY23 May FY24 Jun Jul Aug can we deliver energy to a world that can’t stop? Ongoing energy access is essential for people, countries and economies to thrive, but unpredictable factors can disrupt the supply chain. This challenge powered our ambition to optimize our operations through real-time visibility of the complete hydrocarbon supply chain. From our operational center, we balance demand in local and global markets with effective production planning, using the latest technologies to maximize yield, manage field operations and schedule deliveries. The relentless commitment and drive of our people allows us to achieve a best-in-class 99.8%* delivery record. Discover how we are a reliable energy supplier to the world at aramco.com/poweredbyhow *99.8% delivery record in the second quarter of 2022 CHENNAI/KOCHI 1.63 FY22 Tax demand Dream Sports Games 24x7 FY21 also get ultra luxury projects from Sunteck Realty (in south Mumbai) & Prestige Estates (at Marine Lines) 1.48 FY20 DLF planning to launch super-luxury project in Gurugram in Q4 ■ Mumbai to 1.59 GamesKraft FY19 price points for properties in these projects in Mumbai and NCR 1.44 THE CAR AND SUV industry saw its best monthly wholesales in September for the ninth month in a row in the runup to the festive season, reports Swaraj Baggonkar. ■ PAGE 4 (` crore) Corp plans two such projects in Juhu in Mumbai `15-50 cr 1.65 CARS, SUVs POST RECORD MONTHLY SALES IN SEPT REVENUE VS GST DEMAND ULTRA-LUXURY IS CATCHING up fast in the real estate sector. Banking on the increased demand from homebuyers with an urge to splurge,top property developers such as DLFand Prestige Estates have lined up over half a dozen such projects (propertiescosting`15croreto`50crore)inMumbaiand the National Capital Region. DLF, for instance, is coming up with a super-luxury project in Gurugram after a gap of eight years.While company executives did not reveal the price points,consultants expect the cost to be above `40 crore apiece. The project is expected to be launchedinthefourthquarterofthisfiscal. DLF has also lined up luxury projects in ■ K Raheja 1.49 EDTECH MAJOR BYJU'S has set the target to become profitable by March 2024 following consolidation and restructuring of the organisation and settlement on its $1.2 billion loan. ■ PAGE 4 THE GOODS AND services tax (GST) demand notices slapped on five online gaming companies have revived memories of a similar setback for telecom service operators in October 2019 over adjusted gross revenue (AGR) dues. Online gaming firms such as Delta Corp, Dream Sports (parent of Dream 11), Games24x7, Head Digital Works, and GamesKraft have together received a GST payment demand of around `1.1 trillion since August 2017 till June 2022, according to industry sources. This is almost five times the collective revenue of these companies between FY19 and FY22,which comes to `20,929 crore. The government, however, differs. According to revenue secretary Sanjay Malhotra, the online gaming industry had an estimated overall turnover of `85,000 crore as on March 31, 2023. Malhotra had told FE in July that GST receipts from the burgeoning industry fetched barely 2%, that is `1,700 crore,of their FY23 turnover. The huge tax burden is a result of a difference in interpretation of tax laws. Till now, online gaming firms have been paying 18% GST on the platform fee — the commission they charge participants entering a game. They have also been differentiating between games of chance and skill. The government has, however, maintained that GST rate on gaming was always 28% on the full facevalue,and there is no distinction between games of chance and skill. RAGHAVENDRA KAMATH Mumbai, October 1 HIGH LIFE 1.61 BYJU'S LOOKS TO BREAK EVEN BY MARCH 2024 JATIN GROVER New Delhi, October 1 Developers line up slew of project launches 1.57 INDIA'S IMPORTS OF crude oil from Russia surged 80% in September, reports Arunima Bharadwaj. The share of Urals rose to 1.56 million bpd, compared with 865,000 bpd in the same month last year. ■ PAGE 2 Tax on e-gaming 5X of revenue 1.87 CRUDE IMPORTS FROM RUSSIA UP 80% IN SEPTEMBER Ultra-luxury housing gains ground as demand zooms 1.41 NEWS AGR MOMENT FOR ONLINE GAMING? 1.68 IN THE 1.45 CHENNAI/KOCHI, MONDAY, OCTOBER 2, 2023 Sep
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