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Tobacco firms’ mthly returns accepted till May 15 via spl registration

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The Central Board of Indirect Taxes and Customs (CBIC), through a notification, extended the date of implementation of this special procedure by 45 days till May 15.

On Thursday, the government has extended the deadline for implementation of special procedure for registration and monthly return filing for manufacturers of pan masala, gutkha, and similar tobacco products to May 15th. Earlier, in January 2024, the Central Board of Indirect Taxes and Customs (CBIC) announced the rollout of a new registration and monthly return filing process, effective April 1, 2024. The decision to revamp the registration, record-keeping, and monthly filing procedures for such businesses was aimed at improving GST compliance for manufacturers of pan masala and tobacco products.

The GST law was also amended via Finance 2024, to say that manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to Rs 1 lakh, if they fail to register their packing machinery with the GST authorities with effect from 1 April. However, this penalty provision is yet to be notified. The procedure was to be applicable for manufacturers of pan-masala, unmanufactured tobacco (without lime tube) with or without brand name, ‘Hookah’ or ‘gudaku’ tobacco, smoking mixtures for pipes and cigarettes, chewing tobacco (without lime tube), filter khaini, jarda scented tobacco, snuff and branded or unbranded ‘Gutkha’, etc.

The CBIC, through a notification, extended the date of implementation of this special procedure by 45 days till May 15. The manufacturers of such tobacco products were required to furnish the details of packing machines being used for filling and packing of packages in Form GST SRM-I, electronically within 30 days of the notification coming into effect i.e., April 1, 2024. Also a special statement of return filing GST SRM-II was to be filed by the 10th of the succeeding month. Moore Singhi Executive Director Rajat Mohan said neither the GST Network has issued any advisory on the new procedure nor released new filing utilities.

As a result, the government has decided to defer the implementation of the new procedure by 45 days to 15 May. “This delay by the GST ecosystem has led to challenges for the industry in implementing the new scheme mid-year. Ideally, any new scheme should be implemented at the start of a new financial year to allow for smoother transitions and better compliance,” Mohan added. In February last year, the GST Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts, had approved the report of a panel of state finance ministers on plugging tax evasion in pan masala and gutkha businesses. The GoM had recommended that the mechanism for levy of compensation cess on pan masala and chewing tobacco be changed from ad valorem to a specific rate-based levy to boost the first stage collection of the revenue.

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Business

Over 1200 cos, 80,000 business visitors expected at EXCON

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The event will spread over 30 lakhs sq. ft of display area and is expected to attract over 1200 exhibitors and over 80,000 business visitors from India and abroad including the USA, UK, France, Germany, Italy, UAE, South Korea, Singapore, Turkey, Sri Lanka, Romania and Czech Republic.

The Indian industry and Government stakeholders are looking to tap the potential of South Asia’s largest construction equipment exhibition, EXCON, to propel India to become the 2nd largest and fastest growing construction equipment market in the world by 2030. Backed by a strong focus on policy reforms, rapid expansion of its infrastructure, and increased government spending on various projects, industry leaders, senior government officials, and stakeholders from the infrastructure and construction equipment sector convened at a roadshow to introduce the 12th edition of EXCON, organized by the Confederation of Indian Industry (CII), scheduled from 12-16 December 2023 at the Bangalore International Exhibition Centre, Bengaluru. The Indian Construction Equipment Manufacturers’ Association is the sector partner for EXCON 2023, which will be supported by the Infrastructure Equipment Skill Council and the Builders Association of India (BAI).

The event will occupy over 30 lakh sq. ft of display area and is expected to attract over 1200 exhibitors and more than 80,000 business visitors from India and abroad, including the USA, UK, France, Germany, Italy, UAE, South Korea, Singapore, Turkey, Sri Lanka, Romania, and the Czech Republic. The 5-day exhibition is set to draw participants from across the world, with the Government of Karnataka serving as the host state for EXCON 2023.

The 2023 edition of EXCON takes place amid India’s robust infrastructure development, an area receiving substantial attention from the Government with an allocation of Rs 10 lakh crore (equivalent to USD 130.57 billion). This year’s show offers an exclusive focus on alternate fuels, an AI pavilion, Aatmanirbhar Bharat, skills development, women operating construction equipment and machinery, conferences on defence and paramilitary, green construction focusing on sustainability, and automation in the construction engineering sector, among other themes.

The event will highlight leading construction equipment manufacturers as they showcase the adaptability of their machinery and the advancement of construction technologies. These exhibitors will present economical solutions aimed at accelerating project execution for builders and contractors, with a strong emphasis on upholding standards of quality, safety, and environmental sustainability. Prominent organizations participating at the event include JCB, BKT, Caterpillar, Imperial Auto, Jindal Steel & Power, Gulf Oil, Kobelco, KYB, Larsen and Toubro, Puzzolana, Sany, Schwing Stetter, Syemco, Tata Hitachi, Ammann, Case, Doosan, Epiroc, Fiori, GNU, Nail Stone, Hyundai, ITR, Liebherr, Propel, Rockcut, Walvoil, Wipro, Yuken India, along with OEMs, components manufacturers, and other allied industry organizations.

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Tech

Huawei’s new flagship increases use of China-Made parts, memory chip

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Huawei’s latest high-end phone features more Chinese suppliers, including a new flash memory storage chip and an improved chip processor, a teardown analysis showed, pointing to the progress China is making towards technology self-sufficiency.

Online tech repair company iFixit and consultancy TechSearch International examined the inside of Huawei Technologies’ Pura 70 Pro for Reuters, finding a NAND memory chip they said was likely packaged by the Chinese telecoms equipment maker’s in-house chip unit HiSilicon and several other components made by Chinese suppliers.

Huawei’s resurgence in the high-end smartphone market after four years of U.S. sanctions is being widely watched by both rivals and U.S. politicians as it has become a symbol of growing U.S.-China trade frictions and China’s bid for technology self-sufficiency.

The firms also found that the Pura 70 phones run on an advanced processing chipset made by Huawei called the Kirin 9010 that is likely only a slightly improved version of the Chinese-made advanced chip used by Huawei’s Mate 60 series.

“While we cannot provide an exact percentage, we’d say the domestic component usage is high, and definitely higher than in the Mate 60,” said Shahram Mokhtari, iFixit’s lead teardown technician.

“This is about self-sufficiency, all of this, everything you see when you open up a smartphone and see whatever are made by Chinese manufacturers, this is all about self-sufficiency,” Mokhtari said.

Huawei declined to comment.

Huawei launched the Pura 70’s four smartphone models in late April and the series quickly sold out. Analysts say it will likely take more market share from iPhone manufacturer Apple, while policymakers in Washington are questioning the efficacy of U.S. curbs on the telecoms equipment giant.

CHINA-MADE FLASH MEMORY CHIP

Earlier analysis by teardown firms such as TechInsights of the Mate 60, launched in August last year, found the phone to be using DRAM and NAND memory chips made by South Korea’s SK Hynix.

SK Hynix said at the time it no longer did business with Huawei and analysts said the chips likely came from stockpiles.

The Pura 70 still contains a DRAM chip made by SK Hynix, iFixit and TechSearch found, but the NAND flash memory chip was likely packaged by Huawei’s HiSilicon unit this time around and was made up of NAND dies each with a capacity of 1 terabit. This is comparable to products made by major flash memory producers such as SK Hynix, Kioxia and Micron.

However, the firms were unable to definitively identify the manufacturer of the wafer as the markings on the NAND die were unfamiliar, they added.

But iFixit added that they believed that HiSilicon may have produced the memory controller as well.

“In our teardown our chip ID expert has identified it as a particular HiSilicon chip,” Mokhtari said.

SK Hynix reiterated that it was “strictly complying with the relevant policies since the restrictions against Huawei were announced and has also suspended any transactions with the company since then”.

INCREMENTAL IMPROVEMENTS

IFixit and TechSearch’s analysis of the processor used by the Pura 70 Pro also suggests Huawei may have only made incremental improvements in its ability to produce an advanced chip with Chinese partners in the months since it launched the Mate 60 series.

The processor is similar to the one employed in the Mate 60 series that was produced for Huawei by Semiconductor Manufacturing International Corp (SMIC) using the Chinese chip foundry’s 7 nanometer (nm) N+2 manufacturing process, they said.

“This is significant because news of the 9000S on a 7nm node caused a bit of a panic last year when U.S. lawmakers were confronted with the possibility that the sanctions imposed on Chinese chipmakers might not slow their technological progress after all,” iFixit said.

“The fact that the 9010 is still a 7nm process chip, and that it’s so close to the 9000S, might seem to suggest that Chinese chip manufacturing has indeed been slowed.”

Still, he cautioned against underestimating Huawei, saying that SMIC was still expected to make a leap to a 5nm manufacturing node before the end of the year.

SMIC did not respond to a request for comment.

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Real Estate

DLF sells 795 flats in Gurugram for Rs 5.6K cr within 3 days of launch

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Achieving a remarkable sellout valued at approximately Rs 5,590 crores, within 3 days.

India’s largest realty firm DLF has sold all 795 apartments for Rs 5,590 crore within three days of the launch of its new luxury housing project in Gurugram, driven by strong demand from consumers including NRIs. In a regulatory filing on Thursday, the company informed about the successful launch of its latest luxury residential project ‘DLF Privana West’, “achieving a remarkable sellout valued at approximately Rs 5,590 crores, within 3 days.” The new project is spread over 12.57-acre comprising 795 apartments.

The average selling price was around Rs 7 crore per apartment. In January this year, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project ‘DLF Privana South’, which is spread over 25-acre. Both ‘DLF Privana West’ and ‘DLF Privana South’ are part of its 116-acre township ‘DLF Privana’ located in Sector 76 and 77 at Gurugram in Haryana. According to sources, DLF received Expression of Interests (EOIs) from around 1,550 and 1,600 customers, almost double of total units being offered in this new project, reflecting high demand for ultra-luxury homes. Non-resident Indians (NRIs) lapped up around 27 per cent of the total 795 units.

NRIs have been investing a lot in premium housing projects in Gurugram to earn decent rental income, besides capital appreciation. In January this year, the company had sold 1,113 luxury apartments in Gurugram for Rs 7,200 crore within three days of the launch of its project ‘DLF Privana South’, which is spread over 25-acre. Both ‘DLF Privana West’ and ‘DLF Privana South’ are part of its 116-acre township ‘DLF Privana’ located in Sector 76 and 77 at Gurugram in Haryana. According to sources, DLF received Expression of Interests (EOIs) from around 1,550 and 1,600 customers, almost double of total units being offered in this new project, reflecting high demand for ultra-luxury homes.

Non-resident Indians (NRIs) lapped up around 27 per cent of the total 795 units. NRIs have been investing a lot in premium housing projects in Gurugram to earn decent rental income, besides capital appreciation. Commenting on the development, Aakash Ohri, Joint Managing Director and Chief Business Officer, DLF Home Developers Ltd, said, “After the overwhelming success of DLF Privana’s inaugural project DLF Privana South, ‘DLF Privana West’ emerges as the next chapter in this story, meticulously designed to cater to discerning homebuyers’ aspirations for spacious, luxurious abodes within a vibrant, well-connected community.”

He said NRIs have bought a substantial portion of apartments in this new project. “Our aspiration with DLF Privana and its associated projects is to emulate the success of DLF Phase 5, by curating an integrated ecosystem of luxury residences amidst abundant greenery, fulfilling the most coveted lifestyle requisites.” In March last year, DLF sold 1,137 luxury apartments, priced Rs 7 crore and above, in its housing project in Gurugram for over Rs 8,000 crore within 3 days. Gurugram housing market has witnessed a significant growth in demand for residential properties, leading to a sharp rise in prices. The demand has sustained so far despite the hefty price appreciation.

Overall also, India’s housing market across the top seven major cities has been performing very well post Covid pandemic on pent-up demand and rising aspirations for homeownership. The consumer demand is shifting towards those developers who have a good track record of executing real estate projects on time. DLF is India’s leading real estate developer in market capitalisation. DLF has developed more than 158 real estate projects and developed an area in excess of 340 million square feet. DLF Group has 215 million square feet of future development potential across residential and commercial segments

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Tech

Google eyes future in AI, Pichai acknowledges challenges, sets new goals

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Alphabet Inc.’s Chief Executive Officer, Sundar Pichai, recently discussed the tech giant’s focus on artificial intelligence (AI), addressing issues such as errors in Gemini’s image generation feature and criticisms regarding his leadership style in an interview with The Circuit.

Pichai emphasized that AI has been a significant focus for Alphabet since 2016, despite acknowledging that the company may have missed certain opportunities in the past. He compared the current stage of AI development to the early stages of other technologies, stating, “I view this AI as we are in the earliest possible stages.”

Regarding errors in Gemini’s image generation feature, Pichai admitted to setbacks but reassured that the models are being retrained from scratch. He affirmed that once ready, the feature will be re-released to users in a few weeks.

Looking ahead, Pichai is expected to share Alphabet’s vision for the future at Google I/O, the company’s annual developers conference scheduled for next week.

The interview also touched upon criticisms of Pichai’s leadership style, with some former and current employees labeling him as “too cautious and consensus-driven.” In response, Pichai highlighted the importance of clarity in decision-making, particularly in a large organization like Alphabet. He emphasized the significance of consensus-building, noting that it enables maximum impact behind decisions.

Furthermore, Pichai addressed recent layoffs at Google, particularly the firing of engineers who protested the company’s cloud contract with the Israeli government. He described the protests as unacceptable disruptions of daily business and stressed the importance of maintaining focus on the company’s mission, particularly in the context of AI advancement.

Overall, Pichai’s statements underscore Alphabet’s commitment to AI development and the challenges associated with leadership in a rapidly evolving technological landscape. As Alphabet continues to navigate strategic challenges and pursue its mission, Pichai’s leadership approach and the company’s vision for the future remain critical factors shaping its trajectory in the tech industry.

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Business

Emirates boosts tourism, signs deals with Hong Kong, Seychelles, Sri Lanka

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Emirates Airlines has reaffirmed its commitment to boosting tourism in key destinations by forging strategic partnerships with tourism authorities in Seychelles, Sri Lanka, and Hong Kong.

In a move aimed at bolstering tourism to Seychelles, Emirates has renewed its cooperation with Tourism Seychelles. The airline’s Senior Vice President of Commercial for West Asia & Indian Ocean, Ahmed Khoory, signed a Memorandum of Understanding (MoU) with Sherin Francis, Principal Secretary of the Tourism Department in Seychelles. This agreement underscores Emirates’ dedication to supporting the tourism industry in Seychelles, a popular leisure destination in its network since 2005. As part of the partnership, Emirates will assist travel agents and tour operators in promoting Seychelles through special holiday packages, marketing support, and familiarization trips.

Similarly, Emirates has reiterated its commitment to promoting tourism in Sri Lanka by signing another MoU with the Sri Lanka Tourism Promotion Bureau. Ahmed Khoory signed the agreement with Chalaka Gajabahu, Chairman of the Sri Lanka Tourism Promotion Bureau, in the presence of Sri Lanka’s Minister of Sports and Youth Affairs, Honourable Harin Fernando. Emirates, which has been operating in Sri Lanka for 38 years, will continue to support the country’s tourism agenda by developing special packages and engaging with travel agents to showcase Sri Lanka’s attractions to its global customer base.

In addition to its endeavors in Seychelles and Sri Lanka, Emirates has entered into a new partnership with the Hong Kong Tourism Board (HKTB) to boost inbound tourism from the Middle East and Europe. Orhan Abbas, Emirates’ Senior Vice President of Commercial Operations Far East, and Becky IP, Deputy Executive Director of the HKTB, signed the MoU. Through joint initiatives such as familiarization trips and promotional campaigns, Emirates and HKTB aim to attract visitors to Hong Kong, renowned for its cosmopolitan attractions and dynamic cultural scene.

These strategic partnerships underscore Emirates’ commitment to supporting tourism and trade sectors across its network. By collaborating with tourism authorities in key destinations, Emirates seeks to stimulate tourism inflows, promote economic growth, and enhance the travel experience for its passengers.

Emirates Airlines’ strategic partnerships with tourism authorities in Seychelles, Sri Lanka, and Hong Kong mark significant milestones in the airline’s commitment to promoting tourism and fostering economic growth in key destinations across its network.

The renewed cooperation with Tourism Seychelles reflects Emirates’ long-standing presence and dedication to supporting tourism development in the picturesque island nation. With Seychelles being a popular leisure destination among travelers from around the world, Emirates’ commitment to promoting the country underscores its role as a key partner in driving tourism flows to the island. Through the signing of the MoU and the implementation of various promotional initiatives, Emirates aims to strengthen its collaboration with Seychelles’ tourism industry stakeholders, including travel agents and tour operators, to enhance the visibility and appeal of the destination to global travelers.

Similarly, Emirates’ continued commitment to Sri Lanka, exemplified by the signing of the MoU with the Sri Lanka Tourism Promotion Bureau, reinforces the airline’s enduring partnership with the South Asian country. Having operated in Sri Lanka for nearly four decades, Emirates has played a pivotal role in connecting the island nation with the rest of the world and facilitating tourism and trade exchanges. By developing special packages and engaging with travel agents, Emirates seeks to leverage its extensive global network to promote Sri Lanka’s diverse attractions, including its rich cultural heritage, pristine beaches, and lush landscapes, to a broader audience of travelers.

In the case of Hong Kong, Emirates’ new partnership with the Hong Kong Tourism Board (HKTB) underscores the airline’s commitment to supporting the city’s recovery and revitalization efforts in the wake of the COVID-19 pandemic. With Hong Kong being a vibrant cosmopolitan hub renowned for its dynamic cultural scene, culinary delights, and iconic landmarks, Emirates aims to introduce travelers from key markets in the Middle East and Europe to the city’s unique offerings. Through joint initiatives such as familiarization trips and targeted advertising campaigns, Emirates and HKTB seek to enhance Hong Kong’s appeal as a premier tourist destination and drive tourism growth in the region.

Emirates’ strategic partnerships with tourism authorities underscore the airline’s role as a key enabler of tourism and economic development in the destinations it serves. By leveraging its global network, brand recognition, and operational expertise, Emirates aims to support the recovery and growth of tourism sectors worldwide, contributing to job creation, income generation, and sustainable development.

As the aviation industry continues to navigate the challenges posed by the pandemic, Emirates remains committed to fostering partnerships and collaborations that promote resilience, innovation, and inclusivity in the tourism sector.

Overall, Emirates Airlines’ reaffirmed commitment to boosting tourism in Seychelles, Sri Lanka, and Hong Kong reflects its unwavering dedication to supporting the recovery and revitalization of tourism sectors worldwide. Through strategic partnerships with tourism authorities and industry stakeholders, Emirates aims to stimulate tourism inflows, enhance destination visibility, and create memorable travel experiences for its passengers. As the world gradually emerges from the pandemic, Emirates remains steadfast in its mission to connect people, cultures, and economies, driving tourism growth and fostering prosperity in the destinations it serves. Emirates Airlines’ reaffirmed commitment to boosting tourism in Seychelles, Sri Lanka, and Hong Kong reflects its unwavering dedication to supporting the recovery and revitalization of tourism sectors worldwide. Through strategic partnerships with tourism authorities and industry stakeholders, Emirates aims to stimulate tourism inflows, enhance destination visibility, and create memorable travel experiences for its passengers. As the world gradually emerges from the pandemic, Emirates remains steadfast in its mission to connect people, cultures, and economies, driving tourism growth, fostering prosperity, and promoting global connectivity in the destinations it serves.

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Business

Truecaller announces updated subscription packages for its Verified Business Caller ID solution

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Truecaller, the leading platform for verifying contacts and blocking unwanted communication, trusted by millions worldwide, has launched its updated subscription plans for the Verified Business Caller ID solution. Starting May 6, 2024, the revised subscription packages and pricing will apply to all new and current business customers upon their upcoming renewals or upgrades.

Truecaller’s Verified Business Caller ID Solution offers updated subscription packages, growth, and enterprise plans tailored to empower early/mid-stage companies as well as large enterprises. The Growth Plan is best suited for early or midsize companies looking to scale their business and establish a strong market presence, building trust and enhancing brand visibility through its flagship Verified Business Caller ID.

The Enterprise Plan is designed for large, established businesses that require scalable solutions to support their extensive user bases across various products, services, departments, or regions. These organizations need robust and adaptable systems to manage their operations effectively. The enterprise plan supports these businesses with advanced capabilities and deeper product integration with their communication infrastructure.

With more comprehensive analytics and advanced reporting capabilities, the updated subscription plans are designed to provide deeper insights and CX productivity, enabling businesses to refine their communication strategies effectively. Deeper integration capabilities, including call personalization APIs, are available to support large businesses with increasingly complex integration and customization needs.

The Truecaller Verified Business Caller ID solution empowers business calls with brand identity and context, fostering reliable customer communication. Over 2500+ active businesses across India and other vital global markets have benefited from the solution and other advanced communication capabilities. Besides improving business call efficiency, the solution has significantly reduced phone call-related frauds and scams, promoting heightened customer safety in business communications.

“We enable safe and relevant conversations between people and make it efficient for businesses to connect with consumers. Fraud and unwanted communication are endemic to digital economies, especially in emerging markets. We are on a mission to build trust in communication.”

Truecaller is an essential part of everyday communication for over 383 million active users, with more than a billion downloads since launch and close to 50 billion unwanted calls identified and blocked in 2023. Headquartered in Stockholm since 2009, we are a co-founder-led, entrepreneurial company with a highly experienced management team. Truecaller has been listed on Nasdaq Stockholm since October 2021.

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