Top Headlines: India Inc split over new apps, tax revenue at record high
The Ministry of Finance informed on Friday that India’s gross revenue collection hit a record high of Rs 27.07 trillion in FY22. Meanwhile, toll revenue on FASTag reached Rs 4,095 crore in March, the highest since the digital toll system. More on these stories in our headlines this morning.
India’s tax revenue hits record high of Rs 27.07 trillion in FY22
The Center beat all of its revenue collection estimates in the year ended March 31, helped by better indirect tax raking, strict compliance measures and a recovery in most sectors following successive waves of the Covid-19 pandemic.
India’s gross revenue collection hit a record high of Rs 27.07 trillion in FY22, while the tax-to-GDP ratio jumped to 11.7%, a high in more than two decades , the Ministry of Finance announced on Friday. Read more here
LIC IPO: Government advisers seek input from major investors on valuation
The Center has asked investment bankers to solicit comments from senior investors and large investors on the valuation at which they would participate in the initial public offering (IPO) of Life Insurance Corporation of India (LIC).
Investment bankers were invited to submit investor views on LIC’s valuation as early as Monday, an official said. Read more here
India Inc clearly split on super apps to reach its customers
Indian companies are clearly divided on how best to reach their customers: should they create a single super app covering different segments, or should they have standalone apps focused on ease of use? The Tata group, which yesterday launched its Tata Neu application, as well as Paytm have chosen the first, while the telecoms major Bharti Airtel has opted for the second model.
Building digital platforms has become a major focus for large companies to build valuations that can be monetized at high premiums. Read more here
FASTag collections surpass Rs 4,000 crore in March, FY22 rakes in Rs 38,000 crore
With increasing mobility and increasing adoption of FASTag, toll revenue on the platform reached Rs 4,095 crore in March, the highest since the introduction of the digital toll system in 2016.
This is the first time that toll collections via FASTag have crossed Rs 4,000 crore. Read more here
Sanjiv Kapoor could make history if Jet Airways flies again this year
Returning to the airline’s board after almost two years, Sanjiv Kapoor now has a job that has no precedent: taking Jet Airways, which has been grounded for three years now, up in the air.
If that happens, Jet Airways will be the first bankrupt airline to be revived under insolvency proceedings. Read more here