Sops

In a bid to attract more Global Capability Centres (GCCs), Tamil Nadu government in its Budget has said it will incentivise the creation of high paying jobs in new GCCs by providing a payroll subsidy. The move is being lauded by industry watchers and experts as one that could potentially bolster Tamil Nadu to narrow the gap with other GCC hubs like Bengaluru and Hyderabad."I see this to be a brilliant move to bring the spotlight back on Tamil Nadu which has the unique distinction of having deep technology and domain…

Is the Sky Clearing Up for Air Passengers? DGCA Releases New SOPs Amidst Aviation Chaos. (PTI File Photo)DGCA introduces new SOPs after airport chaos. Indigo and CSMIA face penalties. Delhi's CAT III runway progress amid fog disruptions. In a recent turn of events, the Directorate General of Civil Aviation (DGCA) has released fresh Standard Operating Procedures (SOPs) as air travel faces turbulence due to dense fog and disruptions at Delhi’s airport.The ministry and DGCA’s swift actions come in response to viral videos…

The centre will launch a revised incentive scheme of up to Rs 10,000 crore to promote the establishment of electronic and semiconductor component plants in the country, top officials told ET. The move is aimed at creating a supporting ecosystem for the mega chip- packaging units being set up by the likes of US-based Micron as well as Indian conglomerate Tata Group and Kaynes Corp that marks the first leg of India’s ambitious journey to emerge as a global hub for electronics manufacturing and design.The new incentive…

The government should not dilute the Make in India initiative and follow a consistent policy, FICCI EV Committee Chairperson Sulajja Firodia Motwani said amid a push from American electric carmaker Tesla for special sops to set up its factory in the country. Motwani, the founder and CEO of Kinetic Green which sells battery-operated three-wheelers, scooters, e-cycles, and buggies, also emphasised creating a holistic ecosystem for the growth of the electric vehicle segment. Elevate Your Tech Prowess with High-Value Skill…

New Delhi: Quick commerce and food delivery companies in the capital are offering incentives to their delivery personnel to meet a sudden spike in demand, as people who are confined to their homes amid incessant rains and the worst floods in decades are ordering more food and groceries online.Companies such as Zomato, Swiggy and Zepto are providing monetary incentives to delivery personnel and associates. Those who brave the weather during the monsoons also get free raincoats and other rain gear. Most delivery personnel…

Samsung Electronics may have to forgo its sops for the inaugural year of India’s ambitious production-linked incentive (PLI) scheme for smartphone manufacturing due to what government officials said were ‘discrepancies in invoicing’. The Korean major said it is in “advanced” discussions with the government for redressal on the issue.In August 2021, the Korean electronics major had claimed a total of Rs 900 crore as incentives for achieving Rs 15,000 crore worth of additional sales in fiscal year 2021, over the year…

New Delhi: The Centre is likely to issue recovery notices to Hero Electric and Okinawa after a probe concluded the two companies violated the provisions of the FAME India scheme, said people with knowledge of the matter.The probe found the EV two-wheeler firms breached the localisation programme they had committed to, said the people. The recovery notices will seek to claw back the subsidy amount disbursed under the FAME II scheme, they said.Hero Electric and Okinawa denied they had violated FAME II provisions.A probe…

Tax sops top crypto, gaming firms’ budget demands; govt urged to mandate local storage of data Tax sops top crypto, gaming firms’ budget demands: The online gaming industry has urged the government to not reduce the current tax deducted at source (TDS) threshold of Rs 10,000, which is reportedly being reviewed by the finance ministry. According to Economic Times, the crypto industry meanwhile has asked the government to reduce the 1% TDS on crypto transactions, and review income tax provisions to allow investors to…

A rationalised tax regime tops the list of demands put forth by gaming and cryptocurrency firms ahead of the upcoming budget, industry sources told us.Also in this letter:■ Govt urged to mandate local storage of Indians’ data■ Govt plans stakeholder meet on Digital India Act before public consultation■ Byju's to adopt four-tier internal sales programme to combat mis-sellingTax sops top crypto, gaming firms’ budget demands The online gaming industry has urged the government to not reduce the current tax deducted at source…

The government has said that it has approved the incentives for two companies — Foxconn India and Padget Electronics — for mobile manufacturing under the production-linked incentive (PLI) scheme for the large-scale electronics manufacturing (LSEM) sector.According to a statement from NITI Aayog, the Empowered Committee headed by NITI Aayog Chief Executive Officer Param Iyer approved incentives for two companies — one a domestic company and the other a global company — for mobile manufacturing under the production-linked…