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GST Collection Drops To Rs 93,960 Crore In August From Rs 96,483 Crore In July

New Delhi: Union Finance Ministry said that collection of Goods and Services Tax (GST) has dropped to Rs 93,960 crore in August from Rs 96,483 crore in the previous month. The total number of GSTR (goods and services tax returns) 3B filed for the month of July up to August 31, 2018, is 67 lakh. This is slightly higher than 66 lakh returns of the month of June filed up to July 31, 2018.

The revenues collected in August are slightly lower than July collection of Rs 96,483 crore, and June collection of Rs 95,610 crore.

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Merger Of Vodafone And Idea Complete Making It The Biggest Telecom Service Provider

New Delhi: A new board has been constituted for the merged entity “Vodafone Idea Ltd’ with 12 directors (including six independent directors) and Kumar Mangalam Birla as its Chairman with the completion of merger of Idea Cellular and Vodafone India. The board has appointed Balesh Sharma as the CEO. The merger has been completed creating India’s biggest telecom service provider with over 408 million subscribers.

The combination will have all India revenue market share of 32.2% and take the numero uno slot in nine telecom circles, it said adding that both Vodafone and Idea brands will continue. The telecom giant will topple Bharti Airtel from its current pole position, and will have the firepower to take on competition in the Indian telecom market, which has intensified with the aggressive entry of Reliance Jio.

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Budget Airline GoAir to Start International Operations To Phuket From October 11

New Delhi: Chief executive officer of GoAir Cornelis Vrieswijik said that GoAir will start international operations from October 11. This is yet another airline’s international foray. The inaugural flights will operate to Phuket from New Delhi and Mumbai. The airline will also launch flights to Male in Maldives from Mumbai and Delhi on October 14.

The bookings for the maiden international flight will commence soon, a source had earlier said. The city-based airline will be the sixth domestic carrier to have international operations.

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Berkshire Hathaway Buys Stake In Paytm In Conglomerate’s First Foray Into Country’s Startups

New Delhi:  Berkshire Hathaway Inc. bought a stake in the company behind Paytm, India’s biggest digital-payments brand, in the conglomerate’s first foray into the country’s startups.

Warren Buffett, Berkshire’s chairman and chief executive officer, wasn’t directly involved in the investment in One97 Communications Ltd., his assistant, Debbie Bosanek, said Monday in an email. Berkshire is set to acquire 3 percent to 4 percent of One97 in a deal that values the target at more than $10 billion, the people said, asking not to be identified because the discussions are private. Bosanek declined to comment on the size of the investment.

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India Draws A List Of Goods That It Can Export To China Replacing Costlier US Exports

New Delhi: The government has drawn a list of goods that it can export to China. It wants to replace US exports that have become costlier in light of the trade spat between the world’s two biggest economies.

The South Asian nation has identified more than 40 products, including fresh grapes, cotton linters, flue-cured tobacco and alloy steel seamless boiler, where it’s in a position of advantage to replace or capture US trade market share with China, the person said asking not to be identified as discussions are internal. Boosting exports will help India reduce a $63 billion trade deficit it runs with China, which is also New Delhi’s largest commercial partner.