Category: CA News

Vijay Shekhar Sharma blames bad timing for Paytm’s flop listing

Vijay Shekhar Sharma blamed the bad timing for the hot response to Paytm’s first public offering and a faint mention last year, amid rising prices from the company he built almost two decades ago.

One97 Communications Ltd., the parent company of Fintech Pioneer of India, entered the stock market at a time when the market feared various factors and this affected prices, said Sharma Sequoia Capital CEO Rajan Anandan of IAMAI’s India Digital Summit 2022 on Wednesday. This is one of the first public appearances Sharma has made since Paytm’s devastating market debut in November last year.

“Paytm’s success will depend on what we do with the monetization that is driven by financial services. Payment is something that further increases the yield threshold,” he said at the event. “We talked about $ 100 million in payment revenue this quarter as a huge revenue … People underestimated the size of payment revenue.” He also added that Paytm recorded higher revenues at lower costs.

“People underestimate the growing impact of this platform on the customer base … We’ve spent and less than every year since … Our business has never looked better,” he said. and Sharma.

Brokerage company Macquarie lowered One97 Communications’ target price from Rs 1,200 per share to Rs 900 per share on Monday. This is 58% lower compared to the Paytm issue price of Rs 2,150. Macquarie said that Paytms represents 70% of total gross revenues and that the company could therefore be affected by any regulations that charge for digital payments.

On Wednesday, Paytms’ market capitalization was $ 9.49 billion, compared to the highest private market valuation of $ 16 billion. ETtech analysis: behind a bad Paytm IPO and its constant estimates

Sharma said the contribution margin for payments is still doubling compared to Paytm. Quarterly payment revenues reach $ 140 million if the shopping services it provides are included, he said. Sales are expected to grow by at least 50 to 60% year on year, he added.

“Credit is the most expensive financial service. Bajaj Finance has existed for 30-32 years, Paytm has been processing more loans than Bajaj now, in less than three years …,” Sharma said. “Because in our credit business we have to compare with only one person, and that is Bajaj (Finance). We (Paytm) have to look for the benchmark we provide in terms of total loan amount, loan amount and loan quality.

“The problem with our companies is the companies that provide loans – banks and the NBFC. The bad metric they get is the size of the debt. The better metrics they will strive for is loan quality, ”he said.

Last week, Paytm said the number of loans disbursed through its platform had quadrupled last year to 4.4 million in the December quarter, as part of the release of information on Indian stock exchanges.

According to the company, the amount of loans disbursed through its platform in the third quarter was Rs 2,180 million – a year-on-year increase of 365%. The average loan amount provided by Paytm is currently around Rs 5,000.

On Wednesday, Paytm shares on the BSE fell 3.22% to Rs 1,083.40, while the Sensex benchmark ended the day 0.88% higher at 61,150.04 points.

Tax Audit Due Date To Be Extended

Due to the difficulties reported by taxpayers / stakeholders due to Covid and the submission of audit reports for 2021-22 under the IT Act of 1961, the CBDT further extended the deadlines for submitting audit and ITR reports for IS 21-22. Circular No. 01/2022 dated 11.01.2022 issued.

Upon repulsion reported by taxpayers and other concerns due to Covid filing and electronic submission), exercise), exercise), exercise), exercise), exercise), Exercise), Exercise), Exercise His Powers Among Section 119 of law, entertaining entertainment about the following compliance:

The Court of Auditor of the Auditors Report is under all the Act Facility, 2020-21, who named in the case of donkey (A) to clarify 2 of the sub-part (1) in part 139 of the law , as Oct 31, 2021 and January 15, 2022 by Circular No.17 / 2021 Deteder September 09, 2021 rather February 15, 2022;

The set date of the Courtian report under all Act Prospects Last year 2020-21, October 31, 2021, in the sub-part (1) in part 139 of law, is on the 15th of February, 2022;

The fixed date of the report is of a bookkeeper to people entering international transaction under last year 20,000 2022 by Circular No.17 / 2021.202111113 Further On 15th April, 2022;

The end date of revenue revenue income for the year of the year 2021-22, which is 8 in St.00 in paragraph (1) after 30 November 2022 by Circular No.9 / 2021 Danced 20.05.2021 and round. 17/2021 Dated by real 09.09.2021 further extended, goes on 15th March, 2022;

Return the end date income for the year of the year 2021-22, which was the year 2021 in paragraph (1) of December 2022 by the February 2022 dated the February 20,9,55.2021 and round . 17/2021 Dated by real 09.09.2021 further extended, goes on 15th March, 2022.

Explanation 1: Upgrading This attachment cannot be used 1 to subsection 234a in cases where the amount of value has been specified in the speaking (vi part (1) of that part larger larger Lakh Rupees.

Explanation 2: For the purpose of clarification 1, if an individual indicated in the sub-part (2) of action, section 140a on the Act SECRET DATE (without the extended ‘under the Circular No.9 / 2021, Circular No.17 / 2021 and this round) given to that work, tax development.

India has 4th largest foreign exchange reserves in world

India’s Finance Minister Pankaj Chaudhry told Lok Sabha on Monday that India currently has the fourth largest foreign exchange reserves in the world. “On November 19, 2021, foreign exchange reserves were $ 640.4 billion,” he said.

To another question he replied: Records of P-Notes / Outside Derivatives (ODIs) holders and ODI holder stakeholders, as defined in Section 9 of the Anti-Money Laundering Rules, 2005, SEBI. Reported monthly by foreign investors issuing Portfolio Investments (FPIs).

In addition, ODIs issuing FPIs should always keep KYC documents for ODI subscribers and make them available to SEBI upon request.

To another question, Chaudhry replied that the total amount of indirect taxes, including taxes on petroleum products, was around rupees for the last seven tax years (2014-15 to 2020-21). 16.7 million rupees.

The total indirect tax on unbranded gasoline was 9.2 rupees per liter for the period 2013-2014, while the total indirect tax on unbranded gasoline was 3.46 rupees per liter. Currently, the total central unauthorized tax on un-labelled gasoline is 27.9 rupees per liter, while the total indirect tax on un-labelled diesel is 21.80 rupees per liter.

November gross GST collection at Rs 1,31,526 crore, 2nd highest ever

The total GST revenue accrued in November was 1,31,526 rupees. This was an increase from Rs 1.30 crore collected in October.

Of these, CGST includes 23,978 rupees, 31,127 rupees, IGST 66,815 rupees (including 32,165 rupees on imports) and 9,606 rupees on taxes (including 635 rupees on import goods).

November marked the second consecutive month that total GST collections exceeded Rs 1.30 billion.

November revenues are the second highest since taxes were levied on goods and services. The highest income since the tax in April this year (more than 1.41 lakh crore).

“GST sales for November 2021 was the second record since GST was launched after April 2021, based on year-end sales, beating previous months’ indentation, which also includes the impact of required revenue.

The government said the complexes broadly followed the general trend of economic recovery.

PNB puts up National Steel & Agro Industries for sale to recover Rs 200cr dues

The National Bank of Punjab (PNB) has put a steel and agricultural company based in Madhya Pradesh up for sale for around Rs 200 billion. National Steel and Agricultural Industries Co., Ltd has a bank balance of Rs 199.90.

“Our intention is to submit the account to the ARC / NBFCs / other banks / financial institutions for sale in accordance with the terms of banking policy in accordance with legal guidelines,” the PNB said during the auction. Information.

The reserve lender (on a cash basis) put Rs 95 crore up for sale.

In order for the potential bidder to speed up the due diligence process and to verify the buyer, the bank announced that it will do its best to keep copies of the documents in one place. However, he added that the bank has the discretion to withdraw the account for sale without giving any reason.

The PNB set December 8th as the deadline for completing the precision exercise. The deadline for submitting binding bids is December 9, the reopening of bids is scheduled for December 10, 2021.

India’s forex kitty increases by $289 mn to $640.40 bn.

The Bank of India raised $ 289 million to $ 640.401 billion for the week ending Nov. 19. Total reserves fell $ 763 million to $ 640.112 billion in the most recent reporting week. They reached $ 642,453 billion during the week ending September 3, 2021, at $ 642,453.

Foreign assets (FCA), a significant portion of total reserves, increased by $ 225 million to $ 575.712 billion ,this is evidenced by the weekly data from the Bank of India (RBI).

FCA dollar rates include the effect of depreciating or depreciating non-US currencies such as the euro, the pound, and investing in foreign exchange reserves.

The value of gold reserves continued to travel north, from $ 152 million for the reporting week to $ 40.391 billion, according to the data.

Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) dipped by USD 74 million to USD 19.11 billion.

The country’s reserve position with IMF was down by USD 13 Million to USD 5.18 Billion in the reporting week.

REUCTION OF CA STUDENTS OVER THE PAST 12 YEARS.

Institute Of Chartered Accountant Of India (ICAI) has seen a continous reduction in the course of CA, where on the other side the members and CA Associates are increasing day  by day. In the 2009-10 , including all the courses the total number of students registered in institute were around 2,77,000 , which has now reduced to 1,82,000 in the current year 2020-21.

In the past 12 years the number of student reduced in the Chartered Accountant course in around 95000. In 2019-20 the total number of student registered were 2,18,000 , which in the present year is just 1,82,000. 

In a country like India , Chartered Accountant is the third toughest exam to crack for students. There are very less number of students who have completed there CA course in time. It takes a lot of dedication and hard-work to achieve that limestone.

Many students while competing for CA dropout and opt for a course like CS. In fact ICAI changes its course from time to time. In 2017-18 CA entrance exam given as Common Proficiency Test(CPT) , from the current year CA Foundation was added. Now its just CA Foundation. IPC and IPCC were also removed and it was named at CA INTERMEDIATE. After all there changes CA Institutes never compromised in the case of exams. This is one of the major reasons of number of students reducing in CA course.

Expertise say that every course has there slowdown. They say like one time the number of students in MBA were low , but now it has taken its pace. Number of students are increasing from the past record and not just MB, JEE , JEE MAINS and many other every course has there slowdown.

”NUMBERS OF STUDENTS REGISTERED IN 5 YEARS:”

2016-17= 2,18,319

2017-18= 2,10,289

2018-19= 1,26,668

2019-20= 2,18,667

2020-21= 1,82,897

Paytm Wild Ride Continues As Stocks Sinks Again Ahead Of Earnings

India’s digital payments giant Paytm is set for another bout of scrutiny on Saturday when it reports earnings in the wake of its record-breaking initial public offering and tumultuous stock market debut.

Ahead of the results, Paytm’s shares dropped as much as 7.7% in early Mumbai trading on Friday. While the stock had jumped about 32% over the last three days, it is still well below the price set in the $2.5 billion IPO as investors continue to weigh its longer-term prospects.

“Revenues for Paytm have remained more or less flat despite a rise in customer base for the last couple of years,” said Ruchit Jain, head of research at listed discount broker 5paisa.com. “While it has reduced losses, none of the business segments, like payments, consumer loans or insurance distribution, are showing signs of profitability.”

There will be focus on which segments are starting to make more money and how the company is leveraging its customer base to cross-sell more products, Jain said.

Despite the challenges, Paytm’s backers include the likes of Warren Buffett’s Berkshire Hathaway Inc. and Masayoshi Son’s SoftBank Group Corp. BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more shares on Tuesday and Wednesday, according to people familiar with the matter.


IECs Not Updated After January 2014 to be Deactivated: DGFT

The Importer-Exporter Code (IEC) is a key business identification number that is mandatory for exports or imports. No person shall make any import or export except under an IEC number granted by the DGFT.

On August 8, this year, the Directorate General Of Foreign Trade (DGFT) had directed all IEC holders to ensure that details in their IEC are updated electronically every year during the April-June period.

”All IECs which have not been updated after January 1, 2014 shall be deactivated with effect from December 6, 2021,” according to DGFT’s trade notice.

IEC that would be deactivated, would have the opportunity for automatic re-activation after December 6. For that, a trader would have to navigate to the DGFT website and update their relevant information.

According to an industry expert, de-activation of IECs helps in reducing the base load of the directorate and it helps in knowing the actual number of real exporters and importers in the country.

Direct Tax Collection Mop-Up At Rs.6 Lakh Crores Till Oct.

With the net direct tax collection till October closing in on Rupees 6 lakh crore and average monthly GST mop-up likely around Rupees 1.15 lakh crore this fiscal, the government’s tax collection kitty will surpass budget estimates this financial year, Revenue Secretary Tarun Bajaj said.

In an interview with PTI, Bajaj said the relief in excise duty on petrol and diesel and customs duty on edible oil will cost the exchequer about Rupees 80,000 crore this financial year, and the revenue department will start calculating the tax mop-up position vis-a-vis budget estimates for this fiscal after the December advance tax number.

 “The revenues are looking good, GST revenues are also good. We crossed Rupees 1.30 lakh crore (in October). This month, I think we should get a good GST number. This was Diwali, our GST revenue will keep changing.

“But, i think the run rate should not go below Rupees 1.15 lakh crore. Overall, we should do well in GST, excise duty and customs duty, also we will achieve our budgeted estimates. So, overall, we will exceed,” Bajaj said.

“Though we have given a lot of relief in the indirect taxes in petrol, diesel and edible oil , though there are many downs in the custom duty where the total benefit is about 75000 to 85000 crore but I still think we will surpass the budget estimated in both direct and indirect taxes” Bajaj said.

#iguru_soc_icon_wrap_62c47a9e7b2a0 a{ background: transparent; }#iguru_soc_icon_wrap_62c47a9e7b2a0 a:hover{ background: transparent; border-color: #00bda6; }#iguru_soc_icon_wrap_62c47a9e7b2a0 a{ color: #acacae; }#iguru_soc_icon_wrap_62c47a9e7b2a0 a:hover{ color: #ffffff; }