The Figures of direct tax assortments for the Financial Year 2023-24 show thatnet Direct Duty assortments are at Rs 3.79 lakh crore, contrasted with Rs 3.41 lakh crore in the relating time of the previous financial year, addressing an increment of 11.18%.
The net direct duty assortment of Rs 3,79,760 crore (as on June 17) incorporate Company Expense (CIT) at Rs 1,56,949 crore (net of discount) and Individual Personal Expense (PIT) including Protections Exchange Duty (STT) at Rs 2,22,196 crore (net of discount).
The gross assortment of direct duties (prior to adapting to discounts) for the FY 2023-24 stands at Rs 4,19,338 crore when contrasted with Rs 3,71,982 crore in the comparing time of the previous monetary year, enrolling a development of 12.73% over assortments of FY 2022-23.
The gross assortment of Rs 4,19,338 crore incorporates Company Assessment (CIT) at Rs 1,87,311 crore and Individual Personal Expense (PIT) including Protections Exchange Tax(STT) at Rs 2,31,391 crore. Minor head wise assortment includes Advance Duty of Rs 1,16,776 crore; Expense Deducted at Wellspring of Rs 2,71,849 crore; Self-Evaluation Duty of Rs 18,128 crore; Standard Appraisal Assessment of Rs 9,977 crore; and Expense under other minor heads of Rs 2,607 crore.
The Development Duty assortments for the primary quarter of the FY 2023-24 stand at Rs 1,16,776 crore as on June 17, 2023, against Advance Expense assortments of Rs 1,02,707 crore for the relating time of the promptly going before Financial Year for example 2022-23, showing a development of 13.70%. The Development Expense assortment of Rs 1,16,776 crore as on June 17 includes Enterprise Duty (CIT) at Rs 92,784 crore and Individual Annual Expense (PIT) at Rs 23,991 crore.
Discounts adding up to Rs 39,578 crore have likewise been given in the FY 2023-24 till June 17, as against discounts of Rs 30,414 crore gave during the comparing time frame in the first Financial Year 2022-23, showing a development of 30.13%.
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PhonePe Introduces Indus Appstore for Native Apps
PhonePe’s Initiative for Made-in-India Apps
Android app developers are invited to register and upload their apps to the “Made-in-India” Indus appstore after PhonePe’s announcement of the opening of the Indus Appstore Developer Platform. For Indian audiences, this platform provides a localized experience in 12 different languages.Made-in-India apps on PhonePe platform.
Developers can submit their programs to the Indus Appstore Developer Platform without paying anything for the first year, according to the Walmart-owned business, after which there is a small annual cost. Notably, there are no platform charges or commissions for in-app purchases, allowing developers to incorporate the payment channels of their choice.
The potential of the Indian smartphone industry was underlined by Akash Dongre, CPO and Co-Founder of Indus Appstore, with over one billion users anticipated by 2026. He stated that the platform’s goal was to provide a respectable substitute for Google Play Store by facilitating localization, improved app discovery, and user interaction.
According to PhonePe, the Indus Appstore Developer Platform offers Android developers another distribution route to the Indian market. To help with high-quality user acquisition, it focuses on multilingual app discovery.
PhonePe ”Launchpad” for Boosted Visibility
It also provides a “Launchpad” for new app launches and companies to increase visibility and search engine optimization. A number of tools and features are available to developers, including 24/7 customer assistance, listings in 12 Indian languages, and brand-building through interesting films.
The Indus Appstore provides options such as mobile number-based login for users without email addresses, no commission for In-App purchases, and no listing fees for the first year. The software additionally offers competition intelligence, analytics, and cohort-based targeted release management of apps.
According to PhonePe, the Indus App Store offers a variety of categories in both English and 12 Indian languages to meet the specialized and cultural needs of Indian consumers.
In addition to self-publishing, localization services, and round-the-clock [24*7]customer assistance, it offers developers a platform for listing, distributing, and advertising their products inside the Indian app industry.
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Finance Ministry Predicts Indian Economy to Grow at 6.5% Real GDP in FY24
Finance Ministry’s Confidence in FY24 GDP Projection
The Monthly Economic Review for August 2023 was published by the Finance Ministry on September 22. It stated that it was continuing to feel confident in the FY24 real GDP growth projection of 6.5 percent with symmetric risks.
According to estimates of national income made public by the National Statistical Office (NSO), real GDP grew at a 7.8 percent annual rate in the first quarter of FY24.
The ministry attributed the rise in Q1 of FY24 to high levels of domestic investment and consumption. Enhanced company profitability, private capital creation, and an increase in bank lending, according to the government, all contributed to the anticipated outcomes.
Numerous high-frequency indicators showed the first quarter’s 7.8% rise (April through June).
The study noted a few dangers, such as the consistently rising price of crude oil on the world market and the effects of the August monsoon shortage on the Kharif and Rabi crops, but said, “That needs to be assessed.” The ministry did point out that a portion of the rainfall shortfall at the end of August has been made up by the rains in September.
It stated that, considering symmetric risks, “In sum, we remain comfortable with our 6.5 percent real GDP growth estimate for FY24.”
According to the Finance Ministry, as a result of growing demand for products and services brought on by rising consumer spending, both the manufacturing and service sectors’ production and value-added grew strongly in Q1 of FY24. The government’s continuous emphasis on capital expenditures and the policies put in place by the Union government have both encouraged States to expand their capex spending, the report noted. This has contributed to the strength of domestic investment.
The report claims that due to services exports’ excellent performance in Q1 of FY24, net exports’ contribution to GDP growth increased, and that “HFIs for July/August 2023 reflects the sustenance of growth momentum in Q2 of FY24.”
According to the analysis, a number of indicators point to the banking system being more resilient by March 2023, as seen by reducing non-performing assets (NPA), an improvement in the capital risk-weighted asset ratio (CRAR), growing return on assets (RoA), and rising return on equity (RoE).
The profitability and risk-taking of Non-Banking Finance Companies (NBFCs) have improved, according to statistics. It quoted the RBI projections from July 2023, which showed steady and broad-based increase in Scheduled Commercial Banks’ (SCBs’) non-food bank loans since April 2022.
The study stated that both core inflation and food inflation declined in August, both of which were down from the July level, and that the calibrated government actions helped bring core inflation to a 40-month low level. Inflation in consumer food prices decreased in August to 9.9%.
Even while the study expressed confidence in achieving the estimated 6.5 percent real GDP growth for FY24, it warned of risks such as rising crude oil prices, a monsoon deficit in August, and stock market declines. The research said that the positive aspects of corporate profitability, private sector capital creation, bank loan growth, and building industry activity “offset these risks.”
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iPhone 15 Series Launches: Mumbai Apple Store Sees Long Queues as Sales Begin
The much awaited iPhone 15 series from Apple started selling on Friday, September 22 in India.
On Tuesday, September 12, Apple had an event called “Wonderlust” where they unveiled the highly anticipated iPhone 15 series (iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max), Apple Watch Series 9, and Watch Ultra 2.
The first Apple store in India, located in Mumbai’s BKC, had long lines of people outside. Additionally, people could be seen gathered in front of the Apple Store in the Select Citywalk mall in Saket, Delhi.
It was a wonderful experience, who was the first client at the Apple Store in Saket’s Select Citywalk Mall today. I bought the phone after waiting in line since four in the morning.
Top phones have always been with me. Both the iPhone 14 Pro Max and the iPhone 13 Pro Max are mine. I wanted to get the iPhone 15 Pro Max once the 15 series was revealed, and that too before anyone else.
I’ve been here since 3 p.m. yesterday, a customer said as they stood outside the Apple shop in Mumbai’s BKC. At India’s first Apple shop, I waited in line for the first iPhone for 17 hours. I’m originally from Ahmedabad.
Vivek from Bengaluru, another client, continued, I’m glad I’m receiving my new iPhone 15 Pro. I am quite happy. “I flew in yesterday,” adds Aan from Ahmedabad.. I showed up at the shop somewhere in the range of 5:00 and 6:00. I had the favorable luck to meet Tim Cook for the second time a couple of months prior when the store opened.
Both the iPhone 15 and the iPhone 15 Pro Or more incorporate the powerful island highlight, which at first showed up on the iPhone 14 Ace and Expert Max, as well as USB-C charging.
The iPhone 15 and iPhone 15 Or more both have further developed camera innovation.
A 48-megapixel fundamental camera sensor has supplanted the 12-megapixel one found in the past iPhone 14 model.
The valuing of the iPhone 15 beginnings at USD 799 for a 128GB model, while the cost of the latest iPhone Or more is USD 899 for a comparative design.
Master and Max models of the iPhone 15
With 128GB of storage as a base price, the 15 Pro starts at USD 999, while the Pro Max costs USD 1,199 and has 256GB of storage. According to The report, both will be on sale September 22 and be preorderable this Friday.
The A17 Pro chip, which Apple claims offers the fastest performance in any smartphone and can even compete with certain high-end PCs, powers both devices. . Apple seems to trust that these gadgets, along with a reconsidered GPU, are prepared to increase current standards for the games you can play on your telephone. Moreover, as per The Edge, the two telephones have a USB-C connector on the base as opposed to the past Lightning port.
Out of the blue, a “Activity Button” has replaced the ring/quiet switch. By using the new button, you may do a variety of customized actions, like launching accessibility features, opening the camera, turning on the lights, and more.
The Pros are equipped with Super Retina XDR displays with ProMotion, which support both iOS 17’s new StandBy mode and the always-on display.
The camera now has better features. The iPhone 15 Pro Max’s new telephoto camera, but not the original iPhone 15 Pro, features a new tetra-prism design that ups the magnification to 5x.(the iPhone 15 Pro’s maximum zoom is 3x).
However, the primary wide-angle camera and the ultrawide camera (which are identical on the iPhone 15 Pro and Pro Max) have also seen considerable upgrades.
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