New Delhi, July 30 (IANS) The Centre on Tuesday informed that it collected nearly Rs 98,681 crore from long-term capital gains (LTCG) tax in FY23, a nearly 15 per cent growth from Rs 86,075 crore in FY22.

Minister of State for Finance, Pankaj Chaudhary, gave the details of LTCG collections between fiscal 2018-19 and 2022-23 in reply to a question in the Rajya Sabha.

The minister also informed that there is no proposal to abolish the LTCG tax on equities or mutual funds during FY2024-25.

The Union Budget 2024-2025 offers big-ticket bang tax reforms to simplify and streamline the entire tax regime.

The Budget proposes an increase in short-term capital gains (STCG) tax from 15 per cent to 20 per cent and long-term capital gains (LTCG) tax from 10 per cent to 12.5 per cent.

It may affect sentimentally for the short term but the way the long-term outlook of the equity market remains positive, it will not change inflow to the equity market, according to analysts.

Some mutual funds were taxed with marginal rates of taxation and some mutual funds had this concept of indexation. With this Budget, all of this gets simplified and the concept of indexation has gone away.

For listed securities, the LTCG tax rate has increased from 10 per cent to 12.5 per cent which is a marginal hike.

For assets which are not listed in the markets, which include immovable property, the tax rate has been reduced from 20 per cent with indexation to 12.5 per cent without indexation.

When it comes to real estate, the LTCG tax rate is now lower and around 95 per cent of sellers will not be affected.

–IANS

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New Delhi, July 30 (IANS) Indian embassy in Beijing has issued an advisory asking Indian small and medium enterprises (SMEs) to take certain precautions before doing any business with Chinese companies in China.

The advisory states that these precautions are needed as the Embassy has regularly come across several problems faced by Indian companies doing business with Chinese entities in China.

The advisory recommends that before doing business with any Chinese entity, Indian companies write to the Indian Embassy (com.beijing@mea.gov.in, ccom.beijing@mea.gov.in) or Indian Consulates at Shanghai (hoc.shanghai@mea.gov.in), Guangzhou (com.guangzhou@mea.gov.in) and Hong Kong (commerce.hongkong@mea.gov.in) to verify the credentials of the entity. The respective Mission will respond in 4-5 working days.

In case of large transactions, it is highly recommended that Indian companies consult a Business Service Company which can provide a report on the business transparency, financial health, reputation, reliability and credentials of the Chinese entity, the advisory further states.

The advisory also recommends that before doing business with any Chinese entity, Indian companies collect and retain copies of both the Resident Identity Card (Chinese Identity Number) and passport of the proprietor and other responsible interlocutor(s) of the Chinese entity.

The embassy has observed that the majority of the trade dispute cases involve companies registered in Shandong, Hebei, Guangdong, Jiangsu and Zhejiang provinces. Therefore, Indian companies are advised to take extra precautions before trading with companies from these provinces.

The advisory that has been posted by the Indian embassy on X also has some annexure documents which businesses need to look at.

Annexure 1 contains a list of typical problems that Indian companies face. It also contains a checklist of precautions that Indian companies are advised to take while dealing with Chinese entities. Annexure 2 contains descriptive accounts of typical modus operandi adopted by offending Chinese entities while Annexure 3 contains a list of Chinese entities involved in trade disputes with Indian companies from 2009 to April 2024.

–IANS

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New Delhi, July 30 (IANS) Google-owned YouTube is helping Indian creators unlock ‘fandoms’ in three ways — creation, monetisation and community – allowing them new tools to generate revenue directly from dedicated fans, Ishan John Chatterjee, Director-India, YouTube, said on Tuesday.

Speaking to IANS, Chatterjee said features like Super Chat, Super Stickers and Channel Memberships are allowing Indian fans to financially support their favourite creators while deepening their connection.

A decade ago, YouTube FanFest in Mumbai marked a pivotal moment in Indian pop culture, as fans embraced creators with the same fervour reserved for movie or sports stars.

“Today, marking the 10th anniversary of YouTube Fanfest, fandom has evolved into a powerful force shaping trends, communities, and the entertainment industry itself,” said Chatterjee.

A recent survey by Google and SmithGeiger noted that 62 per cent of Gen Z fans agree that they are a part of a fandom that no one they know personally is a part of.

“This diversity means there’s a fandom for everyone, and new communities are constantly emerging,” Chatterjee added.

He said that at YouTube, they offer more creative formats than other platforms to experiment and express yourself — from a 15-second short, to a 15 minute video, a 1.5 hour podcast or even a 15 hour livestream.

“We’re making our tools more intuitive and accessible, enabling fans of all levels to express their passion through creative content. From easy-to-use video editing features such as the Create App to formats like Shorts, we’re lowering the barrier to entry for fan participation and expression,” Chatterjee noted.

The YouTube Partner Programme established the first sustainable pathway for creators to thrive, giving creators more freedom, choice and opportunity to build a business and a community online.

“Besides, ads, subscriptions and our BrandConnect platform for sponsored deals, we give creators tools to leverage the power of community to earn in ways that are fun & engaging for them and their audience,” the senior company executive informed.

From posts and vertical live, multi-language audio and Gen-AI dubbing, the platform said it is giving creators the tools they need to connect with their fans on a deeper level.

–IANS

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New Delhi, July 30 (IANS) In a bid to make 5G accessible to billions of smartphone users worldwide, including in India, leading chip-maker Qualcomm on Tuesday launched Snapdragon 4s Gen 2 mobile platform to re-define the entry-level mobile experience.

The chip will make 5G accessible to over 600 million Indian smartphone users, offering peak download speeds up to 1 Gbps, which is seven times faster than the LTE platforms typically available in the same price tier.

Snapdragon 4s Gen 2 will be initially adopted by key OEMs, including Xiaomi and its other brands, with the first commercial device expected to be announced before the end of the year, said the chip maker.

The new Snapdragon 4s Gen 2 platform offers gigabit 5G connectivity, robust power efficiency for all-day battery life, and skilled camera capabilities.

Chris Patrick, SVP and general manager of mobile handsets, Qualcomm, said they are immensely proud of the engineering teams for their exceptional work in developing a solution that will significantly enhance mobile experiences for millions of people, not only in India but around the globe.”

According to Savi Soin, Senior Vice President and President, Qualcomm India, access to 5G will be a key factor towards furthering India’s journey of digital transformation and securing its presence as a global player.

“With the 5G rollout in India a su”5G can bridge the digital divide, empowering Indians with crucial tools and services in education, government services, healthcare, and payments more reliably and securely, as well as drive India’s Made in India agenda,” said Soin.

Snapdragon 4s Gen 2 will be initially adopted by India’s leading mobile OEM, Xiaomi and its other brands, with the first commercial device expected to be announced before the end of the year.

“We are excited to be working with Qualcomm Technologies to enable access to gigabit-fast connectivity for users across India” said Muralikrishnan B, President, Xiaomi India.

Qualcomm has been at the forefront of innovation in India for the past two decades, contributing significantly to advancements in technology, particularly in fields such as 5G and artificial intelligence (AI).

–IANS

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New Delhi, July 30 (IANS) Prime Minister Narendra Modi on Tuesday said that as India is headed to become the third largest economy soon, he was confident that the country will emerge as a global player in the sunrise sectors such as semiconductors, electronics manufacturing and green energy.

Addressing the inaugural session of ‘Journey Towards Viksit Bharat: A Post Union Budget 2024-25 Conference’ at the Vigyan Bhavan here, PM Modi said new opportunities are emerging in sunrise sectors and India Inc. must capitalise on them.

“The whole world is looking at India today. India’s policies and ethics and aims and investment is the basis for progress for the whole world,” the Prime Minister remarked.

PM Modi said that despite global headwinds, India is the only ‘high growth, low inflation’ country in the world in contrast to the “low growth, high inflation” other countries. India’s fiscal prudence is a role model for the world,” he added.

“The world today wants to invest in India, and world leaders are positive about India. This is a golden chance for Indian industry and we must not lose this opportunity,” he told the captains of Indian industry.

“I sincerely believe that industry will help make India a global player in sunrise sectors. A confident India will become a global player,” the Prime Minister said.

“The wealth creators are the driving force for India’s growth story,” he remarked.

Prime Minister Modi pointed out that the last Budget presented by the Manmohan Singh government in 2014 was only Rs 16 lakh crore. Ten years later, the Union Budget 2024 presented by us a few days ago is Rs 48 lakh crore, which is three times the amount.

The Prime Minister said that Budget 2024-25 would strengthen the momentum towards achieving Viksit Bharat.

He pointed out that the Budget would give further impetus to the manufacturing sector with schemes such as the industrial parks being created in 100 big cities with plug-and-play facilities for setting up industries. These parks will emerge as the industrial hubs nationwide powering the country to Viksit Barat.

He also pointed out that MSMEs, which are large creators of jobs, would get a big boost from the budget which had made it easier for them to get working capital and credit loans. Taxes for these small units had also been reduced, he added.

He also said that the country was embarking on a green energy roadmap which includes green hydrogen projects, electric vehicles and nuclear energy. Industry will benefit from our steps on small nuclear reactors, he added.

The Prime Minister said that the government was according high priority to critical minerals and very soon the first phase of bidding for offshore mining blocks would start.

He also said that the PM’s package in the budget was a holistic and comprehensive strategy that would benefit more than 4 crore youth in the country and create a skilled workforce that will be in demand both in India and abroad.

“The budget is focused on skill development, employment keeping in mind industry 4.0,” the PM said.

He highlighted the incentives being offered to the industry under the internship scheme as he urged India Inc. to march shoulder to shoulder with the government towards achieving the goal of Viksit Bharat.

–IANS

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