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CIL’s Additional Supply Reduces Coal Imports By 90 MT In FY21

State-owned CIL on Thursday said it provided additional coal supply in the country during 2020-21, which prompted customers to opt 90 million tonnes of domestic coal instead of importing it from abroad.At the end of COVID-19-hit 2020-21, Coal India Ltd’s (CIL) silver lining, amid output and offtake challenges, came in the form of curbing coal imports to the tune of 90 million tonnes (MT), the public sector undertaking said in a statement.Also, beating the previous estimates, the state-owned coal major booked an all-time high of 124 MT in its e-auctions.Sustaining its growth trajectory throughout the fiscal, over burden removal ( …

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Paytm 30% Larger Than Nearest Competition In Digital Payments: Company’s VP

Digital payments firm Paytm is around 30-50 per cent larger than mobile apps in the segment with over 1.2 billion monthly transactions, a top company official said.Paytm vice-president Narendra Yadav told PTI that the company recorded around 1,275 million digital transactions through its payment gateway which is 30-50 per cent higher than leading competitors.’Paytm is 30-50 per cent larger than its competition. Dominates digital payments with over 1.2 billion monthly transactions led by growth in merchant payments,’ Yadav said.Out of 3,584.13 million digital financial transactions carried out in February according to the data released by NPCI, Paytm claims to have …

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Resumption Of Sugar Imports By Pak To Open Another Market For India: ISMA

Indian Sugar Mills Association (ISMA) on Thursday said the resumption of sugar imports by Pakistan will open another market for India and help meeting the country’s export target of 6 million tonne by September-end this year.The Pakistan government has allowed the import of 5,00,000 tonne of sugar, and has recently permitted sugar imports from India too, it said.’This resumption of sugar imports by Pakistan will open another market for sugar exports from India and will help ensure that the target of 6 million tonne of sugar exports is met by September 2021,’ ISMA said in a statement.India has fixed a …

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All you need to know about HSN code

The ministry of finance has announced that businesses with turnover of Rs 5 crore and above will have to furnish six-digit HSN or tariff code on the invoices issued for supplies of taxable goods and services from April 1. Those with turnover of up to Rs 5 crore in the preceding financial year would also be required to furnish four-digit HSN code on B2B invoices.
What is HSN code?
HSN stands for Harmonised System of Nomenclature code. It is mandatory for both B2B and B2C tax invoices on the supplies of Goods and Services. This was introduced in 1988 by the …

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India’s October-March sugar output up 19%, exports gain momentum, says trade body

Indian sugar mills’ output rose by nearly a fifth year on year to 27.76 million tonnes in the first six months of the 2020/21 marketing year as production jumped in Maharashtra, a trade body said on Thursday.
The country is the world’s second-biggest sugar producer and the higher output could weigh on global prices,.
More than half of the sugar mills closed operations by the end of March, the Indian Sugar Mills Association (ISMA) said in a statement.
Maharashtra, India’s second-biggest sugar-producing state, churned out 10 million tonnes of sugar in the first six months of the season, compared with 5.9 million tonnes a …

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CBIC extends customs duty and integrated GST exemptions till March 31, 2022

The Central Board of Indirect Taxes and Customs (CBIC) Wednesday extended the basic customs duty and integrated goods and service tax exemptions for export oriented units, by a year till March 31, 2022.
The Board also made it mandatory for a GST taxpayer having turnover of more than Rs 5 crore in the preceding financial year,to furnish 6 digits HSN Code on invoices issued for supplies.
The change has been made effective from April 1, 2021.
The Board also extended the exemption from integrated tax and compensation cess on goods imported against authorisations under Advance Authorisation and export promotion capital goods (EPCG) schemes, till March 31, 2022. …

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Low base, recovery in demand drive March auto sales into fast lane




Auto companies racked up more than 100 per cent growth in sales in March on account of the low base of the same month last year.

However, industry executives warned the numbers must be seen in the context of last March, when seven days of sales were lost due to the lockdown and the pandemic began buffeting growth much before that.

The country had gone into lockdown on March 25.

“Sales numbers of March 2021 have been uncharacteristically high due to the extremely low numbers of March 2020, which was a reason for the lockdown. Hence, it cannot be used as a reference for …

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Global chocolate makers have sweet-loving Indians in their sights



India has long been known for its love affair with sugar. Sweets play a major role in festivals and family celebrations and delicacies such as gulab jamun — fried dough balls soaked in syrup —and barfi —made with condensed milk — are popular gifts. Not only is India the world’s biggest consumer of sugar, it’s also one of the top producers.
That penchant for sweet confections together with a massive, youthful and increasingly affluent population has chocolate-makers around the world sitting up and taking notice. Indians currently eat only about a 10th as much chocolate confectionery as the global average …

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Future Retail to offer quick online deliveries in bet on e-commerce




India’s Future Retail will deliver groceries and clothes from its main retail stores within two hours, it said on Thursday, as the company expands in an e-commerce sector dominated by the likes of Amazon.com Inc.

Future will allow customers to order goods from its popular hypermarket “Big Bazaar” stores in Mumbai, Bengaluru and New Delhi and later expand the service to 150 cities, the company said in a statement. There are 285 Big Bazaar outlets in India.





Future, the country’s second-largest brick-and-mortar retailer, has only had small e-commerce presence so far, but plans to use faster deliveries to expand in India’s …

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Vivo X60 Series Launch Confirmed In March: Nipun Marya

Along with this, Vivo also announces VISION+, mobile photography initiative, globally.

In a virtual press briefing on Friday, Nipun Marya, Vivo India Director of Brand Strategy has confirmed the launch of the Vivo X60 Series in March. To recall, the Vivo X60 series, which includes Vivo X60, Vivo X60 Pro, and Vivo X60 Pro+, was initially launched in China. However, it still remains unclear that which models are making their way to India.Along with this, Vivo also announces VISION+, mobile photography initiative, globally. The initiative aims to build a visual content ecosystem for mobile photography enthusiasts through initiatives including …

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