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Fashion Value Chain
a day ago
- Business
- Fashion Value Chain
BookMyForex Targets Study Abroad Market with Biggest-Ever Cashback on Student Forex Services
Double Crazy Sale – Student Edition Offers Rs.20,000+ Cashback on Forex Cards & Tuition Fee Transfers Exclusive Referral Rewards and Lowest Rate Guarantee to Make Study-Abroad Expenses More Affordable BookMyForex Aims to Double Its Student User Base with Student-Centric Forex Cards & Same-Day Money Transfers With thousands of Indian students preparing to begin their academic journey abroad, BookMyForex (a MakeMyTrip Group entity)-India's largest online foreign exchange marketplace-has launched the 'Double Crazy Sale – Student Edition' to make study-abroad expenses more affordable. The limited-time offer provides Rs. 20,000+ cashback on student forex cards and tuition fee transfers, along with referral rewards. Backed by zero hidden fees, a lowest rate guarantee, and cost-saving features like free ATM withdrawals and no cross-currency charges, the campaign helps students and parents save significantly on essential university-related expenses. Gagan Malhotra, Chief Operating Officer, BookMyForex, said, 'Every rupee counts when a student is starting their journey abroad. With the Double Crazy Sale – Student Edition, we're making overseas education payments simpler, more transparent, and far more affordable. Recently, BookMyForex has introduced some of the most cost-effective and reliable forex solutions for students going abroad. And with this exclusive cashback campaign, we're taking it a step further-helping students save even more while ensuring a hassle-free start to their global journey.' How Students Save Big with the Double Crazy Sale Rs. 7,500 Cashback on Student Forex Cards The newly launched Global Forex Card, designed exclusively for students, eliminates common overseas charges with zero markup fees, no cross-currency conversion costs, and free ATM withdrawals. Payments at university POS terminals are completely free, helping students avoid the hefty fees often charged abroad. With an added Rs. 7,500 cashback, the card becomes an even smarter and more cost-effective choice for managing expenses overseas. Rs. 15,000 Cashback on University Fee Transfers BookMyForex's fully online tuition fee transfer service simplifies payments by eliminating the need for branch visits. Transfers are processed same day through trusted partner banks, with zero transfer fees and the lowest exchange rates guaranteed. With an additional Rs. 15,000 cashback, students and parents can make university payments faster, safer, and more affordable. Lowest Rate Guarantee – Or Get Double the Difference Back! BookMyForex's Lowest Rate Guarantee ensures students always get the best deal on forex. If a better rate is found elsewhere, the platform will refund double the difference, giving students complete confidence and maximum savings every time. Earn & Help Friends Save – Referral Program Students can refer friends through a unique link and earn up to Rs. 500 for every successful referral, while their friends enjoy a discount on their first transaction. The reward is available as cashback or a coupon code, redeemable on for the next order-making it a win-win for both. Gagan Malhotra, Chief Operating Officer, BookMyForex, added, 'We've been witnessing strong double-digit growth in student-focused forex cards and money transfers, reflecting the rising demand for reliable and affordable solutions in the study-abroad segment. With our new products and the Student Edition sale, our goal is to double the student user base in the coming months and further strengthen BookMyForex's position as the preferred forex partner for students and parents alike.' The offer is valid until September 15th, 2025, on the BookMyForex App and website. To avail the benefits, students can use promo code CRAZYSALE for forex card orders and REMITSPL for money transfers. Same-day delivery is available for card orders placed before 1 PM on business days. Full offer details can be found at About BookMyForex (a MakeMyTrip Group Entity) is India's very first tech initiative in the foreign exchange domain and the market leader in the online retail forex space. Customers can place orders on or through the BookMyForex Android/ iOS app to buy forex cards, send international money transfers and buy or sell foreign cash currencies. Customers can also purchase international SIM cards or international travel insurance. BookMyForex operates on a hybrid model where the majority of forex card transactions are executed by BookMyForex directly, while orders for foreign currency notes and international money transfers are fulfilled through its network of partner banks, reputed RBI-licensed money changers, and its own branches. BookMyForex has also established a growing network of its own branches to strengthen last-mile delivery and service. BookMyForex is the most visible and trusted online retail forex brand with over USD 1.5 billion exchanged on its platform. Faering Capital has been invested in BookMyForex since 2016 and MakeMyTrip has acquired a majority stake in BookMyForex. Visit us at
The Hindu
14-07-2025
- Business
- The Hindu
GST After 8 Years: Challenges, Gains, and Future Reforms
Published : Jul 11, 2025 17:23 IST - 9 MINS READ The Goods and Services Tax (GST), widely hailed as a good, simple tax, has the best and the worst of all features of the country's indirect tax system at this juncture, over eight years after its rollout. Both the United Progressive Alliance (UPA) government (2004-2014), led by the Congress, and the National Democratic Alliance government (NDA), led by the BJP in its first two tenures (2014-24), have claimed credit for this consumption-based tax, which was launched on July 1, 2017, at a midnight special session of Parliament by the then Finance Minister Arun Jaitley. He used all his lawyerly acumen and persuasiveness to bring on board all the States and Union Territories. Early years Broadly seen as a precursor to a 'one-nation, one tax' in a country where the indirect tax system was riddled with multiple taxes and mind-boggling rates, GST was not instantly endorsed by trade and industry; it had to face a whole host of problems ranging from teething troubles to ground-level glitches that any new tax regime must wrestle with. GST subsumed as many as 17 local levies and taxes and 13 cesses into a five-tier structure, broadly simplifying the tax rates at 5, 12, 18, and 28 per cent. Bullion and jewellery had its own sui generis GST rate. Luxury and demerit goods such as tobacco are taxed at the highest rate of 28 per cent in the name of 'sin tax', while packed food and essential items attract the lowest rate of 5 per cent. The threshold limit of annual turnover for registration under GST for units engaged in supply of goods was raised from Rs.20 lakh initially to Rs.40 lakh effective from April 1, 2019, to ensure that GST compliance was not is required by small units below the threshold turnover and they were exempted from GST. Also Read | GST & federalism Grey areas With the benefit of hindsight, experts have contended that while GST has by and large simplified indirect taxes, many grey areas still linger despite the passing of eight years. They encompass a wide swath of issues, from rate rows to procedural complexities, burdening domestic taxpayers and professionals with compliance hurdles and troubles galore. This is conclusively borne out by the avalanche of GST circulars down the eight years which show ongoing compliance issues. There are numerous instances where the courts have conclusively ruled that clarifications of the Central Board of Indirect Taxes and Customs (CBIC) circulars could not override the CGST Act, bringing clarity and relief to the taxpayers. According to fiscal experts, because tax authorities are inundated with representations and courts give new interpretations, it is no surprise that the CBIC issues circulars to clear the air, ensure uniformity, and facilitate smooth compliance. But it is certainly not a commendable state of affairs when there are over 8,000 disputes involving the GST system over eight years, even as the long-delayed process of setting up an appellate tribunal has barely begun, with the GST Appellate Tribunal (Procedure) Rules, 2025, coming into force in April this year. GST Council meeting Meanwhile, the the GST Council has not held a meeting for over six months. The Council, which meets every quarter, last held a meeting on December 21, 2024, wherein the States discussed many issues bearing on the fiscal relationship with the Centre in the light of GST revenues not growing at the 14 per cent annual rate as assumed with the advent of the tax. There is also a need for higher allocation from Central taxes to their revenue kitty now that the 16th Finance Commission has completed the process of consultations with the States and is in the midst of getting its report ready by October 2025. Even as the High Courts are neck-deep in disputes, most of which would invariably relate to procedure or method rather than the statute itself, the professional tribunal will hopefully deliver, and to the satisfaction of the stakeholders. Also Read | Time to overhaul or replace GST June collection growth slips Be that as it may, the eighth anniversary of GST on July 1 was coterminous with the dismal tax collection for the month of June, after two resounding performances of of Rs.2 lakh crore each in April and May 2025. GST collections in June grew only 6.2 per cent year-on-year, the slowest since June 2021 and lower than the fantastic run of 12.6 per cent and 16.4 per cent in April and May, respectively. The slide-down stemmed from a dip in collections in domestic transactions and imports. Net GST revenue adjusted for refunds and transfers (input tax credit and after States' share) stood at Rs.1.59 lakh crore, marking am even lower and tepid 3.3 per cent year-on-year rise. As it is a consumption tax, a tangible fall in yields mirrors anaemic economic activity, besides inveterate inefficiencies in the system, which need to be tackled with new processes and procedures to ensure et the cooperation of all the beneficiaries and stakeholders for the overall efficacy of the tax. GST and ease of doing business Undoubtedly, the simplified GST regime has, by degrees, transformed the ease of doing business in the country over the years, as it has resulted in a 33 per cent improvement in transport time, enabling the logistics business to prune drastically the dwelling time in various check-points that had become choke points in the free movement of goods across the States and within States. There has also been a distinct improvement in the number of commercial taxpayers, from 60 lakh to 1.5 crore, with an average monthly collection that is close to Rs.2 lakh crores. E-invoicing and e-way bills have had a tremendous effect in terms of efficiency in operations for business and trade. It is not all hunky-dory in the GST ecosystem, though, as the total number of GST evasion cases detected by the Central government since 2020 has gone up significantly from 12,596 in 2020-21 to 25,397 in the first 10 months of 2024-25, involving a total amount of Rs.6,79,505 crore in a total of 86,711 cases in the period. Of this, Rs.1,23,896 crore has been recorded as voluntary deposits by the defalcators. In input tax credit or refund claims, there were 42,673 cases during this period involving Rs.1,66,241 crore, of which Rs.12,367 crore was accounted for by voluntary deposits, according to Minister of State for Finance Pankaj Chaudhary in a written query in the Lok Sabha on March 10, 2025. Finance Ministry mandarins claim that there are several ways to help in improving compliance and preventing tax evasions such as digitisation through e-invoicing. Operational efficiency Besides, GST analytics such as automated risk assessment based on compliance attributes of taxpayers, highlighting of outliers based on system-flagged mismatches, and providing intelligence inputs with a view to manage GST revenue risks through various tools have gone a long way to bring efficiency in operations. Efficiency has been improved by the ability to generate actionable reports, gleaning inputs about GST non-compliance or evasion on the basis of identified anomalies in taxpayer comport—including potential tax evasion, fraudulent registration, and suspicious e-way bill activity—and selection of returns for scrutiny and taxpayers for audit based on various risk parameters. The GST Amnesty Scheme under Section 128A of the IT Act announced this year is a welcome step to help taxpayers clear old arrears sans excruciating penalties. It is germane to note that a PricewaterhouseCoopers report forwarded to the GST Council, whose Chairperson is the Union Finance Minister and all State Finance Ministers are Members, pitched for the simplification of procedures, lessening of compliance burdens, and reduction in rates to three with a view to broadening the base by bringing petroleum products under the GST ambit. PricewaterhouseCoopers said: 'A transition from a 4-tier to a 3-tier rate structure would reduce interpretational disputes, improve tax certainty, and simplify compliance.'. Even as these crucial reforms are underscored to render this important tax to improve its operational efficiency, it is not altogether out of place to highlight the overwhelming urgency on GST reforms recommended by the Public Accounts Committee (PAC) of Parliament. The 19th report of the PAC, tabled in the Budget session of Parliament, sought a comprehensive review of the GST framework to preclude 'unnecessary procedures and requirements' and advocated a a 'revamped GST 2.0', with due consultations of all the stakeholders. Also Read | GST: For a fair share for the States Room for improvement In its scathing review of the extant GST, the PAC noted that the failure to put in place the mandatory Comptroller and Auditor General (CAG) audit of the Compensation Fund Account for more than six years had 'adversely affected' release of compensation to States. It may be noted that GST's advent in 2017 had led to apprehensions among States about loss of fiscal autonomy and centralisation of all collections to the Union. The GST (Compensation to States) Act, 2017, came into force to compensate for this loss of revenue and promised States a 14 per cent annual revenue growth for five years (2017-22). But many States have bemoaned either non-receipt of funds or undue delays which they said negatively impacted governance. Alluding to filing and refunds by GST payers, the PAC lamented the extant mechanisms as inadequate, pointing at unconscionable waiting periods for refunds which could result in potential cash flow problems to businesses operating on wafer-thin margins in a high-cost economy. It said that the refund processing system ought to provide clearer timelines for processing claims and regular updates on their status. According to fiscal experts, the time is ripe for the Finance Ministry to strongly consider the growing concerns of the States regarding their financial requirements and the revenue share they get not only through this indirect tax but also in the overall devolution of taxes, and reduce the Centre's recourse to cess, as it is not not shareable with States. Alongside, other overriding concerns voiced by trade and industry also need to be factored in by the GST Council in its forthcoming meeting so that the beneficiaries bear this tax with less pain and more gain to the treasury in a mutual win-win game, going forward. G. Srinivasan is a freelance journalist based in Delhi who previously worked with The Hindu Group.
Time of India
14-07-2025
- Business
- Time of India
What is cost inflation index for LTCG tax calculation under income tax rules?
What is cost inflation index? What is it used for? Academy Empower your mind, elevate your skills 23 July 2024 relevance With each passing year, the cost of goods and services keeps increasing due to inflation . This reduces the purchasing power of money, which means that one can buy fewer things with the same amount of money. Cost inflation index is a tool, defined under Section 48 of the Income Tax Act, 1961, that helps measure the rise in cost due to inflation. It does so by assigning an index figure for each base year considered for the index is 2001-2, for which the figure is 100. All subsequent years' index figure is calculated with respect to 100. The Central Board of Direct Taxes (CBDT) notifies this figure each year and publishes it in the official gazette. For 2025-26, the CBDT has notified the CII figure as index is used in taxation to avail of the indexation benefit . This means that while calculating the long-term capital gains, the purchase price of assets is increased to keep it in line with inflation. This reduces the gains and, thereby, the tax instance, if you bought a house in 2003 for Rs.5 lakh and sold it in 2022 for Rs.20 lakh, here's how you can calculate your long-term gain with and without indexation. For LTCG with indexation, you will first have to calculate the indexed cost of buying the property by using the following indexation benefit has been removed for all capital assets, except property, after 23 July 2024. For land or buildings purchased before 23 July 2024, one can choose from LTCG tax of 12.5% without indexation or 20% with indexation, but for property purchased after this date, only 12.5% tax will be levied without indexation.
India.com
13-07-2025
- India.com
Top 4 Android Smartphones Under ₹20,000 that will Fulfill All Your Needs
Smartphones are more than just communication tools. In today's digital world, everyone yearns for a smartphone that is budget can be quite overwhelming when it comes to selecting the best branded smartphone that is economical. Brands like Oppo, Vivo, Motorola and Samsung, well-known for their premium quality, reliability and new innovation. Amazon has brought you various smartphones that are under the range of 20K. Here are the top 4 picks for you to buy your dream phone under Rs.20,000. Motorola G85 5G Image Source - Order Now The Motorola G85 smartphone is a perfect pick for those who devote long hours on their mobiles with fast charging. This mobile with ultra premium design with vegan feather finish provides premium features in an affordable budget. Key Features - It has a brilliant shake free 50 MP OIS Sony - LYTIA 600 camera. It has a 33 W TurboPower charging rapidly refills your battery. The mobile has a 3D Curved pOLED 120 Hz Display with Gorilla Glass 5. It has in-built 8 GB RAM + 128 GB storage. This mobile has a powerful Snapdragon 6s Gen 3 processor setting a new benchmark for speed. However, it has difficulties with the second SIM card slot. Samsung Galaxy A05 Image Source - Order Now This is a perfect budget-friendly smartphone for the ones wanting a well modern-designed mobile. It offers incredible technology with user-centric design. Key Features:- The mobile provides dual sim technology. It intelligently reads your usage pattern to provide extra virtual RAM. It is Designed for those who are always on the move with 5,000 mAh battery. The advanced Face Unlock feature prioritises your privacy and makes accessing your phone quick and secure. However, the phone lacks some important sensors like compass and the gyroscope. OPPO K13x 5G Image Source - Order Now With the OPPO K13x 5G, you can enter the era of seamless and quick performance. This smartphone offers remarkable performance at a competitive price point, catering to users who require power, style, and seamless connectivity. The OPPO K13x keeps up with your speed whether you're streaming, gaming, or multitasking. Key Features - It supports 5G network for fast, future-proof connectivity. The 6.67" AMOLED display provides vibrant colors with a smooth 120Hz refresh rate. The 64MP dual camera provides sharp, AI-enhanced photography. The dimensity 6100+ Chipset serves efficient, lag-free performance. 5500mAh Battery with 33W Fast Charging supports long-lasting power, quick top-ups. It doesn't have an Ultrawide Lens which limits the shooting options VIVO T4x Image Source - Order Now The Vivo T4x 5G combines powerful specifications and contemporary features into an inexpensive mid-range design. It is perfect for consumers looking for 5G connectivity, long battery life, and clean efficiency without going over budget. Key Features - 6500mAh Battery + 44W Fast Charging runs all day, charges fast. 6.72" FHD+ 120Hz Display supports bright, smooth, and immersive. Dimensity 7300 5G Chipset gives fast and efficient performance. IP64 & MIL-STD-810H Build is durable and dust/splash-resistant. 50MP AI Camera + Stereo Speakers provide clear photos and loud sound. However, due to Bloatware in FuntouchOS, the mobile comes with unwanted apps Whether you're a student, a multitasker or a gamer, Amazon offers smartphones with premium features and cutting-edge technology without you burning a hole in your pocket. Be it the Samsung, Vivo, Oppo or Motorola these are the top 4 picks from Samsung under Rs.20,000 that offer a perfect balance between camera quality, performance and design. Grab these items and you won't need to spend a fortune to get your dream smartphone without compromising on essentials. Disclaimer: At IDPL, we help you stay up-to-date with the latest trends and products. It should not be construed as an endorsement to buy. IDPL may make a very small commission from its sale if one chooses to buy the product from any of the links in this article.
United News of India
03-07-2025
- Politics
- United News of India
AP Minister's gesture, aids girl student with Rs 20,000
South Kakinada, July 3 (UNI) The Minister for Labour Vasamsetti Subhash has exhibited a gesture towards a poor girl student by presenting a cheque for Rs.20,000 to pursue her Intermediate study. The girl Vasamsetti Satya Yaswanthi from Komidivarilanka village of Ambajipeta mandal, constituency called on the Minister at his camp office in Ramachandrapuram today and explained her plight to him. She lost her father few years back, and her mother, a daily labour, was helping her study with utmost difficulty. Moved by her plight the Minister immediately paid her Rs.20,000 cheque and assured her to bear the expenditure for her future studies also . He said poverty should not come in the way for her aim for higher studies and bright future . Similarly, the Minister extended financial assistance of Rs.10,000/- to a chronic kidney patient to meet the medical patient Yarra Venkataramana of Thammayyapalem village, mandal of Ramachandrapuram constituency was assured by the minister to assist further for his treatment. Family members of both the girl and the patient have profusely thanked the Minister for his gesture and humanitarian XR KNR RN
