In a clarification that settles the dust over the payment of goods and services tax (GST) on income tax collected at source (TCS) on purchases of select items, the government has said that GST does not apply on the TCS amount.

In an earlier circular dated December 31, 2018, the central board of indirect taxes and customs (CBIC) said GST should be levied on the entire amount of purchase including the amount added due to tax collected at source.

Reliance Industries Ltd plans to grow the number of low-cost Reliance Trends fashion stores across India to 2,500 from 557 over the next five years and integrate them with its online business, two people briefed on the plans said.

The expansion is the latest move by the conglomerate's billionaire owner Mukesh Ambani to grab a dominant share of Indian consumer spending in a struggle with rivals, particularly e-commerce giants Amazon.com Inc and Walmart Inc's Flipkart.

A Delhi court Friday extended till March 25 the interim protection from arrest granted to former Union minister P Chidambaram and his son Karti in the Aircel-Maxis scam cases filed by the CBI and the ED. Special Judge O P Saini adjourned the matter after senior advocate Sonia Mathur, appearing for the CBI, sought time to argue on their anticipatory bail applications.

Similar request was also made by ED’s Special Public Prosecutors Nitesh Rana and N K Matta which was allowed by the court.

Shares of Ipca Laboratories hit an all-time high of Rs 914, up 5 per cent on the BSE in an otherwise weak market on expectation of strong earnings and margin improvement by going forward. The stock surpassed its previous high of Rs 907 touched on February 28, 2014 in intra-day trade. At 01:11 pm; the benchmark S&P BSE Sensex was trading 0.25 per cent or 93 points lower at 36,632 on the BSE.

Ipca Laboratories had posted healthy operational performance in December 2018 quarter (Q3FY19). The company’s Ebitda (earnings before interest, taxation, depreciation and ammortisation) margin before forex gain was expanded by 385 basis points (bps) at 22.48 per cent in Q3FY19 from 18.63 per cent in Q3FY18.

Shares of Wipro fell 5 per cent to Rs 256 in intra-day trade on the BSE in after huge block deals were executed on the counter.

Till 11:22 am, a combined 57.86 million equity shares, representing 1.3 per cent equity, of Wipro had changed hands on the National Stock Exchange (NSE) and BSE.

The name of the buyer and sellers could not be ascertained immediately.

Air India is incurring a loss of around Rs 3 crore daily on its Europe, US flights due to the closure of Pakistan airspace, a senior airline official said on Thursday. Last Wednesday, Pakistan closed its airspace to all overflying flights forcing airlines from India and other nations to take a detour. This has led to increase in flight duration and has put a strain on Mumbai’s air traffic controllers, who are working extra shifts to handle the increase in traffic.

A five-judge Bench led by Chief Justice of India Ranjan Gogoi sent the Ayodhya dispute for mediation in a bid to heal minds and hearts "if possible".

The Supreme Court on Friday appointed a panel of mediators, including former apex court judge, Justice F.M.I. Kalifulla, as Chairman, spiritual leader Sri Sri Ravi Shankar and senior advocate Sriram Panchu, a veteran lawyer with years of experience in alternative dispute resolution.

Shares of Arvind Fashions locked in upper circuit of 5 per cent at Rs 621 apiece on the BSE on Friday. The stock of Lalbhai Group’s company opened at Rs 592 on first day of its listing.

The stock listed and admitted to dealings on the Exchange in the list of 'T' group securities. The T group represents scrips which are settled on a trade-to-trade basis as a surveillance measure.

National carrier Air India will be flying 12 international flights as well as 40-plus domestic flights with an all-women crew on Friday, Women's Day.

Air India will be deploying its B787 Dreamliners and B777s aircraft to operate to 12 international medium and long-haul flights solely operated exclusively by women pilots and attended by women cabin crew.

In a major relief to manufacturers, distributors, marketers and direct sellers of consumer products, the government on Thursday clarified the extent of tax liability and the eligibility of input tax credit on promotional offers such as free samples and buy one, get one free.

Industry players were apprehensive about incre­ased litigation from tax audit authorities if they marketed their products as free, beca­use of ambiguity on such offers.

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