Manufacturers anticipated advance purchases ahead of the BS-VI rollout, but customers seem to be postponing their decisions. Telecom companies including Vodafone Idea and Airtel are set to face another major blow as telecom department is in the process of calculating Adjusted Gross Revenue (AGR) dues for FY18 and FY19. ICRA has revised its outlook for Indian cut and polished diamond industry from stable to negative in the light of coronavirus pandemic and weak demand in key markets. Read for more top stories from the world of business and economy:
Onset of new emission norms is expected to make petrol vehicles more expensive by Rs 20,000 for cars and Rs 6,000 for two-wheelers and Rs 100,000 for diesel vehicles.
DoT is in process of calculating pending AGR dues since FY17; this could raise another round of litigation battle between telecom companies and government.
China and Hong Kong region accounts for 35 per cent of India's overall cut and polished diamond exports, which have been under pressure amid the coronavirus outbreak and weak demand.
This leaves taxpayers in a fix - GST notice demands money in 16 decimal points, even though bank systems do not recognise more than 2 decimal points.
Primary reason for downgraded rating is lack of relief from Centre after SC on February 14 refused to grant relief in AGR case; Vodafone Idea has to pay Rs 53,000 crore as AGR dues.