Latest News Today – Centre Waives Late Fees, Reduces Interest Rates On GST


Taxpayers with a turnover of up to Rs 5 crore will have 30 more days to file 3B returns

The government has waived late fees on a delay in filing GST monthly return GSTR-3B for the months of March and April and cut the interest rates for late filers, in view of the challenges faced by taxpayers due to the outbreak of second wave of Covid-19 pandemic. The relaxations will come into effect from April 18, the Central Board of Indirect Taxes and Customs (CBIC) said.

Taxpayers with a turnover exceeding Rs 5 crore will have an additional 15 days to file their monthly summary return GSTR-3B without paying any late fees. Moreover, they will have to pay a lower interest rate of 9 per cent for these 15 days (the rate of interest will be 18 per cent thereafter).

Taxpayers with a turnover of up to Rs 5 crore will have 30 additional days to file 3B returns for March and April, with a waiver in late fees. The interest rates will be ‘Nil’ for the first 15 days and 9 per cent for the remaining period. After the completion of 30 days, an interest rate of 18 per cent will be levied on the tax payers concerned.

People who have opted to pay tax under the Composition scheme will have to NIL rate of interest for the first 15 days from the due date of tax payment, 9 per cent for the next 15 days and 18 per cent thereafter.



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Telangana CM to take up a victory-tour of Nagarjuna Sagar | Live Newspaper Hyderabad


Chief minister K Chandrasekhar Rao thanked the people of Nagarjuna Sagar constituency for electing Nomula Bhagath with a clear majority.

HYDERABAD: Chief minister K Chandrasekhar Rao will soon take up a victory-tour of Nagarjuna Sagar constituency along with Telangana Rashtra Samithi candidate (TRS) Nomula Bhagat who was voted to victory in the bypoll.
The CM thanked the people of Nagarjuna Sagar assembly constituency on Sunday for electing Nomula Bhagath with a clear majority.
As per the TRS government’s policy, the promises made during the electioneering would be fulfilled, he said.
During his public meeting in Halia, he had promised the voters to come back and take victory lap if they voted TRS to victory.
The CM said lift irrigation schemes sanctioned in Devarakonda, Nagarjuna Sagar, Miryalguda, Huzurnagar and Kodad constituencies would be completed soon and would supply water to the people in these areas.
He said the various issues concerning the people which were compiled by the TRS leaders during the election campaign would also be solved.
The CM sought to assure the people that the TRS would rededicate itself and work with renewed vigour for their welfare.

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Latest News Today – Election Commission Rejects Trinamool Congress’s Request


“But I will go to the court because I have heard there were some malpractices,” Mamata Banerjee

New Delhi:

The Election Commission has rejected the Trinamool Congress’s appeal for a recount of votes at Nandigram, where Chief Minister Mamata Banerjee had faced her aide-turned arch rival Suvendu Adhikari. 

After a day of yo-yo counting the Election Commission had declared that the Chief Minister had lost by 1,736 votes in the contest that was the centrepiece of the assembly election in the state.

The Trinamool Congress had declared the counting process “fishy”. Ms Banerjee had alleged “malpractices” and said she would approach the courts.

“Let the Nandigram people give whatever verdict they want, I accept that. Nandigram was a sacrifice that was needed in the larger victory. We have won the state,” said the Chief Minister, whose party is heading for a stupendous 210-plus seat victory.

“But I will go to the court because I have heard there were some malpractices,” she had said earlier this evening.



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Latest News Today – TikTok Names ByteDance CFO Shou Zi Chew as New CEO


TikTok appointed Shou Zi Chew, a Singaporean national, as the new Chief Executive Officer of the hot video-sharing platform, the company said on Friday. Chew, based in Singapore, will retain close ties to TikTok’s Chinese owner ByteDance where he will remain Chief Financial Officer.

“We will continue building out our strong and deep management team as we set the stage for the next phase of TikTok’s success,” Chew said in a statement.

TikTok’s interim head Vanessa Pappas, who led the company on an interim basis after the abrupt departure of its CEO last year, Kevin Mayer formerly of Walt Disney, will be the new chief operating officer.

“Shou brings deep knowledge of the company and industry, having led a team that was among our earliest investors … He will add depth to the team, focusing on areas including corporate governance and long-term business initiatives,” said Yiming Zhang, Founder and CEO of ByteDance.

Under scrutiny
Over the past few years as its app gained popularity in the United States, TikTok has sought to distance itself from Beijing after an inquiry into the safety of the personal data it handles by a national security panel, the Committee on Foreign Investment in the United States (CFIUS), Reuters reported in 2019.

“If the goal is to separate TikTok from ByteDance control, appointing the current ByteDance CFO to concurrently serve as the TikTok CEO seems to run counter to that,” said Steven Klemencic, consulting firm BRG’s CFIUS leader and former intelligence officer who worked in direct support of CFIUS.

Nova Daly, senior advisor at law firm Wiley Rein, who ran the CFIUS process at the US Treasury Department, said congress members may object to the appointment. “I think the push back will be political and from the Hill,” he said.

However, some CFIUS lawyers played down any major impact this restructuring will have on the CFIUS review, noting that TikTok is still firmly controlled by ByteDance.

Former US president Donald Trump’s administration, which alleged that TikTok posed a national security threat as China’s government might be able to obtain personal data of the app’s US users. TikTok denied the accusations.

A US plan to sell TikTok’s American operations to a US consortium has languished since late last year, as ByteDance launched successful legal challenges.

CFIUS has been reviewing the deal to sell TikTok US to a consortium including Oracle Corp and Walmart Inc., according to a source familiar with the matter. Details of the discussions could not be learned.

TikTok has made moves to shift power from Beijing, where ByteDance is based, to the United States, one of its most important and fast growing markets.

Alex Zhu, former TikTok head, a Chinese national, had left the role as the company faced scrutiny over data privacy in 2020. Zhu is co-founder of the Musical.ly app that ByteDance acquired for up to $1 billion and re-branded as TikTok.

TikTok poached Disney’s Mayer as CEO last year. Mayer resigned shortly after his tenure with the Chinese company at the height of the national security review.

Last year, TikTok ramped up its engineering and moderation team in Mountain View, California, trying to base these data-sensitive positions outside of China. The company had previously said the personal data of millions of US users are stored in Virginia, with backups in Singapore.

Chew attended college in London, and has an MBA from Harvard. From 2015 to 2020, he served as Xiaomi’s chief financial officer, and ran its international business for a year.

© Thomson Reuters 2021


Why did LG give up on its smartphone business? We discussed this on Orbital, the Gadgets 360 podcast. Later (starting at 22:00), we talk about the new co-op RPG shooter Outriders. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, and wherever you get your podcasts.



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Latest News Today – PowerGrid Infrastructure Investment Trust (PowerGrid


This is the first ever infrastructure investment trust offering by a state-owned company in the country

PowerGrid Infrastructure Investment Trust (PowerGrid InvIT)’s initial public offering (IPO) has been subscribed 59 per cent at the end of second day of bidding i.e. Friday. The issue has received bids for 25,17,42,700 units out of the 42,54,25,000 units on offer. The shares are priced at Rs 99-100 per unit and the company is looking at raising Rs 7,735 crore.

The IPO consists of a fresh issue of Rs 4,994 crore and an offer for sale amounting to Rs 2,741.50 crore. Ahead of the IPO, PowerGrid InvIT raised Rs 3,480 crore from anchor investors. The IPO proceeds will be utilised for providing loans to initial portfolio assets, repayment or pre-payment of debt and for general purposes.

This is the first ever infrastructure investment trust offering by a state-owned company in the country and will be the third InvIT to be listed on Dalal Street.

PowerGrid Corporation of India is the owner of PowerGrid InvIT.



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Latest News Today – Bengal Assembly Election, Babul Supriyo: Voted For Cruel


Babul Supriyo is the BJP’s Lok Sabha MP from Asansol (File)

Kolkata:

BJP MP Babul Supriyo broke with tradition on Sunday evening as he refused to congratulate the ruling Trinamool Congress on an emphatic win in the 2021 Bengal Assembly election.

In a short but angry Facebook post Mr Supriyo said the Bengali voters had made a “historic mistake” and lashed out at party chief Mamata Banerjee, whom he labelled a “cruel lady”.

“Neither will I congratulate Mamata Banerjee… nor do I wish to say I ‘respect’ the people’s verdict… sincerely think people of Bengal made a historic mistake by not giving BJP a chance… by electing this corrupt, incapable, dishonest government and a cruel lady back to power,” he ranted.

“Yes, as a law-abiding citizen, I shall ‘obey’ the decision taken by the people in a democratic country… That’s it !! Nothing more – Nothing less !!” Mr Supriyo declared.

The post was later deleted.

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BJP MP Babul Supriyo posted this message on Facebook before deleting it a short while later

Mr Supriyo’s cabinet colleagues, though, have been more gracious.

Union Ministers Rajnath Singh and Nirmala Sitharaman have wished Ms Banerjee on her win.

“Congratulations to the Chief Minister of West Bengal, Mamata Banerjee on her party’s victory in West Bengal assembly elections. My best wishes to her for her next tenure,” Mr Singh said.

Congratulations Mamata Banerjee and All India Trinamool Congress (on) being elected again in the Assembly election. Good wishes for your next tenure,” Ms Sitharaman tweeted.

In his own fight, Mr Supriyo – one of four MPs roped in by the BJP, in an unusual move, to contest in a state election – is trailing to the Trinamool’s Aroop Biswas from Tollyganj.

Mr Biswas is up by over 50,000 votes as of 6.45 pm, according to the Election Commission website.

The Trinamool is en route to a dominant win, with the latest trends showing it will win 210+ seats to the BJP’s 80-odd. The victory is all the more surprising given how tight the race was expected to be.

The win, though, has been marred by news that Ms Banerjee has lost to the BJP’s Suvendu Adhikari, her former right-hand man; the two were locked in a high-stakes prestige battle from Nandigram.

In her initial remarks Ms Banerjee has played down the significance of her loss, arguing that it is more important for the Trinamool to win than any one person.





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Latest News Today – How to Activate ISD on Jio to Start Making International


Jio customers can activate ISD on their connections to start making international calls. There are distinct rates to avail the International Subscriber Dialling service, that is commonly called ISD. Jio customers are, however, provided with a dedicated ISD pack that includes a fixed talktime to let customers make calls outside India for some minutes directly from their home network. In addition to calling, the telecom operator allows its customers to send ISD SMS messages. Jio claims to offer its ISD service for 230 countries across over 14,000 area codes.

How to activate ISD on Jio

Jio has a Global ISD Combo 501 Pack, priced at Rs. 501, that is available to both prepaid and postpaid customers. Upon recharging with the dedicated ISD pack, Jio prepaid and postpaid users can make ISD calls through their phones by prefixing “+” to the international phone number along with the area code.

The Jio ISD pack includes a Rs. 424.58 talktime that is valid for 28 days. This talktime is meant for making ISD calls and sending ISD SMS messages. The ISD pack also includes five ISD SMS messages that can be used throughout the validity.

Details about the call tariff for each supported country are available on the Jio site. Furthermore, the operator charges ISD SMS messages at a rate of Rs. 5 per message.

In case of Jio prepaid customers, the Global ISD Combo 501 Pack will be available in the queue — just like any regular add-on packs and will get activated after dialling an international number. Postpaid users will, however, get the ISD pack as a part of their monthly billing once it is activated on their connection.

Both Jio prepaid and postpaid customers can activate the ISD pack through the MyJio app. The pack is also available for purchase through the Jio.com site for the prepaid and postpaid accounts.

If you have a Jio Fiber connection, you can also make ISD calls by going with the Rs. 501 pack. It is available through the MyJio app and the Jio.com site for Jio Fiber customers. There is also a Rs. 502 ISD plan on Jio Fiber that brings 1,500 minutes of calling to the US and Canada for 30 days.

Click here to check out recharge plans for your operator.


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For Apollo’s New CEO, Insurance Is In—Racy Buyouts, Not So Much | Sidnaz Blog


Apollo Global Management Inc.


APO -0.29%

made its name scoring double-digit returns on debt-laden buyouts. Under new Chief Executive Officer

Marc Rowan,

the firm’s future will become increasingly about finding ways to eke out a few percentage points more than corporate and government bonds pay.

The shift reflects Apollo’s evolution from a leveraged-buyout shop to a credit-investing powerhouse catering primarily to insurance companies looking to park reams of cash from selling retirement-savings products known as fixed annuities.

For Apollo, that has meant building platforms that churn out an expanding array of investment products designed to be relatively low-risk. Those products include loans to big or midsize businesses, asset-backed securities, aircraft finance and residential mortgages, whose returns need only exceed by slim margins what the insurance companies pay out to policyholders.

Apollo’s skill at developing alternatives to the plain-vanilla bonds that insurance companies have traditionally relied on, at a time of ultralow interest rates, has helped assets in its credit business more than triple over the past five years to upward of $320 billion. The business now accounts for more than 70% of the firm’s roughly $455 billion in total assets.

The firm doubled down on the effort with a deal in March to buy the 65% of insurer

Athene Holding Ltd.

that it doesn’t already own. The move, which will turn Apollo’s biggest source of assets into a wholly owned division, came just after Mr. Rowan was named chief executive. A co-founder of the firm, he was the architect of the insurance strategy, helping build Athene in the aftermath of the financial crisis.

(His appointment came as a surprise to people close to the firm expecting co-founder

Josh Harris,

who had been overseeing Apollo’s day-to-day operations, would become CEO.)

Leon Black stepped down as Apollo’s CEO after revelations of his ties to the late Jeffrey Epstein, though a review found no involvement in the disgraced financier’s criminal activities.



Photo:

Patrick T. Fallon/Bloomberg News

For the 58-year-old Mr. Rowan, who took over from longtime CEO

Leon Black

following revelations of Mr. Black’s ties to the late, disgraced financier

Jeffrey Epstein,

the combination with Athene fulfills his vision for Apollo. An owner of multiple restaurants in the Hamptons who generally keeps a low profile, Mr. Rowan is worth more than $4 billion, according to Forbes.

“It’s the ideal structure,” he said in an interview, his first since formally assuming the CEO role. “When we started Athene in 2009, the scale of the capital to build the business precluded it, but if I could have, I would have owned 100%.” The merger will give the firm a fully aligned structure and should pave the way for Apollo’s credit business to double, he said.

Apollo’s strategy isn’t without risk. Its investments on behalf of insurers tend to be less liquid than standard-issue bonds and could be more difficult to unload in a market downturn. And Apollo’s fortunes are now more tied to Athene’s annuities business, which could hit the firm if its growth slows.

That weighed on Apollo’s shares after the deal was announced, though they have climbed recently to an all-time high as investors have grown more comfortable with the firm’s new structure. Investors will be on the lookout Tuesday for clues as to where the stock will go from here when Apollo reports its first-quarter results.

SHARE YOUR THOUGHTS

What is your assessment of Marc Rowan’s latest moves as the new CEO of Apollo? Join the conversation below.

The deal with Athene is the culmination of something Mr. Rowan and Apollo recognized years ago: Chasing growth in Apollo’s private-equity business by expanding into new strategies too quickly could force the firm to pursue inferior investment opportunities. With credit, particularly the lower-yielding strategies, the opportunities are nearly limitless.

All of Apollo’s publicly traded rivals have attempted to emulate the move in some fashion.

KKR

& Co., for example, bought a 60% stake in Global Atlantic Financial Group Ltd. in February and is developing new platforms to manage its insurance assets.

Unlike many of its peers, Apollo designed its credit offerings with insurance companies in mind, Mr. Rowan said.

There are far fewer investment opportunities yielding 8% to 12%—what many peers have targeted in their credit businesses—than those yielding the 4% that would suit insurers. “I want to play in the big pile, not the little pile,” Mr. Rowan said.

A range of business models have emerged among the big, public buyout firms as they seek the next leg of growth. All have recognized the need to generate steady and predictable asset-management fees, but their strategies for accomplishing that have diverged.

Blackstone Group Inc.,

for example, is focusing on raking in a pile of outside cash for numerous new investment businesses to help it hit a $1 trillion asset goal. Some of this is known as perpetual capital because it generates a steady stream of fees over an extended period.

“We all started as private-equity firms,” Mr. Rowan said. “Each of us, in our way, has diversified, and we are now incredibly different.”

With all that cash coming in through its credit business, Apollo is now a big lender—often in areas where banks can no longer operate because of regulatory hurdles. The firm now has 3,500 lending relationships, according to Co-President

James Zelter.

“There’s been a tremendous change in traditional Wall Street since 2008, which has only hastened our growth, and that’s changed the opportunity set for firms like ourselves,” he said.

Apollo’s leaders say the segments that house its private-equity and real-estate businesses, which had a combined $127 billion in assets as of the end of 2020, can grow by more than 50% over the next five years as the firm raises more big funds and pushes further into areas such as infrastructure and impact investing.

The firm, which is investing out of a $24.7 billion buyout fund, has been one of the most active investors during the coronavirus pandemic. It has also been building up its “hybrid value” business, which makes structured-debt and equity investments and offers more modest returns than full buyouts, with less risk.

“We think there is a place for a more value-oriented investor,” said

Scott Kleinman,

the firm’s other co-president. “That doesn’t mean we ignore growth. We just don’t like paying top-dollar for it.”

Write to Miriam Gottfried at [email protected]

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Latest News Today – PowerGrid Infrastructure Investment Trust (PowerGrid


PowerGrid InvIT IPO Subscribed 59% By Second Day

This is the first ever infrastructure investment trust offering by a state-owned company in the country

PowerGrid Infrastructure Investment Trust (PowerGrid InvIT)’s initial public offering (IPO) has been subscribed 59 per cent at the end of second day of bidding i.e. Friday. The issue has received bids for 25,17,42,700 units out of the 42,54,25,000 units on offer. The shares are priced at Rs 99-100 per unit and the company is looking at raising Rs 7,735 crore.

The IPO consists of a fresh issue of Rs 4,994 crore and an offer for sale amounting to Rs 2,741.50 crore. Ahead of the IPO, PowerGrid InvIT raised Rs 3,480 crore from anchor investors. The IPO proceeds will be utilised for providing loans to initial portfolio assets, repayment or pre-payment of debt and for general purposes.

This is the first ever infrastructure investment trust offering by a state-owned company in the country and will be the third InvIT to be listed on Dalal Street.

PowerGrid Corporation of India is the owner of PowerGrid InvIT.



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Latest News Today – “Congress Must Realise It Has A Problem”: Prashant


“The Congress must introspect where it is going wrong” Prashant Kishpr said.

New Delhi:

The Trinamool Congress’s Victory is a message to all opposition parties that “they too can stand up to the BJP and give them a contest”, poll strategist Prashant Kishor, who crafted the party’s campaign, told NDTV. About the Congress, which has been carrying the mantle of the main opposition party, he said it is a “100-year-old political party and they have their ways of functioning”.

“They are not open to working on the ways suggested by people like Prashant Kishor or others. They won’t be open to working with my style of functioning,” he said, adding that the Congress “must realise that it has a problem and then do something about it”.  

The leads in the assembly elections today again indicated that the political space for the country’s grand old party is shrinking. It failed to make a comeback in Kerala, one of the few states where it has regularly been in power. Kerala — known for voting out the incumbent every five years — has given to a second straight term to the Left government led by Pinarayi Vijayan.

In the two other states where it contested in alliance — Bengal and Tamil Nadu — the Congress has failed to pull its weight. In Bengal, where it partnered with the Left Front and contested on 92 seats, it is leading only in one. In Tamil Nadu, out of the 25 seats it contested, the Congress is leading in 16.

Asked about the scenario for the Congress in the coming days, Mr Kishor — who had earlier crafted the campaign for Punjab Chief Minister Amarinder Singh — said, “Who am I to talk about the Congress? I am too small a person to speak about Congress.”

Then he added, “The Congress must introspect where it is going wrong”.

“What I can say is that the approach that ‘We don’t have the might to fight the BJP or the resources to do so, or that the media is not supporting us, or the courts are not favouring us’ — that approach just won’t work,” Mr Kishor said.

“As a political party, you must battle all this, as do all opposition parties. And in the end, if you can connect with the people, then all this takes a backseat,” he added.

Mr Kishor had taken charge of crafting the Trinamool campaign as the party was battling the BJP challenge after it won 19 of the state’s 42 Lok Sabha seats in 2019. The anti-incumbency it was facing after a decade-long rule had further skewed the pitch.

His advent was pointed as the last straw by leaders like Suvendu Adhikari, who made a beeline for the BJP soon after.

The Trinamool today is heading for a huge victory — one almost as big as the one in 2016. It is leading in 200-plus seats, compared to the 80-plus seats that might go to the BJP.



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