Tuesday, May 28

Tag: financial year

Travel App Ixigo Settles GMV of $250 million
BUSINESS

Travel App Ixigo Settles GMV of $250 million

Travel meta search firm Ixigo has settled gross transactions of $250 million (about Rs 182 crore) by the end of the current financial year. “In FY 2017-18, we did GMV of $100 million, and in the year before that (FY 2016-17), we had done $25 million. Next year, we should comfortably exceed $500 million,” Aloke Bajpai, chief executive of Ixigo said. The co-founder of the company believes that the growth of the company is being led by a combination of greater acceptance by consumers and the company’s decision last year to start monetising its railway and bus-ticketing app. While Ixigo’s flagship air travel and hotel reservation app continues to target consumers emanating from tier-1 cities, the railway app has been projected for the budget traveller, which allows the company to cross-se...
McDonald’s Running its Indian Business Amid all The Losses
BUSINESS

McDonald’s Running its Indian Business Amid all The Losses

The world’s largest fast-food chain McDonald’s is reportedly facing a huge amount of loss in India. McDonald’s India has announced its biggest loss amounting to INR 305 crore in the financial year ending in March 2017, after canceling the investments in Connaught Plaza Restaurants (CPRL) which ought to be its licensee partner. All this was because of a five-year-old official disagreement with CPRL. In this regard, McDonald’s India said, “Considering that CPRL is having significant accumulated losses as of date and considering that the company has terminated all its franchise arrangements in favour of CPRL, the management feels that its investments in CPRL are impaired and accordingly a provision of Rs 198.20 crore has been considered in the financial statements of the company for diminu...
India’s GST Revenue Collection Crosses 94,000 Crore
INDIA

India’s GST Revenue Collection Crosses 94,000 Crore

Hasmukh Adhia, the Union Finance Secretary has announced that the revenue collection from the total goods and services tax (GST) for the month of May amounted to Rs 94,016 crores. The news became trending on Friday after the statement given by Adhia. In this context, he quoted, "The total GST collection for May (April revenue collected in May) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills." Digging into the details, the Finance Ministry's information as filed in the reports revealed that out of the total amount of revenue, Central GST (CGST) amounted to Rs 15,866 crore while the State GST (SGST) amounted to Rs 21,691 crore. On the other hand, Rs 49,120 crore w...