Business
Musk’s Starlink lists premium satcom prices for India, then pulls them back saying ‘glitch’ made ‘dummy test data’ visible – The Times of India
NEW DELHI: Elon Musk’s Starlink on Monday announced inaugural prices for its satellite venture in India and, as expected, these were many times more than a regular high-speed broadband connection that is currently being provided by terrestrial providers such as Airtel and Reliance Jio.The company put a Rs 8,600 monthly tariff for its satcom services in India, with a hefty additional Rs 34,000 as one-time charge for the requisite hardware.However, as its premium pricing started to create hectic chatter on social media, especially when it’s still some time before it can launch services as the govt continues work on satcom spectrum allocation and its charges, the company withdrew the announcement from its website, blaming a “glitch” for making “dummy test data visible. “The Starlink India website is not live, service pricing for customers in India has not yet been announced, and we are not taking orders from customers in India. There was a config glitch that briefly made dummy test data visible, but those numbers do not reflect what the cost of Starlink service will be in India,” Lauren Dreyer, VP of Starlink Business Operations, said on X. “The glitch was quickly fixed. We’re eager to connect the people of India with Starlink’s high-speed internet, and our teams are focused on obtaining final government approvals to turn service (and the website) on,” she said.Earlier in the day, the company said its India services will “work in all weather” with an “over 99.9% uptime”. It promised that the services are easy to initiate. “Just plug in and start using,” the company said, while promising to provide “unlimited data” and a 30-day trial period.However, the prices – if true – would be a far cry to the dirt-cheap tariffs that Indian internet consumers are used to.On mobile phones, the price per GB of data is less than Rs 10, and monthly packages are under Rs 400 for unlimited 5G mobile data, for example on Airtel. For home broadband on optical fibre, the Sunil Mittal-led company charges just Rs 499 per for a connection which comes with a speed of 40MBPS. Not only this, at Rs 599 per month, they also offer 29 OTT streaming services. The installation charges for home broadband are just Rs 1,500 on Airtel, which itself is an advance payment and can be adjusted in future payments.On the other hand, Reliance Jio’s up to 30 MBPS speed entry-level plan for home broadband costs Rs 399 (excluding GST), with a one-time installation charge of Rs 2,500 (of which Rs 1,500 is refundable security).For Starlink, these are early days and despite giving out the consumer prices (though withdrawn now), the company is not in a position to talk about when it will begin services. This is because there is still no clarity on when the spectrum for satellite communications will be provided by the govt.There are currently discussions, and differences of opinion, between regulator Trai and the department of telecom (DoT) — the nodal ministry on communications matters — regarding the charges that satcom companies need to pay to the govt. Until these issues are resolved, there is no chance of a satcom service beginning consumer services in the country.Starlink, however, is in the process of doing the groundwork for beginning services. It has started hiring in India before services begin commercially while also starting work on setting up the requisite ground infrastructure. Also, it needs to get a final approval from the law-enforcement agencies regarding its infrastructure, including mandated interception and data privacy rules, before beginning any commercial operation.It is believed that while having an aspiration to build its business in India’s urban centres, Starlink will initially find higher takers in rural and mobile unserved areas, apart from specialised use cases in strategic areas such as defence, mining, maritime, and enterprises.
Business
D-St blues! Sensex sheds 1.5K, biggest drop on a Budget day – The Times of India
At a time when global markets are witnessing high volatility due to geopolitical uncertainties, the hike in securities transaction tax (STT) on derivatives trades hit investor sentiment on Dalal Street on the Budget day. This in turn led to a sharp sell-off that pulled the sensex down by nearly 1,500 points—its biggest points loss on a Budget day—to close at 80,773 points. The sell-off also left investors poorer by Rs 9.4 lakh crore, the biggest Budget day loss in BSE’s market capitalisation.The day’s trading was marked by high volatility. The sensex rallied over 400 points as FM started her speech, fell about 1,100 points after the STT hike proposal was announced, partially recovered by mid-session to trade 600 points down on the day and then sold-off to close below the 81K mark for the first time in four months.On the NSE, Nifty too treaded a similar path to close 495 points (2%) lower at 24,825 points. Fund managers and market players feel the day’s sell-off was overdone, compounded by the absence of most institutional players since it was a Sunday. “The market’s reaction (to the hike in STT rates) was a bit overdone, although the decision itself was unexpected,” said Taher Badshah, President & Chief Investment Officer, Invesco Mutual Fund. “I think markets should settle down in 2-3 days.” Badshah said the Budget was in line with govt’s set path of the past few years, showing a conservative approach to setting targets.“The revenue and expenditure targets for FY27 are achievable. And since the rate of inflation is lower now, the nominal GDP growth rate of 10% may turn out to be on the higher side as inflation normalises during the year,” the top fund manager said. In Sunday’s market, of the 30 sensex stocks, 26 closed in the red. Among index constituents, Reliance Industries, SBI and ICICI Bank contributed the most to the day’s loss. Buying in software services majors Infosys and TCS cushioned the slide. In all, 2,444 stocks closed in the red compared to 1,699 that closed in the green, BSE data showed.STT hike aimed at curbing F&O speculation The decision to raise securities transaction tax (STT) for trading in equity derivatives means trading futures & options (F&O) will be more expensive from April 1. STT on futures trading rises from 0.02% to 0.05% now, and on options premium and exercise of options to 0.15% from 0.1% and 0.125% respectively. This could more than double statutory costs of trading F&O contracts.While the move is to curb excessive speculation by retail traders who mostly suffer losses, investors sold stocks of those companies that derive a large portion of their turnover from this segment. Stock price of Angel One crashed nearly 9%, BSE crashed 8.1%, Billionbrains Garage Ventures that runs the Groww trading platform, lost 5.1% and Nuvama Wealth Management lost 7.3%. STT hike follows a Sebi survey that showed that 91% of the retail investors lost money in the F&O market with average loss per investor surpassing Rs 1 lakh per year. Institutional and some high net worth players took home most of the profits from the segment.18% GST on brokerage for FPIs removedThe Budget proposed to do away with 18% GST charged on the brokerage that foreign portfolio investors pay in India. Among the host of changes to the GST laws that the finance minister proposed, one was abolishing clause (b) of sub-section (8) of section 13 of the Integrated Goods and Services Tax Act, 2017. This is being “omitted so as to provide that the place of supply for ‘intermediary services’ will be determined as per the default provision under section 13(2) of the IGST Act,” the Budget proposal said.
Business
Buying property from NRIs? Time to lose the TAN – The Times of India
Buying property from an NRI? Worried about obtaining TAN? Not anymore. To relax the compliance burden, the Budget has proposed that resident individuals and HUFs need not have a Tax Deduction and Collection Account Number (TAN) if they are purchasing a property from a non-resident Indian (NRI). The amendment will take effect from Oct 1, 2026.Under the proposed framework, resident individuals or HUFs can report the tax deducted at source (TDS) by quoting PAN, as is done when the transactions are between two residents. Presently, if a person buys an immovable property from a resident seller, the person is not required to obtain TAN to deduct tax at source. However, where the seller of the immovable property is a non-resident, the buyer is required to obtain TAN to deduct tax at source.Ameet Patel, partner at Manohar Chowdhry & Associates, said this used to be a detailed process. “At present, if a resident were to purchase an immovable property from an NRI, there is no separate relaxation regarding compliance with TDS responsibilities. As a result, in such cases, the buyer needs to obtain a TAN, register on the portal, and then deduct TDS u/s. 195, and pay to the govt. Under section 195, as with all other regular TDS sections, a quarterly e-TDS statement is required. A buyer would need professional help for all this.”Hinesh Doshi, CA, welcomed the move. “There used to be an unnecessary compliance burden due to this. While the process to obtain TAN is simple, people used to obtain TAN for just one transaction. So, this is a good riddance.”
Business
Harry Styles and Anthony Joshua among UK’s top tax payers
The former One Direction member-turned-solo artist appears on the Sunday Times list for the first time.
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