14 November 2024 News and Updates

 14th November 2K24

📝 Nokia to deploy 3,300 new sites for VI's 4G expansion by March 2025

📝 RBI inflation target credible as expanding supply will curb pressure: S&P

📝 Govt may seek flexibility in tariff concessions under FTA review with Asean

📝 India's edible oil imports dip 3% to 15.96 mn tonnes in 2023-24: SEA

📝 NBCC bags Rs 263 crore contract in Kanpur from Income Tax Department

📝 Municipal corporations need to enhance own sources of revenue: RBI report

📝 Blue Energy Motors plans to raise $100 million by January, says CEO

📝 Mars International India FY24 results: Loss narrows to Rs 1.79 crore

📝 NCLAT directs IL&FS to complete resolution of remaining firms by March 31

📝 Onion prices likely to cool with new kharif crop arrival, says official

📝 Kovai. co acquires Bengaluru-based business-to-consumer SaaS Company Floik

📝 Prism Johnson posts bigger-than-expected Q2 loss on tepid cement demand

📝 Nazara, ONDC launch in-game shopping platform gCommerce

📝 PFC not to take exposure in Shapoorji Pallonji Group: PFC chairperson

📝 Automakers see slight growth in domestic sales after three months, driven by festive sales

📝 LTIMindtree sets up innovation hub in Texas

📝 India at forefront of digital revolution, says RBI Deputy Governor Patra

📝 Fireside Ventures names former Flipkart executive Adarsh Menon as operating partner

📝 Reliance's luxury retail chain Tira unveils flagship store at Jio World Plaza

📝 Swiggy's market cap crosses Rs 1 lakh crore on debut

📝 Yubi Group appoints Vipul Mahajan as chief business officer

📝 Arvindar Singh Sahney will be new chairman of IndianOil

📝 India's April-October finished steel imports at seven-year high

📝 Piccadily Agro to invest Rs 1000 crore in capacity expansion; new distillery in Scotland also lined up

📝 Wholesale PV sales grow marginally in October despite festival demand

📝 RBI retains SBI, HDFC, ICICI as India's too-big-to-fail banks

📝 Britannia’s margin miss in the spotlight amid management’s cautious commentary

📝 Centre takes charge of mineral exploration licences as states falter

📝 SME IPO Mania: 2024 sees record ₹8,200 crore fundraise by SME IPOs

📝 Vedanta parent moves Permanent Court of Arbitration against Indian govt

📝 Prosus offers to invest $100 million in Mintifi Finserve at unicorn valuation

📝 NBCC Q2 Results: Net profit rises 52% to ₹125.14 crore

📝 Alkem Labs Q2 Results: Revenue falls but profit and margin expand from last year

📝 Byju’s US units wrongly stripped of Education app, Judge rules

📝 Zinka Logistics Solution IPO subscribed 24% on day 1 of issue

📝 Shree Cement exposed to downside risks as it shifts strategy.

.

========>

.

Draft Reply GST Special Drive 2.0 Combating Fake Registrations

✅The Government of India launched GST Special Drive 2.0 on August 12, 2024, under Instruction No. 02/2024-GST, with a primary focus on identifying and eliminating fake GST registrations to protect government revenue and maintain the GST system's credibility.

Key Objectives and Approach

✅Purpose : Strengthen GST compliance and prevent revenue loss by targeting fake registrations.

✅Scope: From August 16 to October 15, 2024, this nationwide drive involves state and central tax authorities.

✅Legal Framework : Focused on existing GST laws, it emphasizes enforcement without expanding officers' powers.

✅Verification Process : Field inspections of flagged GSTINs, authorized at senior officer levels, with inspections based on documented protocols (INS-01).

✅Data-Driven Efforts : Advanced analytics, AI, and risk assessment tools are employed to detect high-risk GSTINs.

Key Actions:

✅Suspensions : Non-existent entities are suspended or deregistered under Section 29.

✅Blocking ITC : Fraudulent ITC claims are blocked as per Rule 86A.

✅Property Attachment : For serious cases, authorities can attach properties under Section 83.

✅Cross-Jurisdiction Coordination : Tax authorities share case details across jurisdictions to streamline enforcement.

✅Beneficiary Identification : Additional measures are taken to identify and penalize masterminds and beneficiaries of fraud.

✅Reporting and Feedback : Weekly reports are submitted, and post-drive feedback is shared for ongoing improvements.

Expected Outcomes

✅Improved Compliance: Targeting fraud will foster a fairer GST environment and discourage misuse.

✅Revenue Protection : Blocking ineligible ITC claims will prevent revenue leakage.

✅Trust Building : Ensuring genuine registrations boosts trust in the GST system among compliant taxpayers.

✅In essence, GST Special Drive 2.0 leverages technology, on-ground verification, and strict enforcement to protect the integrity of the GST system, showcasing the government’s commitment to a transparent and robust indirect tax structure in India.

.

==============>

.

📲 Download my Android app "Updates by CARJ" 📚 to stay connected with latest news and updates 📝

https://carohitjaiswal.blogspot.com/p/update-android-app.html?m=0

Thanks for reading