8 November 2024 News and Updates

8th November 2K24 News and Updates

📝 Mitsubishi Electric Group firm to invest Rs 400 cr in Karnataka plant

📝 M&M Q2FY25 results: PAT up 35% at Rs 3,171 crore on strong auto sales

📝 India should be part of RCEP, CPTPP: Niti Aayog CEO BVR Subrahmanyam

📝 Rajasthan sees boost in rabi crop sowing after favourable monsoon rains

📝 Asian tea producers eyeing 'untapped' African mkt for exports: ATA chairman

📝 ULI will be for lending what UPI is for payments: RBI Dy Guv at BFSI Summit

📝 Brookfield India REIT to raise up to Rs 3,500 cr via issue of unitholders

📝 Mercedes improved pollution management at plant: Maharashtra govt

📝 Most urban Indians aspire to own homes, prefer home loans: Report

📝 Swiggy confident of growth, emphasises strength in consumer insight

📝 Amazon to invest $1.3 bn in Italy data centre biz to boost cloud services

📝 Rural demand grew twice as fast as urban in July-September quarter: NielsenIQ

📝 Tata Power, Noida International Airport sign Rs 550 crore deal for renewable energy

📝 Nippon Steel says expects to close US Steel takeover by end of 2024

📝 India's goods, services exports to cross USD 800 bn this fiscal: Sakthivel

📝 Singapore's Changi Airport to invest $2.3 bn to improve services

📝 Kochi Biennale Foundation names Thomas Varghese new CEO

📝 Trent Ltd deepens, expands store footprint during Q2; now in 184 cities

📝 Rupee hits record low on equity outflows, strong dollar outlook

📝 Tata's Croma names Shibashish Roy as chief executive officer

📝 EaseMyTrip partners with Hyperface to boost card management, customer experience

📝 High-street dominates retail leasing with 68% share in Q32024

📝 Profectus Capital secures $25 million investment from IFC to accelerate India’s climate goals

📝 Visa appoints Rishi Chhabra as country manager for India

📝 Trent Q2 Results: Profit grows 47% YoY to ₹355 crore, revenue rises 39%

📝 Japanese carmaker Nissan cuts 9,000 jobs, reduces sales forecast for this fiscal

📝 Public sector banks outperform private banks by net profits in Q2

📝 Supreme Court orders liquidation of Jet Airways, overturns NCLAT ruling

📝 Samsung to roll out personalised AI features in Galaxy devices

📝 ISB Executive Education and Emeritus Launch Product Management Programmes

📝 Solar Energy Corp bars Reliance Power for 3 years over fake tender document

📝 Amazon, Flipkart sellers raided by ED across India in money laundering probe

📝 ICICI Lombard buys stake worth ₹563 crore in ITC and Axis Bank

📝 Kotak PE to tap domestic investors for new lifesciences fund

📝 PhysicsWallah's FY24 revenue nearly triples; losses zoom on higher expenses.

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Draft Reply to Notice for Reversal of Ineligible ITC under Section 17(5)(d) of CGST Act

✅We, [Your Company Name], holding GSTIN [Your GSTIN], have received your notice dated [Date] regarding the reversal of ineligible ITC claimed under Section 17(5)(d) of the CGST Act.

✅The notice suggests that we have claimed ITC ineligible for construction purposes, as per Section 17(5)(d), which disallows ITC on goods or services used for constructing immovable property on one’s own account. 

✅However, we clarify that we are in the retail business, supplying materials like cement and sand, and are not using these items for constructing any immovable property.

✅As per Section 17(5)(d), ITC restrictions apply only to goods or services used for building immovable property, which does not apply to our business model as traders of construction materials. We are enclosing Annexure A detailing our inward and outward supplies for verification.

✅In light of these clarifications, we kindly request that the proceedings under the notice be withdrawn. Additionally, we seek a personal hearing to discuss this matter.

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GST Forms SPL-01 and SPL-02 will be Available in January 2025: GSTN Advisory on Interest and Penalty Waiver u/s 128A

Read More: https://www.taxscan.in/gst-forms-spl-01-and-spl-02-will-be-available-in-january-2025-gstn-advisory-on-interest-and-penalty-waiver-u-s-128a/454904/

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