29 November 2024 News

29th November 2K24

📝 Private sector banks securitise ₹40,000 cr of loans this fiscal

📝 Godrej Enterprises Group to intensify focus on exports to strengthen its global presence

📝 Incuspaze plans $25M pre-IPO round as flexible workspace IPOs gain momentum

📝 FCI to offer 25 LMT of wheat in the open market sale till March 25

📝 Audi India expects supply chain woes to slow sales this year, bets on new models

📝 ZF Group sells 4.3 pc stake in Indian subsidiary for Rs 1,022 crore

📝 Centre approves coal allocation for MP to set up power plants with capacity of 4100 MW

📝 Incuspaze in talks to raise $25 million

📝 BEML gets contract worth Rs 3,658 crore from Chennai Metro

📝 Nazara completes Rs 855 crore fundraise led by SBI Mutual Fund

📝 New venture capital firm Kenro scouts for secondary deals

📝 Mamaearth's early investor Stellaris Venture Partners closes third fund at $300 million

📝 EV leasing startup Alt Mobility raises $10 million from Eurazeo, others

📝 SBI's business may hit Rs 100 trillion in FY26, says Chairman CS Setty

📝 CCI orders probe against Google on complaint by gaming company Winzo

📝 RIL arm acquires 21% stake in US-based Wavetech Helium for $12 million

📝 CarDekho Group's net revenue increases 54% to Rs 2,074 crore in FY24

📝 Fitch revises outlook on Azure Power Energy to negative; affirms 'B' rating

📝 EPFO considering removing 12% ceiling on employees' contribution to EPS

📝 Finance Ministry likely to end windfall tax as oil prices stabilise

📝 GST fitment committee set to review 18% tax on co-lending services

📝 India's gig economy may add 90 million jobs, contribute 1.25% to GDP

📝 Ethanol blending saved foreign exchange worth Rs 1.08 trillion since 2014

📝 Madhya Pradesh receives investment proposals worth Rs 60,000 crore in UK

📝 Deposit growth slightly outpaces credit growth at 11.21%: RBI data

📝 Sebi announces interoperability for stock exchanges from 1 April 2025

📝 Nasscom, DIFC sign MoU to foster cross-border technology partnerships

📝 PSU-run hospitals to get an upgrade under PPP model

📝 Arcil eyes 30 per cent growth in AUM in three years, says CEO

📝 India’s iron ore production rises 4 pc in Apr-Oct 

📝 ONGC makes four oil discoveries in Ashokenagar, awaits mining lease from WB govt

📝 Vardhman Textiles approves capex of Rs 350 crore to increase processed fabric capacity

📝 Suraksha Diagnostic raises ₹253 crore from anchor investors ahead of IPO

📝 ISRO-ESA team up for Proba-3 solar mission: How India’s PSLV leads the charge

📝 IMD warns of heavy rain in south India as Cyclone Fengal on the way

📝 India raises concern as Australia increases student visa fee by over 100%

📝 Air India to increase fleet size by a third to 400 planes by 2027: CEO

📝 Cooperative sector expected to create 5.5 crore direct jobs in India: Report

📝 Petroleum ministry recommends GST on natural gas

📝 Tube Investments to acquire 67 pc stake in Kcaltech System India for ₹62 cr.

📝 India to have 777 GW power generation capacity to meet peak demand by 2030

📝 Emami Realty to develop Rs 15,000 cr worth realty projects in 7 years

📝 SBI's total fundraise via bonds touches Rs 50,000 crore so far during FY25

📝 90 infra projects worth Rs 3,417 cr sanctioned for North East over 4 yrs

📝 Auto major Honda finally enters electric scooter market, banking on 'trust'

📝 Vedanta and PwC partner on carbon reduction initiatives in Odisha

📝 Over 90% Indian businesses raised sustainability funds over last yr: Report

📝 NTT DATA announces intent to acquire cloud engg firm Niveus Solutions

📝 Pocket FM's revenue up 6x to Rs 1,052 crore in FY24, losses reduced

📝 Paper industry body flags below-cost imports, demands level playing field

📝 Arunachal govt inks tripartite pact for haemodialysis machines under PMNDP

📝 Gaurs Group to invest Rs 750 cr on new housing project in Greater Noida

📝 India has taken robust measures to regulate fintech industry: Finance ministry official

📝 Total debt on major telcos hits Rs 4.09 lakh crore in FY24; BSNL debt lowest at Rs 23,297 crore

📝 India-Russia trade hits USD 66bn in 2024; target of USD 100bn by 2030 on track: Russian envoy

📝 EV leasing startup Alt Mobility raises $10 million from Eurazeo, others

📝 Fiscal deficit likely to be at 4.75 pc of GDP in FY25; govt capex to be lower by Rs 62k cr: IndRa

📝 Loan book of Axis Bank's IFSC unit at GIFT City doubles to USD 4 bn in 5 years

📝 Abbott launches 14-valent pneumococcal vaccine for children in India

📝 Mahindra to pump Rs 4,500 cr for development of two new electric brands

📝 Akzo Nobel India gets demand of over Rs 46 crore from state tax authorities

📝 60 GW power generation by FY32 an intermediary step, not the final destination: NTPC Green CMD

📝 Gold prices expected to jump to $3150 per troy ounce, 19% over current levels: Goldman Sachs

📝 Credit card spending soars to ₹2 trillion in October

📝 India's Welspun One raises Mumbai warehouse investment to meet cargo demand

📝 With cost pressures mounting, 91% of Indian firms plan finance budget reductions: EY

📝 OpenAI allows employees to sell $1.5 billion stock to SoftBank: Report

📝 Telcos to ring-in profit gains. Airtel leads the pack in September quarter

📝 Aircastle withdraws insolvency case against SpiceJet after $5.6 mn settlement

📝 NTPC Green Energy targets 19,000 MW capacity by March 2027

📝 Good Glamm's Saggi said to be starting new innings in consumer electronics

📝 LIC, mutual funds opposed Punit Goenka as Zee MD

📝 Delhi, Mumbai airports get HC notice in Airports Authority revenue sharing plea

📝 Quick commerce gets popular, users spending more on such platforms: Meta study.

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27 November 2024 News

27th November 2K24

📝 India red-flags non-tariff barriers, wants EU focus on market access

📝 Finance Ministry suggests PSU banks to update transfer policy

📝 CREDAI urges government for change in definition of affordable housing

📝 FIIs reverse selling trend with purchase of domestic equities worth Rs 11,100 crore in two sessions

📝 Enviro Infra IPO subscribed 89.90 times on final day of bidding

📝 Vedanta Resources raises USD 800 mn from global investors via new bond issue

📝 RBI injects ₹6,956 crore as liquidity turns to deficit

📝 IOC keeps Iraq oil import agreement steady, eyes more Russian crude

📝 Zydus eyes M&A, licensing to build its US specialty business

📝 India's luxury housing market soars, H1 FY25 total sales Rs 279,309 cr, up 18%

📝 APM Terminals Pipavav signs 25-yr pact with CleanMax to source power

📝 Spacetech startup TakeMe2Space to launch AI lab in space in December

📝 Healthkart swings to profit in FY24, revenue tops Rs 1,000 crore

📝 IT major TCS turns to home turf as it looks to redraw revenue map

📝 NCLAT dismisses petition seeking insolvency against Amazon Wholesale

📝 Govt working on integrated platform to speed up resolution processes

📝 Ola Electric rides into gig segment; set to launch sub-Rs 40K e-scooter

📝 Moody's and Fitch take rating action against Adani group companies

📝 Siemens Sep quarter net profit jumps 45% to Rs 831 crore on higher income

📝 Cars24's revenue from operations rises 25% to Rs 6,917 crore in FY24

📝 Nippon Life India acquires commercial spaces worth Rs 486 crore in Mumbai

📝 India shipped record 4.5 million personal computers in Q3CY24: IDC

📝 Protectionism, tariffs among major challenges: RBI Governor Shaktikanta Das

📝 Banks eye Rs 1 trillion through infrastructure bond issuances in FY25

📝 Indian banks write off Rs 1.7 trillion in loans in FY24, shows govt data

📝 Govt plans insurance law changes for unified licence, hiking FDI limit

📝 TakeMe2Space set to launch India's first AI laboratory in space

📝 India's 5G users to touch 970 mn by 2030: Ericsson Mobility report

📝 Panel set up by SC moots direct income support to farmers

📝 ShareChat’s revenue grows 33 per cent in FY24 to Rs 718 crore

📝 Competition commission approves Alphabet’s stake acquisition in Walmart-owned Flipkart

📝 Mediation for operational creditors to cut NCLT burden: MCA

📝 Rupee slips 3 paise as dollar firms up on Trump’s tariff plan

📝 Sri Lanka Streamlines Monetary Policy to Single Benchmark Rate

📝 Vedanta eyes $2 billion copper project investments in Saudi Arabia

📝 Govt approves ₹1,116 crore for disaster mitigation, capacity building projects

📝 CCI approves Kotak Bank’s proposal to buy Standard Chartered's ₹4.1k loan book

📝 States borrow ₹30,790 crore in the Nov auction; FY25 borrowings stand at 2.1 tn

📝 U.S. airlines collected more than $12 billion from seat fees

📝 Aviation ministry working to integrate airspace, IMD data with Gati Shakti.

📝 Union Cabinet okays several projects for farmers, young citizens

📝 Cabinet approves PAN 2.0 Project worth Rs 1,435 cr; PAN Cards to soon have QR codes

📝 Realty developer Kalpataru gets SEBI approval for Rs 1,590-crore IPO

📝 Suraksha Diagnostic to launch its IPO on November 29

📝 Creditors recover Rs 3.55 lakh crore till Sept under insolvency law

📝 HDFC Life Insurance faces data breach, assessing potential impact

📝 Centre approves 2 hydro projects worth Rs 3,689 cr in Arunachal Pradesh

📝 Domestic air passenger traffic rises 5.3% to 1.36 cr in Oct; Indigo corners 63.3% share

📝 AI analytics firm Pyramid Analytics secures $50 million from Blackrock

📝 Elchemy secures $5.6 million in funding Prime Venture Partners, others

📝 Beyond Appliances raises $2 million in round led by Fireside Ventures

📝 Zomato launches QIP; sets floor price at Rs 265.91 per share

📝 One Card to raise Rs 240 crore from Better Tomorrow Ventures, Peak XV Partners and Z47

📝 Vedanta to proceed with dollar bond sale in first post-Adani credit test

📝 GenAI startups see 3.4x funding surge in September quarter: Nasscom

📝 State Bank of India to channel $1.5 billion in global book in 4 months

📝 Ashoka Buildcon receives LOA for Nhai project worth Rs 1,391 crore

📝 NFRA moves to extend company audit rules to limited liability partnerships

📝 Maruti Suzuki achieves milestone of exporting 3 million cars from India

📝 Orchid Pharma to collaborate with hospital body CAHO to counter AMR

📝 Co-living startup Truliv debuts in Bengaluru with nearly 1,000 beds

📝 Bumper kharif harvest likely to lower food inflation: FinMin report

📝 S&P Global cuts India's FY26 GDP growth forecast to 6.7% from 6.9%

📝 Govt collects Rs 16,398 crore GST on health, life insurance in FY24: FinMin

📝 Credit card spends rise 14.5% in October on festive season purchases

📝 Property Share files offer document for Rs 353 crore IPO of its SM Reit

📝 Edelweiss Financial Services explores minority stake sale in MF unit

📝 Public sector banks prepare to open AT-1, Tier-2 bond floodgates

📝 Gati Shakti to make real estate affordable: Goyal

📝 ITDC’s Ashok Hotel set for monetisation, EoI to be floated soon

📝 HUL approves demerger of ice-cream biz into separate listed firm

📝 Centres releases 80% of of FY25 dues to FCI

📝 Zoom raises annual revenue and profit forecasts, expands share repurchase

📝 HMD looks to strengthen exports from India amid rising US-China trade tensions

📝 SpaceX launches 23 Starlink satellites, expands direct-to-cell capability

📝 Equinox India plans realty projects with gross development value of ₹12,000 cr

📝 NTPC Green in talks to supply sustainable aviation fuel to global airlines

📝 Govt to dispatch 150 tonnes of onions by road to combat rising prices in J&K

📝 Gaganyaan's unmanned mission likely in March next year.

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25 November 2024 News

25th November 2K24 News and Updates

📝 Adani Group, others' energy projects may be investigated in Bangladesh

📝 IPO pipeline to remain strong; 10 companies aim to raise Rs 20,000 cr in Dec

📝 India Inc’s interest cover weakens in Q2 amid slowing revenue, profit growth

📝 FSIB recommends Binod Kumar for post of Indian Bank MD & CEO

📝 Patanjali Ayurved's FY24 revenue up 23% to Rs 9,335.3 cr, helped by Patanjali Foods OFS

📝 Mobile industry seeks enhanced air cargo handling capacity amid expected jump in smartphone export

📝 Vodafone Idea misses Rs 350-crore bank guarantee payment; may not face penal action

📝 19 agritech soonicorns, 40 minicorns embracing emerging tech for biz growth: RBI

📝 Apple rings in $10 billion in iPhone production freight on board

📝 India's 26 major realty firms sell Rs 35,000 cr worth properties in Q2

📝 Punit Goenka withdraws from reappointment for ZEEL MD in upcoming AGM

📝 Hero MotoCorp US partner in advanced stage of developing mid-sized e-bike

📝 Reliance's refining margins recover but retail remains uncertain: JPMorgan

📝 India-UK FTA talks likely to restart in January amid complex issues

📝 Major port cargo contracts 3.2% to 68 mt in October, shows govt data

📝 India-dedicated fund outflows hit largest since June 2022: Elara Capital

📝 FPI selling spree continues in Nov at Rs 26,533 cr, pace of outflow slows

📝 Indian tech eyes $25 billion goldmine in embedded finance: Report

📝 India may become global leader in 5G fixed wireless access market by 2027

📝 FMCG distributors flag deep discounts by quick commerce companies

📝 Revised PLI scheme sparks discontent among bank officials

📝 eNAM trade rising steadily, 1,400 mandis linked

📝 IPOs of BCCL and CMPDI on track, DRHPs this fiscal

📝 IBBI’s bid to manage liquidation accounts may face hurdle

📝 Mcap of 8 top-10 domestic firms jumps by Rs 1.55 lakh crore; HDFC Bank, TCS lead

📝 India rejects food shipments from China, Japan, Sri Lanka, Bangladesh, Turkey

📝 Govt seeks to induct more firms into its grievance redressal mechanism

📝 IIFCL seeks infra tag for space sector; keen to finance satellite vehicles manufacturing: MD

📝 Income tax department advises taxpayers to carefully review their foreign income, assets in ITR

📝 India is at no. 4 on Stanford’s global AI power list

📝 India calls $300 billion climate aid commitment a 'paltry sum' at COP29.

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21 November 2024 News and Updates

21st November 2K24 News and Updates

📝 India, Australia firm up clean energy partnership; pushing mega trade pact

📝 Asia's jet fuel imports from India to hit multi-yr high in Nov, shows data

📝 Axis Bank, Bank of India eyeing to raise funds through AT-I bonds

📝 Tripura govt signs MoA with Tata Technologies for upgradation of 19 ITIs

📝 Adani Energy Solutions to acquire 100% stake in Pune- III Transmission

📝 Coal import by NRS, domestic thermal power plants drops 9.8% in H1FY25

📝 ReNew Energy's Q2 net profit rises 31% to Rs 440 crore on higher income

📝 OfBusiness hires Axis, JPMorgan, Citi among other banks for 2025 Indian IPO

📝 CIEL HR Services files draft IPO with Sebi, aims for Rs 335 cr via issue

📝 Parle Agro FY24 revenue down 12% to Rs 3,126 crore, profit slides 89%

📝 Datta Power Infra signs MoU to invest Rs 5,000 cr in RE sector in Rajasthan

📝 Tropical Agrosystem to build new unit in Kharagpur, eyes expansion in Gujarat

📝 LG Saxena approves promotion of 295 CMOs in Delhi government hospitals

📝 Karnataka aims to attract $ 3 billion in space tech, aims half of country's marketshare

📝 Vedanta Aluminium signs pact with GAIL for supply of natural gas

📝 Equity investments in real estate sector to hit a new record surpassing USD 10 billion

📝 SECI signs MoU with H2Global Stiftung to promote green hydrogen initiatives

📝 Hope slowdown in urban discretionary demand is a blip, not structural: Sula Vineyards CEO

📝 Qcomm logistics enabler Blitz raises Rs 51 crore from IvyCap Ventures, others

📝 Paper and paperboard imports rise by 3.5 pc in April-September FY25

📝 Higher energy bills push UK inflation to 6-month high in October

📝 India’s GDP growth likely moderated to 6.5% in Q2, says Icra

📝 India's services exports to surpass goods exports by FY30, says GTRI report

📝 Doodhvale Farms Raises $3M in Atomic Capital-Led Round to redefine India's premium dairy sector

📝 UPL announces rights issue to raise ₹3,378 crore

📝 Honda Cars India announces big discounts on Amaze, City, and Elevate

📝 Nokia wins 5G extension deal from Bharti Airtel for its India operations

📝 Raheja Developers moves NCLAT against insolvency

📝 India's steel industry to grow at 8%; capacity to rise by 20 million tons by FY2027: report

📝 Relief for Airtel, Vodafone, Tata Tele as SC grants tax credit on infra item

📝 Department of Commerce welcomes resumption of FTA talks between India, UK

📝 Booking Holdings outpaces rivals with strong growth in alternative accommodation

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Audit is Changing Forever!

✅The National Financial Reporting Authority (NFRA) has initiated a major reform to transform how audits are conducted for corporate financials in India.

✅NFRA plans to revise all 38 Auditing Standards and 2 Quality Management Standards issued by the ICAI. Currently, these standards are considered final, but NFRA’s move aims to align them with stricter global practices.

🚨 Key Update:

✅SA 600 (on consolidated financial statements) is already under revision, with more changes on the way.

Why the Reform?

✅After scandals like Satyam and IL&FS, stricter audits became essential. NFRA’s revisions aim to enhance accountability and compliance under Section 143(10) of the Companies Act, 2013.

✅Though there might be differences between ICAI and NFRA, this is not a conflict but a step to ensure higher audit standards.

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16 November 2024 News and Updates

16th November 2K24 News

📝 Vi's turnaround at risk after plan to raise ₹25,000 crore debt hits a snag

📝 US industrial production slumped in October

📝 Chipmakers, telcos clash over 6GHz band for Wi-Fi 7 rollout

📝 Earthquake of magnitude 4.2 hits Gujarat

📝 After Rs 1.2 lakh crore FII outflow, CLSA shifts focus back to India from China

📝 India's forex reserves fall to $675.65 billion, down $6.4 billion as of Nov 8

📝 US finalises up to $6.6 billion funding for chip giant TSMC

📝 EV parts maker Vecmocon raises $10 million in round led by Ecosystem Integrity Fund

📝 Jewellery brand Giva's revenue rises 66% in FY24, losses widen 30%

📝 Mankind Pharma pledges 39.68% in Bharat Serums for Rs 5K crore NCDs

📝 Fusion Finance stays in red with Q2 net loss of Rs 305 cr; GNPA hits 9.4%

📝 Canara Bank classifies RCom and its subsidiary as 'fraud' accounts

📝 HZL wins gold block, marks Vedanta group's entry into yellow metal business

📝 Belstar Microfinance to prioritise consolidation over growth in coming qtrs

📝 Sebi slaps Rs 26 cr notice on Reliance Big Entertainment in RHFL fund case

📝 Ujjivan Small Finance Bank looks to sell Rs 270 cr of micro-banking loans

📝 Drone startup Airbound raises $1.7 million funding, to focus on deliveries

📝 Unilever reduces European job cuts, adds 1,000 roles for ice cream unit

📝 Samsung Electronics plans $7.2 bn buyback to boost shareholder value

📝 NTPC-ONGC green energy joint venture bids $650m for Ayana Renewable

📝 NFRA gets legal opinion on ICAI's powers to issue audit standards

📝 European Union corners India, developing world over carbon tax at COP29

📝 India-China bilateral trade hits $10.7 billion in October, contracts 0.46%

📝 India Inc capex slows down marginally to Rs 9.4 trn in FY24: Care Ratings

📝 Indian spice market records 8.8% growth during FY24’s first half, eyes a USD 10 billion turnover by 2030

📝 Railways floats Rs 20,000-crore RFP for camera in coaches

📝 Procurement via GeM portal above Rs 3 lakh crore so far this fiscal

📝 Muthoot Fincorp to include mortgage, digital in products portfolio

📝 Mumbai Airport records 4 per cent growth in October passenger traffic

📝 First Trilateral Power Transaction from Nepal to Bangladesh via Indian Grid Takes Off

📝 DFC doubles freight traffic, handles 13 per cent of railways’ freight load already

📝 GST Council to take up tax on insurance, rate rejig of over 100 items

📝 US ETFs net inflows near $1 trillion in biggest annual rush after Trump's win

📝 India pitches for $1.3 tr in annual climate support for developing nations

📝 World sees 600 mn cyberattacks daily, AI can secure devices: Microsoft's Chik

📝 SBI to borrow $1.25 billion, India's largest bank loan in 2024

📝 JGU and IIT Madras Collaborate to Design Advanced Robot Tour Guide for India's First Constitution Museum

📝 Oil heads for weekly loss as Chinese demand continues to underperform.

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15 November 2024 News and Updates

15th November 2K24 News and Updates

📝 SBI hikes lending rates under MCLR by 0.05%

📝 Glenmark Pharma Q2 Results: Co posts Rs 355 crore net profit on robust sales growth

📝 Medanta Q2 Results: Co reports 4.5% jump in net profit to Rs 130.8 crore

📝 Foreign investors sell nearly $1 billion of JPM index-linked Indian government bonds in Nov

📝 Murugappa to buy Germany's Hubergroup; acquisition at an enterprise value of $310 million

📝 RIL, Viacom18 and Disney complete merger to create a Rs 70,352 cr JV

📝 Unesco, MeitY partner to assess gaps in ethical AI use in India

📝 eVTOL player ePlane raises $14 million, anticipates parallel aviation industry & new jobs

📝 Pavestone marks final close of tech fund at Rs 816 crore

📝 India's merchandise exports surge 17% in Oct, fastest pace in 28 months

📝 India set to become hottest destination for global fashion brands by 2025

📝 Anil Ambani's RPower gets SECI showcause over 'fake bank documents'

📝 JPMorgan sets up unit in GIFT city to develop derivative products

📝 Universal Studios looks to join Excel Entertainment cast with stake buy

📝 Agro Tech Foods buys Bharti group's Del Monte Foods in Rs 1,300 cr deal

📝 EaseMyTrip Q2FY25 results: Net profit declines 45% to Rs 26 crore

📝 Muthoot Finance Q2 results: Consolidated net profit up 21% at Rs 1,321 cr

📝 Black Box eyes $2 billion revenue in 4 years on rising AI, data demand

📝 Rapido reports 2.5x increase in gross order value to Rs 2,461 cr in Q2FY25

📝 NHB raises Rs 3,830 cr through 10-yr bonds at 7.14%; gets 'AAA' rating

📝 Rupee settles at new low of 84.41 as US dollar strengthens, FII outflows

📝 WPI inflation hits 4-month high of 2.36% in October on food price spike

📝 VRRR auction gets muted response from banks

📝 Shiprocket, CSC to run e-commerce export hubs around Delhi

📝 Tata Projects looks at double-digit growth in revenues in FY25

📝 Bharat Forge net profit up 13.22 per cent to Rs 361.12 crore

📝 GAIL inks pact with Abu Dhabi firm for LNG supply

📝 MGNREGS outlay may be hiked by Rs 10,000 crore

📝 Delhivery logs profit for 2nd quarter on festive boost

📝 US Adds South Korea to Foreign-Exchange Monitoring Watchlist

📝 Grasim Industries Q2 Results: Net profit slumps 66% to ₹390 crore

📝 Centre rolls out fourth phase of gold hallmarking, expands to 18 more districts

📝 Porter looks to raise $100 million from private equity firms

📝 India’s sports industry to jump to $130 billion by 2030: Deloitte-Google report

📝 Sebi mulls reforms for angel funds, lowering barriers and boosting flexibility

📝 EU imposes €797 million fine on Meta Platforms for abusive Facebook ad practices

📝 FirstCry parent firm Brainbees Solutions posts ₹63 crore loss in Q2

📝 India’s goods trade deficit widens to $27 billion in October

📝 Peak XV leads ₹565-crore investment in rural credit startup SarvaGram Solutions.

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✅ Audit Assessees, Your due date for filing tax ITR is today 15th November 2024.

✅ NFRA recommends revision in New Quality Control Standards, including revisions to SQC-1 (now SQM-1 & SQM-2) & most important SA600, with joint auditor responsibilities in SA299. Recommends revisions in SA800, SA805 & SA810.

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Advisory on Initial Phase of Invoice Management System (IMS) Implementation

✅The Invoice Management System (IMS), introduced as an optional feature on the GST Portal in October 2024, allows recipients to review invoices furnished by suppliers in GSTR-1/1A/IFF and either accept, reject, or keep them pending. 

✅Actions taken in IMS determine the recipient’s GSTR-2B, generated on the 14th of the following month, which in turn impacts the auto-populated ITC and tax liability in GSTR-3B.

Key Points

✅Invoice Actions : Taxpayers can verify and take action on invoices in IMS. Rejected invoices do not contribute to ITC in GSTR-2B.

✅Auto-population in GSTR-3B : ITC and liability values are auto-populated in GSTR-3B based on data in GSTR-1/1A and GSTR-2B, but taxpayers can currently edit these fields before filing.

✅Error Correction Flexibility : During the early implementation phase, users may encounter errors when accepting or rejecting invoices in IMS, leading to incorrect ITC values in GSTR-3B. Recipients can adjust their actions in IMS and recompute GSTR-2B to ensure accurate ITC.

✅If mistakes persist, resulting in incorrect ITC or liability values in GSTR-3B, taxpayers are advised to correct these fields manually before filing to ensure accuracy based on their actual records. This guidance ensures accurate tax credit claims and liability reporting during IMS's rollout phase.

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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.

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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.

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13 November 2024 News and Updates

13th November 2K24 and updates

📝 Railways spends 61% of budgeted allocation till October via Rs 1.63 lakh crore capex

📝 Five WTO nations flag India's market price support for wheat, rice

📝 Pharma market sees 6.1% growth in October despite subdued volumes

📝 Sebi simplifies registration of certain categories of FPIs

📝 Religare Enterprises Q2 Results: Net profit shoots up 70% to Rs 68 crore

📝 Sunteck Realty Q2 Results: Net profit up 348% YoY to Rs 35 crore

📝 NTPC Green seeks $12 billion valuation for its IPO

📝 Sebi gives nod to Inventurus and Manjushree Technopack to float IPOs

📝 Industrial output expands 3.1% in September on base effect, festivals

📝 India's retail inflation in October quickens to 6.21%, breaches RBI tolerance band for first time since Aug 2023

📝 Funstop Games raises $5 million in its Series A funding

📝 Gardening startup Ugaoo raises Rs 47 crore led by V3 Ventures

📝 B2B startup StampMyVisa raises Rs 6.6 crore from Unicorn India Ventures

📝 Razorpay launches venture investment programme in partnership with VCs

📝 Wilson & Hughes PE acquires travel firm Cox & Kings assets, brands

📝 RIL to invest Rs 65,000 crore in 500 CBG plants in Andhra Pradesh

📝 SoftBank returns to quarterly profit with $7.7 bn gain, beats expectations

📝 L&T bags over Rs 15,000 crore NTPC order for thermal power plants

📝 GIC Re Q2FY25 results: Net profit increases 16% to Rs 1,860.76 crore

📝 Honeywell India supports deep science startups in collaboration with IISc

📝 JSW Defence partners with Shield AI, to invest $90 million in 2 years

📝 Air India-Vistara merger completed; Singapore Airlines gets 25.1% stake

📝 DBS Bank India awaits RBI nod for new CEO as incumbent Shome set to retire

📝 Metropolis Healthcare plans to expand reach to 1,000 towns in 18 months

📝 Zydus Lifesciences net profit up 14% on strong India, US formulations biz

📝 Unicommerce announces acquiring e-commerce technology platform Shipway

📝 IndiGo working with aviation ministry to extend lease of Boeing 777 planes

📝 PSBs register strong business growth of 11% in H1 FY25, says FinMin

📝 Money matters: States' borrowings at 60% of Dec target, shows data

📝 Sitharaman to meet state FMs for pre-Budget, GST Council meet on Dec 21-22

📝 MedTech sector to touch $20 billion by FY27, Govt scheme to boost domestic manufacturing

📝 Centre urges states to list electricity utilities

📝 90 per cent of India-Russia trade in local currency now

📝 Startup funding hits $10 billion in October

📝 Q3 exports to grow 1.8 per cent on year: Exim Bank

📝 Rupee weakens further, hits new closing low of 84.40 per dollar

📝 Swiggy IPO to unlock Rs 9K-crore benefits for employees

📝 SEBI extends deadline for public comments on digital platforms proposal to November 26

📝 Zinka Logistics Solution IPO raises ₹501.33 crore via anchor investors

📝 NFRA Board revises all audit standards despite ICAI dissent

📝 PM Modi to attend G20 Summit in Brazil, visit Nigeria & Guyana

📝 India ranks among top 10 globally for patents, trademarks, industrial designs

📝 BSE Q2 results: Net profit soars 193% YoY to ₹346 crore, revenue up 2-fold

📝 Govt sanctions first-ever all-women CISF reserve battalion of 1,000 personnel

📝 BCCI seeks withdrawal of insolvency proceedings against Byju’s

📝 Profit of Indian public sector banks jumps 35.4% to ₹45,550 crore in Q2

📝 Samvardhana Motherson Q2 results: Net profit soars 222.5% to ₹948.81 crore

📝 Demat accounts reach 179 mn; new additions fall to 3.5 mn in October.

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✅Announcement regarding Revised Criteria for classification of Non-company entities for applicability of Accounting Standards - (08-11-2024)

https://resource.cdn.icai.org/82761asb66837.pdf

✅Amendments to AS 22, Accounting for Taxes on Income issued by the ICAI (For non-company entities) - 

https://www.icai.org/post/amendments-to-as22-nce

✅Guidance on Non-Compliances Observed by Quality Review Board During Quality Reviews (Volume 2) Released by Auditing and Assurance Standards Board - 

https://www.icai.org/post/aasb-guidance-on-non-compliances-qrb-v2

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12 November 2024 News and Updates

12th November 2K24

📝 'Govt FY25 spends to be in sync with Budget estimates of ₹48.2 lakh cr'

📝 ONGC's standalone net profit rises 17% to Rs 11,984 crore; dividend declared

📝 India's net direct tax collection rises 15.4 pc to Rs 12.1 lakh crore in April-November

📝 Insecticides India Q2 Results: Profit rises 16% to Rs 61 crore, revenue declines 10%

📝 Shapoorji Group in talks for Rs 8,000 crore raise via bonds

📝 Vedanta Group plans to invest USD 500 mn in AvanStrate Inc

📝 Semiconductor sector to create 1 million jobs in India by 2026, says report

📝 Sterlite Power gets Rs 1,200 cr orders in Q2

📝 Unicommerce to acquire shipping automation firm Shipway

📝 LTTS acquires silicon valley based Intelliswift for $110 million; adds 1,500 headcount

📝 Epiq Capital leads $16.5 million funding round in edtech startup Bhanzu

📝 ID verification company Equal bags $10 million in first institutional raise

📝 Pfizer to fund six startups through its INDovation program for healthcare

📝 KFC India operator Devyani's revenue jumps 49% on new store additions

📝 Hindalco Q2 results: Net up 78%, plans $4-5 bn capex for upstream units

📝 Bank of India Q2FY25 results: Net profit rises 63% to Rs 2,374 crore

📝 German lens maker ZEISS expands its Global Capability Centre in Bengaluru

📝 IRFC retains Rs 1,415 crore at 7.14% through 15-year maturing bonds

📝 HealthCare Global to sell diagnostic business Triesta for Rs 135 crore

📝 Ambuja Cements seeks CCI approval to buy majority stake in Orient Cement

📝 Elon Musk's Starlink moves closer to India licence, accepts data terms

📝 Flipkart achieves EV deployment target of over 10,000 in delivery fleet

📝 FinMin revokes 8-year-old circular: CPSEs no longer need NITI nod for JVs

📝 COP29 kicks off; host asks nations to resolve differences on finance goal

📝 Rupee hits fresh low of 84.39 against the US dollar amid FII selloff

📝 RBI, Sebi unveil rules for converting excess investment by FPIs into FDI

📝 Apple targets 32% of iPhone production and 26% of value in India by FY27

📝 Mutual Funds: Monthly SIP value hits Rs 25,000 crore mark for first time; SIP accounts 10.12 crore

📝 Rural FMCG basket size improves by 60% as income sources grow

📝 ED to summon Amazon, Flipkart executives as regulatory scrutiny grows: Report

📝 Sanjiv Khanna takes oath as 51st Chief Justice of India

📝 Centre to release upto ₹70,000 crore capex loans to states in Q3

📝 ITC Foods, AIPA ink 5-year deal to popularise pickleball in India

📝 Centre extends tenure of Foreign Secretary Vikram Misri till July 2026

📝 Balrampur Chini Mills Q2 results: Net profit falls 60% YoY to ₹67 crore

📝 Hindustan Copper Q2 results: Net profit jumps over 67% YoY to ₹102 crore

📝 Oil crashes over 2% on disappointing China stimulus; Brent drops below $73.

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ADVISORY FOR WAIVER SCHEME UNDER SECTION 128A

1. Waiver Scope: Interest and penalties waived for demand notices/orders under Section 73 of the CGST Act, 2017 (no fraud, suppression, or wilful misstatement involved) for FY 2017-18, 2018-19, and 2019-20.

2. Deadline for Tax Payment:Tax must be fully paid by March 31, 2025, to avail of the waiver benefits.

3. New Rule Notification: Rule 164 of CGST Rules, 2017, was notified via Notification No. 20/2024 dated October 8, 2024, effective from November 1, 2024, detailing procedural guidelines for the waiver scheme.

4. Forms Required:Taxpayers must file an application in Form GST SPL-01 or Form GST SPL-02 on the common portal within three months from the notified date (deadline March 31, 2025).

5. Availability of Forms: Forms GST SPL-01 and GST SPL-02 will be available on the portal in January 2025.

6. Payment Instructions:

Demand Orders: Pay via the “payment towards demand” facility.

Notices: Pay using Form GST DRC-03.

Linking Previous Payments: If tax has already been paid through DRC-03, link it to the demand order using Form GST DRC-03A (now available on the portal).

7. Advised Action:Taxpayers should ensure tax payment by March 31, 2025, to qualify for the waiver benefit.

In case of any query or concerns do let us know.

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👉🏻NFRA likely to propose Audit Norms for LLPs Board Meeting.

(NFRA may propose thresholds based on turnover or capital contribution, making audits mandatory for LLPs meeting these criteria. This could affect larger LLPs that play a substantial role in the economy.)

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11 November 2024 News

11th November 2K24

📝 Ashok Leyland eyes Ebitda break-even for EV arm Switch Mobility in FY25

📝 Tyre firms raise prices for third straight quarter to combat rising costs

📝 India to be a booming market for FICO in coming years: CEO Will Lansing

📝 Aster DM Healthcare-Quality Care India merger talks enter final lap

📝 Vedanta group maintains cost guidance, pushes capital expenditure pedal

📝 Govt plans to integrate Gati Shakti portal with e-Shram database

📝 Godrej Properties net debt rises marginally to Rs 7,572 crore in Q2

📝 Fssai calls quick commerce firms for talks on food safety issues on Tuesday 

📝 Interarch Building Products plans to double turnover to Rs 2,500 cr by 2028

📝 Ecozen plans to raise $75 mn to fuel growth, increase market presence

📝 India's coal import rose 8% to 140.6 MT in H1, demand likely to stay modest

📝 HAI mulls incentives for hotel operators to adopt sustainable practices

📝 Life insurers sector reports 13.16% growth in new premiums for October; new policy issuances drop 41.6%

📝 Maruti Suzuki ties up with HSBC India for inventory funding

📝 Singapore Airlines to invest additional Rs 3,195 cr in Air India post-Vistara merger

📝 Northeast gas grid to be operational by 2026: Indian Gas Exchange CEO

📝 IIFCL plans subsidiary for issuance of asset backed securities

📝 Confident of achieving $31 billion chemical export target this fiscal: CHEMEXCIL

📝 Debt at Vedanta Resources cut by $4.7 billion: Anil Agarwal

📝 India emerging as good opportunity market for Sony's gaming biz, says India MD

📝 Despite slower credit growth, consumption via credit goes up by five per cent, say industry executives

📝 SBI's deposit crosses Rs 50 lakh cr, net profit up 28 pc

📝 PepsiCo, Unilever and Danone selling products with lower health ratings in India: Report

📝 Banks express no 'stress' as govt directs close monitoring of lending by MFI segment

📝 India plans cell for expediting new treatments and vaccines for emerging public health emergencies

📝 Indian airspace is getting more users; need to look at streamlining air traffic management: Official

📝 Land purchases, joint development deals soar amid booming real estate demand

📝 Top 10 companies see valuation slump ₹1.55 crore, RIL biggest laggard

📝 Asian Paints Q2 result: Profit falls 42% YoY; board approves interim dividend

📝 India poised to gain from Trump's potential tariff hike on China, says report

📝 US Gulf of Mexico oil, gas production stalls amid hurricane Rafael’s 100 mph

📝 Govt not keen on waiving off levies on AGR

📝 Invesco Advisers’ ESG Claims Draw $17.5 Million SEC Fine 

📝 PFC board declines SP Group's ₹20,000-crore loan proposal

📝 Medical devices industry welcomes government's Rs 500-crore scheme.

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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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7 November 2024 News and Updates

7th November 2K24 news and updates

#TODAY

🇮🇳 #Nifty50 Index Weekly Expiry

🇮🇳 #HindustanZinc OFS Opens For Non-Retail

🇮🇳 #Nifty50Results M&M | Trent 

🇨🇳 #CHINA Trade Balance @ 08:30 AM

🇬🇧 #UK Bank Of England’s Interest Rate Decision @ 05:30 PM

🇺🇸 #US Initial Jobless Claims @ 07:00 PM

🇺🇸 #US Interest Rate Decision Followed By Jerome Powell’s Press Conference @ 12:30 AM

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📝 RBI 'watchful' of unsecured loan flows into stock market: Shaktikanta Das

📝 Positives outweigh negatives, though inflation a worry: RBI Governor Das

📝 Nxtra to invest Rs 5,000 cr to double its capacity to 400 MW in three years

📝 India expects policy continuity with US regardless of election outcome: CEA

📝 Recommendations on satcom to be brought out soon: Trai Chairman Lahoti

📝 Novo Nordisk posts Q3 sales of obesity drug Wegovy above expected forecast

📝 India fastest growing market and will be the largest market for SAP: CEO

📝 IL&FS group discharges debt of Rs 38,082 cr to creditors as of Sep-end

📝 VW workers at Osnabrueck plant hold out fresh warning of strike over pay

📝 Toyota posts first quarterly profit drop in two years on US, China woes

📝 IFC commits $400 mn to Bajaj Finance to help boost finance, empower women

📝 Auto retail sales up 32% in Oct as 2W, PVs shine in festival season

📝 India's petrochemical sector to grow over three-fold to USD 1 trillion by 2040: Hardeep Puri

📝 India's Q2 GDP growth may slow down to 6.5%; FY25 growth seen closer to 7%: SBI

📝 Hero MotoCorp looks to scale up EV business, lines up new models

📝 India most promising growth market for Skoda: CEO Klaus Zellmer

📝 Zero Motorcycles eyes India market with premium electric bikes, backed by Hero MotoCorp partnership

📝 Sanathan Textiles gets Sebi nod for Rs 800 crore IPO

📝 Finance Ministry asks PSU banks to take steps to meet loan targets for agri-allied sector

📝 Honda 2-wheeler domestic sales rise 20% to 5.5 lakh in October, exports jump 48%

📝 India's focus should shift to job quality amid AI disruption, says CEA Anantha Nageswaran

📝 Jio, Airtel SG&A costs jump in Q2 amid higher customer churn

📝 India's Oct palm oil imports hit 3-month high on festive demand, dealers say

📝 Maruti Suzuki looks to boost exports with upcoming new Dzire sedan

📝 Govt approves ₹10,700 cr equity infusion in FCI, launches PM Vidyalaxmi scheme

📝 Rites Q2 update: PAT falls 25% and stood at Rs 82.5 crore

📝 Apollo Hospitals Q2 Result: Net profit rises 63% to ₹379 crore, revenue up 15%

📝 Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74

📝 BMW's net profit drops 84% amid China sales slump and vehicle recall issues

📝 Iran's Rial hits all-time low, bitcoin and dollar up as Trump returns to office

📝 India’s service sector growth rebounds in October on higher demand

📝 Waaree Energies m-cap tops ₹1 lakh crore as shares caught in one-way rally

📝 Germany-based Deutsche Bank AG had infused $650 million into its Indian operations to fund growth plans

📝 Granules India Q2 update: PAT falls 4.7% and stood at Rs 97.2 crore

📝 India, ADB ink $200 mn pact to boost Uttarakhand’s urban resilience.

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Important Update on Personal Hearings in GST

As per CBIC's Instruction dated 5th November 2024, Personal hearings in adjudicating/appellate proceedings will primarily be conducted in virtual mode via Video Conferencing (VC)👇

Physical hearings will only be allowed upon specific request, with reasons recorded in writing.

Instructions dated 21.08.2020 have been reinstated, and the amendment dated 28.07.2022 has been withdrawn, leading to the above scenario!!

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6 November 2024 News and Updates

6th November 2K24

📝 Govt estimates record 119.93 mt rice output for year 2024-25 Kharif season

📝 JNPA records nearly 12% rise in Oct container traffic to 614,651 TEUs

📝 Shreyas Srinivasan quits as Paytm's CPO after Zomato's Insider acquisition

📝 Airtel pushes DoT for non-discriminatory waiver in telecom sector reforms

📝 Maruti Suzuki-backed Bharat Seats to issue bonus shares for shareholders

📝 Thomson Reuters Q3 revenue rises 8% to $1.72 billion, beats expectation

📝 Apollo's Q3 profit increases 12% on gains from retirement business

📝 IBBI proposes mediation mechanism for operational creditors in IBC

📝 S Korea fines Meta $15 mn for illegally collecting info from Facebook users

📝 4.8 million weddings this year to generate over Rs 6 trillion: Cait

📝 Govt starts Phase-II of subsidised wheat flour, rice sale under 'Bharat'

📝 Iron ore climbs to over 2 week high on prospects of more China stimulus

📝 IndiGo co-founder Rakesh Gangwal becomes chairman of Southwest Airlines

📝 India, Kazakhstan to set up a JV in critical minerals sector

📝 Bajaj Finserv Mutual Fund files draft with Sebi for ELSS fund

📝 IHCL acquires majority shareholding in operating company of Tree of Life

📝 Aptus Value Housing Finance Q2 Results: Profit rises 22% to Rs 182 crore; dividend declared

📝 Marut Drones raises $6.2 million from Lok Capital

📝 QubeHealth raises pre-series A funding from UIV, CanBank

📝 NBCC secures Rs 500 crore contract from BIS

📝 Venus Remedies gets GMP approval for pre-filled syringe facility

📝 Fidelity marks up Lenskart valuation by 12% to $5.6 billion

📝 IL&FS seeks legal advice to recover excess remuneration paid to directors

📝 Power trading volumes in short-term market rise 12% in FY24

📝 JSW Steel and Korean steel-maker eye $7.7 billion investment in Odisha plant

📝 Muthoottu Mini Financiers launches NCD issue to raise ₹150 crore

📝 NMDC board to consider bonus issue for first time in 16 years on November 11

📝 Sebi’s move to curb option volumes to have substantial impact, says NSE chief

📝 Around ₹7,000-crore worth ₹2,000 banknotes yet to be returned to RBI

📝 MSCI review: Voltas, BSE, Adani Energy, among six stocks likely inclusions

📝 JK Cement cut volume growth guidance, but a timely expansion makes up for it

📝 Apollo Green Energy plans ₹1,500 cr capex to capitalize on India’s green push

📝 CastNX Secures ₹23.22 Cr Investment to Drive Power Electronics Innovation

📝 Ranjan Pai’s Claypond backs Easy Home Finance in $35 million funding round

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✅ GST Form DRC-03A is now live on GST Portal It can be used for adjustment / offset liability against payment made in DRC-03

✅ GSTIN Advisory: Time Limit for Reporting e-Invoice on the IRP Portal– Lowering of Threshold to AATO 10 Crores and Above w.e.f 01/04/2025

https://www.gst.gov.in/newsandupdates/read/543

✅ CBIC issues Guidelines for conduct of Personal Hearing in Virtual Mode , dated 05/11/2024, Mandatory allowing virtual hearing to assessee asking for it

✅ 07.11.2024 : Due date for Payment of TDS and TCS of October 2024

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- NFRA Board Meeting: The National Financial Reporting Authority (NFRA) board is set to meet next week to discuss the adoption of new audit rules, including changes to ISA 600, based on member feedback ¹.

- RBI Deputy Governor Applications: The government has invited applications for the position of RBI Deputy Governor, with no mandatory requirement for an economics degree or experience, despite overseeing monetary policy 

- Income Tax Act Review: The income tax department has received 6,500 suggestions from stakeholders on the review of the Income Tax Act, gathered over the past month.

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5 November 2024 News

5th November 2K24

📝 Revenue dept forms 22 sub-committees to review I-T act

📝 NTPC, ONGC join forces to work in new and renewable energy space

📝 Akasa Air FY24 revenue soars 339%, losses up over two-fold

📝 Bata India Q2 Results: Profit shoots up 53% to Rs 52 crore

📝 IRCTC Q2 Results: PAT rises 4% YoY to Rs 308 cr; co declares dividend of Rs 4/share

📝 Lulu Retail increases IPO size to 30% as it seeks to raise up to $1.72 bln

📝 ACME Solar aims to garner Rs 2,900-cr via IPO; fixes price band at Rs 275-289/share

📝 Government calls applications for RBI Deputy Governor position

📝 Wealth fund INA and VC firm Granite plan to invest $1.2 billion in Indonesia tech

📝 Maruti Suzuki eyes two-fold jump in exports after historic high in October

📝 JK Paper Q2 results: Net down 57.84% at Rs 128.85 cr on higher expenses

📝 Swiggy eyes 100 mn users, each ordering 15 times a month: CEO Majety

📝 Capital markets' boom drives NSE Q2FY25 PAT up 57% at Rs 3.14K crore

📝 Bharti Telecom raises Rs 11,150 crore via bonds to fuel investment goals

📝 JC Flowers seeks bids to sell Rs 2,613 crore of loans through Swiss auction

📝 FinMin seeks comments from sponsor banks on proposed RRB amalgamation

📝 Strong demand revives manufacturing PMI to 57.5 in October after 8-mth low

📝 Incremental CD ratio moderates to 77.7%, lowest in nearly 30 months

📝 Sebi allows MFs to invest in overseas schemes with India exposure

📝 Exide Industries Q2 result: PAT falls 13.66% to Rs 233.4 cr on higher costs

📝 Sundaram Finance Q2 profit slips 7 per cent to Rs 340 crore

📝 Rupee hits new record low amid FPI outflows

📝 Welspun Corp bags 2 orders for supply of coated HSAW pipes in US

📝 Adani Ports records 37.9 MMT cargo volume in October, says on track to achieve guided yearly volume

📝 Nirmala Sitharaman reviews Income Tax Act 1961

📝 Sagility India raises nearly ₹945.4 crore via anchor investors ahead of IPO

📝 Thailand extends visa-free entry for Indian tourists

📝 IRFC Q2 Results: Net profit rises 4% YoY to ₹1,613 crore, revenue up 2%

📝 RIL preparing for Jio IPO next year, retail business to go public much later

📝 India to undertake mega covid-19 study to help prepare for future pandemics

📝 SBI Mutual Fund average AUM surges to record ₹11 lakh crore in Q2.

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4 November 2024 News and Updates

4th November 2K24

📝 Reliance Consumer targets chips, biscuits market with higher trade margins

📝 41% workers on contract in formal manufacturing sector in FY23: ASI data

📝 India's EV market sees festive season boost, reversing recent slump

📝 Banks, FIMMDA discuss MIBOR replacement with collateralised rate framework

📝 18 companies in Nifty-50 miss estimates in September quarter, shows data

📝 India boosts global share in petroleum, gemstone, sugar exports over 5 yrs

📝 Opec+ agrees to delay planned December output increase for one month

📝 Punjab paddy procurement crosses 8.5 MT, Centre says ops in full swing

📝 Anarock FY25 revenue may rise 40% on strong housing demand: Chairman Puri

📝 Construction of 12 river bridges completed for Gujarat bullet train project

📝 GX group aims for 60% reusable materials in products within two years: CEO

📝 Sebi proposes interest rate derivatives for hedging by REITs and InvITs

📝 India's progress on fossil fuel subsidy reform noteworthy, says ADB

📝 Coal India hopes to rejoin dividend list as ECL improves performance

📝 Ujjivan Small Finance Bank to apply for universal licence this fiscal: MD Sanjeev Nautiyal

📝 VW cost cutting necessary after 'decades of structural problems', CEO tells paper

📝 Govt infuses Rs 1,650 cr in RINL to keep it as a going concern

📝 Karur Vysya Bank strengthens retail footprint in Tamil Nadu and Karnataka

📝 Canara Bank aims Rs 6,000 cr recovery in H2 FY25

📝 Apollo Hospitals announces Rs 1,625 crore expansion in Mumbai and Lucknow

📝 Iron ore output up 5.5% at 135 MT in 1st half of FY25

📝 Suven, Cohance aim to double combined business revenue to Rs 6,000 cr by FY29

📝 Federal Bank acquires five floors office space in Mumbai’s Wadala from Varde Partners

📝 Telangana govt to come up with new energy policy soon, says Deputy Chief Minister

📝 Netflix India sees double-digit growth in revenue, profit for FY24

📝 FMCG firms caution price hike as input costs and food inflation rise

📝 US Fed set to cut rates for second time as it faces hazy post-election outlook

📝 DLF to develop ultra-luxury housing project worth ₹8,000 crore in Gurugram 

📝 ONGC fails to get partner for Deen Dayal gas field for third time

📝 India may extend bid deadline for coal gasification scheme

📝 Maruti Suzuki expects festive momentum, wedding season to carry November sales

📝 India commits to protect 30% land, marine area to eliminate biodiversity loss

📝 Nvidia to replace Intel in Dow Jones Industrial Average

📝 FPIs dump ₹94,017 crore in Indian equities; outflow hit record-high in October

📝 Sundar Pichai shows confidence in firm's legal position on antitrust rulings

📝 China’s EV makers set sights on Latin America in global expansion

📝 Amazon India sees festive surge in luxury sales: Apple tablet sales up 10x

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✅ Income tax Case Law

Reopening of assessment u/s 147 - Gujrat High Court Set aside & quashed notice u/s 148, where case was re-opened on the ground wherein no addition was made on the issue of tax deducted at source and cash deposits

Mehsana Urban Co-op Bank Ltd. , dt 22/10/2024

✅ New Guidelines on Annuity Cancellation and Transfers in NPS

Circular No. PFRDA/2024/18/SUP-ASP/01 on October 24, 2024

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