16 December 2024 News and Updates

16th December 2K24 News and Updates

📝 India set for resilient growth in 2025 driven by urban consumption: S&P

📝 Asset quality pressures intensifying in India, emerging markets: Fitch

📝 Confident of Indian automobile industry becoming number 1 in 5 yrs: Gadkari

📝 Equity mutual fund inflows decline 14% to Rs 35,943 crore in November

📝 Industry body ISSDA seeks separate policy for stainless steel industry

📝 Gold prices rise on expectations of Fed rate cut, inflation data on tap

📝 Omnicom's Interpublic acquisition makes it the global ad industry leader

📝 Star Health eyes 18% GWP growth this financial year despite data breach

📝 Boeing restarts 737 MAX production a month after 7-week strike ended

📝 Agarwal Holdings buys Rs 455 cr land parcel from Shapoorji Pallonji Group

📝 India emerges global leader in generative AI enrollments on Coursera

📝 Startup contribution to economy projected to reach $1 trillion by 2030

📝 India Inc looking at year on-year growth of 9.75% in hiring for 2025-26

📝 Government released Rs 122 crore to over 1,700 agri-startups in last 5 years: MoS Agri

📝 Government says 3,000 MW electrolyser manufacturing capacity coming up in country

📝 Air passenger numbers to top five billion in 2025: IATA

📝 Govt says 18.74 crore farmers under agricultural loan obligations

📝 Zepto and NX Logistics India setup one of the largest warehousing facilities at Sumadhura Logistics Park

📝 DGTR initiated 43 anti-dumping investigations in 2024 so far

📝 Poonawalla Fincorp appoints Fiserv’s Salil Hajarnis as CTO

📝 India sugar output to rebound to record next year, could revive exports

📝 Govt developing industrial corridor projects to compete with world's top manufacturing and investment destinations

📝 Statiq partners with Vertelo to offer enhanced charging infrastructure

📝 Amazon to introduce 15-minute deliveries in Bengaluru this month

📝 FSSAI’s move to categorize packaged water as ‘high-risk’ a commendable step, says Nayan Shah of Clear Premium Water

📝 Metropolis Healthcare cashes in on rich valuation to acquire Core Diagnostics

📝 Women’s participation in labour force surged from FY18 to FY23, govt paper shows

📝 MobiKwik, Sai Silk, Vishal Mega Mart IPOs to open tomorrow

📝 RBI approves Burman family entities' open offer to acquire 26 pc additional stake in REL

📝 Mintifi raises $180 million in funding, valuation soars to $850 million

📝 China cuts 2024/25 corn production forecast in December outlook

📝 Oil marketing companies eye a strong Q3, but LPG could be a dealbreaker

📝 India's equity mutual fund inflows come off record highs in November

📝 Ecomm cos must ensure transparency, trust, uphold consumer interest: Pralhad Joshi at Amazon event

📝 IT import management system extended

📝 Shriram Finance sells entire stake in housing finance arm for Rs 3,929 crore

📝 Travel Food Services files draft papers with Sebi for Rs 2,000-cr IPO

📝 Inflation global challenge; restoring normalcy top priority: FM Nirmala Sitharaman

📝 OPEC makes deepest cut yet to world demand forecast

📝 Cipla gets CDSCO nod to launch inhalation insulin

📝 Adani Ports drops $553 million US loan for Sri Lanka terminal, opts for internal funding

📝 Legitquest raises $660,000 in ongoing round from existing investors InfoEdge, WaterBridge Ventures

📝 B2B AI startup RapidCanvas raises $16 million led by Peak XV Partners

📝 Peak XV, ChrysCap sell Awfis shares worth Rs 606 crore in block deals

📝 Kenro Capital buys stake in K12 Techno for $40 million

📝 Jubilant Bhartia Group to acquire 40% stake in Coca-Cola's bottler HCCB

📝 Blacksoil targets Rs 500 crore final close for second credit fund

📝 Food delivery aggregator Swiggy launches invite only membership, One BLCK

📝 Reliance NU Suntech wins India's largest solar and battery storage project

📝 SC issues contempt notice to R Infra arm, Axis Bank over DMRC refund case

📝 Tivolt Electric Vehicles sign MOU with TPREL to enhance EV charging infra

📝 Maruti to add 2,760 service outlets by FY31: CEO Hisashi Takeuchi

📝 SBI seeks counter bids to sell Rs 52k cr of consortium's loans in JAL

📝 Asian Development Bank lowers India's growth forecast to 6.5% for FY25

📝 Uttar Pradesh earmarks 17,000 acres for multimodal logistics parks

📝 SIP account additions slip to 6-month low in November, shows Amfi data

📝 InoxGFL enters solar manufacturing, first plant likely by early next year

📝 OYO-owned Innov8 clocks Rs 62 crore net profit in FY24

📝 FMCG companies count on urban revival by FY26

📝 GMR launches country’s first AI tool for traffic management

📝 Reliance Power arm bags 930 MW contract from SECI

📝 Sebi expands insider trading net

📝 Rupee slides to record lows of 84.86/$ amidst global weakness and economic concerns

📝 Tech Mahindra gets board approval for merger of its subsidiary Eventus Solutions with parent company

📝 Brazil Central Bank Pledges to Hike Rates to 14.25% by March

📝 Inventurus Knowledge Solutions raises ₹1,120 crore via anchor round

📝 US inflation rises 2.7% YoY in Nov, reports highest gain in 7 months

📝 EU digital competition norms offer guidance, but local norms essential: CCI

📝 Govt reduces wheat stock limits for traders and retailers

📝 Google seeks to monetize AI, rival Microsoft with new Gemini model

📝 ReNew promoters, Masdar offer to buy $800 mn shares to take it private

📝 Indian govt. deactivates 85 lakh mobile connections, tightens KYC regulations

📝 Trump pledges to speed permitting for companies investing over $1 billion

📝 Datamaran Announces Deal With Deloitte to Use ESG Software.

📝 India to become third-largest economy by 2027-28: Ashwini Vaishnaw

📝 India’s FDI inflows hit $1 tn, Taiwan cos shift supply chains to India

📝 Zomato gets tax demand of Rs 803.4 crore from Maharashtra GST authorities

📝 Capital Group exits Neuland Labs; sells 3.77 pc stake for Rs 756 crore

📝 ECB cuts key deposit rate by 25 bps to 3% amid concerns of tepid growth, impact of Trump trade policies

📝 International Gemmological Institute garners Rs 1,900 crore from anchor investors ahead of IPO

📝 NARCL has acquired 22 accounts with an exposure of Rs 95,711 cr

📝 Govt seeks Parliament nod for Rs 44,143 crore extra spending in FY25

📝 Tax refunds up by 46.31% to Rs 3.08 lakh crore in FY 2024-25: Finance Ministry

📝 Tata Motors to hike trucks, buses prices by 2% from Jan 1

📝 Zetwerk raises $70 million from Khosla Ventures, others; valuation inches up to $3 billion

📝 Temasek leads $210 million funding in Rebel Foods

📝 Legitquest raises $660,000 in ongoing round from existing investors InfoEdge, WaterBridge Ventures

📝 Software startup ServiceTitan valued at $8.97 billion as shares jump 42% in Nasdaq debut

📝 Rosneft inks record oil supply deal with RIL; to supply up to 500K bpd

📝 Snapmint raises $18 mn in debt & equity to expand merchant network

📝 Sterlite Power raises Rs 725 crore to fuel GPS business expansion

📝 Delhi High Court junks Rs 5,454 crore demand against Indus Towers

📝 CDMO player OneSource expands GLP-1 drug-device capacity as demand soars

📝 CPPIB, RMZ to invest $750 million in commercial project in Mumbai

📝 India lays stress on 'transition period' for European Union green norms

📝 Rupee touches new intra-day low of 84.88 due to rise in crude prices

📝 Nov retail inflation eases to 5.48%; industrial output grows 3.5% in Oct

📝 Credit grows at 10.6% and deposits at 10.7% in November 29 fortnight

📝 Nabard raises Rs 4,864 crore at 7.40%; IRFC raises Rs 2,345 cr at 7.09%

📝 Irdai to introduce norms for more qualified insurance sales personnel

📝 India's outward FDI halves to $2.28 billion in November, shows RBI data

📝 Capacity utilisation of domestic steel may hit 4-year low in FY25: ICRA

📝 Warehousing demand, rents witness surge amid diversified occupier base

📝 SEBI board may widen UPSI scope, tighten SME rules

📝 HDFC Bank’s investment banking gets SEBI warning 

📝 Bluestone files papers for IPO

📝 After tepid H1, realtors eye more launches, new cities to boost bookings

📝 TCS extends 5-year IT partnership with Telenor Denmark

📝 FTA talks with UK to resume by Jan-end

📝 Collateral deposits of ₹4.5 tn show inefficiencies in system: Sebi's Narayan G

📝 SBI-led panel to be set up to formulate new list of large stressed accounts

📝 KKR to invest $50-75 mn in Rebel Foods at $860 mln valuation

📝 IEA lifts 2025 oil-demand forecast but expects growth to remain subdued

📝 ISRO achieves milestone with successful sea-level test of CE20 cryogenic engine

📝 India may extend duty-free yellow pea imports by two months

📝 Cumulative capex of airports expected to grow 12 pc at ₹60,000 cr in 3 yrs: Report

📝 Over 540 mn bank accounts opened under Pradhan Mantri Jan Dhan Yojana: Report.

📝 Dixon and Vivo team up to manufacture smartphones in India

📝 Airbus leases 650,000 sq ft office in Bengaluru for 10 years for GCC set up

📝 Reliance Brands to exit Replay, G-Star RAW partnerships

📝 India Inc raises record Rs 1.21 lakh crore via QIPs till Nov in 2024

📝 Hinduja Group firm hopes to take over RCAP by Jan-end; triple fin services biz to USD 50 billion in 5 years

📝 GNG Electronics files DRHP with SEBI, plans to raise Rs 825 crore via fresh issue

📝 UPL-SAS sees tech, climate solutions as key to growth after $200 mn investment

📝 Interest burden haunts $29 trillion emerging debt pile

📝 Karur Vysya Bank strengthens footprint with 4 new branches in TN

📝 Indian state banks achieve Rs 1.41 lakh crore net profit; GNPA drops to 3.12 per cent in FY24

📝 Flipkart-backed super.money plans credit and wealth management push

📝 DGCA issues show-cause notice to Akasa Air over plane maintenance lapses

📝 Apollo Tyres explores sustainable materials to cut costs, reduce impact

📝 Govt aims to secure Russian crude oil term deal by next financial year

📝 Nearly a decade on, New Zealand keen to restart free-trade agreement talks

📝 Sebi enacts significant changes to disclosure and RPT regulations

📝 Narayana Murthy bats for tech, cautions against 'unsupervised learning'

📝 India's cement sector sees a concrete 2024 with over 10 major deals

📝 India's smartphone exports breached Rs 20K crore mark in November

📝 Bhilai Steel Plant to set up 200-Kw solar power plant at Maitri Bagh zoo

📝 Auto Expo to see highest-ever participation of vehicle manufacturers: Siam

📝 Traveltech startups taking to acquisitions to drive growth

📝 RBI intervention ensures rupee stability in CY24

📝 Crude import Bill up 5% in April-November 

📝 India’s coal production hits new highs in November, while coal imports rise 4.2 per cent from April to October

📝 Capacity utilisation by steel companies falls to a four-year low

📝 Govt unveils Jalvahak incentive scheme to boost inland waterways

📝 ITC Foods targets growth in north and west India amid shift to branded products

📝 NCLAT sets aside EIH plea against NCLT order approving sale of Golden Jubilee Hotels

📝 Scientists discover alien-like creature in deep ocean

📝 Mexico, Canada, ASEAN gained more from US-China trade war than India: GTRI

📝 Suchi Semicon begins chip plant without Centre's incentive, plans $100 mn investment in 3 yrs

📝 Market cap of 5 of top-10 most valued firms jumps by ₹1.13 lakh crore.

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Reply to Notice on Alleged Excess ITC Claimed in FY 2023-24

✅This is in response to your notice dated __________ regarding alleged excess ITC claimed in FY 2023-24 for invoices of FY 2022-23.

✅ITC Details: We claimed ITC of Rs. _______ in FY 2023-24 for invoices of FY 2022-23, which were received and accounted for within the permissible time limits under GST law.

✅Legal Compliance : The claim aligns with Section 16(4) of the CGST Act, 2017, allowing ITC for prior financial year invoices until November of the subsequent year or the annual return filing date, whichever is earlier.

✅Reconciliation : A reconciliation of ITC claimed against invoices of FY 2022-23 is attached (Annexure-A). The invoices are reflected in our GSTR-2B and have been reported by suppliers in their GSTR-1 returns.

✅Good Faith Claim : The ITC was claimed in good faith without intent to evade tax. It was duly accounted for in compliance with the law.

✅Request : We kindly request you to drop the demand for excess ITC and consider the attached supporting documents:

✅Copy of relevant invoices (Annexure-B)

✅GSTR-2B summary (Annexure-C)

✅Reconciliation statement (Annexure-D)

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👉🏻GSTN Advisory on difference in value of Table 8A and 8C of Annual Returns FY 23-24.

(Form GSTR-9 of FY 23-24, values in Table 8A will be inflated in respect of FY 22-23 at the same time values will be lower than expected in respect of FY 23-24, hence there will be a mismatch between the two tables i.e. 8A and 8C.)

👇🏻 👇🏻 👇🏻

https://shorturl.at/kt4FA

👉🏻Revenue secretary Sanjay Malhotra appointed as new RBI Governor.

(Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre's cabinet committee)

👇🏻 👇🏻 👇🏻

https://shorturl.at/QFG3g

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 Application for Rectification of Order under Section 73/74/107/108 of the CGST Act 2017, as per Circular No. 237/31/2024-GST dated 15th October 2024

✅This is in reference to the order dated [Insert Date], issued under Section [73/74/107/108] of the CGST Act, 2017, confirming the reversal of Input Tax Credit (ITC) due to contravention of Section 16(4).

✅With the issuance of Circular No. 237/31/2024-GST dated 15th October 2024 and Notification No. 22/2024-Central Tax dated 8th October 2024, ITC is now eligible for specified periods under the retrospectively inserted provisions of Section 16(5) and 16(6).

Case Details

✅Order Reference : [Insert Order Number and Date].

✅Period Covered : [Specify Period].

✅Disallowed ITC: ₹[Insert Amount]

✅Reason for Disallowance : ITC claimed beyond the due date under Section 16(4).

Grounds for Rectification:

✅ITC Eligibility : Provisions under Section 16(5) and 16(6), inserted retrospectively, allow ITC for specified periods if returns were filed by 30th November 2021. The disallowed ITC pertains to eligible invoices under these provisions.

✅Compliance with Circular: Circular No. 237/31/2024-GST allows rectification of orders under Sections 73/74/107/108 for ITC disallowed under Section 16(4), now eligible under Section 16(5) or 16(6).

✅No Fraud or Misstatement : The disallowance was procedural and not based on fraud, willful misstatement, or suppression of facts.

Enclosures:

✅Copy of the order.

✅Details of invoices and ITC claimed.

✅Copies of Circular No. 237/31/2024-GST and Notification No. 22/2024-Central Tax.

✅Any other relevant documents.

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🌍 AI, Data Protection, and Trademark Law: The New Legal Frontier 🌍  

As the EU AI Act inches closer to implementation, its synergy with the GDPR is setting the stage for a transformative era in AI governance. These regulations emphasize transparency, fairness, and accountability, raising critical questions for businesses and legal professionals:  

🧠 How does AI impact trademark protection?

AI-generated content is becoming more prevalent in branding and marketing. Under the EU AI Act, providers must label AI-generated materials to avoid consumer confusion—a crucial step for safeguarding trademarks.  

⚖️ The risk of misuse

Without robust oversight, AI could inadvertently infringe on trademarks, particularly through biased training data or automated tools that mimic protected designs. This emphasizes the importance of compliance with both the GDPR and AI Act.  

📋 Steps to prepare

1️⃣ Build an inventory of AI systems and assess risks.  

2️⃣ Develop governance mechanisms to monitor compliance with emerging regulations.  

3️⃣ Ensure that AI-generated branding adheres to transparency and labelling requirements.  

The intersection of AI and trademark law is evolving rapidly. Staying informed and proactive is key to navigating this complex landscape.

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Reply to Notice Regarding Discrepancy Between GSTR-7 and GSTR-3B

✅This is in response to your notice dated [Insert Date] regarding the variance observed between TDS reported in GSTR-7 and the tax liability declared in GSTR-3B for FY [Insert Year].

Clarifications:

✅Timing Differences : TDS in GSTR-7 is based on payments received, while GSTR-3B reflects tax liability on outward supplies, causing timing mismatches.

✅TDS on Exempt/Nil-Rated Supplies: TDS was deducted on transactions not part of taxable turnover (e.g., exempt supplies).

✅Adjustments in TDS: Excess or short deductions in GSTR-7 were adjusted in subsequent periods, leading to discrepancies.

Supporting Documents:

✅Reconciliation statement highlighting differences.

✅Copies of GSTR-7 and GSTR-3B for the relevant period.

✅Any correspondence with deductors, if applicable.

Request:

✅Accept the provided reconciliation and explanation.

✅Drop any demand or proceedings initiated under the notice.

✅We remain available for further clarification if needed.

Enclosures:

✅Copy of Notice.

✅Reconciliation Statement.

✅Copies of GSTR-7 and GSTR-3B.

✅Supporting Documents.

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With regard to reporting issues faced by the taxpayers and consultants *CBIC has rolled out an advisory on 09th December 2024.

The advisory covers the following *reporting issues

1) ITC appearing in GSTR-2B of FY 24-25 however invoice pertaining to FY 23-24. 

2) ITC of FY 23-24 reclaimed in FY 24-25 on account of non-payment to vendors within 180 days. 

3) ITC of FY 23-24 reclaimed in FY 24-25 on account of non receipt of goods in FY 23-24

4) ITC of FY 22-23 appearing in GSTR-2B of FY 23-24.

5) ITC of FY 23-24 availed , reversed and reclaimed in FY 23-24. 

Refer advisory 👇 

https://services.gst.gov.in/services/advisoryandreleases/read/557

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✅ ICAI CPE HOURS DEADLINE EXTENSION: The time limit for completing CPE Hrs for Calendar Year 2024 has been extended 28th Feb 2025.

✅ ICAI EXAMS: Results of CA Final Examination will be declared on 25th December, 2024 around 12 noon.

✅ SEBI LODR Regulations amendments notified on 12th December 2024

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