24 December 2024 News and updates

24th December 2K24

📝 India's emergency crude stockpile management firm ISPRL looks to trade part of stored oil

📝 Pakistan plans to acquire 40 planes of China's latest stealth fighter J-35: Report

📝 US FDA restricts imports of some Viatris products made in India

📝 Apple approaches $4 trillion valuation as investors bet on AI momentum

📝 PNB issues Rs 3,000 crore worth of bonds to 14 allottees

📝 Chhattisgarh secures Rs 15,184 crore investment proposals

📝 Retail inflation for farm, rural workers eases in November

📝 Claims ratio of non-life insurers dips to 82.52% in FY24: Irdai report

📝 Reliance Retail starts test launch of Shein labels on Ajio platform

📝 TIL to invest Rs 20,000 cr to develop Vadhvan Port

📝 European investment firm 360 Capital raises 140 million euros for climate tech fund

📝 Wealthtech platform Univest raises $10 million in Series A round from Bertelsmann India

📝 Chip startup Mindgrove Technologies secures $8 million in funding

📝 Oyo completes G6 Hospitality acquisition from Blackstone Real Estate for $525 million

📝 Tariff impact: Reliance Jio loses 3.76 million users in October 2024

📝 Razorpay announces ESOPs of Rs 1 lakh each for over 3,000 employees

📝 EPACK Prefab raises $20 mn in first funding round from GEF Capital Partners

📝 Waaree Energies board approves Rs 850 cr investment in energy facilities

📝 Rupee remains under pressure, touches new low of 85.12 per dollar

📝 Over Rs 20k cr of unclaimed amounts lie with life insurers at end of FY24

📝 New listings through IPOs add 3% to India's market capitalisation in 2024

📝 IITs report rise in job offers, international placements in Phase-1

📝 Centre mulls adding more Centres of Excellence for rare disease patients

📝 Adani Defence acquires 86% shareholding in MRO firm Air Works at Rs 400 cr

📝 Seed funding hits a 4-year low despite modest recovery in startup investments

📝 PM Modi to seek ideas for sustaining growth amid global uncertainties

📝 Govt may peg FY26 fiscal deficit lower than 4.5% of GDP: Finance Ministry

📝 ReNew sells 300 MW solar asset in Rajasthan

📝 Simplilearn cuts losses by 56 per cent on marginal revenue growth in FY24

📝 OYO completes $525 million acquisition of G6 Hospitality from Blackstone

📝 TPG in talks to acquire solar firm Altus Power, sources say

📝 EPFO extends deadline for UAN activation, seeding of bank account to Jan 15

📝 US New-Home Sales Rebound in November After Storm-Stricken Month

📝 Karnataka approves ₹9,823.31 crore worth of industrial projects

📝 ICAI expects to finalise int'l networking guidelines for CA firms this fiscal

📝 Sebi to auction 28 properties of 5 companies next month.

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23 December 2024 News and Updates

23rd December 2K24

📝 Hotel room rates set to rise in 2025, driven by strong demand growth

📝 Nepal earns Rs 815 cr from electricity export to India in 5 months of FY25

📝 Over-reliance on imports hampers India's edible oil self-sufficiency plan

📝 Unsafe factories: A roadblock to India's manufacturing hub aspirations

📝 GST Council paves way for CGST Act amendments during Budget session

📝 Sterling and Wilson bags Rs 1,200 crore solar EPC order in Gujarat

📝 Amazon, Flipkart plan to invest $1 bn each to catch up in qcom market

📝 GST Council defers key decisions, tackles complexity of tax system

📝 Titan's Taneira looks to expand market share with focus on metro cities

📝 Healthcare, pharma sectors raise Rs 14,811 crore via IPOs in 2024

📝 NPPA sets retail prices for 65 drugs, revises ceiling for 20 formulations

📝 India, Kuwait sign four MoUs to strengthen cultural, defence cooperation

📝 Number of "active" companies in India climbs 54% in just five years

📝 I2U2 & IMEEC chart new course for global economic cooperation: Experts

📝 Punjab presents slew of demands to boost infra at pre-budget meeting with Sitharaman

📝 India has potential to be key sustainable aviation fuel producer, says IATA official

📝 VOC Port earmarks Rs 41,860 cr to position itself as Green Hydrogen hub of India

📝 Akasa Air expects to add a few more planes this fiscal

📝 India signs $350 million loan agreement with ADB to expand manufacturing sector

📝 Starbucks 'fully committed' to Indian market, says India JV Tata Starbucks

📝 Good opportunity in chip fabrication in India; in talks with manufacturers for lithography machines: Canon

📝 Govt to infuse ₹500 cr in IFCI to improve its financial health

📝 UP govt to launch new export policy to increase its share to 7.5%

📝 Crackdown on Private Equity in Health Care Flops in State Houses

📝 BSNL Launches FREE Intranet TV for Mobile in Puducherry

📝 CII seeks reforms in India's priority sector lending framework

📝 IOC probes allegation of US firm bribing its officers

📝 Leather exports likely to grow by over 12 pc to USD 5.3 bn this fiscal: CLE

📝 Over 2,600 corporates labeled wilful defaulters, owe ₹1.96 lakh crore: RBI

📝 India’s apex auto testing body looks to accelerate to the green lane

📝 China Property Flare-Ups Resurface as Crisis Enters Fifth Year.

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🔹 Key Decisions Announced by FM

Following the 55th GST Council Meeting, FM Nirmala Sitharaman shared key decisions. Here's a quick summary:

🍚 Fortified Rice Kernels: GST reduced to 5%.

💉 Gene Therapy: Fully exempted from GST.

🚀 Surface-to-Air Missiles: IGST exemption extended.

📦 Compensation Cess: Reduced to 0.1% on supplies to merchant exporters.

🏗️ AAC Blocks: 12% GST for blocks with 50% fly ash.

🌶️ Black Pepper & Raisins: No GST when supplied by agriculturalists.

📝 GST Registration Simplification: Concept note approved to ease GST registration for small companies.

🍔 Food Deliveries: No decision yet on GST; no speculation encouraged.

🏢 Floor Space Index: No decision yet; it's under review for its impact on state revenues.

✈️ ATF under GST: No change; no GoM appointed.

🛡️ Insurance: Decision deferred due to pending input from insurance regulators. 

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👉🏻SEBI sets new benchmarks with comprehensive norms for Secretarial Auditors.

(With this SEBI move, the entire process of obtaining shareholders’ nod for appointment as Secretarial Auditor at an annual general meeting will be on a par with statutory financial auditors)

👇🏻 👇🏻 👇🏻

https://shorturl.at/SGaBU

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20 December 2024 News

20th December 2K24

📝 Commerce ministry may face possible repeat of 2011 trade data error

📝 Zepto elevates Zepto Cafe's business head Shashank Shekhar Sharma as CXO

📝 Bharti Airtel clears 2016 spectrum liabilities by paying Rs 3,626 crore

📝 Air India orders 34 trainer craft for cadet pilots at planned flying school

📝 India's tech funding grows 6%, number of deals falls 31.5% to 1,448 in 2024

📝 NTPC plans to set up nuclear power project in Bihar, says CMD Gurdeep Singh

📝 Coal-based power generation up 3.87% in Apr-Oct, coal imports drop 3%: Govt

📝 IOC to invest over Rs 21,000 cr in Bihar refinery expansion, gas projects

📝 BoE to hold key rate despite slow economic growth, high inflation

📝 Adani Energy Solutions incorporates wholly owned subsidiary AESSTL

📝 Road InvIT AUM to rise 68% to Rs 3.2 trillion by Mar 2026: CRISIL Ratings

*Economic Times*

📝 Increasing tax on EVs will make it difficult for electrification journey: Kia India MD & CEO

📝 Euro zone bond yields jump after Fed cuts but signals caution

📝 Zetwerk logs 25% rise in FY24 operating revenue; loss triples to Rs 470 crore

📝 Anand Mahindra praises Gwalior student's innovative 'drone-copter'; viral video stuns the internet

📝 New Zealand enters recession, economy sees worst downturn since 1991, currency hits new low

📝 Accenture Q1 Results: Co posts $17.7 billion in revenue, beats estimates

📝 India's job market projected to grow 9 pc in 2025 led by IT, retail, telecom, BFSI sectors: Report

📝 Property prices at Dwarka Expressway increases by 29% in 2024

📝 Laxmi India Finance files DRHP with Sebi for IPO

📝 Somany Ceramic’s balance sheet focus may drive 32% upside: Nuvama

📝 Italy's FILA raises $95 million from sale of shares in Indian unit DOMS

📝 Norway Keeps Rate Steady and Signals First Cut in March 

📝 Increasing tax on EVs will make it difficult for electrification journeys: Kia India MD & CEO 

📝 No impact of Swiss withdrawal of MFN status to India: Nestle India 

📝 Investors’ wealth erodes by ₹9.65 lakh cr in four days of market sell-off 

📝 Airtel pays off ₹3,626 crore spectrum dues to Telecom Dept. for purchases in 2016 

📝 Nippon-US steel executives are running out of time to save $14 billion deal 

📝 Google releases second developer preview of Android 16

📝 TVS Credit to make a bid for Avendus Capital 

📝 UK PM Keir Starmer hosts Indian business chiefs to boost investments

📝 Delhi High Court denies tax plea against Western Union

📝 Micromax, Phison Electronics form JV to develop storage chips

📝 Realtors get notices questioning ₹3,500 cr input tax credit claims

📝 Centre proposes bill to ban unregulated lending

📝 IndiGo parent pledges $43 mn loan to IFSC arm for aircraft buys

📝 Balaji Telefilms to raise Rs 131 crore via preferential share allotment

📝 Senores Pharmaceuticals collects Rs 261 cr from anchor investors

📝 Accenture Q1 Results: Co posts $17.7 billion in revenue, beats estimates

📝 Healthtech startup Confido Health raises $3 million in round led by Together Fund

📝 Quantum AI startup SandboxAQ valued at $5.3 billion after $300 million fundraising

📝 Fintech startup Curie Money raises $1.2 million from India Quotient, others

📝 Rupee slides past 85 vs $ to hit new low after hawkish US Fed outlook

📝 Bharti Airtel clears all dues for 2016 spectrum, prepays Rs 3,626 crore

📝 Kia India aims for 20% sales growth in 2025 driven by new launches

📝 Zetwerk records Rs 17,564 cr GMV in 2023-24, valuation at $3.1 billion

📝 BluJ Aero, Blade India sign deal for sustainable regional aviation

📝 Air India orders 34 trainer craft for cadet pilots at planned flying school

📝 JSW Infra plans 400 mtpa cargo handling capacity, Rs 30K cr capex by FY30

📝 Commerce dept plans mega global meet to boost exports in six product areas

📝 Sebi introduces new measures to curb misleading investment return claims

📝 India's tech funding grows 6%, number of deals falls 31.5% to 1,448 in 2024

📝 India prepares for possible trade talks with US after Trump takes office

📝 Serum to make chikungunya vaccine in India

📝 Curb subsidies to build critical infrastructure, RBI tells states

📝 IPO-bound Rebel Foods raises funds from KKR

📝 After Dubai, FedEx explores setting up regional ‘Air Hub’ in India

📝 Roads assets in InVITs to surge 70 per cent to touch Rs 3.2 lakh crore in FY26

📝 Stove Kraft enters into partnership with IKEA to develop, supply cookware to be sold through IKEA’S network

📝 Ventive Hospitality raises ₹719.5 cr via anchor investors ahead of IPO

📝 Ajmera bets on acquisitions, JVs to expand m-cap to $5 billion

📝 Investors' wealth erodes by ₹9.65 lakh cr in four days of market sell-off

📝 Govt urges sugar industry to diversify into ethanol-diesel, green hydrogen production

📝 Jaipur-based NBFC Laxmi India Finance files DRHP with SEBI for IPO.

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19 December 2024 News and Updates

19th December 2K24

📝 US Fed cuts key interest rates by 0.25% in 3rd straight reduction

📉

The Sensex tanked over 1,000 points today, December 19, 2024, primarily due to the US Federal Reserve's decision to slow down rate cuts in 2025. This move has led to a surge in Treasury yields and a stronger dollar, causing investors to become risk-averse and sell off stocks .

The Fed's cautious stance on future rate cuts has also led to a decline in Asian stocks, with Japan's Nikkei falling 1.8% and Australian shares sliding over 2%. The Dow Jones Industrial Average plunged over 1,000 points in response to the Fed's decision ¹.

Other factors contributing to the Sensex decline include:

- Weak Q4 Earnings: Muted cues from the Q4 earnings of large-cap companies have further dampened investor sentiment.

- FII Selling: Foreign Institutional Investors (FIIs) have been continuously selling in the Indian market, putting downward pressure on the Sensex.

Overall, the Sensex decline is a result of global market trends and investor sentiment, rather than any specific domestic factors.

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📝 Sebi tightens rules for SME market, including financial stability before IPOs

📝 NPPA ropes in patent office to decide on pleas for price cap exemption

📝 Realty investments hit all-time high in 2024

📝 Sanathan Textiles mobilises Rs 165 crore from anchor investors

📝 Tire maker Continental plans IPO of automotive unit by end 2025

📝 Grasim, Punjab & Sind Bank to issue Rs 5,000-cr bonds

📝 Net direct tax collection grows 16.45% to Rs 15.82 lk cr so far this fiscal: Govt data

📝 Investment push may spur GDP growth to 6.6% in FY26: Ind-Ra

📝 Fintechs seek RBI nod for credit line on UPI platform

📝 GIC buys a majority stake in hospital platform Asia Healthcare Holdings

📝 Retail intelligence platform Bizom raises $12 million in round led by VC firm Pavestone

📝 Quantum technology startup Quanfluence raises $2 million from Pi Ventures

📝 Bill Gates firm gives $40 million for Canadian carbon tech test bed

📝 Amazon exits Shoppers Stop; sells entire 4% stake for Rs 276 crore

📝 myTVS enters B2B qcom for automotive parts; promises 2 hour delivery

📝 AI firm Databricks raising $10 bn Series J Investment at $62 bn valuation

📝 Piramal Capital & Housing Finance to sell Rs 550 cr of NPLs through auction

📝 Shriram Finance raises $1.27 bn in multi-currency syndicated loan

📝 Nissan, Honda consider merger to take on world's biggest carmaker Toyota

📝 At $129 bn, India top recipient of remittances this year: World Bank

📝 GoM proposes GST cuts for health insurance, exemption for term policies

📝 Govt likely to target FY26 fiscal deficit at 4.4% of GDP to support growth

📝 India replaces Italy to bag 10th spot in US trade deficit rankings in 2024

📝 Mutual funds increase exposure to banking, IT stocks amid outperformance

📝 Hotel rates hit all-time high in 2024, driven by domestic tourism, weddings

📝 Bureau secures $30 m in Series B funding to combat growing cyber fraud

📝 US Congress lines up stopgap Bill to avert partial government shutdown

📝 Infosys unveils Rs 426-crore development centre in Kolkata

📝 US announces wholesale changes to H-1B visa rules, a boon for Indian techies

📝 NHPC in talks with Bhutan govt for hydro power JV

📝 Welspun logistics arm looks to raise Rs 4,000 crore

📝 Country Delight enters quick delivery market

📝 Mumbai Airport handles 4.8 million passengers in November, CSMIA reports 11% growth in cargo volumes

📝 Sembcorp Green Infra secures 150 mw solar project with 300 mwh battery storage from SECI

📝 Indian firms turn to euro, yen swaps to trim borrowing cost

📝 DAM Capital Advisors IPO raises ₹251.4 cr via anchor investors ahead of IPO

📝 ITC acquires 2.44% stake in EIH and 0.53% in Leela Mumbai for ₹111 crore

📝 US current account deficit hits record high in the third quarter

📝 IvyCentral.com Empowers Students to Navigate the Competitive College

📝 Employers can file wage details till Jan 31 for higher pension

📝 Russia claims to have developed cancer vaccine, to be free for all from 2025

📝 Sai Life Sciences shares list at ₹650 on NSE, up 18.4% from IPO price

📝 Vishal Mega Mart shares make stellar debut, list at ₹104, 33% premium

📝 Bihar sees 15-fold jump in data consumption, state goes big on infra.

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👉🏻CBDT launches campaign to intimate taxpayers on mismatch in ITR filed and AIS.

(The Income Tax dept said it is sending SMS and emails to taxpayers and non-filers where it has identified mismatch between transactions reported in Annual Information Statement (AIS) and income disclosed in ITRs for the financial years 2023-24 and 2021-22)

👇🏻 👇🏻 👇🏻

https://shorturl.at/GKTTC

👉🏻GST Annual Return Filing Process.

Step by Step Guide to Filing GSTR-9 Annual Return for F.Y. 2023-24.

👇🏻 👇🏻 👇🏻

https://shorturl.at/3FTfN

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18 December 2024 News

18th December 2K24

Business Standard

📝 Embassy REIT raises Rs 1,000 cr through debentures to repay existing loans

📝 Garment exports rise 11.4% in Apr-Nov despite global uncertainties: AEPC

📝 Milk industry sounds the alarm as India's production growth sees steep fall

📝 Reliance NU Suntech secures 930 MW solar, 465 MW battery energy projects

📝 Parl panel suggests doubling PM Kisan Nidhi, commission for farm labourers

📝 Only 6.68% of population filed income tax return in FY24: Govt tells House

📝 Developing LLM to cut approval times further: Sebi member Narayan

📝 NBFC player Aye Finance files draft papers with Sebi for Rs 1,450 cr IPO

📝 VW, unions resume last-ditch round of talks for the year on cost cuts

📝 India's tech industry to see a surge in women workforce, at 14.9% by 2027

📝 Taiwan laptop maker MSI begins manufacturing in India with Chennai facility

📝 Indoco Remedies received warning letter from USFDA for Goa unit

Economic Times

📝 Tata Motors bags order for 1,297 bus chassis from UPSRTC

📝 India's gold imports to plunge in December after record November

📝 Stellantis to hike prices of Jeep, Citroen models from Jan

📝 Granules India gets USFDA nod for generic drug

📝 Mili secures $2 million in funding led by Chiratae Ventures, BoldCap

📝 Pepperfry elevates Madhusudan Bihani to CFO

📝 Indian Oil aims to raise Rs 15,000 crore via debt

📝 Indian Pharma and healthcare sectors are poised for long-term growth: Centrum

📝 Meity invites proposals to develop trusted AI ecosystem

📝 GoKwik partners with Fi Money to boost prepaid payments for D2C brands

📝 BN Group to invest $1 billion in Africa to expand edible oil business

Mint

📝 India scraps duty-free import scheme for solar power equipment

📝 Maruti Suzuki hits 2 mn cars produced in 2024, led by Baleno, Fronx and Ertiga

📝 PTC India board resolves not to induct Rajib Mishra in CMD, Director role

📝 Specialised investment funds: Sebi sets ₹10 lakh minimum threshold for investors

📝 Indian Banking Liquidity Deficit Hits Highest in Six Months

📝 Renewable energy & data centres outpace traditional infrastructure sector in investment outlook: UBS Report

📝 Direct retail inflows hit a three-year high at nearly ₹1 trillion

📝 JGB yields rise as weak yen drives bets for BOJ rate hike

📝 ITC sets January 1, 2025 as effective date for demerger of hotel business

📝 India's renewable energy capacity addition doubled to 15 GW in Apr-Nov: Pralhad Joshi

📝 Antler India eyes record deals in 2025, signaling early-stage funding recovery.

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17 December 2024 News

17th December 2K24

 

📝 Magenta Mobility to add 10,000 EVs over next FY; to expand to new cities

📝 Oil prices decline as weaker Chinese retail sales pressure demand

📝 RBL Bank re-appoints R Subramaniakumar as MD and CEO for a period of 3 yrs

📝 Loan worth Rs 13,422 cr given to street vendors under PM SVANidhi scheme

📝 President Murmu highlights need to expand trade between India, Armenia

📝 NSA Doval may visit China soon to restart Special Reps boundary talks

📝 Tata faces pressure in Starbucks venture as Indian consumers cut back

📝 Lenovo to announce SteamOS-powered handheld gaming console at CES: Report

📝 India's merchandise trade deficit widens to $37.8 billion in November

📝 Hybrid tenders: A catalyst for achieving India's clean energy goals

📝 Air India announces changes in its international routes with new aircraft

📝 LG mulls raising India unit valuation to $15 bn from $13 bn ahead of IPO

📝 Vedanta board approves 4th interim dividend of Rs 8.5/share amounting to Rs 3,324 crore

📝 GK Energy files DRHP with Sebi, plans to raise Rs 500 crore via fresh issue

📝 LTIMindtree sets up 100-seater cyber defense center

📝 Indian IT services hiring to remain low till growth momentum picks up by H2 FY26: ICRA

📝 Philippines ratifies key defence pact with Japan

📝 Haldiram's Stake Sale: Blackstone said to emerge as lead bidder

📝 Pakistan central bank cuts key rate by 200 bps, fifth in a row

📝 Parliamentary panel pulls up govt for failing to achieve FCI godown construction target

📝 Tamil Nadu CM lays foundation stone for Rs 1,500 crore Taiwanese footwear production unit in Panapakkam

📝 Rs 13,422 crore disbursed to street vendors under PM SVANidhi scheme, Rajya Sabha told

📝 Over 17.4 lakh opted for higher pension on higher contribution under EPS-95, Parliament told

📝 India's Tata faces pressure in Starbucks joint venture as consumers cut back

📝 Centre receives ₹8,625 crore as disinvestment receipts so far in 2024-25

📝 Voltas’ fortune tied to AC business despite Voltbek optimism

📝 WPI inflation declines to 3-month low of 1.89 pc on cheaper food, RBI may cut rate in Feb

📝 upGrad Achieves 30% YoY Revenue Growth; EBITDA and PAT Loss drops by 50%

📝 Anand Rathi Group’s brokerage arm files DRHP with SEBI for ₹745 crore IPO

📝 Sebi's nod to retail algo trading levels the playing field with institutions

📝 Private Equity Is Making Big Money from UK’s Most Vulnerable

📝 India's fiscal deficit will be 4.8 pc in FY25, below budget estimate of 4.9 pc: CareEdge Ratings

📝 Bitcoin soars to all-time high over $106,000 on Trump's strategic reserve plans

📝 TCS partners with Landis+Gyr to deliver next-generation energy efficiency solutions

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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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Thanks for reading

10 December 2024 News and Updates

10th December 2K24

📝 BharatPe launches offering to protect users from digital transaction frauds

📝 As tariffs loom, Gillette razor-maker P&G sources more steel from India

📝 Apple's iPhone sales hit $10.7 bn in India, overtakes Samsung for 2nd year

📝 India sugar prices hit 18-month low, mills struggle to make cane payments

📝 Farm sentiments likely to cheer domestic tractor sales in H2 FY25

📝 Axis MF launches new fund that tracks NBFC's, housing finance sectors

📝 Oil prices slightly up ahead of decision on supply cut in Opec+ meet

📝 NODWIN Gaming gets Rs 64 cr investment from parent Nazara Technologies

📝 Norway's Equinor, Shell plan to form UK oil and gas joint venture

📝 Fall of govt leaves France without clear path to cutting deficit: S&P

📝 Fairfax India to get addl 10% stake in Bengaluru airport operator BIAL

📝 Foreigners buy $1 bn in bonds, betting on policy easing after GDP data

📝 Moody's revises global banking outlook to 'stable' from 'negative'

📝 Support homegrown cybersecurity startups, MeitY secretary urges industry and government

📝 Honda to recall over 205,000 US SUVs over fuel leak concern: NHTSA

📝 UK electric vehicle sales surge 58% YOY in Nov, industry data shows

📝 Govt open to idea of alternate financing model for MSME: Piyush Goyal

📝 Boosting engineering goods exports: Industry body EEPC India's recommendations to govt

📝 Apple plans $1 billion manufacturing plant investment in Indonesia, minister says

📝 Russia's Rosneft investeFmynd $20 bn in India, govt quotes Putin as saying

📝 Ericsson working on making network operations autonomous using GenAI agents

📝 Avg housing prices up in 23 major tier II cities; rates fall in 5 small towns: PropEquity

📝 NBCC arm HSCC bags work orders worth Rs 599.35 cr in Maharashtra

📝 Star, Manipal among worst insurers in claims settlement; SBI General leads pack

📝 Temasek-backed Star Agriwarehousing files DRHP for IPO with SEBI

📝 Nisus Finance Services IPO booked 18.92x on the second bidding day

📝 JLR UK sales down 11% at 5,558 units vs 6,251 units (YoY)

📝 Myntra announced a multi-year franchise partnership with NYSE-listed Abercrombie & Fitch Co.

📝 Citigroup has launched new AI tools, Citi Assist and Citi Stylus, for 140,000 employees across eight countries.

📝 China’s export ban on key minerals may have a silver lining for the US

📝 Swiggy plans fee hike for Instamart, eyes higher take rate from business

📝 Aurobindo Pharma unit Eugia gets USFDA nod for Pazopanib tablets

📝 High inflation likely to keep consumer demand muted in 2025: Kantar report

📝 Financing will be among the top business categories for Cars24: CEO Chopra

📝 Copper industry to end FY25 with 10-13% domestic demand growth: ICA India

📝 Q2 GDP showing not a systemic slowdown, says FM Nirmala Sitharaman

📝 SBI Card surpasses milestone of 20 million credit cards in circulation

📝 EU probes Nvidia over potential bundling practices in AI chip market

📝 Indian households expect inflation to rise further, says RBI survey

📝 RBI to introduce new benchmark SORR based on secured money markets

📝 Air India Express to add 65 planes, Air India 35 in next three years

📝 Sharp drop in India-US 10-year bond yield spread in the past 4 years

📝 Maruti, M&M join Hyundai in announcing price hikes as input costs rise

📝 Irdai issues show cause notice to Star Health for violating norms

📝 Govt taps MSMEs, startups for defence tech, sanctions Rs 1,264 cr projects

📝 Goldman Sachs quits global climate coalition for banks

📝 Finmin asks banks to use MuleHunterAI to check digital fraud

📝 Weddings expected to generate record business for hotels this season

📝 Sebi seeks public comments on draft circular to regulate association with prohibited entities

📝 Kerala: Electricity charges increased by 16 paise per unit, another 12 paise hike next FY

📝 Serentica to invest Rs 50,000 cr in renewables in Rajasthan

📝 TVS Motor unveils next-gen RT-XD4 engine platform

📝 Govt appoints Vaibhav Chaturvedi as RBI representative on IBBI board

📝 JSW MG Motor India to hike prices by up to 3 pc from January

📝 Semiconductor chip import increased 18.5% to Rs 1.71 lakh crore in FY24

📝 Laurus Labs biotech unit raises Rs 120 crore from Eight Roads Ventures

📝 Morgan Stanley, HSBC cut oil supply forecast; Brent avg pegged at $70 for 2025

📝 CEAT to acquire Camso's off-highway tyre biz from Michelin for ₹1,905 crore

📝 RBI hikes rate ceilings on banks FCNR deposits to support foreign flows

📝 Union cabinet approves Delhi Metro expansion, new schools

📝 RBI signals cautious optimism on growth-inflation balance

📝 NCLAT upholds insolvency order against Jaiprakash Associates

📝 Microfinance stress not alarming, says RBI deputy governor Swaminathan

📝 India's forex reserves come off 5-month lows to hit $658 billion: RBI

📝 Paytm's Singapore arm approves stake sale in Japan's PayPay

📝 LG Electronics' India arm readies for IPO, files draft papers with SEBI

📝 SBI looks to sell Rs 2,732 cr of bad loans in ARSS Infrastructure Projects 

📝 Lockton aims to double business outside US in 4 Years, says CEO Chris Brown 

📝 API cyberattacks dominate as India sees record 1.2 billion hits in Q3

📝 Hotel asset management companies make room for international brands 

📝 U'khand to impose green cess on out-of-state vehicles; EVs, bikes exempted 

📝 CII urges govt to stick to fiscal deficit target of 4.9% of GDP for 2024-25 

📝 Fintech firms embrace AI for credit, payments, customer insights, more 

📝 Total recycling units in India reach 295; highest in UP, followed by K'taka 

📝 Mergers & acquisitions make a comeback in 2024, up 13.5% till November 

📝 Mumbai's infrastructure revamp takes centre stage as new govt takes charge 

📝 Yum! Restaurants India FY24 results: Profit at Rs 162 cr, income up 13% 

📝 Electronics component makers seek Rs 72,500 cr financial package to cut reliance on imports 

📝 Ant Group's President Han to become CEO in March; Jing to stay as chairman 

📝 Myntra turns in a profit in FY24, revenue jumps 15% to Rs 5,122 crore 

📝 Insurance Amendment Bill proposing 100 per cent FDI unlikely in winter session 

📝 Companies whose HY25 profits surpassed FY24 levels beating slowdown 

📝 Natural gas prices hovering near 1-year high as peak winter season approaches 

📝 Aadhar Housing Finance aims AUM of over Rs 25,000 cr by March 25 

📝 Aligning Indian auditing with global standards to boost investor confidence, attract more funds: NFRA chief 

📝 NCLT asks two Tata NBFCs to seek merger nod from stakeholders 

📝 Battery innovations may boost e-car revolution in sub-₹20 lakh segment 

📝 Indian unit of LG Electronic launches new rental business for its appliances 

📝 Air India Express-AIX Connect merger will drive long-term sustainable profitability: MD Aloke Singh 

📝 Lemon Tree eyes shared loyalty alliances with international hotel chains 

📝 Govt asks lenders to hold off on insolvency for MTNL 

📝 Norway plans to ratify India-EFTA trade pact next year 

📝 Govt plans to decriminalise MSMEs’ minor defaults 

📝 Cars set to get expensive from January as OEMs announce price hikes

📝 Poonawalla Fincorp CTO Dhiraj Saxena steps down, cites harassment from CHRO 

📝 FDI inflows to India surpass $1 trillion, with investment set to rise in FY25 

📝 Easy Trip Planners enters into definitive agreements for three acquisitions

📝 EV maker VinFast to build second production plant in Vietnam

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Mumbai ITAT post Rajeev Bansal quashes reassessment procedings for AY 2015-16 as well as for AY 2016-17 & 2017-18

Mumbai ITAT in its recent judgement dt 2nd December,2024 in the case of ACIT vs Manish Financial ITA No 5050 and 5055/Mum/2024 delivered post Rajeev Bansal judgement, has held that Reassessment proceedings for AY2015-16 are barred by limitation as TOLA will not apply to AY 2015-16. Takes note of para 19 of the statement made by ASG before Supreme Court “ Revenue concedes that for AY 2015-16 , all notices issued on or after 1st April,2021 will have to be dropped as they will not fall during the period prescribed under TOLA”

On the above reasoning holds that 148 notices issued post Aashish Aggarwal in July,2022 are invalid being barred by limitation. On this basis Asstt for 2015-16 has been quashed .

ITAT in this judgement has also quashed 148 notices for AY 2016-17

and 2017-18 applying para 76 of Rajeev Bansal judgement, whereby Supreme Court has held that grant of sanction by the appropriate authority is a precondition for AO to assume valid jurisdiction for issue of 148 notice. Since approval for these Asstt years 2016-17 and 2017-18 have been obtained by AO in July,2022 from 

 PCIT, the same is invalid as approval after 3 years was to be obtained from PCCIT as required under section 151. On this basis the Asstt for AY 2016-17 and 2018-18 have also been quashed. Copy of the judgement is annexed.

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5 December 2024 News

5th December 2K24

📝 Nearly 3,000 drugs failed quality test in FY24; 282 were spurious

📝 ONGC, NTPC Green JV set to buy Ayana Renewable for $750 million

📝 Vidarbha Industries Power dragged to NCLT by CFM Asset over Rs 3,800 crore unpaid dues

📝 iPhone sales in India cross $10 billion by value in 2024; Samsung 2nd best

📝 World Bank approves $188.2 million loan to Maharashtra

📝 SBI MF, Tata MF buy Ratnamani Metals Tubes shares worth Rs 262 crore

📝 Aaradhya Disposal Industries plans IPO; aims at Rs 180 cr revenue by FY27

📝 India's external debt rises by $31 bn to $647 bn in 2023: World Bank report

📝 Public investments in infra surpass pre-Covid level: Finmin

📝 Kotak Pre-IPO fund to buy into diagnostic chain Neuberg

📝 Oyo parent, Oravel launch premium hotels in UK & Middle East

📝 LTTS bags $50 million deal from US telecom operator

📝 Semicon company NXP to invest Rs 8,400 crore for R&D in Karnataka

📝 Solar energy startup Glow raises $30 million from Framework, Union Square

📝 Customer feedback analytics platform Enterpret raises $20 million from Canaan Partners, others

📝 Green energy startup Glow raises $30 million for solar power expansion in Rajasthan

📝 Moody's upgrades Oyo's rating to B2, highlights improved profitability

📝 Airtel awards 'multi-year, multi-billion' extension deal to Ericsson

📝 Mother Dairy's ice cream business crosses Rs 500 crore-mark in FY24

📝 Brickwork Ratings settles matter with mkt regulator Sebi for Rs 1.54 crore

📝 Suzlon, Jindal Renewables expand partnership with new wind power project

📝 Akash Systems wins $27 mn contract from NxtGen to provide cooling servers

📝 UK's Vodafone Group to sell remaining 3% stake in India's Indus Towers

📝 EPS subscribers with Rs 1,000 pension increases by 3% to 3.66 mn in FY24

📝 Banking system liquidity surplus touches Rs 1 trn, shows RBI data

📝 RBI enhances UPI Lite wallet limits, updates offline payments framework

📝 Net growth in deposits higher than advances by Rs 5.68 trn between 2020-24

📝 Sebi issues rules for uniform nomination standards in securities markets

📝 MFs funding to NBFCs rise almost 47% to Rs 2.33 trillion in Oct 2024

📝 Kotak AMC set to enter AIF space; to launch Rs 2,000 cr private credit fund

📝 Homes worth Rs 5.1 trn be sold across top Indian cities in 2024: JLL

📝 SBI seeks RBI relief on inoperative accounts

📝 Waaree Energies to set up 11.4 GW solar capacity by FY27

📝 Fresher hiring for AI skills in IT sector jumps to 20-25% from 5-10% in 3 years

📝 MGL partners with Nawgati to boost CNG adoption

📝 Automobile component sector to record slower revenue growth at 6-8% this fiscal and next, says CRISIL

📝 SpaceX sends 24 Starlink satellites into orbit, boosting global internet reach

📝 Beverage association raises alarm over potential tax hike on aerated drinks

📝 CBI conducts searches in Delhi-NCR in connection with ₹117 crore cyber fraud

📝 OpenAI expands in Europe with Zurich office

📝 Greenzo Energy, EODev partner to market hydrogen fuel cell power generators in India and Nepal

📝 Govt to launch portal to ease regulatory burden on traders, protect consumers

📝 Citigroup Faces $26 Million in Losses on Australian Block Trade.

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

.

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4 December 2024 News and Updates

4 December 2K24

📝 India's power consumption rises 5% to 125.44 billion units in Nov

📝 Coal India's total production up by 2% to 471 million tonnes in Apr-Nov

📝 Block deal activity hits 6-month low at Rs 25,669 crore as markets wobble

📝 India's potential GDP growth is in range of 6.5-7%, says CEA Nageswaran

📝 SBI planning to open 500 new branches across India in FY25: MoS Finance

📝 Tripura demands Rs 135 cr power dues from Bangladesh amid rising tensions

📝 Skoda targets sales surge in 2024 with new compact SUV Kylaq launch

📝 Commerce ministry reviewing India-US trade relations amid Trump statements

📝 Govt deploys advanced tech to enhance oversight over retail fuel outlets

📝 CBDT extends deadline to Dec 15 for taxpayers with overseas transactions

📝 Zepto CEO sees clear path to IPO in 2025 with profitability in focus

📝 Insurance premiums may drop if GST Council decides to reduce taxes: FM

📝 O2 Power inks pact to supply 100 MW electricity to East Central Railways

📝 India exports organic food products worth nearly $450 million till November 25 of FY2025

📝 RBI lifts its supervisory restrictions on Sachin Bansal-led Navi Finserv Limited

📝 AIFF signs commercial rights agreement with Shrachi Sports, Sony Sports to telecast I-League matches

📝 RBI moves, asset quality to push NBFCs slow down asset growth to 15 pc in FY25, FY26: Crisil

📝 Up to 75 pc of GST revenue comes from 18 pc slab: MoS Finance

📝 Indian SMEs see sustainability as a key driver for commercial success: DHL Express Global Sustainability Survey 2024

📝 India's wheat planting up 6.6%, rapeseed sowing drops

📝 Rupee remains one of the best-performing Asian currencies: MoS Finance

📝 MapMyIndia to spin off B2C unit; CEO Rohan Verma to head new venture

📝 MG to launch Cyberster electric convertible in January, to be priced around Rs 65-70 lakh

📝 Prosus invests $80 million in supply chain finance startup Mintifi for 10.6% stake

📝 Indian real estate attracts ₹75,500 cr investment from AIFs; highest among all sectors: Anarock

📝 Byju's insolvency: Riju Raveendran approaches NCLT to seek inclusion in case

📝 Swiggy to take 10-minute food delivery to tier 2 and 3 cities

📝 India rates market signals easing, likely via liquidity, after weak growth data

📝 Global South not responsible for environmental damage: Piyush Goyal

📝 GreenLine partners with Flipkart to power greener supply chains

📝 KEC International has tailwinds of order wins, financial leverage

📝 ₹200 cr recovered from realtors to compensate homebuyers, ₹500 cr more payable: MahaRERA

📝 Avg housing prices up 11pc in Jul-Sep in 8 cities, highest 32pc rise in Delhi-NCR: Report

📝 Ambuja Cements partners with Coolbrook for cement manufacturing with zero-carbon heating technology

📝 Building Apple products has become a side hustle for China’s biggest EV maker

📝 Rajya Sabha passes bill to boost investment in oil and gas exploration

📝 Festivals lift India's edible oil imports to four-month high in Nov

📝 TCS to modernise Bank of Bhutan's digital system, improve customer service

📝 Japanese firms eager to set up semiconductor units in India: Deloitte

📝 Electronics component manufacturers eye govt support in Budget 2025

📝 Fintech firm MODIFI targets to finance 5,000 SMEs in next 2-3 years

📝 India sees 92,000 patent filings in FY24, IP guidelines set for overhaul

📝 Crisil upgrades rating on Vedanta's long-term debt instruments to 'AA'

📝 China announces ban on Germanium, Gallium exports to US in tit-for-tat move

📝 Tata Power subsidiary commissions 431 MW DC solar project in MP

📝 Canara Bank increases fixed deposit rates, offers up to 7.90% interest

📝 Nomura has room to cut further $187 mn in costs: CEO Kentaro Okuda

📝 Indian airlines may take Rs 2,000-3,000 crore loss this fiscal even as more passengers rush to fly

📝 Lectrix EV looks to raise USD 100 mn to fund future growth

📝 Government not considering PSU bank merger: MoS Finance

📝 BlackRock to buy HPS Investment for $12 bn in major private credit push

📝 Hyundai Motor Group ties up with IITs to advance battery, electrification research

📝 Karman Drones, TCL join hands to co-develop UAVs solutions

📝 Amagi acquires Argoid AI to address streaming industry challenges

📝 Indian tea prices surge 18% amidst decline in production

📝 Warehousing construction cost surges by 6.7% in India

📝 Russia approves $320 mln sale of Carlsberg assets to local businessmen, document shows

📝 Novo Nordisk India execs urge early Wegovy launch as weight-loss rival looms

📝 Russia's crude oil and LNG shipments to Asia slip slightly in 2024: Russell

📝 Godrej Properties raises ₹6K cr via QIP mainly to acquire land for future development

📝 Swiggy Q2 Results: Net loss narrows to ₹625 crore in first earnings post IPO

📝 Demat accounts reach 179 million even as new additions decline to 3.5 million in October

📝 Voda Idea's revenue market share falls to all-time low in Q2FY25

📝 Quant hires mutual fund industry outsider as next CEO

📝 Captain Fresh in talks to raise up to $100 mn from new and existing investors

📝 Nigeria Raises $2.2 Billion in First Eurobond Issue Since 2022

📝 SpaceX weighs tender offer at roughly $350 billion valuation

📝 2024 Honda Amaze set to launch tomorrow with a bold new look and advanced tech

📝 Microsoft faces $1.27 billion antitrust lawsuit over cloud services in UK

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NICAI Updates:

1. Income Tax Department is actively urging taxpayers to voluntarily declare any missed reporting of foreign assets or income by December 31, 2024, otherwise the consequences can be very serious like Rs 10 lakh fine or even jail in some cases.

2. High Court of Delhi observed that the pending review petition filed by the Petitioner Assessee against the dismissal of its Special Leave Petition (SLP) should be considered a pending proceeding for the purposes of Direct Tax Vivad Se Vishwas Act, 2020 (DTVSV Act). The Court emphasized that the review petition, though distinct from an appeal, extends the appellate process. 

3. The Court observed that the pendency of the review petition qualifies the case for resolution under the DTVSV Act, aligning with its objective to reduce litigation. Court held that the rejection of the petitioner’s application based on the narrow interpretation of the term “pending appeal” was contrary to the purpose of the DTVSV Act. Accordingly, the court directed the Income Tax Department to process the petitioner’s revised declaration and grant the relief sought under the scheme. {Case: NRA Iron and Steel Vs Income Tax Department}.

4. Madras High Court held that recovery action against the Directors of the company under the provisions of the Tamil Nadu General Sales Tax Act, 1959, Central Sales Tax Act, 1956 and Revenue Recovery Act not justified since company is non-existent.

5. GST annual return has to be mandatorily filed for FY 2023-24 by every GST registered taxpayer with a few exceptions by on or before December 31, 2024. However, before you file the annual return make sure to file all the monthly returns first or quarterly returns if you are registered under the QRMP scheme.

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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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