VALUE ADDED TAX
Adani Group could find funding harder after US indictment as banks review credit
Gautam Adani's group faces funding issues. Banks may limit credit after a US arrest warrant. The warrant is for an alleged bribery case. Adani's companies lost value in the stock market. Investors are concerned. Some deals are cancelled. Indian authorities are investigating.
Exclusive: Groww¡¯s valuation cut in domicile shift to India; Razorpay may follow
Groww paid Rs 1,340 crore ($160 million) in taxes to the US government, based on the new fair market value (FMV), which is more than 30% lower than its $3 billion valuation during its last funding in 2021, sources told ET. Razorpay, which was last valued at $7.5 billion, is working with consulting firm Deloitte on the matter.
'Sin tax' on sparkling drinks takes a toll on Parle Agro profit: Joint MD
"The decision to place fruit-based, non-caffeinated sparkling drinks in the sin tax category, taking GST on Appy Fizz up by to four times from 12% to 40%, had a massive impact on the overall business, which is dependent on specific price points," Nadia Chauhan, joint managing director at Parle Agro, told ET. "This forced us to reduce the serving size to consumers," she added.
Adding to the IT portfolio; willing to be patient for another 5 or 10 years in case of Reliance: Deepak Shenoy
Deepak Shenoy, Founder of Capital Mind, believes that while the current market dip doesn't present a perfect buying opportunity, there's still value in select large-cap stocks like Reliance and L&T. He suggests these companies, relatively stable during the upside, have weathered the downside well, making them potentially lucrative long-term investments.
Govt to exceed FY25 direct tax collection target: CBDT chief
India's Central Board of Direct Taxes (CBDT) chairman announced expectations of exceeding the current fiscal year's direct tax collection target of Rs 22.07 lakh crore. Strong growth in both corporate and non-corporate tax collections fuels this optimism. As of November 10th, over Rs 12.11 lakh crore has already been collected.
Faster ITC claim: Now suppliers can see & take action on whether buyer rejected the invoice or accepted it on the new IMS portal of GST
Goods and services tax (GST): The goods and services tax network (GSTN) has implemented a new feature inside the invoice management system (IMS) on the GST portal where suppliers can see whether the buyer has accepted or rejected the invoice saved by them. Experts say this is positive for buyers as now they will be able to claim input tax credit faster due to faster rectification of errors.
China announces tax policies to boost property market: state media
China announced new tax policies on Wednesday to bolster its struggling property market. The measures include enhancing deed tax incentives for homebuyers and reducing the minimum prepayment rate of land value-added tax for real estate companies. These actions aim to stimulate housing demand and ease financial pressures within the sector.
China plans to slash homebuying taxes in fiscal stimulus
China is considering significant tax cuts on home purchases to revitalize its struggling housing market. The proposed plan would allow major cities like Beijing and Shanghai to slash deed taxes to as low as 1%, potentially eliminating the distinction between ordinary and luxury homes.
Dow Jones Industrial Average notches record high close
The Dow Jones Industrial Average reached a new high, driven by bank stocks boosted by optimism surrounding President-elect Donald Trump's anticipated fiscal policies. Smaller companies are also expected to benefit from Trump's proposed tax cuts and anticipated deregulation. The market is closely observing inflation data and economic indicators for insights into monetary policy.
Info Edge sees Q2 net profit dive 64% to Rs 85 crore
A rise in deferred tax charges totalling Rs 260 crore and Rs 363 crore in extra deferred tax charges from previous years under other comprehensive income were largely responsible for this fall in net profit.
22 equity mutual funds offer over 30% returns in 2024. Have you added any of these to your portfolio?
The Motilal Oswal Midcap Fund has led the returns chart, gaining 44.34% in 2024 so far. Bandhan Small Cap Fund followed closely with a 42.69% return in the same period, while the Motilal Oswal ELSS Tax Saver Fund, a tax-saving option, delivered a 39.46% return.
Increase in surrender value to reinforce customers' faith in life insurance industry: Kotak Life Insurance MD & CEO
People are now buying life insurance for protection, and the increase in surrender value is unlikely to impact the persistency ratio, Mahesh Balasubramanian tells Riju Mehta.
View: Family business thrives by balancing profit, purpose, frugality, trusteeship & governance
Family businesses prioritize preserving wealth for future generations through frugality and strategic governance. It is about balancing profit with purpose, benefiting all stakeholders. Clear policies and disciplined decision-making are essential for long-term success, ensuring wealth is managed prudently and sustainably.
Adani Energy Solutions valued at $18.5 billion; revenue to grow 20%
Adani Energy Solutions Ltd, valued at USD 18.5 billion, is expected to see significant growth in the next three years. The company has a diversified portfolio including transmission, distribution, and smart metering businesses. It aims to capitalize on India's increasing energy demand and recent capital raise to drive growth across its segments.
DailyHunt parent VerSe acquires digital marketing solutions firm Valueleaf
VerSe Innovation, parent company of DailyHunt and short-video platform Josh, acquired digital marketing solutions company Valueleaf in a cash-and-stock deal. VerSe cofounder Umang Bedi said this transaction will drive growth for the company and generate additional revenue of about $100 million.
Identify high-value cash transactions at hotels, hospitals; pursue arrear demands: CBDT to I-T dept
The CBDT urged the I-T department to check cash transactions in sectors such as hotels, hospitals, and luxury brands. They stressed the need for data mining to identify potential taxpayers and expressed concern about rising tax arrears, calling for special teams to recover dues and an increase in tax return filers.
Outward remittances exceeding ?6 lakh come under I-T scanner
The move will help the government to identify cases where the remittance was sent but was not reported by the taxpayer in their filling, the official said. "The whole exercise will curb tax evasion and ensure that legitimate remittances are facilitated while preventing abuse of relaxations in foreign remittance reporting," the official added.
Centre notifies GST council decision on corporate guarantee, GSTR1 reconciliation
The Central Government of India (CGS) has announced that goods and services tax will be applied to the 1% per annum corporate guarantee fee, effective from October 23, 2023. The move is expected to provide relief to businesses facing cash flow concerns and restrict the deemed valuation to domestic transactions. The GST Council also capped the maximum fee for filing appeals in the GST Appellate tribunal at Rs 25,000 and the minimum fee at Rs 5,000.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
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