BUSINESS
GST collection in Nov may scale 2nd highest level on the back of robust festive sales: Official
GST collections for November may exceed Rs 1.87 lakh crore. Collections from Maharashtra and Jharkhand are delayed in November due to elections
BUSINESS
CBDT black money report flags repeat penalties for non-disclosure of foreign assets
The internal report also suggests focusing on large evasions for better use of resources while calling for clarity on repeated penalties for non-disclosure of foreign assets
BUSINESS
UPI transactions in April-September grow 35% to Rs 122 lakh crore
Volume up 46 percent at 8,566.52 crore. There 6.32 lakh case of UPI frauds during the period valued at Rs 485 crore
BUSINESS
MC Interview I NFRA may extend global audit norms to PSUs, unlisted firms after 2026, says Ajay Bhushan Pandey
Among major fraud cases like DHFL, Cafe Coffee Day, Reliance Home Finance, and Reliance Capital, in some, the losses exceeded Rs 50,000 crore. Had they been flagged in the initial stages, the losses could have been significantly lower, said the NFRA board chairman
ECONOMY
Solicitor General backs NFRA’s authority to issue audit Standards on quality management
The legal opinion says that ICAI Act, 1949, does not provide Institute of Chartered Accountants of India with the authority to issue standards related to auditing or quality management
BUSINESS
Finance ministry likely to launch digital credit assessment model for MSMEs in December
The model captures MSMEs’ digital footprints to assess their creditworthiness, moving away from the earlier requirement of external ratings, which will help save costs for these businesses
ECONOMY
Bribery charges against Gautam Adani credit negative for Adani Group: Moody’s Ratings
'Our main focus when assessing Adani Group is on the ability of the group’s companies to access capital to meet their liquidity requirements and on its governance practices,' says the rating agency.
BUSINESS
Economists warn against RBI cutting interest rates amid high inflation
The discussion comes ahead of RBI’s December monetary policy meeting, where all eyes will be on Governor Shaktikanta Das's next move
BUSINESS
Municipalities in poll-bound Maharashtra are flush with funds, shows RBI report
The RBI report on municipal finances shows that 10 municipalities across the country account for the lion’s share in revenue receipts with those in Maharashtra boasting a revenue surplus of Rs 11,104 crore as per the budget estimates for FY24.
BUSINESS
Will surpass direct tax target of Rs 22 lakh crore in FY25: CBDT Chairman Agarwal
Trends of direct tax collection indicate that the budget target will be met, Ravi Agarwal said
COMPANIES
Why ICAI will seek review of NFRA's decision to amend audit standards?
NFRA during its board meeting recommended the revision of Standards on Auditing (SA) 600 to hold the group auditor ultimately responsible for the audit
BUSINESS
NFRA board meet to weigh global audit standards for LLPs, may align with company norms: Source
Given the rise of LLPs in critical sectors and a growing preference for registering businesses as LLPs, the NFRA sees a need for bolstered transparency and accountability.
BUSINESS
India turns 3rd most improving market in business environment ranking: EIU Report
India is the "only single-country market that offers a potential scale comparable to that of China" that makes it an attractive destination for global investors looking to diversify their operations
BUSINESS
Maharashtra's decline from being fiscal surplus to a fiscal deficit state
A higher fiscal deficit, lower capex spending, and rising revenue spending have contributed to a decline in Maharashtra's fiscal situation. Economists say the state needs to return to capex spending
INDIA
Higher PIT collection doesn't equate higher tax on individuals, sources clarify
The clarification comes as the corporate tax collection growth stood lower than PIT in the current fiscal as reflected in the government data till November 12.
BUSINESS
Trump 2.0: India poised to leverage comparative advantage amid shifting global trade and supply chains
India stands to benefit, particularly in sectors like pharmaceuticals, textiles, and electronics, which are positioned to capture value as companies look to diversify away from China, a State Bank of India (SBI) report said.
BUSINESS
Respite from food inflation in 4 months likely; agri will grow at 5% in FY25: Ramesh Chand of NITI Aayog
Food Inflation continues to be a worry but is expected to ease in March-April with the arrival of new crop, says Ramesh Chand of Niti Aayog. He adds that while Urad dal production fall to a 10-year low in FY 25 is a concern, production of other pulses will be better.
BUSINESS
GST Council likely to meet at December-end, tax relief for health, life insurance on cards
The Council was expected to meet this month but now the meeting has been moved to align with Union finance minister Nirmala Sitharaman holding pre-budget consultations with her counterparts from states
BUSINESS
India Inc seeks wider PLI ambit, independent tax dispute resolution forum in pre-budget discussion
Union Budget 2025-26 is an opportunity to reinforce India’s stability and create a blueprint for a prosperous, equitable, and technologically advanced country, the industry bodies told revenue secretary.
BUSINESS
FCI’s Rs 10,700 crore equity boost to aid inflation control, cut food subsidy bill, say experts
India’s food management body, FCI’s dependence on short-term loans and interest costs would reduce with this capital infusion.
INDIA
India-US defence ties to get stronger post Trump win, trade issues could create friction: Experts
A Moneycontrol analysis found that both the Biden and Trump administrations contributed equally to arms exports to India
BUSINESS
CBDT weighs overhaul of designations for income tax officials to secure better clarity
As part of the restructuring, the condonation of delay, a critical process that allows taxpayers to verify their Income Tax Return (ITR) or file it after the deadline, was also reviewed
BUSINESS
CBDT’S reform push: Mulls separation of investigation, assessment roles for fairer income-tax process
The CBDT had sent 1 lakh tax notices last year. With the proposed move, it hopes to bring in more efficiency in handling tax evasion and mitigate potential bias.
BUSINESS
MC EXCLUSIVE: ‘Govt’s savings likely to increase by up to 28% in FY25 due to expenditure reforms’
The government has expanded the Treasury Single Account to cover all Central sector schemes, which have budgets of more than Rs 100 crore. In FY24, the threshold for similar schemes was higher at Rs 500 crore. Altogether, savings of up to Rs 18,000 are expected in this fiscal, which are being attributed to just-in-time payment measures, according to an official.
