India's one-stop finance platform
Everything a finance person must know - re-brewed every 10 minutes
President Trump expressed strong optimism about ending the Russia-Ukraine conflict before trilateral peace talks mediated by the United States. These negotiations are scheduled to begin later today in Abu Dhabi. No further details about the specific terms or participants were provided in the report.
Open for the full story →
The Goods and Services Tax Appellate Tribunal (GSTAT) ruled that financial assistance and administrative supervision from the government do not qualify a co-operative society as a government entity. Additionally, factory construction intended for industrial use is ineligible for the 12 percent Goods and Services Tax concessional rate. The specific order details were not provided beyond this principle.
Open for the full story →
Government funding alone does not ensure Goods and Services Tax concessions, according to tax rulings. Financial assistance and administrative supervision fail to elevate co-operative societies to government entity status. Furthermore, industrial factory construction does not qualify for the 12 percent concessional tax rate.
Effective Not specified in the update
For professionals: Advise clients against claiming preferential rates based solely on government grants or administrative ties. · Audit existing construction contracts and tax filings to ensure compliance with the standard rates rather than assumed concessions. · Verify that statutory tests for entity classification and tax concessions are met independently of state financial aid.
Open for the full story →
Liquefied natural gas exports through the Strait of Hormuz reached their highest level in October since the onset of the Iran war in February. Shipments increased compared to September's tally of 23 vessels exiting the strait. The data highlights a notable recovery in maritime energy shipments through the critical trade corridor.
Open for the full story →
Bengaluru observed a holiday on November 10 for Balipadyami, raising questions about closures for banks, schools, colleges, and offices. Comprehensive details regarding the operational status of various institutions were published to guide the public. The report outlined which specific establishments remained shut during the regional observance.
Effective November 10
For professionals: Verify local notification schedules in advance to plan payroll, clearing cycles, and office attendance. · Integrate local festive calendars into operational schedules to prevent operational delays and regulatory non-compliance.
Open for the full story →
Keralam's Civil Supplies Department is inspecting petrol samples from various outlets following reports of high ethanol levels in Karnataka. Sample tests will verify whether fuel quality satisfies required standards, with legal action possible if permitted limits are breached. Initial findings will be released within ten days to ensure consumer safety and fuel quality.
Open for the full story →
The initial public offering (IPO) pipeline in India is expanding as the Securities and Exchange Board of India (SEBI) clears eight issues. The approved companies include Mahanadi Coalfields, Veritas Finance, Razorpay, and MakeMyTrip’s Indian subsidiary. These proposed offerings feature a mix of fresh capital raises and offers for sale with varying sizes and corporate structures.
Effective Not specified in the update
For professionals: Portfolio managers must prepare liquidity to participate in viable primary market offerings upon final pricing announcements. · Investors and wealth managers should analyze the draft red herring prospectuses of these upcoming issues to evaluate fundamentals, valuations, and governance standards.
Open for the full story →
Anthropic PBC is organizing a live-streamed event featuring CEO Dario Amodei and JPMorgan Chase CEO Jamie Dimon to market its upcoming initial public offering. The potential record-breaking public offering is scheduled to begin marketing shortly and debut prior to the Thanksgiving holiday. Anthropic is targeting an offering size comparable to SpaceX's major funding raise.
Open for the full story →
Samco Wealth advises Indian investors to purchase two US exchange traded funds as long term hedges against currency depreciation and oil price fluctuations. The firm projects potential gains of 47 percent and 60 percent for these funds and recommends maintaining the investments for a minimum of two years.
Open for the full story →
The Goods and Services Tax Appellate Tribunal determined that slaked lime attracts a five percent tax rate rather than eighteen percent. The authority rejected the revenue department's attempt to classify the mixture as a food preparation, confirming it qualifies as slaked lime under Harmonized System of Nomenclature code 2522.
Open for the full story →
The Goods and Services Tax Appellate Tribunal clarified that clearing outstanding tax dues is insufficient to revive a cancelled business registration. Rule 23(1) mandates the simultaneous settlement of all applicable interest, penalties, and late fees alongside pending return filings to successfully restore the registration.
Open for the full story →
The Goods and Services Tax Appellate Tribunal ruled that interest under Section 50(3) cannot be levied merely for claiming excess input tax credit if the amount was never utilised. Maintaining an adequate unutilised balance in the electronic credit ledger ensures the disputed credit is not considered deployed.
Open for the full story →
One place for all of finance - tap any card to jump in.