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India’s biggest private sector bank and largest housing finance company on Monday announced a merger to create a banking giant. The respective boards of HDFC Bank and HDFC Ltd approved all stock amalgamation. This merger has resulted in a $ 40 billion deal. It will become one of the top three entities in terms of […]
Gujarat High Court granted relief to an individual whose property assets got seized by the Enforcement Directorate. The authorities suspected him of replacing old demonetized currency notes amounting to ₹36.17 crores. The Gujarat High Court asserted that the property confiscated by the authorities was bought by the man before he was booked under PLMA (Prevention […]
RBI and the Indian government have always been belligerent towards each other. However, this is the first time a senior government official has accused Rajan, the former governor of the Reserve Bank of India, of favoring developed nations by keeping interest rates low. The government has sought an investigation into the RBI’s true motivations for […]
On Monday, Adani Power’s stock hit the all-time-high of ₹220.8 on the bourses. It started at ₹207 on the National Stock Exchange (NSE) with the hope that increased demand leads to an increase in the company’s profit The sky-high shares touched a 52-week highest of ₹220.8 per share. At 2:43 PM, they were trading at […]
Gujarat metro rail corporation’s annual report, presented in the Gujarat Assembly on March 3, showed the income earned by the company in 2020-21 was ₹4.42 lakh. As compared to last year, the revenue generated this year was six times less. According to the report, just 130 passengers used the Ahmedabad metro in 2021-22, a significant […]
As the new financial year ushers in on April 1, all eyes are looking for the effects the budget provisions shall have on their personal or business finance. This year is no different. Checking the budget for 2022, let us try to point out the important rules which shall affect our lives in the financial […]
Gujarat Government has collected a whopping Rs. 86,780 crore in the year 2021-22 by way of GST and VAT. The amount collected is Rs. 20057 crore more than the collection of Rs. 66,723 crore made in the year 2020-21. It is the highest since the implementation of GST. Similarly, Rs.4530 crore collected in the month […]
The crypto market has seen a bullish trend as demand for cryptocurrencies has increased amid the geopolitical crisis. Bitcoin has managed to cross the $ 44,000 level again after 37 days. Ethereum has seen a sharp rise over the past week. Weekly, Ethereum rose 12.68 percent to $ 3146 at 5 p.m. Bitcoin traded up […]
On Friday, Reliance Group Chairman Anil Ambani resigned as director of Reliance Power and Reliance Infrastructure after SEBI (Securities and Exchange Board of India) restrained him from being associated with any listed company. In their BSE filing, Reliance Power said that “Anil D Ambani, non-executive director, steps down from the board of Reliance Power in […]
The Department of Revenue might ask the banks and crypto exchanges in reference to reporting the transactions that are made through virtual digital assets as the government is about to begin taxing gains through the cryptocurrencies and non-fungible tokens from the First of April. Once this is applied the sale and purchase that has been […]
Vedanta Ltd, owned by billionaire Anil Agarwal, is seeking a minimum price of USD 19 for natural gas produced from a field off Gujarat in order to cash in on the recent surge in global energy prices. As part of its tender document, Vedanta is seeking bids for the sale of 0.25 million standard cubic […]
An official said the government may have to rethink the valuation of Life Insurance Corporation of India (LIC) for its initial public offering (IPO) if the listing is delayed beyond May. If the offer is delayed beyond May 12, as allowed by the Securities and Exchange Board of India, the present embedded value of LIC, […]
Zydus Lifesciences Ltd announced that it has received a prior approval supplement nod from the US Food and Drug Administration to market its generic version of Mycophenolate Mofetil for injection, which is used in combination with other drugs to prevent organ rejection in patients receiving renal, hepatic, or cardiac transplants. According to a regulatory filing, […]
The Indian Government is working on categorizing cryptocurrency under the Goods and Services Tax (GST) law so that the tax can be charged on the entire value of transactions. Currently, 18% GST is charged only on services provided by crypto exchanges. GST officers believe that cryptos are similar to gambling and lottery, which currently have […]
An Income Tax raid on Maharashtra-based unicorn start-up ‘infra.market’ recently found an undisclosed income of more than Rs 224 crores, officials said on Sunday. The 23 premises of the firm in Maharashtra, Karnataka, Andhra Pradesh, Uttar Pradesh, and Madhya Pradesh are raided since March 9. As per CBDT data, the group, founded by Souvik Sengupta […]
Japanese auto giant Suzuki Motor Corporation will invest around ¥150 Billion (about Rs 10,445 crore) by 2026, for local manufacturing of Battery Electric Vehicles (BEV) and BEV batteries in Gujarat. A Memorandum of Understanding (MoU) to this effect was signed with the Gujarat government on Saturday. “The MoU was signed at the India-Japan Economic Forum […]
India’s Adani Group is exploring potential partnerships in Saudi Arabia, including the possibility of buying a stake in the world’s largest oil exporter Saudi Aramco. The group, led by chairman and founder Gautam Adani, has held initial talks on potential joint investment opportunities and cooperation with Saudi Aramco and the country’s Public Investment Fund (PIF), […]
Tata Motors looks set to take over Ford India’s passenger vehicle manufacturing plant in Sanand, 40 km from Ahmedabad. Both the companies have submitted a consented proposal to transfer Ford’s passenger vehicle manufacturing plant ownership to Tata Motors. A High-Power committee (HPC) will give a nod to the proposal. The government of Gujarat formed an […]
In a bid to crack down on fraudulent ways of tax evasion, the state GST department has undertaken an intensive operation to comb out the defaulters. The modus operandi most preferred seems to be setting up firms in the names of real people from the financially challenged sector. Then, take over the enterprise and retain […]
Whoever said that pizza makes for a simple meal, think again. As per the Haryana Appellate Authority for Advance Ruling (AAAR), “a pizza topping is not a pizza and hence should be classified differently and levied a higher 18 percent goods and services tax (GST).” Classification of products has been a complex issue under GST. […]
