Tax trouble: GST authorities quiz auto dealers on fake invoicing
Expanding investigation into allegedly wrongful claims of input tax credit by insurance companies, the tax authorities are probing a section of automobile dealers who have supposedly generated fake invoices without providing any service, which is a punishable offence under goods and services tax (GST) law.
The authorities are learnt to have questioned the car dealers to explain the services they provided general insurance companies. Read more...
Sebi bars brokers from creating bank guarantees with client funds
The Securities and Exchange Board of India (Sebi) has put a stop to the practice of brokers creating bank guarantees using client funds. It said on Tuesday that such practices will be barred from May 1 and all existing bank guarantees have to be terminated by September 30.
This is part of a series of steps taken by the capital market regulator to safeguard clients’ funds and securities from misuse by brokers. Read more...
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Electronics exports grew a whopping 50% in FY23; may overtake drugs, pharma
A surge in electronics exports, including smartphones, accounted for a massive 31 per cent of the rise in India’s merchandising exports in FY23 over the previous year, in value terms based on the Commerce Ministry’s latest figures.
Merchandise exports increased by $25 billion, hitting $447 billion in FY23 over $422 billion in the previous year. Of this, the increase in smartphones and Apple iPhone exports alone contributed 23 per cent and 15 per cent respectively. Read more...
CSR spend in Northeast anything but generous in FY22, shows data
Companies spent a smaller share of their mandatory charitable spending in the Northeast than before.
The Northeast got a 7.7 per cent share in corporate social responsibility (CSR) funding in 2021-22 (FY22), reveals an analysis of data collated by primeinfobase.com. This is the second-lowest since CSR spending became mandatory in 2014-15 (FY15). It had been as high as 10.1 per cent at its peak in 2016-17. Read more...
Over 1,500 pilots of Tata Group-run airlines seek Ratan Tata's help
Over 1,500 pilots of Tata Group-run airlines on Tuesday sent a petition to Tata Sons Chairman Emeritus Ratan Tata, requesting him to intervene in the ongoing matter with Air India’s human resources (HR) department regarding revised service agreement and updated salary structures.
“We are facing a difficult situation with the HR department. We feel we are not being treated with the respect and dignity that we deserve as employees of Air India. As a result, our morale is low, and we are concerned that this will have a negative impact on our ability to perform our duties to the best of our abilities,” the petition, which has been signed by 1,504 pilots, stated. Read more...