BUSINESS
Refund for unutilised Input Tax Credit can't be claimed on input services: SC
A bench comprising Justices D.Y. Chandrachud and M.R. Shah upheld the validity of Rule 89(5), overturning a 2020 Gujarat High Court judgment which had held that Rule 89(5) was ultra vires Section 54 (3) of the CGST Act, 2017. Rule 89(5) of the CGST Rules provides for the computation of the refund of ITC on account of an inverted duty structure.
IndiGo to strengthen domestic network with 38 new flights in Sept
These 38 flights will include 24 connecting flights, two new flights and 12 flights that the airline will be relaunching after the second wave of the Covid-19 pandemic. IndiGo said in a statement that it will operate new flights between Raipur and Pune, besides restarting flights between Lucknow-Ranchi, Bengaluru-Vishakhapatnam, Chennai-Indore, Lucknow-Raipur, Mumbai-Guwahati and Ahmedabad-Indore routes.
'Timely announcement of MSP for rabi can help farmers plan better
The Minimum Support Price (MSP) for rabi crops is, in most years, announced in October or later, when most of the farmers are done with sowing. Last year, it was announced on September 23 and for the year 2022-23, it was announced last week, on September 8."This has been a deliberate attempt to announce the MSP for rabi season early so that the farmers get ample time to plan their crop," Agarwal.
ARCs may hunt MSME, retail assets as ground shifts
ARCs have been facing headwinds since the past two fiscals, with assets under management (AUM) - as measured by security receipts (SRs) outstanding - contracting after a strong run-up in the previous five fiscals. Between fiscals 2015 and 2019, their AUM had expanded steadily on supportive regulations introduced in 2014 fiscal. But that trend then reversed in fiscal 2020 with 4 per cent contraction.
RBI warns against frauds in guise of KYC update
In a statement on Monday, the RBI said that it has been receiving complaints and reports about customers falling prey to frauds being perpetrated in the name of KYC updation. The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails among others from customers by urging them to share certain personal, account, or login details.
219 deals worth $8.4 bn in August, record volumes since 2005
"Domestic consolidation led to 68 per cent of the deal volumes in M&A. Unicorns, such as Byju's, Unacademy and Dream Sports sealed some of the M&A deals. As improvement in industrial indicators and external demand unfold, we hope economic activities would normalize in the coming months driven by pent-up demand, ongoing vaccination drive, support from policy mix and a resurgence in global growth," said Shanthi Vijetha,
Can't let IBC fail, avoid delay in resolution processes, SC tells tribunals
Observing that judicial delay was one of the major reasons for the failure of the insolvency regime that was in effect prior to the Insolvency and Bankruptcy Code (IBC), the court said: "We cannot let the present insolvency regime meet the same fate." The bench, headed by Justice D.Y. Chandrachud, said that the NCLT and the NCLAT should endeavour, on a best effort basis, to strictly adhere to the timelines.
Spike in overdues impacts NBFC performance in Q1 FY2022
According to analysis by ICRA while disbursements revived quite sharply in July 2021 on the back of the pent-up demand, sustainability of the same would depend on the broader macro-economic indicators. Given this subdued disbursements and portfolio rundown in the absence of any moratorium like in Q1 FY2021, the asset under management (AUM) for NBFC-segment shrunk in Q1 FY2022.
India's Aug retail inflation eases to 5.30% as food prices cool-off
Data, furnished by the National Statistical Office (NSO), showed that the Consumer Price Index, slipped to 5.30 per cent last month from 5.59 per cent in July. Even on YoY basis, last month's retail inflation was lower than 6.69 per cent recorded for August 2020. The macro-economic data assumes significance as it brings retail inflation mark in the range of the Reserve Bank of India's set target of 2-6 per cent for CPI inflation.
India to revise FDI policy for space sector: Sivan
In his address at the International Space Conference and Exhibition, organised by Confederation of Indian Industry (CII), on the theme 'Building NewSpace in India', Sivan, who is also Secretary of the Department of Space, said with India opening up its space sector for private players, there has been a lot of interest by the foreign companies to invest in India.
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