 "GST")
GST Council meet: Ways to deal with tax credit mismatch on agenda
Businesses might receive intimation from indirect tax authorities if there is a mismatch of input tax credit claimed by them with the output tax liability as declared by the supplier. They could even be asked to pay an amount equal to the “excess of credit claimed” with interest and penalty in the absence of satisfactory response. Ahead of the Goods and Services Tax (GST) Council meeting next week, a committee of officials has proposed further tightening in the returns filing system to limit the scope of claiming input tax credit to curb fraudulent practices. Read more...
India's campaign to internationalise rupee gets off to a slow start
India’s year-old campaign to boost the rupee’s role in cross-border payments has made little headway, according to people familiar with the matter, underscoring the challenges for countries trying to reduce their dependence on the dollar. The Reserve Bank of India has allowed more than a dozen banks to settle trades in rupees with 18 countries since last year and is encouraging big oil exporters such as the UAE and Saudi Arabia to South Asian nations to accept the Indian currency for trade settlements. Read more...
Go First RP, lessors slug it out in court over 'right' to fly planes
Go First on Thursday told the National Company Law Tribunal (NCLT) that it will appeal the Delhi High Court order of July 5 which said the insolvent airline cannot fly the leased aircraft. “The respondent, Go Air, its directors, employees, agents, officers or representatives, or the Resolution Professionals (RP) or their representative as appointed by the NCLT are hereby restrained from removing, replacing, taking out any part or component, or any relevant operational or other manual records, documentation from any of 30 aircraft except with prior written approval of lessor of such aircraft,” the Delhi High Court said on Wednesday. Read more...
SIAC directs Pratt & Whitney to give Go First five engines a month
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The Singapore International Arbitration Court (SIAC) on Wednesday directed American engine-maker Pratt & Whitney to deliver five engines per month between August and December 2023 to the grounded airline Go First, sources who have reviewed the order said.
“Pratt & Whitney respects the Interim Arbitration ruling and will comply with the order until it is otherwise modified. We look forward to vigorously defending ourselves during the merits proceedings where the business and legal issues will be determined and resolved,” a Pratt & Whitney spokesperson told Business Standard. Read more...
AI seen fueling Microsoft to $3 trillion value in Morgan Stanley model
Artificial intelligence-driven gains can propel Microsoft Corp. to join Apple Inc. in the elite category of stocks with a market capitalization of more than $3 trillion. That’s according to analysts at Morgan Stanley, whose new $415 price target for the software giant implies a valuation of around $3.1 trillion. The analysts, led by Keith Weiss, named Microsoft their top pick among large cap software companies, and said that it is the best placed in the sector to benefit from the growth of AI. Read more...
