GST Council addresses disaster levy, clarifies tax exemptions, and revises ITC norms, while deferring insurance premium GST cut and key rate rationalisation decisions

GST council meeting

After two weeks of buying, FPIs turned net sellers in Indian equities this week, with a net withdrawal of Rs 976 crore amid a strengthening US dollar and steady rise in US 10-year bond yields, impacting investor sentiment.
Foreign Portfolio Investors (FPIs) began the week on a positive note, investing Rs 3,126 crore in equities during the first two trading sessions (December 16-20).
However, the trend reversed in the latter half of the week, with FPIs offloading equities worth over Rs 4,102 crore in the subsequent three sessions. This resulted in an overall net outflow of Rs 976 crore during the week, data from National Securities Depository Limited showed.
Despite this short-term reversal, the broader December trend remains positive. FPIs have infused Rs 21,789 crore into Indian equities so far this month, reflecting continued confidence in India's economic growth potential and its resilient markets.
FPIs adopted a cautious approach due to the US Fed meeting and uncertainty about 

Foreign portfolio investor exodus: Financial sector bears the brunt, FPI

Bihar's Deputy Chief Minister Samrat Chaudhary said another meeting of the GoM is scheduled for January before the proposal is reintroduced to the GST Council

NBFC player Laxmi India Finance Ltd has filed draft papers with markets regulator Sebi to raise funds through an Initial Public Offering (IPO).
The Jaipur-based company's proposed IPO is a combination of a fresh issue of 1.04 crore shares and an offer for sale (OFS) of 56.38 lakh shares by promoters, according to the draft red herring prospectus (DRHP).
As per the draft papers filed last week, proceeds from the fresh would be used to shore up its capital base to meet future capital requirements towards onward lending and for general corporate purposes.
Laxmi India Finance, a non-deposit-taking NBFC, offers a diverse product portfolio, including MSME loans, vehicle loans, construction loans, and other lending solutions to customers.
As of June 2024, the NBFC had an asset under management (AUM) of Rs 1,035.53 crore, with MSME and vehicle loans contributing 75.49 per cent and 17.46 per cent respectively.
Its operational network encompassed 139 branches across Rajasthan, Gujarat, Madh

The assets under management of infrastructure investment trusts (InvITs) in the road sector are poised to surge 68 per cent to Rs 3.2 lakh crore by March 2026 from Rs 1.9 lakh crore as of September 2024, Crisil Ratings said on Thursday.
The rating agency further said the growth will be fuelled by the expansion of existing InvITs' asset pool and the emergence of new InvITs.
"The AUM (assets under management) growth will be accompanied by diversification in terms of geography and concession type, which will help build resilience," Crisil Ratings said, adding that this, along with leverage levels being under control, will keep credit profiles of road InvITs strong.
Infrastructure Investment Trust (InvIT) is an instrument on the pattern of mutual funds, designed to pool money from investors and invest in assets that will provide cash flows over a period of time.
According to the rating agency, the AUM growth will also bring diversification in terms of geographies and concession types.

Highway, Road

With Beast Games, a brand-new reality competition series available on Amazon Prime Video. This big program begins on December 19, 2024 with a record-breaking $5 million reward

Beast Games

The Banning of Unregulated Lending Activities Bill calls for the CBI to handle probes in cases spanning multiple states or UTs

The Centre, in collaboration with states, has proposed to classify unregulated lending as a cognizable and non-bailable offence, with penalties including imprisonment of up to 10 years. The finance ministry has invited feedback by February 13 from st

The official further noted that this year's Budget consultations are particularly significant due to the political outcomes of recent state elections

Nirmala Sitharaman, Nirmala

The Opposition Congress has doubled down on its demand for Home Minister Amit Shah's resignation, citing his comments on B R Ambedkar

Rahul Gandhi, Rahul, Congress leader, Priyanka Gandhi, Priyanka

The Supreme Court has asked the Bombay High Court and the Maharashtra government to evolve a mechanism to ensure that accused are produced before trial judges either physically or virtually on every date so that the trial is not prolonged.
The apex court, while dealing with an appeal challenging the Bombay High Court order denying bail to an accused, said a "sorry state of affairs" was being depicted as the trial proceedings in the case was being prolonged due to non-production of appellant before the trial judge either physically or virtually.
A bench of Justices B R Gavai and K V Viswanathan was informed that this was not a solitary case but in many cases, such a difficulty arises.
"We, therefore, direct the registrar general of the high court of judicature at Bombay, secretary, Home, state of Maharashtra and secretary, Law and Justice, state of Maharashtra to sit together and evolve a mechanism to ensure that the accused are produced before the trial judge either physically or ..

Supreme Court, SC

Delhi Police claimed to have identified 175 people during their verification drive against illegal Bangladeshi immigrants in the national capital, officials said on Sunday.
The 12-hour verification drive began at 6 pm on Saturday in outer Delhi area, the officials said.
"Police have intensified their efforts to identify and detain individuals residing without valid documentation. As part of the ongoing operations, 175 individuals have been identified as suspected illegal Bangladeshi immigrants during extensive verification drives in outer Delhi," a senior police officer said.
The city police launched a drive for the identification of illegal Bangladeshi immigrants residing in Delhi on December 11, a day after the LG Secretariat ordered a crackdown on such persons.
"Concerned about the growing number of undocumented immigrants, the Outer District Police has launched a series of targeted operations and joint checks in various areas under its jurisdiction," the police officer said.
H

Rohingyas, Rohingya refugees

: NCP (SP) president Sharad Pawar on Sunday had a telephonic conversation with Maharashtra Chief Minister Devendra Fadnavis about the murder of a sarpanch in Beed and the death of a man following violence in Parbhani.
Pawar on Saturday visited the families of Santosh Deshmukh, the slain sarpanch, and Somnath Suryawanshi, who allegedly died in judicial custody after his arrest in connection with the violence in Parbhani.
The NCP (SP) chief attended the Bhimthadi Jatra at the College of Agriculture in the city on Sunday.
While at the event, he called the chief minister, urging him to take note of the Beed and Parbhani cases.
Fadnavis on Friday announced judicial probes into the Parbhani violence and the sarpanch's murder and financial assistance of Rs 10 lakh each to the kin of Deshmukh and Suryawanshi.
Talking to reporters here, Pawar said, "I had a word with the chief minister about the places I visited yesterday. I told him that the situation was serious and asked him to take not

Sharad Pawar, Sharad,  NCP President

The rating agency's arm said that India's recent consumer price inflation at around 5 per cent was without clear evidence of a trend towards slowing price pressures

Most GCCs in India support critical business goals by using AI, data analytics, robotic process automation, and cloud services

India ranked third globally in terms of funding raised by fintech companies, behind the US and China, the report said

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SC asks HC, Maharashtra govt to ensure accused appear before trial courts

Delhi Police verification drive identifies 175 illegal B'deshi immigrants

Sharad Pawar urges Maharashtra CM to address Beed, Parbhani cases

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55th GST Council takes key decisions, defers rate cuts on insurance premium

FPIs pull out Rs 976 crore from Indian equities amid rising dollar

GST Council defers decision to reduce tax on health, life insurance

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