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

Euro Pratik, a prominent player in the decorative wall panel industry, is set to file draft papers with the market regulator Sebi for an initial public offering (IPO) worth Rs 700-1,000 crore, sources familiar with the matter said on Thursday.
The IPO, expected to be filed by the end of the month, is likely to value the company at an estimated Rs 5,000-6,000 crore, they said.
The public issue is anticipated to be a complete Offer-for-Sale (OFS), they said, adding that Axis Capital and Dam Capital has been appointed as merchant bankers.
As of the time of filing this story, an email sent to the company seeking confirmation remained unanswered.
Euro Pratik is a well recognised brand in India and is now expanding its presence in international markets. The capital market foray is a pivotal moment for the company, which seeks to leverage its early-mover advantage post listing, said a person tracking the home decor segment.
Over the past four years, the fast growing and fast fashion comp

Aditya Birla Money shares hit a record high of Rs 289, as they surged 17 per cent on the BSE in Thursday's intra-day trade amid heavy volumes in otherwise a weak market.

The number of active investors on the National Stock Exchange (NSE) have jumped 44 per cent over the past one year to 47.9 million at the end of September 2024. The surge in active clients is underpinned by the rally in the markets, with the Nifty 50

Deal part of KKR's to support 'innovative and disruptive companies' in Asia

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

: 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 NGS facility is expected to bolster ongoing projects and enable new research avenues, including the study of genetic adaptation to climate change, pathogen-host interactions, and the development

Bhupinder Yadav, Bhupinder

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

Sharad Pawar urges Maharashtra CM to address Beed, Parbhani cases

Union minister Bhupender Yadav launches facility for Pashmina certification

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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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