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

IRCC clarified that these requests are part of a standard procedure and not a new practice

Canada, Justin Trudeau

Leader of Opposition in the Lok Sabha Rahul Gandhi on Thursday alleged that BJP MPs were pushing him and stopping him and other opposition MPs from entering Parliament. His remarks came after some BJP MPs claimed that Gandhi pushed an MP, resulting in their leader Pratap Sarangi getting injured.
Sarangi was taken to hospital after getting injured in the melee when the protesting INDIA bloc and the BJP MPs came face to face in front of Makar Dwar in Parliament.
"I was trying to enter Parliament and the BJP MPs were stopping me, pushing me and threatening me," Gandhi told reporters in Parliament premises.
Asked if Congress president Mallikarjun Kharge and Wayanad MP Priyanka Gandhi had also been pushed, Rahul Gandhi said, "It has happened but we don't get bothered with this pushing around."
"This is the entry to Parliament, we have a right to go inside and the BJP members were stopping us from going inside," he alleged and pointed to the Makar Dwar.
Gandhi said the central issue is 

Rahul Gandhi, Gaurav Gogoi

SpiceJet on Thursday said aircraft lessor Genesis will acquire a stake worth USD 4 million in the airline as part of settling a more than USD 16 million dispute.
For the settlement, the airline will also pay USD 6 million to Genesis.
The budget carrier, which recently raised Rs 3,000 crore amid financial headwinds, has been settling various disputes with lessors and other entities.
Subject to the settlement terms being satisfied, SpiceJet said both parties have agreed to withdraw all ongoing litigations and disputes related to this matter at the appropriate forums.
In a release, the airline said it has reached an amicable settlement with Genesis, resolving their over USD 16 million dispute.
'Under the agreement, SpiceJet will pay Genesis USD 6 million and Genesis will acquire USD 4 million in SpiceJet equity at a price of Rs 100 per share,' it said.
In September, Carlyle Aviation agreed to convert USD 30 million of lease arrears into SpiceJet equity at Rs 100 per share.
Earlier,

Spicejet

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

While speaking at the "Hala Modi" community event at Kuwait's Sheikh Saad Al-Abdullah Indoor Sports Complex, PM Modi highlighted India's rapid transformation in various fields, including technology

Digvijaya Singh, Digvijaya

Nikolaos Karelis' early strike earned Mumbai City FC a 1-0 victory over Chennaiyin FC in the Indian Super League here on Saturday before East Bengal FC triumphed over Jamshedpur FC 1-0 in Kolkata for their fourth win in last five games.
With their victory, Mumbai City FC moved from the seventh place to the fourth spot in the points table, accumulating 20 points from 12 games with five victories.
This match also marked the third straight away game where the Marina Machans were unable to find the back of the net.
At the Vivekananda Yuba Bharati Krirangan in Kolkata, marksman Dimitrios Diamantakos (60th minute) was the only player on target for the home side as they maintained their mid-season rise under their new tactician Oscar Bruzon.
While the Red & Golds secured their fourth win in their last five matches in the competition, Jamshedpur FC, on the other hand, were inefficient in creating and finishing chances.
Jamshedpur FC were the team on the ascendency in the first 10 minutes 

MUMBAI CITY FC, ISL

Patna Pirates' chances of a top-two finish took a hit as Gujarat Giants held them to a 40-40 tie in an action-packed Pro Kabaddi League match here on Saturday.
For Patna Pirates, Devank got a 'Super 10' while Sudhakar M scored seven points. For Gujarat Giants, Guman Singh and Jitender Yadav scored eight points each and Rakesh top-scored with nine.
Guman Singh's raid, which earned Gujarat Giants three points, put the team in the box seat after only five minutes. The side then piled on more misery with an 'All Out' which put them six points ahead.
Guman, Neeraj and Jitender Yadav combined well but soon Devank and Ayan staged a mount a comeback for Patna Pirates.
Still, Gujarat Giants had a healthy six-point lead midway through the first half.
In the final minutes of the first half, though, Devank and Sudhakar started to chip away at the lead.
At the halfway mark, Gujarat Giants led 22-18.
Patna Pirates came out of the break firing on all cylinders with their defence landing an 'Al

Pro Kabaddi League: Haryana Steelers go down 27-30 against Patna Pirates

haryana steelers patna pirates

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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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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