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BusinessToday.In
New Delhi, July 17, 2018
On the simplification of the GST law, the ICAI said it should be made less complex so everyone -- from a layman or an unorganised taxpayer to big businesses -- can understand it without any help from a tax expert.


BusinessToday.In
New Delhi, July 2, 2018
Indian economy set for a surge, to touch USD 5 trn by 2025: Prez  President Ram Nath Kovind today said the Indian economy is set for a surge with the GDP size expected to double to USD 5 trillion probably by 2025.He was speaking after launching the platinum jubilee celebrations of chartered accountants' apex body ICAI. \"Indian economy is set for a surge and in the next decade, probably even by 2025, India is expected to double the size of the GDP to USD 5 trillion,\" Kovind said. The President said that adherence to a fair taxation system is much more than merely providing revenue to the government which is part of the same social contract that underpins the Constitution.Walmart India gets half of biz via non-store sales  US retail major Walmart is now getting nearly half of its business through non-store or out-of-store sales channels, which include B2B e-commerce, associates' driven sales and call centres, a company official has said. While, the rest half of its business still comes through in-store walk-ins, where its members visit its stores and purchase.Besides, Walmart India is also going to open another fulfilment centre soon at Lucknow after opening its first such facility in Mumbai last year.FDI inflow growth rate dips to 5-year low in FY18Foreign direct investment (FDI) in India seems to be petering out. According to the latest data released by the Department of Industrial Policy and Promotion (DIPP), FDI inflows growth rate recorded a five-year low of 3 per cent at $44.85 billion in 2017-18. In contrast, foreign inflows had grown by 8 per cent in 2013-14, under the previous government, albeit after recording a negative growth of 38 per cent in 2012-13.The current government had managed to initially multiply the FDI inflow growth rate to 27 per cent in 2014-15 and 29 per cent in the following year, but it dived to just 8.67 per cent in 2016-17.CIOs looking at increasing spends on cyber security: EY  Companies across sectors may increase their spending on cyber security as a percentage of the overall IT budget as they look to comply with privacy laws and protect organisations against new emerging threats, says a report by consultancy firm EY. A survey conducted by EY found 42 per cent respondents saying they are \"willing to invest more than 10 per cent of their annual IT budget on cyber security\". The report highlighted that the \"onslaught\" of Industry 4.0 technologies such as artificial intelligence (AI), Internet of Things (IoT) and machine learning (ML) -- being considered and adopted -- are drastically increasing the attack-surface for companies.Honda Cars India posts 37.5 pc rise in domestic sales  Honda Cars India (HCIL) today reported a 37.5 per cent increase in its domestic sales to 17,602 units in June on account of strong sales of all new Amaze. The company had sold 12,804 units in the domestic market in June 2017, HCIL said in a statement. \"The recently launched All New Amaze which has been receiving an overwhelming customers' response sold a remarkable 9,103 units in June'18, strongly contributing to company's growth last month,\" HCIL said adding that HCIL has received over 26,000 bookings of the all new Amaze since its launch.GST rate cut possible as revenue to exceed Rs 13 lakh crore this fiscal: Piyush GoyalFinance Minister Piyush Goyal on Sunday said he expected GST collections to exceed Rs 13 lakh crore in the current financial year and this higher revenue would provide headroom to cut tax rates. The interim finance minister said, \"with more people coming under the tax net, and successful implementation of the e-way bill system, there will be scope for rationalisation of tax slabs.\"Under the four-tier Goods and Services Tax (GST), which was rolled out on July 1, 2017, taxes are levied in the brackets of 5 per cent, 12 per cent, 18 per cent and 28 per cent. On top of the highest tax bracket, a cess is levied on luxury goods such as big cars and sin goods such as sugary drinks and cigarettes


PTI
June 5, 2018



PTI
May 25, 2018



PTI
May 2, 2018



PTI
New Delhi, April 15, 2018
The chartered accountants' apex body has made a list of the statutory auditors of the Brady House branch during 2011-12 to 2016-17, and asked them to appear before its Board of Discipline.


PTI
New Delhi, April 8, 2018
Chartered accountants, company secretaries, cost accountants and valuers may have to forfeit their fees and face penalties if they are found lacking in their dealings with listed firms, according to a new set of norms being considered by Sebi.


BusinessToday.in
New Delhi, April 4, 2018
There is some positive news on the employment front. A survey by Michael Page says that hiring will rise by 25% in this fiscal. This is one of the best hiring outlooks; India's bad loans and distressed assets problem is far from over. By most account, it seems that beyond the Rs 10 lakh crore of NPAs that have already been disclosed, there is another 15-20,000 clients above Rs 5 crore who may be headed for NPAs and several systemic loopholes have caused the Nirav Modi-Punjab National Bank fraud. These are the findings of a panel set up by the Chartered Accountants regulator (ICAI). BusinessToday.In Editor Rajeev Dubey explains this and more on The Good, The Bad and The Ugly.


BusinessToday.In
New Delhi, April 4, 2018
Several systemic loopholes led to PNB loan fraud, says ICAI panelA high-power group, constituted by the Institute of Chartered Accountants of India (ICAI) to look into the PNB loan fraud case, has found systemic failure at many levels that led to the fraud in the first place and then failed to detect it for a long time. The group found that Nirav Modi's company was granted loan despite his company having only current account with the Brady House branch of the bank. \"When there is only current account, no credit facility should be granted -- neither the letter of undertakings (LoUs) nor Letter of credit (LoCs),\" a member of Central Council, ICAI has said.McDonald's goes healthyMcDonald's is trying to get nutritious options to India in a bid to position itself as a health-conscious fast food chain. McDonald's franchisee in west and south India, Hardcastle Restaurants, a subsidiary of Westlife Development, has increased efforts to reduce sodium, oil and fats, covering nearly 75-80 per cent of the menu in the process.  The entire McDonald's menu in the west and south will be covered in the coming months as reported by Business Standard. The burger chain has said it had reduced sodium in french fries, nuggets, patties and sauces by over 20 per cent from 10 per cent earlier.Air India employees to get VRS, ESOPs says Jayant SinhaAir India employees are the government's top priority minister of state for Civil Aviation Jayant Sinha has said, ahead of the sale of a 76% stake in the national carrier. The employee protection plans under consideration include a voluntary retirement scheme (VRS), an employee stock option (ESOP) scheme, a government-funded scheme to meet the medical expenses of retired employees and settlement of past dues from the merger of Air India and Indian Airlines as reported by business daily Mint.Amazon may offer to buy India's Flipkart: Mint reportAmazon.com Inc may submit an offer to buy Indian e-commerce firm Flipkart, which is currently in talks with Walmart Inc for a stake sale, business daily Mint has reported, citing sources. A deal with Walmart is more likely to go through, according to people with knowledge of the matter, the report added. Amazon declined to comment while Flipkart did not immediately respond to a request seeking comment. Walmart is in talks to buy a stake of over 40 percent in Flipkart, a direct challenge to Amazon in India.Government confident of meeting fiscal deficit, tax revenue targetsThe government is on its way to achieve the revenue collection and fiscal deficit targets for 2017-18. While announcing the latest GST and direct tax collection figures, Revenue Secretary Hasmukh Adhia said in a press briefing that the government would not only stick to the 3.5 per cent fiscal deficit target but also the revised tax revenue collection figures for 2017-18. Central Board of Direct Taxation (CBDT) chairman Sushil Chandra said that they are confident of achieving the revised estimates as well.


Dipak Mondal
New Delhi, April 3, 2018
The group found that Nirav Modi's company was granted loan despite his company having only current account with the Brady House branch of the bank. \"When there is only current account, no credit facility should be granted -- neither the letter of undertakings (LoUs) nor Letter of credit (LoCs),\" says SB Zaware, member, Central Council, ICAI.


PTI
April 1, 2018



PTI
April 1, 2018



PTI
March 23, 2018



BusinessToday.in
New Delhi, March 5, 2018
US court grants interim stay on debt collection against Nirav Modi's Firestar DiamondA US court has passed an interim order that prevents creditors from collecting debt from Nirav Modi-owned Firestar Diamond Inc which last week filed for bankruptcy. Modi, who is being investigated for illegal transfer of over Rs 12,000 crore from Punjab National Bank, has a majority stake in Firestar Diamond and its other sister companies through his other companies. Firestar Diamond Inc filed the Chapter 11 voluntary petition in the New York Southern Bankruptcy Court.US says it cannot confirm whether Nirav Modi is in AmericaThe US government is aware of the media reports that diamond jeweller Nirav Modi is in the country but is unable to confirm them  a State Department official has said. Modi, his uncle Mehul Choksi and others are being investigated by multiple probe agencies following a complaint by the Punjab National Bank (PNB) that they allegedly cheated the nationalised bank.CBI arrests four more in PNB investigationThe Central Bureau of Investigations (CBI) has made four more arrests in the $2 billion fraud case involving Punjab National Bank (PNB). More than a dozen people have been arrested by the CBI since the fraud came to light in January. The agency has yet to track down Modi and Choksi, who left India in January before the fraud was uncovered. Both have issued statements denying the CBI's charges. Indian media & entertainment sector to touch Rs 2 trn by 2020: EY IndiaThe country's (M&E) sector touched Rs 1.5 trillion ($22.7 billion) in 2017, with a growth of around 13 per cent over 2016. A study by the consultancy firm EY India said this is expected to cross Rs 2 trillion ($31 billion) by 2020, with a compounded annual growth (CAGR) of 11.6 per cent. This growth is being led by the digital segment.  The report stated the sector continues to grow faster than that of the country's gross domestic product.Proposed auditing watchdog needs to be independent from the ICAI: ExpertsThe National Financial Reporting Authority (NFRA), the proposed watchdog for the auditing community, will be effective only if it is kept independent from the Institute of Chartered Accountants in India (ICAI), the current self-regulatory organization for auditors, experts have said according to a report by business news daily Mint. The Union cabinet has approved a proposal to establish NFRA as an independent regulator for the auditing profession. The bill will now be tabled in the coming session of Parliament.India, Vietnam ink pacts on nuclear energy, trade, agricultureIndia and Vietnam have resolved to work jointly for an open and prosperous Indo-Pacific region along with an efficient and rules-based regional security architecture, seen as a message to China over its growing military expansion in the region. After wide-ranging talks between Prime Minister Narendra Modi and Vietnamese President Tran Dai Quang, the two strategic partners inked three pacts providing for cooperation in nuclear energy, trade and agriculture, besides deciding to boost ties in oil and gas exploration.


PTI
March 1, 2018



Sameer Bhardwaj
February 23, 2018
During the last 8 years, Gitanjali Gems stock price has witnessed several fluctuations. From 1 January 2010 to 22 April 2013, the stock gained 63.5 per cent on an annualised basis (CAGR) and outperformed the Sensex by 23.5 times. Sensex gained just 2.7 per cent annualised returns (CAGR) during the same period.


BusinessToday.in
February 23, 2018
After facing criticism from various quarters for letting Nirav Modi slip out of the country, the government on Friday moved the Mumbai bench of the National Company Law Tribunal (NCLT) to confiscate all the properties owned by beleaguered diamantaire Nirav Modi and his uncle Mehul Choksi.


PTI
February 22, 2018



PTI
February 6, 2018



PTI
February 6, 2018



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