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The Economic Times Law committee recommends amendment to CGST law to quash retro tax notice

The recommendation, if approved by the council may give relief to a large number of industries including online gaming industry, which was seeking relief from retrospective tax notice. The recommendation may be placed before the GST council and once approved this would pace way for quashing a large number of notices sent to online gaming industry. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.

The Economic Times TeamLease Services to hire 50,000 people, focus on tier 3 and 4 cities; CFO uncertain on IT services recovery timeline

The staffing firm has set ambitious targets for this financial year (FY25), aiming for significant growth in both top-line revenue and net job additions. In an exclusive interview with ETCFO, TeamLease CFO shared insights into the company's strategic plans, anticipated market trends, and the impact of upcoming labour reforms.

The Economic Times Nvidia becomes world's most valuable company

Nvidia surpassed Microsoft as the world's most valuable company, with a market cap of $3.326 trillion. It overtook Apple recently, driven by demand for its processors in AI technology.

The Economic Times Goldman Sachs sells 44.20 lakh shares worth Rs 183 crore in Paytm via block deal

As per the shareholding data of One 97 Communications, Goldman Sachs Singapore held 84,01,067 shares or 1.32% stake in the fintech payment platform. Paytm shares on Tuesday settled in the red, breaking their two-sessions winning streak.

The Economic Times India poised for strong growth; but no room for complacency: Shaktikanta Das

There can be positive surprises, I do not rule it out. But I think, you see we give a number when we are totally convinced about it and our approach is not to sort of gamble by giving a higher number. Our overall approach as a central bank is always very conservative in the sense that when we are absolutely sure about a particular number, we give it.

The Economic Times First NFRA annual report on eight audit firms by November

The National Financial Reporting Authority (NFRA) is set to conduct its first annual inspection of eight audit firms, including the Big Five, to reveal its findings by October or November. The inspection will focus on auditors' processes and standards, revealing how NFRA plans to strengthen the country's audit and accounting ecosystem to combat corporate frauds and uphold shareholders' interests in a rapidly growing economy.

The Economic Times CCI approves Godrej family settlement proposals

The Competition Commission of India (CCI) has approved the restructuring of the Godrej group, involving a realignment of interests, legal ownership, and management among family branches. This restructuring, based on a family settlement agreement from April 30, will affect entities including Godrej Industries, Godrej Consumer Products, Godrej Properties, and others within the GILAC and G&B Groups.

The Economic Times ET Graphics: What India Inc expects from Nirmala Sitharaman in July's full Budget

Budget expectations: Finance Minister Nirmala Sitharaman is set to initiate consultations starting Wednesday for the upcoming full budget of the new government, scheduled for presentation in July. India Inc has proposed a series of reforms, including medium-term measures, aimed at propelling the economy towards higher growth, fostering employment generation, stimulating private investments, and ensuring macroeconomic stability.

The Economic Times Banks draw attention of Govt, RBI to ATM shortage

Banks have alerted the government and the banking regulator Reserve Bank of India about shortages in automated teller machines (ATMs). They have also advocated for clearer procurement norms through the government e-marketplace (GeM) portal. Industry insiders mentioned that the initial low capacity issue is linked to the 'Make in India' guidelines implemented in FY20. Vendors took time to establish operations in India, contributing to the supply constraints.

The Economic Times Power Finance Corporation board okays Rs 15,000 crore loan to Shapoorji Pallonji Group companies

The board of Power Finance Corporation (PFC), a state-owned entity, has approved a loan of Rs 15,000 crore to companies within the Shapoorji Pallonji group, according to sources familiar with the matter. This decision represents a significant development for the Mistry family, who hold 18.37% stake in Tata Sons. The loan is intended to assist in settling personal debts and fulfilling financial obligations owed by their operational firms to creditors. Security for the loan will be provided by the cash flows from SP Group's real estate operations and the Mistry family's shares in Tata Sons.

The Economic Times Credit funds, family offices fill void left by banks at AIFs

The central bank came out with a circular in December 2023, requiring mainstream banks and NBFCs to divest their investments in AIFs that have funded any company that has borrowed from the bank or NBFC. The regulator had also raised provisions for banks or NBFCs investing in AIFs that subsequently lend to their borrowing companies.

The Economic Times Indian Energy Exchange aims for double-digit growth in trading volumes, says CFO Vineet Harlalka

Harlalka emphasizes strategic priorities in technology, leadership, and regulatory navigation for operational excellence and market leadership.

The Economic Times Kingfisher names Bhavesh Mistry as the next CFO

Kingfisher's current CFO, Bernard Bot, is set to retire in January 2025 at the earliest. He will be succeeded by Bhavesh Mistry, who is currently the CFO of British Land but has a 12-month notice period

The Economic Times Paytm appoints Rajeev Agarwal to board; Neeraj Arora resigns

Paytm has appointed former Sebi whole time member Rajeev Krishnamuralilal Agarwal to the board as non-executive independent director as Neeraj Arora had resigned citing "personal commitments".

The Economic Times Cybersecurity no longer a corporate function: Wipro's head of strategy

Wipro's global head of strategy and risk practice, Saugat Sindhu, highlighted the industry's lack of cybersecurity talent and emphasized the importance of a CISO in minimizing cyber incidents' impact on businesses.