Warburg Pincus and the Abu Dhabi Investment Authority (ADIA) will invest $877 million (around INR 7,421 crores) in IDFC First Bank. The bank’s board has approved a preferential equity issue of $576 million (around INR 4,876 crores) to Warburg Pincus and $310 million (around INR 2,624 crores) to ADIA, subject to shareholder and regulatory approvals. The funds will strengthen the […]
Private Agreements Do Not Override Statutory RCM Liability – Allahabad High Court Private Agreements Do Not Override Statutory RCM Liability – Allahabad High Court Facts: The petitioner (a service recipient) entered into an agreement with the supplier where the supplier agreed to bear all GST liabilities. However, GST authorities demanded tax under the Reverse Charge Mechanism (RCM) from the petitioner. […]
NOTIFICATION G.S.R. 252(E) [NO. 35/2025/F.NO. 370142/11/2025-TPL], DATED 22-4-2025 The CBDT vide notification dated 22.04.2025; notifies 10 luxury goods liable to TCS; list includes home theatre systems, shoes, handbags etc. NOTIFICATION NO. 25/2025 [G.S.R. 217(E)/F. NO. 370142/1/2025-TPL], DATED 3-4-2025 Person allotted PAN based on enrollment ID shall intimate his Aadhaar Number on or before 31-12-2025. NOTIFICATION NO. 30/2025 [G.S.R. 221(E)/F.NO. 370142/29/2024-TPL], DATED […]
Patanjali, DS Group To Buy Magma General For Over $500 Mn To Enter Insurance Sector Patanjali Ayurved Ltd and the DS Group have partnered to enter India’s insurance sector by acquiring Magma General Insurance Ltd from Sanoti Properties LLP (owned by Adar Poonawalla) and other shareholders. The acquisition, valued at approximately $517 million (around INR 4500 crores), is pending regulatory […]
Key GST Amendments Effective April 1, 2025 The Goods and Services Tax (GST) framework in India is set to undergo significant amendments to enhance compliance, streamline tax administration, and improve transparency in business transactions. Below are the major changes: 1. Tax Rate Changes Used Car Sales: GST rate increased from 12% to 18%, impacting the pre-owned car market. GST Rates […]
NOTIFICATION G.S.R. 207(E) [NO. 23/2025/F. NO. 370142/10/2025-TPL], DATED 28-3-2025 The CBDT amends Form 3CD; new clause 36B inserted to report sum received for buyback of shares applicable for AY 2025-26. NOTIFICATION G.S.R. 195(E) [NO. 22/2025/F.NO. 370142/08/2025-TPL], DATED 27-3-2025 The CBDT notifies amendment in Form 26Q & 27Q to include TDS on payment of salary, remuneration, etc. to partner. Lok Sabha passes Finance […]
NIIF, BII, Eversource to exit Ayana Renewable in $2.3 Bn deal The National Investment and Infrastructure Fund (NIIF), British International Investment (BII), and Eversource Capital have agreed to sell their renewable energy platform, Ayana Renewable Power, to a joint venture between ONGC and NTPC. The acquisition, valued at $2.3 billion (around INR 19,500 crores), includes debt and marks ONGPL’s first […]
GST Implications on Sub-Contracted Goods Transportation: Classification as Vehicle Rental Service Background: The taxpayer entered into an arrangement with a principal Goods Transport Agency (GTA) for the transportation of goods. The taxpayer, however, did not issue consignment notes but merely provided trucks for the transportation of goods. Issue: Whether the transportation service provided by the taxpayer as a sub-contractor to […]
NOTIFICATION G.S.R. 145(E) [NO. 17/2025/F. NO. 370142/28/2024-TPL], DATED 24-2-2025 The CBDT amends due dates for furnishing of statements in Form 64A and 64E by business trust & securitization trust. Also via Income-Tax (Fifth Amendment) Rules, 2025 – amendment made in Form No. 10IH; and Substitution Of Rules 12CA, 12CC and FORM Nos. 64A, 64B, 64C, 64D, 64E AND 64F. NOTIFICATION NO. […]
Blackstone Inks MOUs To Invest $11 Bn In Maharashtra Over 3-5 Years Blackstone has signed three memoranda of understanding with the Maharashtra government at the World Economic Forum in Davos, committing an investment of approximately $11 billion (around INR 95,247 crores) over the next three to five years to develop infrastructure assets in the state. The agreements, made with Maharashtra […]