RBI Rejects India Bulls Housing and Lakshmu Villas Bank Merger. If the RBI would have approved the move, this would have been the first ever incident where a non-bank lender would have merged with a bank in the country. However, the central bank's letter put end to months of speculation over the merger.

IBHFL and LVB had proposed a merger between two in a share swap deal under which LVB shareholder would get 14 shares of IBHFL for every 100 equity shares held in the bank.

Analysts have revised upwards their estimates for earnings before interest, taxes, depreciation and amortisation (EBITDA) and revenue for Reliance Jio (RJIO) after it hiked the interconnect usage charge (IUC) by 6 paise per minute. The IUC hike by RJIO, analysts say, would pave the way for the other telecom operators to adopt a similar strategy.

Analysts at Edelweiss Securities expect RJIO to resort to further hikes for higher payout towards InvIT—to fund incremental capex for its fibre-to-home (FTH) business and bring down net debt. For RJIO, they expect additional charges to drive up revenue by around 5 per cent, which would translate into nearly 10 per cent increase in EBITDA

India has moved down 10 places to Rank 68th in a Global Index that measures competitiveness, as it fared poorly in most parameters such as Infrastructure, the adoption of Information, Communication and Technology, Financial Markets, skills and Innovation

Duty-free shops at Mumbai airport eligible for GST input tax credit refund says Bombay HC. The Bombay High Court quashed a Maharashtra Sales Tax order that had refused refund of input tax credit to the duty-free shops at the Mumbai international airport.

GST Refunds Denied to MNC Back Offices

A host of back offices of multinational companies in the financial sector face a tax whammy, with GST authorities denying them refunds of amounts paid on inputs, saying the work done for parent companies can’t be considered as exports and will be counted as a service for the same entity.

Rejection orders are based on the premise that the services are provided by the local entity to its overseas affiliate company, which is the ‘same entity’ and therefore, the said services do not qualify as exports.

IDT Quick Revision in just 15 hrs covering all Chapters :

👩‍💻CA Yachana Mutha Bhurat

1. Introduction to GST
📌https://youtu.be/68W_c9pF-NA

2. Supply under GST
📌https://youtu.be/otKPqvWO_jY

3. Levy of GST
📌https://youtu.be/wL87LlBBlMU

4. Reverse Charge Mechanism
📌 https://youtu.be/_2Mq7OOlg5A

5. Composition Scheme
📌https://youtu.be/QPDhQxBZm58

6. Time of Supply
📌https://youtu.be/gVDDHo021as

7. Value of Supply
📌https://youtu.be/-Myi2ojsyQw

8. Input Tax Credit
📌https://youtu.be/FDlcgK4qsOE

9. Job Work
📌https://youtu.be/zWJPRGA0C8E

10. Registration
📌https://youtu.be/KobzRJcc5Ro

11. Place of Supply
📌https://www.youtube.com/watch?v=gwBISjRaOds&t=12s

12. Import Export Under GST
📌https://www.youtube.com/watch?v=Qrk5XvnsQSE&t=1239s

13. Tax Invoice
📌https://www.youtube.com/watch?v=k7o0zCC1KT8

14. Accounts and Records
📌https://www.youtube.com/watch?v=GKjBG0Eng_Y&t=708s

15. Payment Of Tax
📌https://www.youtube.com/watch?v=nXBZJ-GjNI0&t=730s

16. Returns Under GST
📌https://www.youtube.com/watch?v=t5LuA7AIdkc&t=9s

17. Assesment and Audit
📌https://www.youtube.com/watch?v=WOyw6V51xw8&t=4s

Subscribe the channel for latest update :
https://www.youtube.com/channel/UCDviTA7-WVuh8cJ2walTHzw

The number of crorepati taxpayers shot up 20 per cent to 97,689 during assessment year (AY) 2018-19, as per tax returns data released by the revenue department. The number such individuals having taxable income of over Rs 1 crore stood at 81,344 during AY 2017-18.

Moody’s Investors Service cut its forecast for India’s FY20 GDP growth by 40 bps to 5.8%, in what reflected a continuing trend of such downward revisions by prominent domestic and foreign agencies.

A Parliamentary panel is likely to call top Finance Ministry officials and RBI governor to brief its members about economic slowdown in the country.

The newly-constituted panel met for the first time on Thursday and decided to deliberate on a number of subjects, including role of regulators, auditors, rating agencies and other stakeholder

Input tax credit to be availed by a registered person in respect of invoices or debit notes, the details of which have not been uploaded by the suppliers under sub-section (1) of section 37, shall not exceed 20% of the eligible credit available in respect of invoices or debit notes, the details of which have been uploaded by the supplier.

These invoices or debit notes have to be uploaded by the suppliers in Form GSTR-1 – the return for outward supplies. Earlier, such credit could be claimed without any restrictions based only on the invoice copy after satisfying other conditions laid down under Section 16 of the CGST Act. The new rule came into effect on October 9.

Airtel and Vodafone Idea added as much as ₹16,500 crore to their combined market value on Thursday after Reliance Jio ended free voice calls.


Jio said it will charge 6p/minute for calls made to rival networks till such time regulator TRAI moves to a zero termination-charge regime.

Haldiram Group has come out as the only bidder interested in acquiring dairy firm Kwality with an offer of around ₹130 crore in the ongoing insolvency process, reports said. The lenders are likely to vote on Haldiram's bid later this month. The insolvency began in December 2018 with Shailendra Ajmera of EY being appointed as the resolution professional for Kwality.

Q321 Correct Answer is (a)

Q297Correct Answer is (b)

IDT REVISION VIDEOS BY JK SHAH CLASSES

https://www.youtube.com/playlist?list=PLdP5D33LsGu9t8wOrlk_7E8s9IgMf7Qnr

IDT REVISION VIDEOS BY YASHWANT MANGAL SIR

https://www.youtube.com/playlist?list=PLxdV6XkMcbtcpJFLwe1g1W_G4YbKhQiyY

💁‍♂DIRECT TAXES AMENDMENTS FOR NOV 2019

👨‍🏫 CA BHAWAR BORANA SIR

🖥FINANCE ACT 2018 AMENDMENTS APPLICABLE FOR MAY AND NOV 2019 PLAYLIST🔽
👉https://www.youtube.com/playlist?list=PLELk3kAcynz5DWAZLgWtnim9RNchwWJ5v

🖥 NOV 2019 RTP AMENDMENTS SPECIFICALLY FOR NOV 2019🔽
👉https://youtu.be/2TguYqhszbE

💁‍♂DIRECT TAXES AMENDMENTS NOTES AND VIDEO FOR Nov 2019

📌SATISH MANGAL SIR

🖥AMENDMENT PART 1🔽
👉https://youtu.be/dZRuP8mNnkw

🖥AMENDMENT PART 2🔽
👉https://youtu.be/-l7GYFt3hRM

Ranbaxy promoters Malvinder Mohan Singh and Shivinder Mohan Singh, former managing director of Religare Enterprises (REL) Sunil Godhwani, and two other key executives of REL, Kavi Arora and Anil Saxena, to four days in custody of the Economic Offences Wing (EOW) of the Delhi Police for misappropriating funds of Religare Finvest (RFL), causing it a loss of Rs 2,397 crore.