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The premium valuations commanded by the domestic equity markets to their global peers is a sign of trust and faith that the world has on India, said Madhabi Puri Buch, chairperson, Securities and Exchange Board of India (Sebi). The comment comes within weeks of Buch raising concerns on ‘pockets of froth’ in the domestic markets, specifically in smallcaps, prompting some mutual funds to restrict flows into such schemes. Speaking at the CII National Corporate Governance Summit on Tuesday, Buch said, “Our markets are commanding this price-to-earnings (P/E) multiple, which is higher than the averages of world indices. Some say that we are an expensive market but still why is the investment coming? (It is) because of the trust and faith that the world has in India that we are commanding these kinds of multiples.” The benchmark Sensex currently trades at a trailing 12-month P/E multiple of 23.5x, higher than most global peers and below only to major markets such as the US and Japan. The Sens

  Goods and Service Tax collection in the month of March 2024 rose 11.5 per cent on an annual basis to Rs 1.78 lakh crore, the second highest since the regime came into force in July 2017. The rise of GST collection in March can be attributed to the 'significant rise in GST collection from domestic transactions at 17.6 per cent,' the Finance Ministry said in a press release on Monday. GST revenue net of refunds in March grew 18.4 per cent on a year-on-year basis to Rs 1.65 lakh crore. Of the total collections, Central Goods and Services Tax (CGST) stood at Rs 34,532 crore, State Goods and Services Tax (SGST) was Rs 43,746 crore and Integrated Goods and Services Tax (IGST) was Rs 87,947 crore, including Rs 40,322 crore collected on imported goods. The Cess collections stood at Rs 12,259 crore, including Rs 996 crore collected on imported goods.   TOP 5 GST COLLECTIONS AMOUNT APRIL 2023 Rs 1.87 lakh crore MARCH 2024 Rs 1.78 lakh crore JANUARY 2024 Rs 1.74 lakh crore OCTOBER 2023

  April 1, which marks the beginning of a new financial year, is when many income tax rules usually come into effect (unless stated otherwise). Even if income tax rules are announced in the Union Budget or the middle of a financial year, they mostly come into force when the new financial year starts. This year, the government announced no changes in the income tax laws for FY 2024-25 during the interim budget. Hence, all income tax rules of the previous financial year remain.   Here is a ready reckoner of the income tax rules that will remain applicable from April 1, 2024.   1. Choose between the old and new tax regimes:  For TDS (tax deducted at source) on salary, the employee is required to choose between the old and new tax regimes. Remember, the new tax regime is the default tax regime option. If you do not inform your employer that you want to opt for the old tax regime, your employer will deduct tax from salary income based on the new tax regime. Do it as soon as the employer ask

  The Reserve Bank on Thursday issued revised norms to streamline the process of bill payments, enable greater participation, and enhance customer protection. The central bank has issued the revised 'Reserve Bank of India (Bharat Bill Payment System) Directions, 2024' as it felt there was a need to update the existing regulations in view of significant developments in the payments landscape. "These directions seek to streamline the process of bill payments, enable greater participation, and enhance customer protection among other changes," RBI said. These directions will be applicable from April 1, 2024 to banks, NPCI Bharat BillPay Limited and other non-bank payment system participants. Bharat Bill Payment System (BBPS) is an integrated bill payment platform which enables payment or collection of bills through multiple channels using various payment modes, like UPI, internet banking, cards, cash, and prepaid payment instruments. The channels include mobile apps, mobi

  Capital markets regulator Sebi on Thursday slapped a fine of Rs 48 lakh on eight entities, including promoters of United Polyfab Gujarat Ltd (UPGL), for manipulating the share prices of the company. These entities have to pay the penalty jointly and severally within 45 days, as per an order. The order came after Sebi conducted an investigation of UPGL and trading by certain entities in the scrip of the company, to ascertain whether there was any violation of the provisions of the PFUTP (Prohibition of Fraudulent and Unfair Trade Practices) rules. Based on the findings of the probe in the matter of trading by certain entities in the scrip of UPGL, the regulator initiated adjudication proceedings against these entities. Thereafter, the regulator issued a common show cause notice to the noticees on July 18, 2023. "...UPGL and Gagan Nirmalkumar Mittal in collusion with other Noticees i.e. Shiv Marketing and Trading, Vishwakarma Trading House, Anilkumar Mangalchand Mittal, Amay Spinc

  India's market regulator has asked money managers to consider restricting one-off investments from clients in small- and mid-cap stock mutual funds and cut commissions offered for their sale, two sources with direct knowledge of the matter said. The Securities and Exchange Board of India (SEBI) communicated this to the money managers in a meeting earlier this month, the sources, who included a regulatory official, said. The regulator did not specify the quantum of flows it wants restricted, they said. SEBI's communication shows heightened regulatory concern on the surging inflows into Indian small- and mid-cap mutual funds and any potential ripple effects on the financial system if investors suddenly started to yank their money from them. In India, small-cap stocks are defined as those with market capitalisation of less than 50 billion rupees ($603.05 million) while mid-cap stocks are those with market values of between 50 billion and 200 billion rupees. Small- and mid-cap st

  The NDA government in Bihar on Thursday came out with a 'one-time settlement' initiative for the benefit of traders with tax liabilities dating back to the pre-GST era. The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly by Deputy Chief Minister Samrat Chaudhary, who also holds the finance portfolio. The Bill was passed in the assembly through voice vote, and, according to Choudhary, once notified, "it will bring great relief to traders with pre-GST tax liabilities". "The Bill provides traders with an opportunity to settle their pre-GST tax liabilities through the one-time settlement scheme. It would require traders to pay 10 per cent of the penalty and the remaining 90 per cent will be waived. In addition, traders will have to pay 35 per cent of the disputed tax amount to get a waiver of the remaining 65 per cent," said Choudhary. "Traders will have to pay both 10 per cent of the interest and penalty and 35 per cent of the d