CA Online

  India’s central bank today left its inflation forecast for this fiscal year unchanged at 4.5% assuming normal monsoon, even as the country braces for a scorching summer amid a spike in crude oil prices and persisting worries about supply chain due to the Red Sea crisis. However, RBI Governor and MPC Chair Shaktikanta Das two years ago elephant in the room was inflation, which has now has gone out for a walk to the forest. The Reserve Bank of India's (RBI) Monetary Policy Committee with a five-to-one majority decided to keep the repo rate- key lending rate- unchanged at 6.5% for the seventh time in a row. The rate-setting panel also left the policy stance unchanged with focus on withdrawal of accommodation. "Inflation (for global economies) is moving closer to targets but the last mile is turning out to be challenging," said while announcing the policy decisions. Robust growth prospects provide policy space to remain focused on bringing inflation to 4% target, he said. T

  Indian government bond yields are expected to open flattish on Friday as market participants await the Reserve Bank of India's first monetary policy decision of this financial year for guidance on the trajectory of interest rates. The yield on the benchmark 10-year is likely to trade in a 7.08 per cent-7.11 per cent range till the policy decision at 10:00 a.m. IST, a trader with a private bank said. The yield closed at 7.0934 per cent on Thursday. "For now, the market will ignore all other factors and will solely focus on the tone that the Reserve Bank of India Governor Shaktikanta Das adopts at the monetary policy and in the first hour, we should see sideway moves," the trader said. The market is not expecting any change in rates for now as strong economic growth and moderating inflation means the central bank will have room to keep rates on hold likely until July, economists have said. At the previous meeting, Das had stressed that they may consider rate cuts only onc

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