Banks under taxman scanner for GST refund on ATM transactions
Banks > GST > May 11
The indirect tax department’s investigation arm is scrutinising the GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said.
No queries from RBI on Chanda Kochhar-Videocon row: ICICI Bank
Banks > ICICI > May 11
The indirect tax department’s investigation arm is scrutinising the GST credit availed by banks on taxes paid by their ATM vendors and could soon ask banks to cut the credit availed by them, two people with direct knowledge of the matter said.
India inks $200 mn. WB loan for nutrition mission
India > World Bank > May 07
India signed an agreement with the World Bank for a $200 million loan for implementing the National Nutrition Mission across 315 districts of the country.
HC rejects Centre’s plea against Vodafone’s international arbitrations
India > Vodafone > May 07
The Delhi High Court on Monday dismissed the Central government’s plea challenging Vodafone’s move to initiate two international arbitrations against India in connection with a tax demand of ₹ 11,000 crore under a retrospective law of 2012.
Supreme Court quashes U.P. law allowing ex-CMs to retain official bungalows
India > U.P > May 07
A former Chief Minister is only a commoner and not a “special class of citizen” who can enjoy privileges, perks and official bungalows at taxpayers’ expense for his entire lifetime, the Supreme Court ruled on Monday.
Vijay Mallya loses plea against freezing of assets
India > Vijay Mallya > May 08
The London court ruling is seen as a legal victory for a consortium of Indian banks seeking to recover £1.145 billion worth of assets.
Indians accounted for more than 74% of H-1B visas in 2016, 2017: USCIS report
India > H-IB > May 08
In 2016 technology professionals from India accounted for 74.2% of the total number of H-1B visas issued by the U.S. and the next year the figure increased to 75.6%, a government report said in Washington on Monday.
India to help settle Rohingya back in Rakhine
India > Rohingya > May 11
Sushma Swaraj tells Myanmar authorities that prefabricated homes will be ready for refugees returning from camps in Bangladesh, underlining the need for a safe comeback.
Walmart acquires Flipkart for $16 billion in world’s largest ecommerce deal
Business > Flipkart-Walmart > May 08
US retail giant Walmart Inc will pick up a 77% stake in India’s largest online retailer Flipkart for $16 billion, successfully concluding more than 20 months of talks, in what will be the country’s largest acquisition and the world’s biggest purchase of an ecommerce company. It will include $2 billion of fresh investment as Walmart looks to take on rival Amazon’s global expansion, pegging the value of Flipkart at $22 billion.
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