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aggregators like BillDesk and CCAvenue have received notices from the goods and services tax authorities, demanding GST on the fee they charged merchants for processing digital transactions of under Rs 2,000, three people in the know told ET. “Yes, we have received a show-cause-cum-demand notice,” said Vishwas Patel, joint managing director of Infibeam Avenues which runs payments processor CCAvenue, responding to ET’s queries. “Our teams have responded to the notice,” he said. BillDesk did not respond to an email seeking comment.

PhysicsWallah is in the final stages of closing a $150-million funding round led by Asian hedge fund Hornbill Orchid that will value the Noida-headquartered edtech unicorn at $2.8 billion, over 150% higher than its previous valuation, said people briefed on the developments. While Hornbill Orchid is likely to invest $70-80 million, a big chunk of the remaining amount is expected to come from venture capital firm Lightspeed that has previously backed edtech rival Byju’s, they said. “The round is nearly done and Hornbill Orchid is leading it, putting the biggest amount of capital in the round,” one of the persons said.

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Strategas Chairman and CEO Jason Trennert discusses the common man CPI, real wages, the jobs data revisions and Harris tax hike plan.

The Securities and Exchange Commission says that it has reached a settlement with industrial conglomerate Esmark and its chairman for announcing a false tender offer to buy U.S. Steel

LL Flooring, the hardwood flooring retailer formerly known as Lumber Liquidators, is going out of business

Infra lender National Bank for Financing Infrastructure and Development (NaBFID) has said that lack of data on the sector is making it difficult for them to convince the regulator about the need for higher provisioning for project loans in the sector. «For retail, there is credit bureau but similar thing in infra is not available But for the credit bureaus, where would have been the fintechs» said NABFID MD and CEO Rajkiran Rai ." Nabfid is a new organistion and when we were looking at pricing, we were looking for numbers (on losses). Nowhere is it available. Whatever is available is lopsided data, is not correct data" «When we were looking at pricing, we were looking for numbers (on losses). Nowhere is it available. Whatever is available is lopsided data, is not correct data. But for the credit bureaus, where would have been the fintechs. Such data is not available for the infrastructure sector» said NABFID MD and CEO Rajkiran Rai indicating that the sector does not have end to end data like retail or MSMEs .

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Mercedes-Benz India, the nation's leading luxury carmaker, argues that any tax relaxation on petrol-battery hybrids could cause industry distortion and hinder the adoption of zero-emission electric vehicles, ToI reported. Mercedes contends that lower tax rates for electric vehicles (EVs) are essential to maintain their affordability compared to petrol, diesel, and hybrid vehicles. «Today, consumers are not ready to pay a premium for a sustainable mobility solution. They want the prices (of EVs) to be the same or even cheaper if possible (and) in that context, I think a continuation of difference in taxation will help in better adoption, or faster adoption, of EVs,» said Santosh Iyer, MD and CEO of Mercedes India. Currently, the Goods and Services Tax (GST) on electric vehicles is 5%, whereas larger hybrids face a 43% tax and regular petrol cars are taxed at 48%. «So, technically the govt has a three-tier approach, and the request is to just continue the approach so that it is beneficial in the long run,» Iyer added.

deposit growth due to increasing competition from mutual funds (MFs) and other alternative investment options. At the FICCI-IBA banking conference, Indian Banks’ Association (IBA) chairman, MV Rao, highlighted that mutual funds offer higher returns as they are not subject to the same regulatory restrictions as banks. This has led to a shift in investor preferences towards MFs, making it difficult for banks to maintain a competitive edge in deposit mobilization. Rao emphasised that the regulatory framework governing banks, such as end-use monitoring and interest rate restrictions, limits their ability to provide attractive returns to depositors. He noted that mutual funds are not required to verify the end-use of funds or prioritize specific sectors, allowing them more flexibility and higher yields. “MFs do not have end-use verifications and restrictions on priority sector or to the MSME or government schemes. That’s why MFs can offer more than bank deposits,” said Rao, who also serves as CEO of Central Bank of India. Bankers across the sector have expressed concerns about the systemic risks posed by this trend. Rao warned that most MF investors are not conducting proper analysis and may face significant risks in the future if market cycles shift. HSBC India CEO Hitendra Dave added that blaming MFs might not be the solution, as liquidity eventually returns to the banking system. Dave urged banks to study the underlying factors affecting deposit growth rather than focusing solely on MF competition.

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...

Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

Everyone knows how much is at stake for Kamala Harris and Donald Trump during Tuesday's presidential debate, the only one they have scheduled during their compressed campaign

SoftBank, which had booked profits in recent IPOs of Ola Electric, Firstcry and Unicommerce, is expected to stay put, the person said on the condition of anonymity. The IPO, one of the most anticipated this year, is expected to open in November. Norwest and Prosus are among the early investors in Swiggy.

After months of dozens of restaurant closings and headlines about “endless shrimp” woes, Red Lobster says it will soon exit from Chapter 11 bankruptcy protection

Massachusetts U.S. Sens. Edward Markey and Elizabeth Warren are among several political leaders who are attacking the leader of a troubled health care system for refusing to comply with a subpoena to appear before a Senate committee

The Biden administration is looking into airline frequent-flyer programs and whether they devalue points that consumers have earned

A New Jersey real estate developer convicted alongside Democratic Sen. Bob Menendez has pleaded guilty to a separate bank fraud charge