Department Financial News

corporate affairs ministry has underscored the importance of effective and timely cost audits to curb manipulation by unscrupulous elements, a development that comes amid increasing bids by fraudulent companies to mislead authorities with dodgy information about inventory value or related party sales. In a communication for stakeholders, the ministry said any discrepancies between the inventory value presented in the financial statements of companies and the cost audit report raise red flags, indicating potential misrepresentation of facts. «Companies often overvalue inventory to mislead banks and financial institutions into providing higher credit facilities or loans,» it said. «Similarly, companies understate sales to related parties, resulting in undervaluation to reduce GST (goods and services tax) liability, ultimately causing a loss of revenue for the government.» The ministry said that from detecting discrepancies in inventory valuation to exposing misleading financial statements, the utility of cost audit in investigations extends far beyond the realm of mere cost control. Compliance requirements and data use Section 148 of the Companies Act, 2013, empowers the government to mandate certain classes of companies in 39 industries to maintain cost records. Such companies are required to e-file cost audit reports with the ministry, which are monitored by its Cost Audit Branch.

The Department for Promotion of Industry and Internal Trade (DPIIT) plans to engage the National Council of Applied Economic Research (NCAER) to conduct a primary survey to assess cargo movement patterns and the cost of logistics for each component involved, they said. Last year, the think tank had estimated India's logistics costs in 2021-22 at 7.8-8.9% of the GDP, based on secondary data. «We will do another exercise along with the NCAER because the previous one was based on secondary data. This time, it will combine feedback and original surveys,» said an official, who did not wish to be identified.

Invesco global market strategist Brian Levitt discusses the economy's rate of growth and the rate of inflation on 'Barron's Roundtable.'

A 'Mornings with Maria' panel reacts to the March jobs report, the Fed's expected rate cuts, inflation, A.I. stocks and Biden's 2025 budget proposal.

ALSO READ: Rohit Sharma, Rinku Singh seen chatting ahead of KKR vs MI match; netizens speculate what they're talking about MI's N Tushara threw the ball the Hardik and then turn around to break the stumps. Hence, Russell had to depart for the pavilion after scoring 7 runs in 2 deliveries. The Kolkata Knight Riders were all out at 169 in 19.5 overs at Wankhede Stadium in Mumbai.

₹44.40 a kg, an increase of 13.10% on a year-on-year basis, according to consumer affairs ministry data as of Friday. Though food inflation in March eased slightly, inflation in rice remained significantly high at 12.7%, forcing the government to look for other ways to intervene in the market. The percentage of broken rice in parboiled rice as per a Directorate General of Foreign Trade (DGFT) notification is 15%.

The Biden administration softened its proposed limits on tax credits for electric vehicles, letting consumers get up to $7,500 for cars containing Chinese graphite through 2026. That is a two-year extension before some of the most stringent supply-chain requirements kick in. The reprieve gives car manufacturers an easier than expected path to make and sell vehicles eligible for the full tax credit.

reported Business Line. Over 5.92 lakh returns were filed by April 29. Out of these, over 5.38 lakh had been verified and 3.67 lakh verified returns were processed.

Finance Minister Nirmala Sitharaman has refuted media reports that said the new government will bring some sweeping changes in the income tax system after the Lok Sabha election results. The finance minister took to social media platform ‘X’ and said, ‘’Wonder where this is come from. Was not even double checked with Finance Ministry. Pure speculation.'' said Sitharaman.

Ron Clark Academy is well-known for its strong academic credentials, with its students having a 100% graduation rate and more than 90% being accepted to higher-education colleges. Beast Philanthropy joined hands with telecommunications company Victra to start a new scholarship at the Ron Clark Academy and also sponsored the training of over 200 teachers, who got an opportunity to learn about innovative teaching methods with the organisation. Beast Philanthropy's 11-minute video on the Ron Clark Academy has earned more than 27 lakh views.

A U.S. law-enforcement probe intoToronto-Dominion Bank’s internal controls is tied to the laundering of hundreds of millions of dollars in proceeds from illegal drug sales, the Wall Street Journal reported. 

Aurobindo Pharma Ltd on Friday said it has received tax demand of over Rs 13 crore, including interest and penalty, from the GST authority over ineligible input tax credit claim. The Deputy Commissioner (ST) STU-1 of GST, Punjagutta Division, Hyderabad, Commercial Taxes Department, Telangana, has passed an order under relevant provisions of the Central Goods and Services Tax Act, 2017 and TGST Act 2017 for the FY 2018-19 to this effect. The order demanded reversal of ITC and payment of GST amounting to Rs 6,54,50,645 along with interest of Rs 5,92,20,900 and penalty of Rs 65,51,354, Aurobindo Pharma said in a regulatory filing. It claims ineligible ITC and orders reversal of ITC and demanding GST along with interest, the company added.

Sensex crashed 1,100 points following a report that the Income Tax department is planning some sweeping changes after Lok Sabha elections, Finance Minister Nirmala Sitharaman debunked rumours calling it pure speculation. «Wonder where this is come from. Was not even double checked with @FinMinIndia. Pure speculation,» Sitharaman said on social media while reacting to a tweet made by a news channel claiming that the tax department is planning to impose uniform treatment for all asset classes.

Alphabet's Google on Friday in a second day of closing arguments focused on accusations that the online search leader broke the law to stay on top in search advertising. U.S. District Judge Amit Mehta on Thursday peppered both sides with questions seeking to better understand the case ahead of making a ruling.

ALSO READ: TCS World 10K in Bengaluru: Namma Metro to start services early, traffic restrictions and more | 5 points Adding more details, the city traffic police said that the Bengaluru Metro Rail Corporation Limited (BMRCL) has already started the work to lay a 220 kV cable along the metro line. It also said that BMRCL will carry out the work from Salarpuria Soft Zone on the Ibbalur service road towards Bellandur's Centro Mall.

India and Nigeria have identified areas such as crude oil, natural gas, pharmaceuticals, Unified Payments Interface (UPI), local currency settlement system, and power sector to increase cooperation for boosting economic ties. The commerce ministry on Friday said that these issues among others were discussed during a recent visit of a seven-member delegation from India to Nigeria. The delegation was led by Additional Secretary, Department of Commerce, Amardeep Singh Bhatia. The Indian delegation consisted of officials from Reserve Bank of India (RBI), EXIM Bank of India and National Payments Corporation of India (NPCI), the ministry said in a statement.

Appointment committee of Cabinet has approved the appointed Sanjaya Kumar Mishra, former Chief Justice, Jharkhand High Court as President GST Appellate Tribunal (GSTAT) for 4 years. The selection was made on the recommendations of a Search-Cum-Selection Committee. This will speed up the process of making the GSTAT functional at earliest. The Centre is planning to make the tribunal functional from July 1, officials had indicated earlier.

₹3,970. This amount doesn't include GST or the IRCTC convenience fee for booking heli flights, which must be paid separately.

Delhi, known for its scorching summers, has surprisingly remained below 40 degrees Celsius, except for one day, despite severe heatwave conditions gripping parts of the country. The India Meteorological Department (IMD) noted that strong winds and cloudy skies due to five western disturbances in April have kept the temperature in check. Meteorologists attribute the absence of extreme heatwaves in Delhi to these weather patterns, which have prevailed since the third week of April. Kuldeep Srivastava, a scientist at the Regional Weather Forecasting Centre, IMD, explained, «April this year saw five western disturbances. No significant amount of rainfall was recorded due to these western disturbances, but there was cloudiness and strong winds on many days, which prevented a rise in temperature.»

Dubai rains: Flights affected, schools closed — 7 key points Emirates cancelled several flights due to bad weather across the UAE on Thursday. A Flydubai spokesperson told Khaleej Times that the “adverse weather conditions in Dubai on Thursday have caused some delays to their operations". India's IndiGo said that their flight operations have been affected due to bad weather in Dubai, Sharjah, Ras Al Khaimah and Abu Dhabi.

West Bengal Governor CV Ananda Bose in the alleged molestation case, former state BJP chief Dilip Ghosh on Friday said that this matter is a ploy of "TMC politics" and questioned how low the ruling Bengal party will stoop to insult those holding constitutional posts. «This is nothing new. This is TMC's politics. I don't know how low they will stoop. TMC is busy insulting the President, PM, Home Minister, now the Governor, and even the husband of a woman justice in our state. This is their way of politics. Now it is time for them to go,» Dilip Ghosh told ANI. Following allegations, the Bengal governor issued a statement on Thursday banning the entry of the police and Minister of State for Finance Chandrima Bhattacharya into the Raj Bhavan premises of Kolkata, Darjeeling, and Barrackpore «defamation and anti-constitutional media statements.»