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Tax Officials under goods and service tax (GST) has busted a syndicate that fraudulently claimed Input Tax Credit of over Rs 1,000 crore through a network of 232 fake firms. The investigation was initiated by the anti evasion branch of Central Goods and Services Tax (CGST) Commissionerate, Meerut in October 2023 which detected that a large syndicate was fraudulently claiming Input Tax Credit (ITC) by way of fake billing. «The investigation conducted so far has revealed that a total number of 232 fake firms, with 91 firms registered on a single mobile number, are registered at various places across the country and have passed an inadmissible ITC of around Rs. 1,048 crore. Total value of goods shown to be supplied through these firms is around Rs. 5,842 crore,» the finance ministry said in a statement.

Dearness Allowance (DA) for the Central Government employees and and Dearness Relief (DR) for pensioners by 4 per cent effective from January 1, 2024, Union Minister Piyush Goyal said. Post this hike, dearness allowance and dearness relief (DR) will touch 50 per cent as against the existing rate of 46 per cent. «The combined impact on the exchequer on account of both Dearness Allowance and Dearness Relief would be Rs.12,868.72 crore per annum. This will benefit about 49.18 lakh Central Government employees and 67.95 lakh pensioners,» the government said.

Tata Power consumers will have to pay more for electricity. On Thursday, the Maharashtra Electricity Regulatory Commission approved an average tariff rise of about 24% for Tata Power for the fiscal year 2024-25, effective from 1 April, 2024. In its order, MERC said that the present tariff hike is necessitated mainly because there was under-recovery due to staying on tariff as determined in the MTR Order for FY 2023-24. «Had there been no stay, tariff for FY 2024-25 would have resulted in tariff decrease of 13% than approved by the Commission in MTR Order for FY 2024-25.»

DRDO. Under the around Rs 15,000 crore project, Defence Research and Development Organisation's Aeronautical Development Agency would develop the stealth fighter jet and its technologies in partnership with various private and public sector agencies and build around five prototypes in around five years, government sources told ANI. The project would see the prototype manufactured by industry including the public sector unit Hindustan Aeronautics Limited, they said.

General Elections, Congress leader Padmaja Venugopal, the daughter of veteran leader and former Chief Minister of Kerala, K Karunakaran, joined the Bharatiya Janata Party (BJP) in Delhi on Thursday. «I am so happy. For the first time, I am changing my party as I was not happy with Congress for so many years. I had complained to the party high command but there was no response. I even came to see the leadership but they didn't see me...I have great respect for Sonia Gandhi but she never gave me time,» Padmaja said after joining the saffron party. Venugopal joined the BJP in the presence of its Kerala in-charge and former Union minister Prakash Javadekar and other senior leaders.

Airbus has received approval from aviation regulator DGCA for its new generation H160 helicopter in India. More than 100 helicopters of Airbus, including the single-engine H125, are being operated by various entities in the country. In a release on Thursday, Airbus said its H160 helicopter has been granted the letter of type acceptance by the Directorate General of Civil Aviation (DGCA) that will pave the way for its entry into the Indian market. A multi-role helicopter, H160 can be used for offshore transportation, emergency medical services, private and business aviation and public services, among others.

south Delhi just a day before his wedding, according to the police. Gaurav Singhal, a gym trainer, was allegedly attacked with a sharp-edged weapon at his residence in the Devli Extension area of south Delhi during the night between Wednesday and Thursday. The police received a PCR call at 12:30 am about the murder in the Raju Park area. Singhal's family rushed him to a nearby hospital, where he was unfortunately declared dead upon arrival. The motive behind the murder is still unknown, and Singhal's wedding ceremony was scheduled for Thursday. «A PCR call was received at 12.30 am regarding a murder in the Raju Park area,» Senior Police official said.

Elara Capital India has appointed Manoj Kohli, former country head of Softbank India, as non-executive chairman of its board, said a company statement on Thursday. “Elara Capital will extensively benefit from Manoj’s extensive business and leadership skills to help strengthen our business focus. His guidance will be invaluable to us to further strengthen our client offerings and achieve our growth plans,” said Raj Bhatt, chairman, Elara Capital.

International Women's Day on March 8th, 2024, it's a momentous occasion to celebrate the achievements, strength, and resilience of women across the globe. This year, we honor the indomitable spirit of women who have shattered glass ceilings, defied stereotypes, and championed equality in all spheres of life. In India, women have been instrumental in driving socio-economic progress, leading businesses, shaping policies, and nurturing communities. From boardrooms to classrooms, from laboratories to legislative assemblies, women are leaving an indelible mark with their intellect, innovation, and compassion. As we mark this day, let us extend our heartfelt wishes to all the incredible women who inspire us with their unwavering determination and unwavering commitment to excellence. Let us celebrate their triumphs, acknowledge their contributions, and reaffirm our commitment to gender equality and women's empowerment.

Bharat Jodo Nyay Yatra entered Gujarat from neighbouring Rajasthan on Thursday and the Congress leader was given a welcome by local leaders and workers of his party as well as the Aam Aadmi Party (AAP). The yatra reached Jhalod town of Dahod district in Gujarat from Rajasthan around 4.45 pm. People, who gathered at the spot to welcome the Wayanad MP, shouted slogans hailing him. Many of them even tried to click selfies with the Congress leader. Gujarat Congress in-charge Mukul Wasnik, state unit president Shaktisinh Gohil, leader of opposition Amit Chavda and others were present to welcome Gandhi. The state Congress had also invited AAP leaders to join the yatra as both these parties will be fighting the upcoming Lok Sabha elections in Gujarat as part of the INDIA bloc. AAP's state unit president Isudan Gadhvi and its leader Gopal Italia were present to welcome Gandhi.

Delhi Cabinet, in its meeting chaired by Chief Minister Arvind Kejriwal, on Thursday approved power subsidy scheme for financial year 2024-25, Power minister Atishi said. Atishi said that the AAP government has been fulfilling this promise for past nine years.

CBI) has conducted raids across 62 locations in Rajasthan and Maharashtra in connection with the suspicious IMPS transactions worth Rs 820 crore reported at UCO Bank. On March 6, the CBI raided ‘extensive search operations’ in Rajasthan (including Jodhpur, Jaipur, Jalore, Nagaur, Barmer, Phalodi) and Pune (Maharashtra). “During these operations, approximately 130 incriminating documents related to UCO Bank and IDFC, as well as 43 digital devices (including 40 mobile phones, 2 hard disks, and 1 internet dongle) were seized for forensic analysis,” the CBI said in a press release. Further, it examined 30 suspects on the spot.

Kuldeep Yadav, who grabbed five wickets, and 100th Test man Ravichandran Ashwin helped India bundle out England for a woeful 218 in their first innings on Day 1 of the fifth Test here on Thursday. Kuldeep (5/72) and Ashwin (4/51) ran through the England batting line-up as the visitors lost eight wickets for 118 runs across post-lunch and post-tea sessions. Opener Zak Crawley (79, 108 balls) offered lone resistance for England. There were two partnerships in the middle-order — 37 between Crawley and Joe Root for third wicket and 38 between Root and 100-Test-man Jonny Bairstow for the fourth wicket — but they were not sufficient for the visitors.

Also Read: JG Chemicals IPO last bidding day today: Check GMP, subscription status, review, key dates, more. Should you subscribe? With its retail portion being fully subscribed within a few hours of opening, JG Chemicals IPO had a great start on its first day of subscription.

CareEdge Ratings, a knowledge-based analytical group, whose parent company is Care Ratings. CareEdge Ratings expects the demand in the near term to remain subdued and no significant recovery in the segment during FY25. As per the report, in the medium term, CPD exports from India will be influenced by economic recovery in consumption markets, geopolitical landscape, and customer preference for diamond jewellery in the discretionary spending space. The entities with prudent debtors and inventory management are expected to sail the tough tide.

LANXESS has announced that it has completed the expansion of its Rhenodiv production line in Jhagadia, Gujarat. The company said that the increased capacity of Rhein Chemie business unit will meet the demand of the Indian Sub-continent and the Asian tire and rubber goods markets. Commenting on the development, Matthias Zachert, CEO & Chairman of the Board of Management of LANXESS AG, said, “India is an important region for us and this strategic milestone reflects our commitment towards meeting the growing demands of our valued customers in the region. The new facility not only amplifies our production capacity but also showcases our faith in the immense potential of the Indian market.” Dr. Jens Hendrik Fischer, Global Head of Rhein Chemie business unit, said, “The expansion of our Rhenodiv production line at the Jhagadia site marks a significant milestone for LANXESS India. It reinforces our position as a reliable partner for the rubber industry and showcases our commitment to innovation and sustainability. I extend my best wishes to the team for their hard work and commitment.”

DLF Ltd. rose 0.42 per cent to Rs 918.85 in Thursday's trade. It hit an intraday high of Rs 929.95 and low of Rs 918.5, respectively, during the day. The stock quoted a 52-week high price of Rs 944.0 and low of Rs 336.55.

Also Read: Gopal Snacks IPO: Issue subscribed 56% on day 1, retail portion booked 89%; check GMP Gopal Snacks IPO subscription status was 56%, as per BSE data, on Day 1. The retail investors portion has been subscribed 89%, Non Institutional Investors (NII) portion is booked 49%, and Qualified Institutional Buyers (QIB) portion is yet to be booked.

The NSE Nifty index traded 22.0 points down at 22452.05, while BSE Sensex was down 50.1 points at 74035.89 as of 10:50AM(IST)on March 07.

GAIL (India) Ltd. traded 0.13 per cent down at Rs 190.15 at 10:56AM (IST) on Thursday, even as BSE benchmark Sensex dropped 58.48 points to 74027.51. The stock had settled at Rs 190.4 in the previous session. The stock quoted a 52-week high price of Rs 196.35 and 52-week low of Rs 102.1, respectively. As per BSE data, total traded volume on the counter till 10:56AM (IST) stood at 171899 shares with a turnover of Rs 3.28 crore.

wicketkeeper batter Dinesh Karthik is all set to make his last IPL appearance in the 2024 edition beginning on March 22, and he will decide on his international retirement after the lucrative T20 league. The 38-year-old, who is currently contracted with the Royal Challengers Bangalore, has played in all the 16 editions of the IPL since 2008 and has only missed two matches across 16 seasons. «This 2024 edition will be his (Dinesh Karthik's) last IPL. He will decide his international retirement after the IPL,» a BCCI source told PTI on conditions of anonymity. One of the most experienced wicket-keeper batters in the IPL, Karthik has represented six teams in the league.