The government has exempted payments made for goods imported through ocean freight from 5 per cent integrated GST with effect from October 1. The Finance Ministry has notified changes to the IGST Act with regard to payment of integrated GST on ‘ocean freight’ on imported goods with effect from October 1. Currently, importers are required … Read more
From next month, importers will have to furnish additional information at Customs Automated System while filing a bill of entry in case of “specified goods”. The centre has notified the Customs (Assistance in Value Declaration of Identified Imported Goods) Rules, 2023, aimed at addressing the undervaluation of specified imported goods. The rules will be effective … Read more
New Delhi: Tata Consultancy Services (TCS), Deloitte, KPMG, PwC, NSDL e-Governance Infrastructure and Trigyn Technologies have expressed interest in rolling out India’s vaccination platform Co-Win in other countries, a top government official said. Last month, the government organized a global conclave where foreign countries had expressed interest in adapting Co-Win to vaccinate their citizens. About … Read more
Then, the Indian auditors point at the concentration risk of a Big Four but the data doesn’t support the argument. Synopsis The spat between the Big Four professional services firms and Indian auditors over the new RBI guidelines for appointments of statutory auditors has turned nasty with both sides accusing each other of serving self … Read more
Mumbai Interbank Forwards Rate or MIFOR is a local gauge, which banks use for derivative or forward deals. It is derived by mixing LIBOR with a forward premium. Synopsis SOFR will likely be the new bellwether for Indian companies/banks pricing overseas money market/derivative deals or loans. That would replace the age-old London Interbank Offered Rate … Read more
The world’s largest PE fund Blackstone is weighing its exit from Mphasis, the technology company it acquired from Hewlett Packard Enterprise in 2016, thereby paving the way for its biggest payday in India, according to multiple people aware. Blackstone has initiated discussions with at least three global investment banks JP Morgan, Morgan Stanley and Citi … Read more
According to KPMG India’s estimates, over one-third of first-time users of several digital platforms during the pandemic belong to the 55+ cohort. Synopsis The fear among senior citizens around stepping out to run errands during the pandemic has pushed many to let go of technology-related inhibitions and embrace digital platforms. Prior to the pandemic, the … Read more
LONDON: The UK dominant accounting firms must separate their audit units from other businesses by June 2024 as the country’s accounting watchdog reacts to shortcomings that led to the collapse of several companies. The Financial Reporting Council is asking the so-called Big Four — KPMG, Deloitte, Pricewaterhouse-Coopers LLC and Ernst & Young — to agree … Read more