GST Collection Increases 8.5% to Reach Rs 1.82 Lakh Crore in November 2024
India's GST collections for November 2024 grew by 8.5%, totaling over Rs 1.82 lakh crore, driven by higher revenues from domestic transactions. The breakdown of October 2024 collections revealed Rs 34,141 crore in Central GST, Rs 43,047 crore in State GST, Rs 91,828 crore in Integrated IGST, and Rs 13,253 crore in cess. Despite a strong performance in October, experts caution that it is too early to interpret this as a broader economic trend. Saurabh Agarwal from EY India noted potential challenges ahead, citing a possible slowdown in tax collections and the impact of global economic conditions. However, positive momentum in regions like Jammu & Kashmir, Bihar, and Odisha offers a bright spot.
Gautam Adani Responds to U.S. Fraud Charges: ‘Every Attack Makes Us Stronger’
Gautam Adani, Chairman of the Adani Group, has responded to recent fraud allegations filed by the U.S. Department of Justice and the Securities and Exchange Commission, calling the charges "baseless" and reaffirming the company’s commitment to compliance. Speaking at the 51st Gems and Jewellery Award in Jaipur, Adani said, “Every attack makes us stronger, and every obstacle becomes a stepping stone for a more resilient Adani Group.” He emphasized that the group had faced similar challenges before and would continue to defend itself through the legal process. The allegations involve claims of bribery and securities fraud linked to solar power contracts in India.
Mahindra Launches 2 New Electric SUVs: BE 6e and XEV 9e, Set to Launch in January
Mahindra & Mahindra Ltd. (M&M) has unveiled two new electric SUVs, the BE 6e and XEV 9e, priced at ₹18.9 lakh and ₹21.9 lakh (ex-showroom), respectively. Set to launch in January 2025, with deliveries starting in February and March, both models offer impressive ranges—682 km for the BE 6e and 656 km for the XEV 9e—on a single charge. The company plans a phased rollout and has committed over ₹12,000 crore to its EV business, including a new manufacturing line at its Chakan plant. M&M aims to strengthen its position in India’s electric vehicle market with these new offerings.
India may not Import Bullet Trains from Japan After Failed Price Talks and Revised Project Guidelines
India has decided to abandon the import of Shinkansen (bullet) trains from Japan for its Mumbai-Ahmedabad High-Speed Rail (MAHSR) project and instead opted for a "Make-in-India" approach. The contract for manufacturing the trains has been awarded to a joint venture between BEML Ltd and Medha Servo Drives, makers of Vande Bharat trains. This decision follows stalled negotiations over the cost, land acquisition delays, and changes to the project's technical specifications. Despite these setbacks, Japan International Cooperation Agency (JICA) remains committed to funding the project, with the first bullet train expected to be operational by 2027.
Gautam Adani charged in New York with massive fraud and bribery: What This Means and What Happens Next
A grand jury in New York has indicted Indian business tycoon Gautam Adani and his nephew Sagar Adani on charges of bribing Indian government officials to secure solar energy contracts worth $265 million (around Rs 2,029 crore). The charges, issued on November 20, also implicate seven others in the alleged scheme. US prosecutors accuse the Adani Group of defrauding American investors through corruption. Following the indictment, the case will proceed to an arraignment, where the accused will face the charges and decide whether to plead guilty or not guilty, with a potential trial to follow.
