A decline in the initiation of the corporate insolvency process last year is spurring most Big Four firms to rethink and rejig their insolvency verticals to focus on business beyond Insolvency and Bankruptcy Code (IBC), industry experts said. Between the June and December quarter of FY25, the number of insolvency applications initiated by financial creditors went down from 150 to 84.
In October 2024, Jindal Stainless challenged a Goods and Services Tax (GST) notice in the Delhi high court. It was about corporate guarantees issued to related parties by its former group company, Jindal Stainless (Hisar), before their merger in March 2023.
Goods and Services Tax (GST) collection rose 12.6 per cent Y-o-Y to an all-time high of about Rs 2.37 lakh crore in April, which the government said shows resilience of the Indian economy and the effectiveness of cooperative federalism. The gross GST mop-up was Rs 2.10 lakh crore in April 2024 -- the second highest collection ever since GST was rolled out on July 1, 2017. The net mop-up was Rs 1.92 lakh crore.
The return filed could be treated as defective, invalid, or even be considered as not filed at all.
After Chennai, it is Coimbatore, Madurai, and Tiruchirappalli, that are emerging as manufacturing hubs. Coimbatore is India's top Tier-II city in terms of the number of GCCs, according to a report by Cushman & Wakefield.
Companies may foot less of the tax bill for some time yet. The corporate share of net direct tax collections has been lower in 2024-25 than in previous years. The corporate segment accounted for 45.6 per cent of total net direct tax collections as of March 16, compared to 48.1 per cent on the same date in 2023-24 (FY24).
Wouldn't it be better to reach 45 with a backup engine of passive income that helps you glide through these years instead of grinding, asks Ramalingam Kalirajan
Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday.
India will have 1 billion smartphone users by 2026 with rural areas driving the sale of internet-enabled phones, a Deloitte study said on Tuesday. India had 1.2 billion mobile subscribers in 2021, of which about 750 million are smartphone users. It is poised to be the second-largest smartphone manufacturer in the next five years. "The smartphone market is expected to reach 1 billion smartphone users by 2026," according to Deloitte's 2022 Global TMT (Technology, Media and Entertainment, Telecom) predictions.
The proposed Central Bank Digital Currency (CBDC) to be issued by the Reserve Bank will play a critical role in improving the speed of transactions and reducing the cost of cash, a Deloitte report said on Wednesday. The Reserve Bank of India is planning to come out with a central bank-backed digital currency, using blockchain technology in 2022-23. As a financial services innovation, CBDCs are likely to play a pivotal role in shaping the 'future of value transfer', the report said, adding that most central banks worldwide are now in various stages of their evaluation of launching their national digital currencies.
Gross GST revenue rose 12.3 per cent to Rs 1.96 lakh crore in January on higher domestic economic activity, government data showed on Saturday. This includes 10.4 per cent growth in revenue from sale of goods and services domestically at Rs 1.47 lakh crore and 19.8 per cent rise in tax revenue from imported goods at Rs 48,382 crore.
Anmol Singh Jaggi and Puneet Singh Jaggi, once hailed as rising stars in India's clean energy sector, are now facing serious regulatory action.
Deloitte had challenged the jurisdiction of the NCLT to ban it, saying section 140(5) of the Companies Act pertains to auditors who are still auditing the company in question while it has already resigned from the service and thus cannot be banned under the given provisions.
Gross GST collections rose by 9.1 per cent to about Rs 1.84 lakh crore in February, boosted by domestic consumption and indicating potential economic revival. As per the official data released on Saturday, on a gross basis, mop up from Central GST stood at Rs 35,204 crore, State GST at Rs 43,704 crore, Integrated GST at Rs 90,870 crore and compensation cess of Rs 13,868 crore.
'Netflix, Amazon Prime Video, Crunchyroll, and Disney+ Hotstar are continuously expanding their Anime libraries.'
Deloitte's recruitment process will involve a resume screening, a telephonic interview, and a face-to-face interview if you apply online, says Sarvesh Agrawal.
Foreign Direct Investment (FDI) is critically important for India to become a $5 trillion economy, Deloitte CEO Punit Renjen said while noting that over two-fifths of the 1,200 business leaders surveyed in the US, UK, Japan and Singapore are planning additional or first-time investments in India. Referring to the survey, he said India continues to be "one of the most attractive" FDI destinations. "Despite the COVID-19 destruction, inflows hit a record high last year. "Business leaders, whom Deloitte surveyed, are preparing to make additional and first-time investments in India," Renjen said.
Quick commerce company Zepto has completed a reverse flip from Singapore to India to become an Indian parent's entity ahead of its proposed IPO. Its co-founder and CEO Aadit Palicha, in a post on LinkedIn, described it as a historic milestone for the Indian startup ecosystem and an inflection point that represents long-term confidence in the liquidity and depth of Indian capital markets.
Among the cities that have fully implemented their projects are Agra, Varanasi, Madurai, Coimbatore, Udaipur, Pune, Surat, and Vadodara
Deloitte India would not provide non-audit services to all listed companies and other entities where public money is involved such as banks and insurance companies, if they are its audit clients.
'Adventure travel, cultural tours, and wellness retreats are in high demand.'
Finance Minister Nirmala Sitharaman on Saturday said the government will arrange identity cards and registration on the e-Shram portal to assist 1 crore gig workers. Presenting the Union Budget 2025-26, the finance minister also said a scheme for the socio-economic upliftment of urban workers will be implemented.
Many travellers are now opting for domestic destinations like Goa, Kerala, Rajasthan, Lakshadweep, Himachal Pradesh, and the North East.
Gross GST collection grew 9 per cent to over Rs 1.87 lakh crore in October on higher revenues from domestic transactions. The Central GST collection stood at Rs 33,821 crore, State GST at Rs 41,864 crore, Integrated IGST at Rs 99,111 crore and cess at Rs 12,550 crore.
A tech architect must have certifications across ERP platforms (SAP, Oracle, Microsoft) and Cloud platforms (MS, Google, Low code SAAS platforms such as Salesforce, and ServiceNow).
The gross GST collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December. The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore, according to government data released on Wednesday.
Gross GST collections grew 8.5 per cent to over Rs 1.82 lakh crore in November on account of increased sales spurred by the festive season.
'The scrapping of import duty would help Indian companies compete in international markets, thus paving the way for India becoming a space manufacturing hub for the world.'
The upcoming Union Budget to be presented on February 1 is likely to assume a nominal gross domestic product (GDP) growth between 10 and 10.5 per cent for FY26, a Business Standard poll of 10 economists showed. The first advance estimates released by the National Statistics Office (NSO) had estimated a nominal GDP growth of 9.7 per cent for FY25. Nominal GDP, calculated at current market prices, factors in the effect of inflation. It is used as the base to calculate crucial macroeconomic indicators, such as fiscal deficit, revenue deficit, and debt-to-GDP ratio.
However, Deloitte, the latter entity, says regulations don't mandate it to go beyond a basic examination of the books of accounts.
Aditya Verma, the main petitioner in Board of Cricket Control India (BCCI) case which paved the way for Justice R.M. Lodha panel's formation, on Sunday dared the Indian cricket board to make the Deloitte report public and accused it of "threatening" the state cricket associations not to implement the reforms recommended by the panel. Speaking to ANI, Verma said that the BCCI would stand exposed if the report is made public. "I dare the BCCI and other state cricket associations that if they have guts then submit the Deloitte report before Justice Lodha by November 8. If they do, everything will become crystal clear. The BCCI has been blackmailing the state cricket associations over the report," Verma said.
'I am simply highlighting a wrongdoing. This is why my complaint has merit, and the chief minister has ordered an inquiry.'
The Union Budget 2025-26, while promising a new framework for smoother mergers and acquisitions (M&As), has plugged a major loophole on carry-forward losses for a total of eight assessment years between amalgamating company and amalgamated company from the date of loss instead of date of the merger. For all mergers effected on or after April 1, 2025, the losses can be carried forward only for the residuary period (counting from the date of loss).
Corporate India handed over an average increment of 8 per cent in 2021, and early estimates reveal that average increment for 2022 is expected to increase to 8.6 per cent in line with a healing economy and improving confidence, according to a Deloitte survey. As per the second phase of Deloitte's Workforce and Increment Trends survey 2021, 92 per cent companies gave an increment in 2021 at an average of 8 per cent, compared with only 4.4 per cent in 2020, where just 60 per cent companies had extended a pay hike. For 2022, average increment is expected to increase to 8.6 per cent, at par with the pre-pandemic levels of 2019, the survey said, adding that about 25 per cent companies surveyed have projected a double-digit increment for 2022.
Following the lacklustre growth numbers in the second quarter (Q2FY25), economists believe the upcoming Union Budget for 2025-26 should focus on reforms that will stimulate consumption, manufacturing and spur employment. India's growth unexpectedly slowed to 5.4 per cent in the second quarter, due to low capital formation, weak consumption, besides adverse weather impact.
Hit by inflation, higher input costs and pricing measures, fast-moving consumer goods companies are expected to see a contraction in their gross margin and a modest-to-flat operating profit in the October-December quarter. Several FMCG makers are likely to log a low single-digit rise in their revenue, returning to the cycle of value-driven growth.
He is the first Indian-origin person to head a 'Big-Four' audit co.
India remains an attractive investment destination even as taxation uncertainties pose a challenge, according to global consultancy Deloitte.
Also, on Wednesday Mahindra Satyam said its board has approved settlement of lawsuits brought by its former client Upaid Systems by paying $70 million.
With the rapid evolution of channels like quick-commerce and the emergence of ONDC, the Indian retail industry is 'cautiously optimistic' for 2025, in which new-age technologies such as AI and automation will play a crucial role, driving efficiency and personalisation.
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