PROVISIONAL COMPENSATION
EU and China set for talks on planned electric vehicle tariffs
The confirmation came after China's commerce ministry said its head Wang Wentao, and Dombrovskis, executive vice president of the European Commission, had agreed to start consultations over the EU's anti-subsidy investigation into Chinese EVs.
Kuwait identifies bodies of 45 Indians, 3 Filipino nationals; vows to promptly investigate the incident
Kuwaiti authorities have identified the bodies of 45 Indians and three Filipinos killed in a tragic fire at a building housing foreign workers in Mangaf. At least 49 workers were killed, and 50 others injured in the incident. DNA tests are being conducted, and an Indian Air Force aircraft is on standby to repatriate the bodies. Kuwait’s Deputy Prime Minister Sheikh Fahad Al-Yousuf Al-Sabah leads an inspection campaign on illegal properties. Emir Sheikh Meshal has ordered financial aid and repatriation of the deceased. The public prosecutor has launched an investigation.
Coal India's contribution to govt exchequer drops 2.2 per cent to Rs 9,560 crore in April-May
Coal India Ltd's contribution to the government's exchequer decreased by 2.2% to Rs 9,560.28 crore in April-May of the current fiscal year, down from Rs 9,777.64 crore in the previous year. Total levies paid to the government in May rose to Rs 4,763.20 crore. State governments receive revenue from coal production through royalties, GST, and other levies, with Jharkhand and Odisha receiving the highest amounts.
Revised model concession agreements for toll projects will safeguard interest of all stakeholders: CareEdge Ratings
Revised model concession agreements (MCAs) for toll projects aim to bolster investor confidence and safeguard stakeholders' interests. The Ministry of Road Transport and Highways (MoRTH) incorporated favorable changes in the BOT and TOT models to address execution challenges and mitigate risks, potentially reducing peak debt requirements by 10%.
Global news publisher Axel Springer partners with OpenAI in landmark deal
As part of the deal, when users ask ChatGPT a question, the chatbot will deliver summaries of relevant news stories from Axel Springer brands including Politico, Business Insider, Bild and Welt.
Meta used copyrighted books for AI training despite lawyers' warnings, allege authors
A new complaint, filed on Monday, includes chat logs of a Meta-affiliated researcher discussing the procurement of the dataset in a Discord server, a potentially significant piece of evidence indicating that Meta was aware that its use of the books may not be protected by US copyright law.
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Time limit for appearing in FMG exam or NExT will be 10 yrs from completion of course overseas: NMC
The Undergraduate Medical Education Board of the NMC on Wednesday issued a public notice giving clarifications on various issues, grievances and representations being received from various state medical councils, stakeholders including foreign medical graduates especially students from Ukraine and the Philippines regarding difficulties being faced by them.
Navigating HR Excellence: The Essentials of the PGDHRM Course and Career Prospects
The Post Graduate Diploma in Human Resource Management (PGDHRM) offers a one-year, full-time program covering strategic management, employee law, and performance evaluation among other topics. This course is designed for fresh graduates, as well as professionals seeking to improve their managerial expertise. The curriculum combines theoretical knowledge with real-world practices to hone essential HR skills, qualifying individuals for career advancement as HR managers, change consultants, and specialists. Admission is based on merit or national-level entrance exams such as CAT, XAT, and MAH-CET, with minimum eligibility criteria of a recognized bachelor's degree with a GPA of at least 50%.
Sensex jumps 300 points, Nifty tops 19,450 on firm global cues
Among Sensex stocks, Tata Steel, IndusInd Bank, JSW Steel, L&T, Asian Paints, Bajaj Finance, and Titan opened with gains, while only Power Grid, Sun Pharma, Bharti Airtel, and Kotak Bank opened with losses. Shares of online food delivery aggregator Zomato opened 10% higher and hit a new 52-week high after the food delivery platform turned profitable with Rs 2 crore-PAT in Q1 FY24.
FY24 export target of $42 bn for gems and jewellery to take a hit, down by 10-15%: GJEPC
According to GJEPC’s Vipul Shah, Indian exporters are struggling with demand and the reopening of China has also not provided the expected fillip.
GST Council meet: Payment to states okayed, taxes cut on liquid jaggery, pencil sharpeners, tracking devices
Finance Minister Nirmala Sitharaman on Saturday announced that the GST Council has given its approval to clear Rs Rs 16,982 cr balance of GST compensation to states. Further, the GST on pencil sharpeners reduced to 12% from 18%.
Few states seek extension of GST compensation for 5 years: FM Nirmala Sitharaman
GST Council, in its 42nd meeting, has recommended extending the period of levy of GST Compensation cess beyond June 2022 to cover the entire shortfall as well as servicing the back-to-back loan released to states to meet their resource gap due to the short release of compensation, she said in a written reply to Lok Sabha. Centre borrowed Rs 1.1 lakh crore in 2020-21 and Rs 1.59 lakh crore in 2021-22 as back-to-back loans to meet part of the shortfall in cess collection, she said.
Power Ministry modifies norms for pass through of cost of imported coal
The ministry, in a statement, said domestic coal-based power plants whose tariffs have been determined under Section 63 of the Electricity Act have raised concerns about the pass through of the increased cost in tariff if imported coal is used. They requested for a suitable methodology to determine the impact on tariff of mandatory blending of imported coal.
Govt invokes emergency clause to allow compensation for 32 Gw domestic coal based plants
Power purchase agreements between these plants and the distribution companies have been signed for upto 25 years based on tariff-based competitive bidding under Section 63 of the Electricity Act and do not allow higher prices.
Over Rs 2.06 lakh crore GST compensation to states due for Apr-Nov
The balance GST compensation for the period April-May 2020 and for the full period June-November''20 is pending to all states/UTs due to inadequate amount in the GST Compensation Fund during the current fiscal.
GST compensation due to states at Rs 1.51 lakh crore, Maharashtra leads
The provisional GST compensation due to states/UTs for 2020-21 was highest for Maharashtra at Rs 22,485 crore, followed by Karnataka (Rs 13,763 crore), Uttar Pradesh (Rs 11,742 crore), Gujarat (Rs 11,563 crore) and Tamil Nadu (Rs 11,269 crore).
CERC to fix provisional tariff hike
Lenders and power companies have said that most projects have not placed orders for the equipment and hence it was not possible for them to complete retrofitting these equipment by 2022. Some financial institutions have sought the government’s intervention in advancing the deadlines by two years.
GST compensation required by 9 large states could double to Rs 70,000 crore in FY'20: ICRA
ICRA also expressed apprehension that "the central tax devolution (CTD) to these states in 2019-20 could be Rs 595-770 billion (Rs 59,500-77,000 crore) lower than what the GoI has budgeted, which has emerged as a key revenue risk for the states in this fiscal." Accordingly, a reduction in capital expenditure below the budgeted level appears imminent in the current fiscal.
GST rates may go up for various items to meet revenue shortfall
The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on December 18 in the backdrop of lower-than-expected GST collection. As of now, there are four slabs under the GST regime -- 5, 12, 18 and 28 per cent. Goods and services under the 28 per cent category also attract cess over and above the rate.
Centre releases Rs 48,202 crore GST compensation in Apr-Nov, higher than FY18
The goods and services tax (GST) was rolled out on July 1, 2017. As per the GST law, the Centre compensates states to ensure that their revenue is protected at the level of 14 per cent over the base year tax collection in 2015-16.
GST compensation paid to states declines to Rs 11,900 cr in Aug-Sept
The bi-monthly GST compensation paid during the June-July period was Rs 14,930 crore, nearly four-fold jump from Rs 3,899 crore paid in April and May.
Centre to get greater chunk in residual GST Compensation Fund
As per earlier provisions, 50% of the excess amount was to be devolved between Centre and States as per statute while the rest would have to be given to the states
Centre to compensate states every quarter for GST revenue loss
Any excess amount after the end of five year tenure in the 'GST Compensation Fund' so created, would be divided between Centre and states, said the draft GST compensation law made public by the Centre today.
Supreme Court slaps provisional fine on erring builders
This is a provisional fine till a committee set up by the National Green Tribunal assesses the damage from post-facto clearances.
Adani Power's Mundra project to get Rs 830 crore tariff compensation
Electricity regulator CERC has granted nearly Rs 830 crore compensation for Adani Power's 4,620 MW Mundra plant in Gujarat.
Insurance companies may have to pay higher compensation to farmers this year
"Last season was good for agriculture. This year however, we may have to pay higher compensation to farmers. The picture will become clear by October,"said KN Rao, chief risk officer, AIC.
Farmers' stir: Situation in violence-hit UP tense, leaders detained
Tension today prevailed in parts of UP hit by farmers' unrest over land acquisition even as a heavy police deployment was made in the affected areas
TEPCO to compensate people affected by N-crisis in Fukushima
Japanese government today ordered the embattled operator of radiation-leaking Fukushima nuclear plant to urgently pay USD 12,000 in provisional compensation.
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