Adani Enterprises is set to exit its joint venture with Adani Wilmar, selling its 44% stake to Wilmar International. This move is expected to raise over $2 billion for Adani Enterprises, which will be used to boost investments in its core infrastructure platforms, including energy, utilities, transport, and logistics.   The transaction involves two steps: Adani Enterprises will sell 13% of Adan

The Mega Millions jackpot has soared to $1.15 billion, making it the fifth-largest prize in the game’s history ahead of the drawing on Friday, December 27, 2024, at 11 p.m. ET. However, the amount you take home depends on your payout choice and the taxes you owe. Federal Taxes on Lottery Winnings Lottery winnings are subject to federal taxes. While 24% is automatically withheld upfront, winners w

In a shift of political support, major US business leaders and companies are lining up to donate substantial sums to Donald Trump’s 2025 inaugural committee, following his landslide victory. Corporate America, which largely supported Kamala Harris and the Democratic agenda in the 2020 presidential race, is now keen to strengthen ties with the incoming Republican administration. With some of the largest donations coming from figures like Meta’s Mark Zuckerberg, OpenAI’s Sam A

Between April and November 2024, the Indian government dispersed Rs 3.08 lakh crore in income tax refunds, reflecting a significant 46% increase compared to the same period last year. As of November 22, about 98.35% of Income Tax Returns (ITRs) filed have been e-verified, with a record-breaking 69.93 lakh ITRs submitted on a single day, July 31. The total number of ITRs filed by November 22 stands at 8.50 crore, a 7.32% increase from the previous year. The introduction of innovation

As India prepares for the Union Budget of 2025-26, the finance ministry has highlighted the need for flexibility in fiscal policy, given the ongoing global economic and geopolitical challenges. While the fiscal deficit for FY26 is expected to be below 4.5% of GDP, there are concerns over the ability to accurately project receipts and expenditures in the current uncertain environment. The global situation has worsened, with escalating conflicts, further complicating fiscal planning.

Union Finance Minister Nirmala Sitharaman will chair the 55th GST Council meeting in Jaisalmer, Rajasthan, on Saturday, December 21. This meeting will focus on several important discussions related to the Goods and Services Tax (GST) in India. The agenda includes deliberations on taxability issues concerning food delivery platforms such as Swiggy and Zomato, and potential changes to GST rates on products like health insurance premiums, life insurance, wristwatches, shoes, and apparel. The cou

India introduced the Goods and Services Tax (GST) in 2017 to simplify the tax structure and reduce the tax burden. Recent data shows that the gross GST collection for October 2024 rose by 9% to ₹1.87 lakh crore, a record second-highest figure. However, a recent proposal by the Group of Ministers (GoM) on GST Rates Rationalisation suggests a new 35% GST slab on products like aerated drinks and tobacco, which has raised concerns. The proposal aims to target 'sin' products such as thos

Bangladesh's interim government has accused Adani Power of breaching a multi-billion-dollar agreement related to the supply of electricity from its coal-fired plant in India. The dispute centers on Adani Power withholding tax benefits that the power plant was entitled to under the agreement. The Indian company signed a deal with Bangladesh in 2017 to supply power from the Godda plant, but Dhaka claims that Adani Power failed to pass on the tax exemptions it received from the Indian govern

In this scenario, a wife from Arizona is questioning whether her husband's decision to not have a will is truly without consequence, given that their assets are limited to bank and brokerage accounts with transfer-on-death (TOD) beneficiaries and that they do not have children or significant real estate holdings. While it is true that accounts with designated TOD beneficiaries pass directly to the surviving spouse without going through probate, the wife is concerned about potential issues

US President Joe Biden announced on Sunday that he had granted a pardon to his son, Hunter Biden, who was convicted of making false statements on a gun background check and illegally possessing a firearm. Hunter Biden had also pled guilty to federal tax charges, admitting to failing to pay $1.4 million in taxes. President Biden expressed that his decision to pardon his son came after years of what he described as unfair, politically motivated prosecution. Biden stated that he had pr

The Finance Ministry is set to review the windfall tax on fuel exports, including petrol, diesel, and Aviation Turbine Fuel (ATF), following the stabilization of global crude oil prices. The tax, introduced in July 2022, was implemented to address the substantial profits earned by oil refiners exporting fuel, which had an impact on domestic supplies. The review will assess the tax’s effectiveness and the revenue it has generated, with the Ministry of Petroleum and Natural Gas already re

Despite warnings from Chief Minister N Chandrababu Naidu, MLAs from the ruling coalition in Andhra Pradesh are reportedly continuing to interfere in liquor and sand businesses. Complaints of intimidation and demands for commissions from business owners have been flooding in, despite Naidu's instructions to refrain from such activities. The new excise policy has also been marred by controversies, with allegations of MLAs obstructing businesspeople from participating in the tender process f

At the NVIDIA AI Summit in Mumbai on October 24th, NVIDIA announced a strategic partnership with Reliance Industries to build India’s largest AI infrastructure. The collaboration will leverage NVIDIA’s powerful GB 200 supercomputer to establish scalable AI capabilities. With this move, Reliance aims to revolutionize the AI landscape in India, similar to how Jio transformed mobile data accessibility. Following Jio’s data success, Mukesh Ambani is now focusing on AI

In the latest quarterly earnings report, Hindustan Unilever has announced a 2% decrease in profit for the second quarter, raising concerns among investors and analysts about the company's performance amid challenging market conditions. This decline prompts a closer look at the underlying factors affecting the company's profitability and its future strategies to regain momentum. On a brighter note, Thyrocare has reported a remarkable

In a positive sign for the Indian economy, the Goods and Services Tax (GST) collections for September 2023 increased by 6.5% year-on-year, totaling ₹1.73 lakh crore. This marks a rise from ₹1.63 lakh crore collected in September of the previous year. The net GST collection after refunds stood at ₹1.53 lakh crore, showing a growth of 4% compared to ₹1.47 lakh crore in September 2022. So far this fiscal year, the government has recorded a gross GST revenue of ₹10.87 lakh cro

A panel of state ministers, established by the Goods and Services Tax (GST) Council, is set to convene in Goa on September 24 and 25. This six-member group, led by Bihar Deputy Chief Minister Samrat Chaudhary, will review the implications of rate rationalization on at least 100 items. The discussions aim to analyze potential changes in GST slabs and rates, particularly focusing on essential goods. During the two-day meeting, the panel will explore various

Heritage Foods Ltd. has ambitious plans to elevate its ice cream business revenue to ₹700 crore over the next five years, as stated by CEO Srideep M Kesavan. This growth strategy is anchored by the establishment of a new manufacturing plant in Telangana, which aims to enhance production capacity significantly. Kesavan emphasized that this investment will enable the company to ramp up its annual revenue from approximately ₹110-120 crore to an impressive ₹650-700 crore. Highligh

E-commerce giant Amazon has appointed Samir Kumar as the new Country Manager for India, effective October 1, following the resignation of Manish Tiwary. Kumar, a 25-year veteran of Amazon, will take over operational responsibilities while continuing to lead consumer businesses in the Middle East, South Africa, and Turkey. This leadership transition comes as Amazon emphasizes the significance of the Indian market in its global strategy. Kumar joined Amazon in 1999 and played a pivota

Vehicle recalls are a significant challenge for auto manufacturers, often carrying substantial financial repercussions. While recalls are necessary to ensure consumer safety and compliance with regulations, they can also lead to direct and indirect costs that affect a company's bottom line, reputation, and long-term viability. Here’s an examination of the financial impact of vehicle recalls on auto manufacturers. 1. Direct Costs of Vehi

Automotive companies are facing a rapidly changing landscape as consumer preferences evolve in response to technological advancements, environmental concerns, and shifting lifestyles. To remain competitive, automakers are adapting their strategies, product offerings, and business models to meet these new demands. Here’s how automotive companies are responding to changing consumer preferences. 1. Embracing Electric Vehicles (EVs) and Sustain