The goods and services tax (GST) rate on mobile phones and fabric may be hiked by the GST Council next week. This could be part of an exercise to correct the inverted tax structure and boost revenue collection.

The structure of higher tax rates on inputs than on final products is resulting in a huge input tax credit outgo. Other items which have seen an inverted duty structure include fabric bags, shoes, tractors etc.

The Citizenship Amendment Bill, 2019, was passed in the Rajya Sabha on Wednesday with a 125-105 vote share, two days after it was passed in the Lok Sabha following a 12-hour long debate. The bill was tabled in the upper house of the Parliament.

125 votes fell in favour of the Bill, while 105 votes were against it. The controversial Citizenship Amendment Bill was tabled in the Rajya Sabha by Union Home Minister Amit Shah on Wednesday, day after the bill was passed in the Lok Sabha on Monday midnight. The House began its discussions on the bill from 2 PM onwards.

Future Supply, the logistics arm of Future group, proposes to take its turnover to Rs 10,000 crore in the next five years, riding on its partnership with Nippon Express. On Tuesday, the Competition Commission of India (CCI) approved the latter's Rs 641-crore investment in Future Supply, giving the Japanese major a 22 per cent stake and board seat.

Kishore Biyani, founder and chief executive officer, Future group, said the collaboration with Nippon allowed Future Supply to become a key player in third-party logistics.

Reliance Capital has informed the exchanges that it's servicing of interest or principal of non-convertible debentures falling due on December 9 isp delayed.

The firm in its filing to the exchanges said, CARE rating downgrading the company's entire debt to default rating in September, despite no overdues on principal or interest payment to any lender on the part of the firm, has led to acceleration of various facilities by certain lenders.

Anand Mahindra, the chairman of the homegrown auto group Mahindra & Mahindra, on Wednesday admitted that entering the commuter bike segment more than a decade ago was a failure on the part of the group.

The group entered two-wheelers after buying out Kinetic Motors in July 2008 and relaunched the 'Freedom' bikes under the label of 'Mojo' but has not been able to make a mark in the vastly entry-model driven two-wheeler space in the country even after a decade.

Shares of Avenue Supermarts, owner of the DMart brand, were trading lower for the fifth straight day and dipped 2 per cent at Rs 1,701 on Wednesday to hit 12-week low on the BSE. The stock was trading at its lowest level since September 20, 2019. In past one week, it has fallen 8 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.

According to a Bloomberg report, Bank of America Corp and Kotak Mahindra Capital Co are among banks Indian billionaire Radhakishan Damani has picked for another planned stake sale in Avenue Supermarts.

French trainset and related systems manufacturer Alstom is planning to double its manufacturing capacity in SriCity, in Andhra Pradesh, to 480 train sets per annum in near future. The company will be increasing its headcount from current 5,000 people to 8,000 by March 2023, said Alain Spohr, MD, Alstom, India & South Asia.

Shares of the recently listed CSB Bank slipped for the fifth straight day, down 3 per cent at Rs 251 on the BSE on Wednesday, after a strong debut. The stock of the private sector bank has fallen 16 per cent since it's listing on December 4, 2019. In comparison, the benchmark S&P BSE Sensex was down 1 per cent during the week.

The Kerala-based bank soared 54 per cent during its stock market debut at Rs 300.4, over its issue price of Rs 195. The stellar listing followed the hugely successful initial public offering (IPO) backed by Canadian billionaire Prem Watsa's Fairfax.

The Gujarat government has tabled the final part of the Justice Nanavati-Mehta Commission report on the 2002 riots, in the Assembly on Wednesday. The report deals with post-Godhra violence in which more than 1,000 people were killed in the widespread communal riots across the State.

The Commission has given clean chit to the then Chief Minister Narendra Modi and others in post-Godhara riots. The Commission held that the riots were not organised and the State administration had taken all necessary measures to control the situation.

Ahead of the discussions on the Citizenship Amendment Bill, 2019 in the Rajya Sabha today, BJP held its Parliamentary party meeting which was also attended by Prime Minister Narendra Modi among other key leaders.

Speaking at the parliamentary party meeting, PM Modi said that the opposition parties are speaking the same language as Pakistan on the Citizenship Amendment Bill.

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