Latest news with #Thakkar
Time of India
13-06-2025
- Business
- Time of India
Air India plane crash: Last-minute change in travel plans spares Vadodara man
Air India plane crash (Photo: AP) VADODARA: A providential change in travel plans due to an extended stay in Kolkata spared the life of Jayesh Thakkar, a prominent Vadodara-based businessman and organiser of the famed 'Maa Shakti' Navratri garba who was scheduled to board the ill-fated Air India AI-171 flight from Ahmedabad to London, reports Sachin Sharma. Thakkar, who frequents London - where he also operates an office - was in Kolkata and had planned to fly to Ahmedabad to catch the London-bound flight. However, an unexpected delay in his schedule forced him to change his travel route. "I got delayed in Kolkata due to work and realised I wouldn't make it to Ahmedabad in time for the flight. That's when I decided to change my itinerary," Thakkar told TOI. Instead, he routed his journey through Delhi, from where he planned to catch another flight to London. But as he landed in Delhi, news of the AI-171 crash broke. "I was stunned. It could have been me," he said. Thakkar immediately cancelled his trip and returned to Vadodara.
Time of India
12-06-2025
- Business
- Time of India
GST filing gets tougher: No room for error in GSTR-3B from July
Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax ( GST ) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception." Ahmedabad: From July onwards, taxpayers will no longer be able to edit auto-populated tax liability in their GSTR-3B returns — a major change in the Goods and Services Tax (GST) framework. The GST Network (GSTN) has rolled out this update, aiming to curb misuse and plug revenue leakages. However, tax experts warn that this will warrant higher accuracy from suppliers and could trigger cash flow challenges for buyers. Taxation experts say that to address discrepancies in GSTR-1 filings, a new form—GSTR-1A—has been introduced but it isn't real-time. This means any corrections made through GSTR-1A could delay Input Tax Credit (ITC) for buyers, potentially leading to working capital issues. "This is a major structural shift," said Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). "Currently, suppliers file GSTR-1, which auto-populates their GSTR-3B and also feeds into the buyers' GSTR-2B. If suppliers make an error or want to adjust their tax liability, they currently edit GSTR-3B directly. That option will no longer be available,," says Deep Thakkar, chartered accountant and co-chairman of the Indirect Tax Committee at the Gujarat Chamber of Commerce and Industry (GCCI). From July, if a supplier makes a mistake in GSTR-1, the only way to correct it is by filing GSTR-1A—before the GSTR-3B deadline, which is the 20th of every month. However, since GSTR-2B (used by buyers to file GSTR-3B) is generated on the 14th, late corrections may only reflect in the next month's ITC cycle, delaying credit and tying up funds. Explaining the rationale behind the decision being taken, a senior GST official said on condition of anonymity, "The decision to restrict editing in GSTR-3B has been in the pipeline for nearly 18 months. When a supplier files GSTR-1, the output tax liability gets auto-populated into the system and becomes part of the buyer's Input Tax Credit (ITC). This happens by the 10th of every month, with GSTR-3B due by the 20th. If a supplier defaults on tax payment, the entire recovery chain is impacted. Allowing edits in GSTR-3B was leading to misuse—essentially allowing ITC to be passed on without corresponding tax being paid. At some point, the system needs to be secured to protect government revenue." Chartered accountants claim that the decision while making way to curb fraudulent claims will certainly increase the compliance burden of taxpayers. "This change will certainly reduce fraudulent ITC claims and plug revenue loss. But it also increases the compliance burden. Even genuine mistakes in GSTR-1 can be rectified only through GSTR-1A which needs to be streamlined as it is essential to avoiding penalising honest taxpayers," said Thakkar. Another Chartered accountant Karim Lakhani echoed the concerns, stating, "The margin for error has shrunk dramatically. Every supplier will now need to file GSTR-1 with utmost accuracy. Any lapse can impact their clients' ability to claim timely ITC. This is one of the most significant changes to the GST regime since its inception."
Mint
11-06-2025
- Business
- Mint
New rule lets brokers expand beyond stocks and derivatives
Mumbai: New-age investors will now be able to buy insurance or get credit of all kinds, apart from just trading in stocks and derivatives, from stock-market intermediaries such as brokers. The ministry of finance has amended certain provisions of the Securities Contracts (Regulation) Rule, allowing brokers to invest their own surplus funds in businesses apart from capital market-related activity, which was barred earlier. For instance, in real estate or non-banking finance companies, so long as there is no liability on the broker making such investments. The changes were highlighted by a National Stock Exchange (NSE) circular on Tuesday. It will let new-age investors tap brokers as a one-stop shop for all needs, while increasing the ease of doing business for market intermediaries. Dinesh Thakkar, chairman & managing director at Angel One, the third largest retail broking house in the country after Groww and Zerodha, summed up the significance of the amendment: offering multiple services on an integrated platform. Also read | NSE gets Sebi nod to launch electricity derivatives 'With the finance ministry's clarification, brokers can now deploy surplus capital into businesses beyond broking—so long as client assets remain untouched and no personal liability is assumed," he said. "This enables us to go beyond distribution—into manufacturing products that may not be Sebi-regulated but are essential to completing a customer's financial journey: all forms of credit, insurance, and more," Thakkar said. 'The digitally savvy Indian customer is no longer looking for piecemeal solutions; they expect a complete financial experience, offered seamlessly on an integrated platform. This is our opportunity to build exactly that." The amendments to provisions of Rule 8 of the SCRR 1957 clarify that investments made by brokers will not be construed as "business" if they don't involve client funds or securities or relate to arrangements that create a financial liability for the broker. 'Business' implies that brokers have either used their client funds or securities for such investments or that the investment would impose a personal liability on the broker beyond the shareholding in a firm. To be sure, these rules are meant to ring-fence client funds and prevent brokers from taking on liabilities which could impact the broking business, creating systemic risks. Recalibration of regulatory perimeter Given the changing nature of financial services wherein new-age investors prefer platforms that offer a full range of financial services, the amendments are a "recalibration" of the "regulatory perimeter" for brokers, said Sandeep Parekh, founder of Finsec Law Advisors. "The new rule issued by the ministry of finance both clarifies and expands the scope of what a broker can do outside of broking," Parekh said. 'Given the increasingly integrated bouquet of services global brokers provide, it was time that the overly strict interpretation by Sebi and NSE was diluted so that more services could be provided by brokers without jeopardising client interest." Prior to the amendments by the department of economic affairs (DEA), these rules stated that a broker can only act as an agent, and not a principal, in the securities and commodities derivatives business; and he should not serve either as a principal or employee of any business apart from the aforesaid businesses, where he acts only as an agent. Also read | Retail investors want a piece of NSE. But no one is selling A principal refers to an owner or a person having substantial ownership within a firm. An agent is a person authorised to act on behalf of another individual or firm. NSE's clarificatory circular on 7 January 2022 stated, "...Members are not permitted to engage in any business or activities or transactions, directly or indirectly, other than that of securities or commodity derivative, except as a broker or agent not involving any personal financial liability." The circular also barred brokers from investing in businesses such as NBFC and real estate, among others, which were not incidental to or consequential upon the securities or commodity derivatives business. Kotak Securities, a subsidiary of the Kotak Mahindra Bank, had petitioned the Bombay High Court against the circular, which necessitated divesting its stake in a non-banking financial services company. It had invested 49% in car financier Kotak Mahindra Prime, also a subsidiary of its parent bank, well before NSE's clarificatory circular. The outcome of the case is awaited. A Kotak Securities official declined to comment as the matter was "sub juidce", while queries emailed to NSE remained unanswered until press time. Also read | Nifty 50 reclaims 25,000, next hurdle at 25,300
Mint
11-06-2025
- Business
- Mint
Closing bell! Gail to TVS Motor - Jay Thakkar suggests three stocks to buy for short-term in F&O segment
Stock market today: Indian stock benchmarks moved largely steady with a positive tilt on Wednesday, marking a fifth consecutive day of gains, influenced by strong economic fundamentals like manageable inflation rates and robust economic growth indicators. Support from firm global cues also helped bolster the Indian stock indices. As of 14:25 IST, the Sensex was at 82,538.79 points, rising by 145.88 points or 0.18%, while the Nifty 50 stood at 25,146 . 70 points, gaining 43.05 points or 0.17%. According to ICICI Securities' Jay Thakkar, the Nifty 50's down side has 25,000 as its immediate support. Thakkar recommends GAIL Futures, TVS Motor Company Futures, and REC Futures. Here's what he says about the overall market. Nifty 50 has provided a breakout above 25,000 levels and it has managed to close above it for 3 consecutive trading sessions indicating that the upside probability is higher. On the lower side, the immediate support is 25,000 and below that 24,800, whereas, the target on the upside comes to 25,300 on an immediate basis and above those 25,500 levels until next week. The DIIs have been buying in the equity cash segment since past 16 days and the FIIs too have turned positive since past 3 days, hence the liquidity flow is good in equity cash segment. In the Index Futures, the FIIs net long % is still 20% only, hence some more short covering is expected since the Nifty 50 and Bank Nifty have provided a breakout on the upside. On the options front , these weekly contracts indicate that 25,000 is an immediate support as both 25,000 and 25,100 strikes have huge put OI, whereas, on the upside only 25,200 has the highest call OI, the range is 25,200 to 25,000 and whichever side it breaks out there will be minimum 200 points move thereafter. Based on the recent upward breakout, the possibility of the range breaking up is high, hence we maintain our outlook positive for the Index for the short term targets of 25,400 and 25,500 levels. Jay Thakkar of ICICI Securities recommends GAIL Futures, TVS Motor Company Futures, and REC Futures. GAIL has been moving higher and it has taken off its multiple swing resistance indicating further upward momentum and recently this up move has come with long built up from quite less OI overall in futures thus increasing the probability of an upside. The shorts have been covered and now we are seeing long built up in the stock. The stock has a huge call base at 200 strike which when taken off will lead to unwinding of calls thus helping the stock price to move higher. The stock is currently trading well above its 20-VWAP as well as its max pain levels, so on most of the parameters the bulls have an upper hand. The stock was consolidating within a range since couple of weeks and now the breakout has come on the upside with long built overall, hence the short to medium term outlook is positive for the stock. The correction in the stock was mainly due to profit booking and now with this breakout the possibility of an upside is higher. The stock has a strong call base at 2,800 levels, hence a breakout above those levels will lead to further upward momentum. The stock is trading just above its max pain levels, however, it is well above its 20-day VWAP levels. The stock was consolidating for a long time, however, with the recent rate cut the stock has provided a breakout from the same coupled with long built up as well. The initial fall was due to long unwinding followed by short built up, however, the shorts seems to have covered and now with this breakout there is a higher chance of long additions. Since, it is too oversold the stock is likely to bounce back until 440 levels which is near to its previous swing high. Disclaimer: The Research Analyst or his relatives or I-Sec do not have actual/beneficial ownership of 1% or more securities of the subject company, at the end of 10/06/2025 or have no other financial interest and do not have any material conflict of interest. The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
India Gazette
06-06-2025
- Politics
- India Gazette
AAP files complaint with Election Commission against BJP Visavadar candidate Kirit Patel
Ahmedabad (Gujarat) [India], June 6 (ANI): In a press conference, State President of the Aam Aadmi Party's Legal Cell, Pranav Thakkar, raised serious concerns about the Bharatiya Janata Party (BJP) candidate in Visavadar, Kirit Patel, as per a release. Thakkar has alleged that candidate Kirit Patel had deliberately removed paragraph 8.2 from the Form 26 affidavit, thereby concealing crucial information. A complaint was initially submitted to the Returning Officer, but due to an unsatisfactory response, the Aam Aadmi Party has now formally approached the Election Commission of India. Thakkar further stated that election officials appear to be functioning under pressure from the BJP. 'Despite this, we are prepared to fight this battle legally at every level,' he said. He also revealed that the BJP candidate owns a Fortuner vehicle, which is registered in his name as confirmed by the RTO. However, this vehicle has not been disclosed in the election affidavit, which is a serious violation. Referring to precedents set by the Supreme Court, Thakkar emphasised that hiding assets can lead to disqualification, even after winning an election. The party has filed a separate complaint with the Election Commission regarding this concealment and will also lodge a local-level complaint against Kirit Patel. Additionally, Thakkar pointed out the misuse of a government vehicle--Mahindra Bolero (GJ 11 VV 4613)--during CM Bhupendra Patel's visit to Visavadar. 'No candidate is allowed to use government vehicles for campaigning. This, too, is a violation, and we have filed a complaint with the Election Commission,' he said. Addressing the people of Visavadar, Pranav Thakkar said, 'Do not waste your vote on Kirit Patel. His nomination is bound to be rejected, or he will eventually be disqualified. Visavadar would then be left without proper representation.' He urged voters to support AAP's candidate Gopal Italia, calling him a capable and strong representative for the region. Meanwhile, in another case related to AAP and BJP, the convenor Arvind Kejriwal on June 4 alleged that the BJP had announced it's support for the Congress in the upcoming Punjab bye-polls, citing a video of a BJP press conference, shared by senior spokesperson of AAP Punjab, Neel Garg. (ANI)
