Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000

Top Bollywood celebrities under CBIC scanner over alleged GST evasion

At least three Bollywood celebrities have come under the tax authorities’ scanner allegedly for dressing up their brand endorsement as “sponsorship” to avoid paying goods and services tax (GST), resulting in significant evasion.

The rate for brand endorsement is 18 per cent and endorsers are supposed to charge the brand/company concerned and pay the tax authorities if the amount they receive is above the GST threshold, which is Rs 20 lakh annually. Read more

Govt to exit Axis Bank with 1.55% stake sale, expects to garner Rs 4,000 cr

The Specified Undertaking of the Unit Trust of India (SUUTI), under the union government, plans to sell 4.65 crore shares representing 1.55 per cent stake in Axis Bank, as per a regulatory filing. With the sale, the government would completely exit the private sector lender.

As of September 2022, the SUUTI held 4,65,34,903 shares representing 1.55 per cent stake in the bank. The government, at the current market price, is expected to realise about Rs 4,000 crore from the share sale. Shares of Axis Bank on Wednesday closed at Rs 874.35, up 0.17 per cent over the previous close on the BSE. Read more

Facebook parent Meta slashes workforce by 11,000, Zuckerberg takes blame

Facebook parent Meta Platforms is laying off 11,000 employees, or about 13 per cent of its workforce, as it battles faltering revenue and broader tech industry woes. This is the first major round of layoffs in the Menlo Park-headquartered social media giant’s history. This follows a big round of job cuts at Twitter soon after Elon Musk's $44-billion takeover.

“The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community. Each of you has helped make Meta a success, and I’m grateful for it. I’m sure you’ll go on to do great work at other places," said Mark Zuckerberg, Meta's chief executive officer and one of the richest in the world, in a blogpost. Read more

Nirav Modi loses appeal, UK rules suicide risk does not bar extradition

Fugitive diamond merchant Nirav Modi on Wednesday lost his appeal against extradition to India on mental health grounds as the High Court in London ruled that his risk of suicide is not such that it would be either unjust or oppressive to extradite him to face charges of fraud and money laundering.

Lord Justice Jeremy Stuart-Smith and Justice Robert Jay, who presided over the appeal hearing at the Royal Courts of Justice earlier this year, said in their verdict that District Judge Sam Goozee's Westminster Magistrates' Court order from last year in favour of extradition was sound. Read more

Private channels to have 30-min slot for 'public interest' programmes

For the first time ever, private television (TV) channels available in India have been mandated to run 30-minute daily programmes of national importance and social relevance as part of their new service obligation. The guideline has been stipulated in the new uplinking-downlinking rules prescribed by the information & broadcasting (I&B) ministry on Wednesday.

The guidelines, which have come after a gap of 11 years, while aiming to ease issues regarding permissions to companies for uplinking and downlinking of TV channels, has stumped broadcasters pertaining to the new service obligation. Read more