State governments not keen to levy GST on exempted goods“Goods on the exempted list are mass-consumption items. No state will agree to include them,” said the finance minister of a BJP-ruled state. West Bengal FM Amit Mitra also dismissed the GST Council secretariat’s suggestion for a review of the exempted items. The secretariat had shot off a letter to states seeking a revision of exempted items.
Government set to close loss-making PSUs“There are several cases where the disinvestment process has been going for years. There is very little interest in some of the companies. Keeping all these factors in mind, it has been decided that wherever buyer interest is muted we will recommend for closure of the unit,” said an official, who did not wish to be quoted.
Import curbs likely on over 350 items to boost ‘Make in India’Departments are looking into suggestions of waiving the requirement for global tender for government procurement in sectors where it thinks there is sufficient domestic capacity to execute a contract. The moves are part of the government’s thrust to ‘Make-in-India’ scheme, for which it has been working on ways to discourage imports.
Govt mulls curbs on foreign firms in ‘strategic areas’While the idea is to look at all overseas players, the focus is on firms from countries such as China, which are seen to be sensitive. The talks for a set of possible restrictions come at a time when the Centre is weighing the option of allowing Chinese telecom major Huawei to participate in 5G trials.
Purchase without bill may be big GST leakage sourceB2C sales have been the key source of leakage of GST as consumers are often cajoled into paying in cash without taking a bill. The issue was discussed in detail at the first national GST conference, which was attended by senior officers from across the country, with officials suggesting that a check on this channel of leakage could bolster revenue by 15-20%.
Govt set to infuse ₹1,000 crore equity in IIFCLThe recent churn in the financial sector has seen private players such as ICICI Bank and Axis Bank shun the term loan business, while even public sector players — including State Bank of India — are reluctant to lend to infrastructure projects, which not only have a long-gestation but also carry massive implementation risks.
Govt plans to lower fines on companies to boost complianceA company law panel is expected to recommend lower penalties—half of that levied on larger companies-—for startups, smaller entities, single-person companies and farmer producer organisations. The move will come as a big relief not just for India Inc but for other entities, which together make up for a majority of the companies registered in the country.
Unsold flats worth Rs 1.4L crore hold the keyEstimates by the finance ministry showed that constructing the entire stock of houses in 1,600 projects, many of which are in standstill state, will require over Rs 50,000 crore and this number could go up. Not all of them will be commercially viable.
Soon, income tax department to issue PAN instantly onlineAccording to Sources, the service of issuing PAN instantly online will be launched in the next few weeks. This would also help those individuals having an existing PAN to get a duplicate copy in matter of minutes. The facility will be free of cost.
New definition of MSMEs will be linked to turnover According to the proposal, any unit with a turnover of up to Rs 5 crore will be classified as a micro enterprise, while those with up to Rs 75 crore annual revenue will be in the small unit category.
Private brands businesses of e-tailers under scannerThe government has started scanning digital payments business of ecommerce giants Amazon & Flipkart. DPIIT has asked questions like the total percentage of sales that come from private labels & promotion details of their digital instruments.
5-6% GDP growth is not terrible: JP Morgan chairman Jamie DimonJamie Dimon said trade tensions had impacted businesses & sentiments, taking a toll on global growth. Suggesting that policymakers needed to introspect over policy responses, he called for coordinated action between govts & central banks across the world.
Bring $500 million FDI, get relationship manager: GovernmentDrawing from the experience in Gujarat, DPIIT & Invest India have joined hands to put in place a new mechanism aimed at attracting investors, many of whom have in the past complained of a plethora of clearances holding up their plans, officials said.
Public sector banks set to start doorstep bankingWhile doorstep banking has been prescribed by the RBI a few years ago, PSBs have come together to appoint a common service provider to handle this for all their customers. Customers will be able to avail various services such as pick up of cheques, drafts etc.
Railways protests against IRCTC public offer priceThe Rs 645-crore initial public offering of state-owned Indian Railway Catering and Tourism Corporation may be a blessing for investors with its blockbuster listing but the railways still believe that the pricing of the PSU is undervalued.
RCEP talks trigger import surge worryGovt has sought to assure stakeholders that it will have safeguards to quickly block imports, at best 60-70 products out of over 10,000 may be covered by the mechanism demanded by Goyal at the last meeting.
India, US close to trade dealProspects of an early conclusion of the India-US trade deal have brightened with the two sides reducing their differences and agreeing to allow more goods to be shipped by both countries, besides cutting import duty on contentious items, including high-end bikes like Harley-Davidsons.