BUSINESS
Govt looking at simplified GST processes for e-commerce, travel industries to ease compliance
The options before the authorities include a change in the GST law with an additional clause or adding its definition with a slight change in processes for the industries that work differently.
BUSINESS
Budget 2024-25: FinMin aims to roll out pre-filled GST return form before next fiscal, says official
Budget 2024-25: The Central Board of Indirect Taxes and Customs (CBIC) is currently analysing the technological requirement and upgrade needed and is debating the additional cost impact vis-a-vis the slowdown of processes
BUSINESS
Budget 2024: India’s scientific advisor to PM holds stakeholder discussions to boost R&D spend by private sector
Budget 2024: The government has expanded the scope of corporate social responsibility to R&D but the country currently does not have any dedicated research mandate for corporations.
BUSINESS
Exclusive | Ease of doing business likely on govt's focus in Union Budget
Budget 2024-25: The government’s priority will be to work on labour laws and decriminalise certain key provisions in the laws. This is a key area because India has one of the largest workforces in the world
BUSINESS
Budget likely to estimate 10.5% growth in direct tax collections for FY25: Officials
Budget 2024: In the current fiscal, direct tax collections are expected to grow by 17-18 percent on account of widening of the tax base due to formalisation of small businesses under GST, data sharing with other departments leading to better compliance, increased data intelligence, etc.
BUSINESS
MC Exclusive: TCS exemption on Rs 7 lakh international card spend likely in interim Budget
The exemption needs to be legislated and included in the Income Tax Act as an amendment.
BUSINESS
India’s labour market undergoing structural transformation with self-entrepreneurship: Report
The youth unemployment rate in the PLFS (in the age group of 15-29 years) shows a decline from 12.9 percent to 10 percent for the three-year period ended FY23.
BUSINESS
Exclusive: Govt likely to seek extension of exemption from minimum public shareholding for 10 PSUs
Currently, some 16 listed PSUs, excluding banks, are not meeting the MPS requirement of 25 percent. A blanket exemption was given to some PSUs from MPS till August 2024.
BUSINESS
Govt to spend more on food, fertiliser subsidies, MGNREGA in run up to elections: Source
Despite the additional spending on account of subsidies, the Centre is confident of meeting the fiscal deficit target of 5.9 percent of GDP.
BUSINESS
Exclusive: Govt may request Supreme Court to club all GST online gaming cases
The clubbing of all cases under the same principle will save Central Board of Indirect Taxes and Customs (CBIC)'s resources and time and facilitate a uniform interpretation of the law in the case of all the companies fighting the case.
BUSINESS
Bogus demands under MNREGA received from some states: FinMin source
"The issue under MNREGA is not a shortage of funds. The issue is different which is not being highlighted. There are irregularities under MNREGA for which complaints have been received. Some states are sending bogus demands," a senior finance ministry source said.
BUSINESS
No major fiscal impact on free food grain plan extension: Govt official
Another government source said that the centre is committed to meet the fiscal deficit target of 5.9% of GDP in the current financial year. The source further said that volatile global oil prices remains a key challenge for the economy
BUSINESS
Govt likely to review, streamline GST, indirect tax processes in Nov
The upcoming budget is a vote on account and has given the departments time to look into indirect taxation processes and assess the need to streamline them.
BUSINESS
Exclusive: Govt plans to offload 10% each in GIC, New India Assurance by Aug ’24 via OFS route
Move necessitated by need to meet listing norms; may seek further extension of minimum public shareholding rules if investors don’t bite
BUSINESS
MCA allows direct listing of public companies on foreign stock exchanges
Certain Indian public companies are from October 30 allowed to issue securities for the purpose of listing on foreign stock exchanges in permissible foreign jurisdictions.
BUSINESS
MC exclusive: Centre plans OFS in defence, railway, fertiliser, coal PSUs to meet minimum public shareholding
Among the PSUs in the OFS pipeline are Indian Railway Finance Corporation, Ircon International, Mazagon Dock Shipbuilders Limited and NLC India Limited.
BUSINESS
MC Exclusive: Govt likely to suggest closure of MMTC on lack of investor interest
There has been little interest from potential investors for its OFS, and the alternative mechanism may be asked to approve its closure instead.
BUSINESS
GST: Construction of civil structures like bridges, roads entitled to ITC refund, says official
The GST law committee members are of the view that construction of civil structures which are intended for sale to a buyer should not be eligible for refund of the accumulated input tax credit.
BUSINESS
Fuel concerns are back with the Middle-East crisis: FM Sitharaman
Fuel concerns affecting food security aspects and impact on inflation, fragmentation of supply chains were the three major worries in the near future, Sitharaman said during G20 Presidency briefing at Marrakech, Morocco.
BUSINESS
1 in 3 companies in CBIC follow-on probe is fake, mirroring trend in earlier probe: Official
Earlier this fiscal year, the CBIC had carried out a special drive on 77,200 entities to plug fake ITC, of which 22,000 were found to be bogus or non-existent.
BUSINESS
Gaming firms may use grey area in GST law to challenge 'retrospective' taxation: Sources
Officials say the centre will leave it to the courts to decide whether the notices sent for the period prior to October 1 for 28 percent GST are valid or not.
BUSINESS
World Bank should transform into ‘better, bigger and more effective’: FM
The headwinds to global economic growth, exacerbated by multiple and overlapping crises of recent years, and increasing geo-political tensions, threaten the achievement of the 2030 Sustainable Development Goals (SDGs).
BUSINESS
Gangajal, puja samagri exempt under Goods and Services Tax: CBIC
GST on puja samagri was discussed in detail in the 14th and 15th meetings of the GST Council held in 2017 and decided to keep them in the exempt list. Therefore, all these items have been exempt since the introduction of GST.
BUSINESS
Govt may offload 3.5% via initial OFS in Hindustan Zinc
This move will allow the government to retain a 26 percent stake in the company, which is the minimum required for the government to retain certain key rights as shareholders.
