BUSINESS
Govt to set up online audit mechanism under GST, says Parliamentary panel
The recommendation was made in view of the concern with respect to audit in GST under which a large number of documents are being sought from taxpayers for conducting an audit
BUSINESS
Govt to launch RVNL offer for sale on July 27; to divest 5.36% stake
The floor price for the RVNL OFS shall be Rs 119 per equity share.
BUSINESS
LIC non-deal roadshows to be regular feature to boost investor confidence: Govt official
LIC has no intention to launch an OFS. Also, there is no rush to attain the minimum public shareholding target, due to the sheer size of the life insurer, said the official
BUSINESS
B2C sectors, including construction and scrap, prone to fake invoicing: CBIC Chairman
B2C consumers do not insist on invoices or receipts, which gives a cushion for bills to be used for fake invoicing. These give the opportunity for bogus invoicing, he said.
BUSINESS
Government to extend export benefits to e-commerce couriers: Vivek Johri, CBIC, Chairman
Rebates on duties and taxes and rebates on state and central taxes on exports using couriers will greatly help exporters looking to expand businesses through e-commerce.
BUSINESS
Bajaj Allianz, Sun Life, HDFC Life, and others found to evade Rs 2,350 crore GST
The 15 companies under the scanner include both life and general insurance to whom show cause notices are being served.
BUSINESS
IDBI, SCI, other stake sales to fetch Rs 40,000 cr, help Centre near FY24 target
Planned stake sales will fall short of Rs 51,000 crore disinvestment target.
BUSINESS
Finance Ministry calls for meet on July 18 on financing issues of solar module manufacturers
Presidents of North India Module Manufacturers Association and Indian Solar Manufacturers Association will be a part of the meeting.
BUSINESS
Due diligence for NMDC Steel privatisation to begin soon: Official
NMDC Steel is set to be taken private as the government is looking to sell 50.79 per cent of its shareholding, along with management control.
BUSINESS
Aggregate demand more elastic to rate of interest changes: Michael Patra
RBI however clarified that the views expressed in the article do not represent the views of the central bank.
BUSINESS
BEML resolution of Karnataka land assets may take more than 3 months: Officials
After the resolution of the Karnataka land assets, which constitute the major chunk, the final share purchase agreement (SPA) will be floated and financial bids will be invited.
BUSINESS
MCA approves withdrawal of 7,338 prosecutions pending before various courts
The cases being withdrawn under the Special Drive-II are corollary to the amendment brought out by the Government vide the Companies (Amendment) Act, 2020 for decriminalisation of offences under the Companies Act, 2013.
BUSINESS
A whole-of-government approach is followed for any wrongdoing: Revenue Secretary Malhotra on Byju’s
"If there is any wrongdoing that is detected and it involves other departments also, then they should also investigate."
BUSINESS
India not looking to cut excise duty on fuel right now: Revenue Secretary Sanjay Malhotra
The central government’s collections from excise duties have been pegged at 3.39 lakh crore rupees for the current fiscal.
BUSINESS
In line with achieving revenue targets in FY24: Revenue secretary
The Union Budget this year targets a 10.4 percent growth in gross tax revenue in FY24 from Rs 30.4 lakh crore garnered in 2022-23.
BUSINESS
Interview: Tax collections from online gaming may jump to Rs 20,000 cr in FY23-24: Revenue Secretary Sanjay Malhotra
Malhotra is hopeful of meeting the gross tax collection target for the year, despite concerns that an impending growth slowdown may impact the government’s revenue position going ahead.
BUSINESS
MC Exclusive: Govt aims to invite financial bids for Shipping Corp of India by September; list SCI Land & Assets in a month
Shipping Corp of India bids: The government had earlier aimed to list SCILAL on the stock exchanges by June, but the listing process was delayed due to issues pointed out by SEBI.
BUSINESS
GST Council Meet 2023: Tax incidence on MUVs to increase with 22% cess
GST Council Meet 2023: GST cess has been increased from current 20% to 22% in MUVs that meet the length, engine criteria. Tax incidence on companies will increase by 2%.
BUSINESS
Exclusive: Finmin weighs OFS in 5 PSUs under rail, mines and fertiliser ministries
DIPAM is planning OFS in RITES and RVNL, while OFS in a mines ministry PSU is also in the plan. The two fertiliser PSUs to be divested this fiscal are RCF and NFL
BUSINESS
Exclusive: Govt likely to offload only 5-6 percent in HZL via OFS in FY24
Sebi allows non-promoter shareholders holding more than 10% to use the OFS route. Since the government holds more than 10% it has decided to opt for the OFS route to sell its stake in Hindustan Zinc.
BUSINESS
Exclusive: Finance ministry likely to invite financial bids for IDBI Bank by December
The government's decision to permit foreign funds and investment entities registered outside of India to control more than 51 percent of IDBI Bank has further made the terms and conditions of the transaction more attractive.
BUSINESS
Direct tax collections at Rs 4.75 lakh crore, up 15.87% so far in FY24
Without adjusting for refunds, gross direct tax collected until July 9 amounted to Rs 5.17 lakh crore, 14.65 percent higher on an year-on-year basis.
BUSINESS
GST rate rationalisation will have to be calibrated, may need glide path: CBIC Chairman Vivek Johri
According to Johri, there is an expectation and acceptance that the Goods and Services Tax system will eventually move to one with three rates: a median rate, a merit rate, and a demerit rate.
TRENDS
Govt enables sharing of data between GSTN and Enforcement Directorate
The notification is regarding sharing of information between ED and GSTN under section 66(1)(iii) of PMLA.
