BUSINESS
Little sympathy for insurers now, they should offer innovative products: Sanjeev Sanyal on GST exemption
Sanjeev Sanyal said there is no pressure on the next generation of entrepreneurs to innovate. "I certainly don't think there is a case for protecting entrepreneurs who feel that they can sit and run family offices from Dubai. Why should we be protecting that?," the EAC-PM member said.
BUSINESS
We can’t wish China away, despite all kinds of friction, says Sanjeev Sanyal
"We have to be pragmatic about this (the relationship with China). Now, that doesn't mean we rush to join Regional Comprehensive Economic Partnership (RCEP),” said Sanyal, adding that there will be many areas where we will collaborate, even as we compete with them.
BUSINESS
Do not want to create another ‘inspector raj’ to enforce GST cuts passthrough: Sanjeev Sanyal
The government has signalled to the industry that GST cuts should be passed through in retail prices, and it will have to be seen 'how that works out', Sanjeev Sanyal, Member of the Economic Advisory Council to the Prime Minister has said.
BUSINESS
Top bankers meet PMO officials, seek more discretion in CEO and board appointments
Some officials in the government are open to re-looking at the RBI’s regulatory authority on this matter, but more consultation and deliberation is needed on this matter.
BUSINESS
Swedish SMEs eye expanding in India, pin hopes on India-EU FTA
Swedish SMEs see a huge potential in Indian market, and expect the FTA to help them grow and enhance their collaboration with Indian companies. Swedish SMEs of the key sectors--industrial automation, healthcare, entertainment, and renewable energy—may expand their footprint in the coming years in India.
BUSINESS
Experts bat for empowering CCI to deal with anti-competitive patent-related matters
The Patents Act, 1970 is focused on protecting innovation and public welfare rather than addressing distortions in market competition, say experts.
BUSINESS
Consumer goods firms tell tax authorities they can’t lower MRPs on low-value packs
Companies may increase the volume of the packaged item proportionally while keeping prices the same. The size of a Rs-20 biscuit pack, for instance, will increase instead of the price going down, FMCG company executives say
COMPANIES
Firms will 'definitely' pass on GST cut benefits in push for bigger consumption bite: Dabur CEO
CEO Mohit Malhotra said that the 'inverted duty structure' problem is still not fully resolved
BUSINESS
CCI likely to release 'market study' on AI this month
AI presents profound challenges to traditional competition regulation, with "algorithmic collusion" emerging as the most significant threat to market competition, say sources. They say that government is also mulling to include AI in the revised Digital Competition Bill.
BUSINESS
Finance ministry to meet hospitality, insurance, textile stakeholders this week on passing GST benefits to consumers
The meetings come in the wake of mixed reviews from certain sectors around the relief offered through GST reforms given the removal of input tax credit under the new rates.
BUSINESS
Car dealers seeking legal advice as new GST rates threaten refund of tax credits
Auto industry representatives and the government have met on the issue and sources told Moneycontrol that the Centre is mulling a refund of compensation cess which car dealers have paid for their purchases. However, any relief is possible only after the new rates kick in.
BUSINESS
Govt allows manufacturers to use existing packaging with revised MRP to reflect GST rate changes
The Department of Consumer Affairs has asked the industry—manufacturers, packers and importers—to place at least two advertisements in one or more newspapers to inform the public about the price change.
BUSINESS
Govt wants industry to pass on GST relief to consumers, open to engagement if needed, says senior official
'We will speak with them, nudge them, if we see retail prices are not commensurately decreasing but we trust them for doing it,' the source has said
BUSINESS
Centre likely to lose Rs 10,000-12,000 crore revenue annually due to ban on real money gaming
Officials expect the 40% GST on online gaming, effective from September 22nd, to compensate some loss in revenue.
BUSINESS
No particular mechanism to check profiteering right now, but seized of the question: FM Nirmala Sitharaman
"In the case of insurance sector, the public sector insurance companies have come forward to openly say that they will indeed pass the rate-cuts to citizens. I’m sure the private sector will do the same with insurance, and so with other things," said the FM.
BUSINESS
Centre mulling to impose additional levy on 40% GST rate for tobacco products after cess period ends
Officials said, once the compensation cess expires, an additional levy will be imposed on these products to keep the tax incidence same as it is currently. But, what will the additional levy be is not yet decided, they said.
BUSINESS
Business will adopt new rates over time, but will absorb the excess costs in meantime: CBIC Chairman Sanjay Kumar Agarwal
The official noted that it’s a transition period, under which some businesses may have to incur loss on their margins, while some may gain. Over time, however, the businesses will start selling at new rates. On meeting the full year’s tax collection target, the official said that he can’t estimate any figure right now
BUSINESS
GST Council okays dual tax rate structure of 5% and 18%, no decision on compensation: Sources
The new rate structure will be applicable from September 22 and could lead to a revenue shortfall of Rs 93,000 crore
BUSINESS
GST Council meet: Will approve rate cut proposal only if compensation assurance is provided, says Jharkhand FM
Radha Krishna Kishore is seeking Rs 2,000 crore annually from Centre as compensation
BUSINESS
Union Cabinet may approve financial support package for MSMEs today
The package is aimed at providing affordable credit, better market access for exports, and to cushion from the adverse impact of high tariffs.
BUSINESS
Rate rationalisation, 2-slab GST & compensation cess future top 56th GST Council’s agenda
"We are in favour of the Central government’s proposals, as it’s in favour of the common man," a state finance minister tells Moneycontrol.
BUSINESS
Blinkit, Swiggy Instamart, Zepto likely to respond to CCI this week on anti-trust complaints
CCI has not yet issued a formal notice, but has sought inputs from three quick commerce companies on their pricing strategies, preferential treatments to some sellers, and allegations of possible FDI violations.
BUSINESS
Centre unlikely to extend 'compensation-cess framework' to make up for revenue loss to states
Imposing additional levy on sin goods is being considered an option to compensate states for revenue loss for a short-term, sources say.
BUSINESS
Govt nudging private sector for capital spending to counter slowdown risks
"We’ve got some positive response. Hopefully, in some sectors, we would see private capex picking up soon" the person added.
