Around the Globe

Around the Globe

India Inc gets more time

The likely delay in the goods and services tax (GST) rollout has given industry a reason to rejoice as companies will now have more time to prepare for the new tax regime.
The trade and businesses were looking at a six-month window for aligning their accounting systems with the proposed indirect tax structure. The additional time will also bring clarity on the rules and tax incidences on various goods and services.

GST deadlock continues over dual control, high sea taxes

The deadlock over the Goods and Services Tax (GST) continued today with the Centre and states refusing to budge from their respective positions on issues like control of tax payers and taxing high sea trade, a stalemate that threatens to delay the rollout till September.

The two-day meeting of the all-powerful GST Council, the 8th in a row, made little headway in brokering a solution even as non-BJP ruled states saw September as more likely deadline for the rollout of the indirect tax regime.

Finmin clears 29 investment proposals worth of Rs 2.11 lakh cr

Expenditure Finance Commission (EFC) under Ministry of Finance cleared 29 proposals of various ministries involving expenditure of about Rs 2.11 lakh crore during the last year.

Besides, Public Investment Board (PIB) headed by Expenditure Secretary cleared 12 proposals involving expenditure of Rs 28,673 crore.

Of these, three proposals of Ministry of Power worth Rs 8,612 crore were cleared by the board during calender year 2016.

Muthoot HomeFin plans to raise upto Rs 800 cr next fiscal

Muthoot HomeFin (India) plans to raise up to Rs 800 crore from market next fiscal as it is expanding business in the southern part of the country.

The housing finance company, a subsidiary of Muthoot Finance, lends only to affordable home loan customer with end users contributing nearly 90 per cent of its loan book. The average ticket size on the loan book is Rs 11 lakh.

State Bank of India Chairman Launches a Digital Platform

Manipal Global's digital platform organises the data available with the bank on HRMS, POTOMAS, and iTRAMS systems with respect to the Probationary Officers and Trainee Officers' training life cycle.

The intuitive mobile app provides a learning dashboard for the learner. The platform provides rich analytics to bank leadership including Circle Management on progress and performance of the Probationary and Trainee Officers by integrating information from multiple learning systems of SBI.

Centre asks states not to levy charges on e-payment to ULBs

The Centre has asked state governments to ensure that no additional charges are levied on e-payments to urban local bodies and also consider rolling out incentives like cash back on utility bills paid through digital means.

"I request you to motivate all Urban Local Bodies (ULBs) in your state to switch over to electronic transactions for their payments as well as receipts," Union minister M Venkaiah Naidu said in letters to state urban development ministers.

Govt orders safety audit for 418 coalmines

The central government has ordered safety audit of all 418 coalmines following the Jharkhand mine disaster that claimed 18 lives, said minister of state for power, coal, new and renewable energy and mines Piyush Goyal, here on Tuesday.
The audit would be carried out by directorate general of mining safety on a priority basis, based on size of mines, Goyal told reporters after addressing the CII national council meeting.

Home loans: HDFC equals ICICI rates

Much to the joy of prospective borrowers, a home loan rate cut war has started. Close on the heels of leading banks, including SBI, cutting their lending rates, housing finance companies on Tuesday announced a reduction in home loan rates. Two top housing finance companies — Housing Development Finance Corporation (HDFC) and Indiabulls Housing Finance Company — cut home loan rates by 40-45 basis points, matching them with ICICI Bank home loan rates.

Shift to Airtel 4G, get free data for 1 year

India’s number one telecom venture Bharti Airtel hit back in the price warrior battle with newbie Reliance Jio by offering free data to woo new and existing 4G customers. The move has intensified the price war in the sector, sending share prices tumbling.

GST jumble States demand tax on high sea sales

The goods and services tax (GST) on Tuesday hit a fresh hurdle with states demanding taxation rights for sales in high seas and also increasing the number of items on which cess is to be levied to compensate for revenue loss in the new indirect tax regime.
The GST council, joint forum of Centre and states, did not even discuss the most vexed issue of dual-control on the first day of the two-day meeting, suggesting April 1 deadline to roll out the ‘one nation, one tax’ is a distant possibility. The contentious issue would now be discussed on Wednesday.

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