GST revamp: Group of state finance ministers for steps to eliminate fake input tax credit claims
The GoM decided to benefit from international experiences to improve compliance and reporting of B2C supplies, the official said. It was recognised that in order to improve analytics there is a need to take proper feedback fr
Interview: Sudhir Kapadia, EY India Tax Leader – ‘OECD tax deal directionally good for India; being a large market, the country stands to gain’
According to the latest OECD framework agreement, Pillar One will apply to multinational enterprises (MNEs) with profitability above 10% and global turnover above €20 billion.
Govt may permit 20% FDI limit in LIC
According to the amendment to the LIC Act through the Finance Act 2021, the government could dilute only 25% stake in LIC in the first five years and the government equity won't fall below 51% at any point in time.
Capital formation: States maintain robust capex pace, so do CPSEs
Data gathered by FE of 20 major states showed that these states reported combined capex of Rs 1.21 lakh crore in April-August of FY22, up 70% on year compared with a decline of 35% on year in the corresponding period of FY21.
LIC IPO: Increase in surplus transfer to shareholders won’t impact policyholders, says DIPAM secretary Tuhin Kanta Pandey
While the valuation of the insurer will be known closer to the listing, it is believed to be worth Rs 8-11.5 lakh crore, meaning a 10% stake sale could fetch the government around Rs 80,000-1,00,000 crore.
India to eventually gain from OECD global tax deal: CBDT
The two-pillar solution will be delivered to the G20 Finance Ministers meeting in Washington on October 13, then to the G20 Leaders Summit in Rome at the end of the month.
Hope to close BPCL stake sale, LIC IPO by March: DIPAM secretary Tuhin Kanta Pandey
In November 2020, multiple bidders including Vedanta, Apollo Global Management and Think Gas — showed interest in BPCL buyout.
High GTR growth: No immediate plan to increase tax transfers to states
Adjustments, if any, to be done only in the last quarter
Special purpose vehicle for non-core assets to draw talent from private sector
These units have been unable to attain closure due to various reasons including delay in disposal of immovable assets such as 15,000 acres of land across the country.
Your Money: Determining the cash flow in futures contracts
Margining and marking to market are mechanisms that are designed to prevent defaults in futures contracts
For sale: SAIL, NBCC, fertiliser CPSEs on govt’s list for privatisation
Other CPSEs likely to be on the first list are Madras Fertilizers and National Fertilizers, an official source said.
Manufacturing, steel, mining cos boost advance tax receipts
“The sectors that have done well in advance taxes (up to Q2FY22) include steel, manufacturing, mining. Steel is doing even better than FY20, so is pharmaceuticals, wholesale trade and financial services,” revenue secretar
No funds for more GST aid to states, revenues to jump: Revenue secretary Tarun Bajaj
On tax revenue growth exceeding the overall economic performance, Bajaj said a combination several factors including a trend towards greater formalisation – and much better compliance were boosting the revenues.
GST on food aggregators aimed at improving compliance in sector
“Given the magnitude of change and the number of players involved in terms of restaurants, it is important that there is a proper consultation with industry before taking a decision,” said Pratik Jain, Partner, Price Wate
Council to discuss bringing petrol and diesel under GST
The Council, which will meet physically in Lucknow, will also likely take a call on whether GST concessions for various Covid medicines and related medical equipment, which are to be valid till September 30, should be extende
Minimum assured return: E&Y, Mercer bid to design scheme under NPS
After failing to get sufficient interest from actuarial firms in the first attempt, the PFRDA has received two bids last week — from Ernst & Young (E&Y) and Mercer — to design a MARS.
Auto enrolment to help broaden pension cover: Supratim Bandyopadhyay, chairman, PFRDA
NPS is a pension scheme. At the end of the term, if one is not able to provide pension when he/she needs that, then the purpose of the scheme is defeated.
NPS base to jump by a quarter in FY22: PFRDA chairman Supratim Bandyopadhyay
Helped by distribution partners — mainly banks and banking correspondents —, the NPS subscriber base, which stood at 4.24 crore at the end of FY21, will get to expand by a record one crore in the current financial year, P
Net direct tax receipts up 95% on-year in FY22
The robust collections are despite a surge in refunds. Net direct tax collections were just Rs 1.9 lakh crore till September 2 of FY21, owing to the Covid-induced lockdowns hat hit economic activities.
Capital Formation: States’ capex growth remains high, even on rising base
The capex in the first four of the current financial year was 8% higher than the corresponding period of the pre-pandemic year, FY20.
September 17 meeting: Council to decide on GST aid for states beyond June 2022
“A lot of things have been reset because of two years of unexpected macro risk and failure. I join with other states in the notion that the period of compensation should extend,” Tamil Nadu finance minister Palanivel Thia
Financial bids for BPCL after September
Initially, the department of investment and public asset management (Dipam) wanted to conclude the BPCL transaction by the June quarter. But the second wave of Covid delayed the processes. “The due diligence process is goin
Strategic sale of Neelachal Ispat Nigam likely in two months
In the two-stage process being managed by the department of investment and public asset management (DIPAM), shortlisted bidders are expected to submit financial bids soon.
KPMG to advise govt on IDBI Bank sale, expression of interest in October
Discussion will soon start with the Reserve Bank of India on the structuring of the transaction in terms of glide path (of the new promoter's holding), voting rights, etc,” a senior official told FE.
Fuels, electricity under GST ambit: NITI Aayog formula includes six-year aid to states
Besides getting a 50% share in the GST on petrol and diesel, the states could also benefit from higher devolution, as the Centre’s 50% revenue from the fuels will also be part of divisible pool, against under 6% now.
Rising fuel prices: Oil bonds’ cost barely 10% of Centre’s extra revenue from fuel taxes
Put differently, the servicing cost of oil bonds upon the Centre in the decade mentioned would be just 9% of its additional revenues from fuel levies.
FY22 target: Large CPSEs keep capex pace despite second wave
In the last few years, capex by CPSEs and other agencies has remained robust. Capex by these entities was Rs 4.6 lakh crore or 92% of the annual target for FY21; this was 4.3% higher than the capital spending by these entitie
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Top News
- Monetary Policy Committee minutes: Continued monetary support necessary, says RBI governor Shaktikanta Das
- Q2 report card: Reliance Jio’s net profit up 2%, sharp jump in Arpu at Rs 143
- Nykaa IPO gets Sebi nod, eyes $7-billion valuation; bids open on October 28
- Broadbased growth: Reliance Industries beats estimates, net profit rises 43%
- GST revamp: Group of state finance ministers for steps to eliminate fake input tax credit claims
- ZEE-Invesco case: Bombay High Court to pronounce ruling on Tuesday
- NPA ratio falls: Yes Bank Q2 profit jumps 74% on lower provisions
- FCI won't accept rice, paddy packed in synthetic bags despite permission: Govt
- Must address systemic risk arising out of growing NBFCs: RBI deputy governor M Rajeshwar Rao
- Sebi moves Supreme Court seeking to attach, sell more Sahara group assets
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