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Prasanta Sahu

Articles By Prasanta Sahu

625 Articles

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

While misuse of the beneficial provision of ITC under GST regime was the most common mode of evasion under the GST law, the scale if this was worrisome, the government had stated earlier.

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.

oced tax

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.

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.

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.

The Centre also roped in CPSEs for pushing public capex, which is key to an investment-led economic growth revival.

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.

LIC’s initial public offer (IPO), which will be the largest ever IPO in India, is expected in March 2022.

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.

equalisation levy, global minimum tax deal, international tax system, Economic Cooperation and Development, digital services taxes

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.

LIC IPO

High GTR growth: No immediate plan to increase tax transfers to states

Adjustments, if any, to be done only in the last quarter

The targeted growth rate (BE) for GTR in the current fiscal year is 9.5%.

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.

India Jobs

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

Since futures contracts are zero sum games, one party’s account will be credited, while that of the other will be debited with an equivalent amount.

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.

Govt’s list for privatisation

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

Personal income growing by 62% on year to Rs 2.88 lakh crore till September 23 of the current fiscal indicated that use of technology and goods and services tax (GST) data is leading to much better compliance.

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 council

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

GST

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

Analysts at HSBC have recently lowered the estimated earnings of OMCs for FY22 and FY23 from what they had projected earlier, citing lower than anticipated growth in auto fuel consumption.

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.

NPS

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.

Supratim Bandyopadhyay, chairman, PFRDA

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

Total enrollment grew by nearly 23% (thanks to Atal Pension Yojana and individuals) in FY21 and by about 7% from March 31 till August 28, to the current number of 4.53 crore.

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.

Refunds almost doubled to Rs 67,401 crore as on August 31 from about Rs 36,000 crore as on June 30, 2021.

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.

The Centre also roped in CPSEs in the venture as it aims for an investment-led economic growth revival.

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

The Lucknow session, which will be the first physical meeting of the Council after a gap of nearly one-and-a-half years, will also 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 extended.

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

The share price of BPCL closed at Rs 472.6 on the BSE on Monday, up 0.29% from the previous closing price.

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.

Due to continuous losses, production at NINL has been halted and employees have not received salaries for over a year. NINL had posted a loss of Rs 402 crore in FY19 and Rs 827 crore in the first nine months of FY20.

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.

Success in IDBI Bank sale may be indicative of broader investor appetite in state-owned banks with adequate loan-loss reserves.

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.

The idea of bringing energy under GST could likely be resisted by states, as they fear further loss of their fiscal autonomy as a result.

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.

Clearly, the auto fuel taxes are proving to be a goldmine for the Centre, as it is faced with severe revenue constraints.

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

The NHAI is currently developing several expressways, including Delhi-Mumbai, Delhi-Katra, Bengaluru-Chennai and Delhi-Dehradun.
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