No soft approach to large GST evaders: Tax officials
The government may have no option but to abandon its soft approach to a section of taxpayers who are presumably evading payment of their due share of goods and services tax. A view has emerged at a high-level meeting of tax officials on Saturday to tighten the monitoring of taxpayers who have shown a big divergence in their admitted tax liability in the pre- and post-GST periods. Scientific methods will be employed to verify the tax liability of industries and firms, where cases of large-scale evasion are suspected. The meeting of revenue officials from states and the Centre was convened in the backdrop of the the October GST revenue being 10% lower than the average in the preceding three months, at Rs 83,000 crore.
FE Best Banks Awards: Government to bridge funding gap, says Nitin Gadkari
Financing of infrastructure projects would be facilitated by the government wherever banks are not able to fund the total requirements, Nitin Gadkari, Union minister for road transport and highways, said on Saturday. Speaking at the FE Best Banks Awards in Mumbai, Gadkari said not a single road project is stranded for want of funds, as the National Highways Authority of India has stepped in to bridge the gap. The minister said projects worth about Rs 3 lakh crore that might have turned into non-performing assets in the roads sector had been salvaged with government help. Of the total 403 projects worth Rs 3.5 lakh crore, the majority were now back on track. The minister pointed out that eight projects in the roads sector that were stalled for the last three-four years had been financed by the National Highway Authority of India just 15 days back. These were mid-sided projects in the range of Rs 300-600 crore. The minister said many companies have been able to raise money in the equity markets and finance their projects, citing the example of Cochin Shipyard.
Panama: ED seizes assets linked to former IPL chairman
The Enforcement Directorate (ED) today said it has seized mutual funds valued at Rs 10.35 crore under the FEMA law of a company “controlled” by businessman and former IPL Chairman Chirayu Amin in the Panama Papers case. The central probe agency said it seized mutual funds of Whitefield Chemtech Private Limited, “which is controlled by Amin and his family”, under section 37A of the Foreign Exchange Management Act (FEMA). The names of Amin and his family members, it said in a statement, had figured in the Panama Papers case with respect to their stakes/interests in the firm in the British Virgin Islands. During the investigation, the agency said, it was noticed that Amin and his family members, through their company Whitefield Chemtech Pvt Ltd India, had “invested an amount of USD 1.6 million for purchase of a 3BHK apartment in Campden Hill, UK. ”
Netherland government rigorously working to promote cruise tourism; here’s what it is doing
Amsterdam, the capital of the Netherlands, usually sees its population take a ferry or a cruise on weekends to travel within the country. The network of canals has been designed in such a manner that people find it convenient to traverse the length and breadth of the country using water transportation. Now, what if we were to tell you that very soon you could do that in India as well? Yes, you read that right. Efforts are on in full swing to promote cruise tourism in the country for local, as well as international travellers. In August, Sanjay Bhatia, chairman, Mumbai Port Trust (MbPT), said five major ports in the country—Mumbai, Mormugao, Mangalore, Chennai and Cochin—would cut berthing charges for vessels. “We will soon be announcing rationalisation in berthing charges for vessels, so that we can compete with other ports such as Singapore and Colombo to attract more cruises,” Bhatia said.
US President Trump attacks Washington Post reporter for ‘fake news’, he apologises
A Washington Post reporter had to tender an apology after US President Donald Trump asked him to do so for posting an erroneous tweet about his rally in Florida. Dave Weigel, who covers politics for the newspaper, had posted a picture on his Twitter account which showed an emptyarena when Trump was addressing a public meeting. Trump, in a tweet, said, “Weigel put out a phony photo of an empty arena hours before he arrived at the venue, with thousands of people outside, on their way in. Real photos now shown as I spoke. Packed house, many people unable to get in. Demand apology & retraction from FAKE NEWS WaPo!” said the US President as he posted pictures of the event.