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'There needs to be a serious rethinking on CBDT Proposal'
On Friday,
the Central Bureau for Direct Taxes (CBDT) proposed a roadmap to bring
corporate tax down from the current 30 percent to 25 percent by doing
away with tax breaks to India Inc. One such proposal is to reduce the
tax exemption offered on investment made for scientific research from
the current 200 percent to 100 percent. This move has not gone down well
with the pharma industry. Earlier in the day Kiran Mazumdar-Shaw,
Chairperson and Managing Director, Biocon l [….] Read more at:
Govt to further simplify ITR forms, sets up committee
The
government is looking to further simplify income tax return forms to
help taxpayers fill them without seeking help from experts and the
revenue department has set up a committee in this regard. The committee,
according to sources, will be headed by a joint secretary level officer
and would include chartered accountants and tax experts. "The tax
department is trying to further simplify the return form so that no
outside help is needed by those who want to file returns on their own," a
source sa [….] Read more at:
Indirect Tax
Biggest GST concern is on federal powers of states: Yechury
Sitaram
Yechury, member, Rajya Sabha says that concerns of states regarding the
Goods & Services Tax (GST) Bill have not been addressed yet.
Talking to CNBC-TV18’s Shereen Bhan, Yechury says that state governments
“feel they are being deprived of their own resources.” The biggest
concern is that GST will infringe upon state resources, he says. Yechury
added that it is the government’s responsibility to address these
issues, so that GST can be passed soon. On recent hike in cess and
taxes, [….] Read more at:
GST rate if 18%, won’t be harsh on industry: Parekh
With
3 days to go for the winter session of parliament, the government is
making a major push to pass the constitutional amendment bill to
facilitate goods and services tax (GST). According to top government
sources the Centre is batting for a GST rate of 18 percent or lower,
leaving the Congress with little to oppose. The panel led by the chief
economic advisor would also be proposing 3-different GST rates, say
sources. Ashvin Parekh, Managing Partner, Ashvin Parekh Advisory
Services is of [….] Read more at:
SEBI
Sebi, Bangla regulator sign pact over co-operation
The Securities and Exchange Board of India (Sebi) on Sunday
signed a memorandum of understanding (MoU) with the Bangladesh
Securities and Exchange Commission (BSEC) on co-operation and technical
assistance. The MoU was signed by the chairmen of the two bodies in the
presence of Sheikh Hasina Wazed, prime minister of Bangladesh. “The MoU
will create an opportunity for strengthening the Bangladesh capital
market, utilising the experience of Sebi,” said Hasina. The [….]
Read more at:
Healthcare Global gets Sebi nod for IPO
Healthcare
Global Enterprises (HCG), a cancer care network operator, has received
the Securities and Exchange Board of India's (Sebi's) approval to float
an initial public offer (IPO). The company filed its Draft Red Herring
Prospectus (DRHP), with Sebi on July 27
for the IPO, wherein the promoters and other existing shareholders will
collectively sell 31.1 million shares of the company. This comprises a
fresh issue of up to 11.6 million shares and an offer for sale of up to
19.5 million scrips by existing [….] Read more at:
Sebi bans Kerala Housing Fin from raising funds from public
Capital
markets regulator Sebi has barred Kerala Housing Finance from raising
fresh funds from the public 'till further directions'. The move comes
after Sebi received a reference from National Housing Bank stating that
Kerala Housing Finance raised funds from the public without complying
with the regulatory requirements. A Sebi probe found that Kerala Housing
Finance had issued six series of secured redeemable Non-Convertible
Debentures (NCDs) labelled A to F to 23,538 allottees [….] Read more
at:
RBI
FM to meet PSB heads to discuss NPAs, rate cut
Finance Minister Arun Jaitley will meet heads of public sector banks (PSBs) on Sunday
to discuss bad loans and interest rate reduction, in light of the
Reserve Bank of India (RBI) lowering its policy rate in September. The
performance review meeting will also take stock of credit flow to
productive sectors to spur the economy and review of Indradhanush,
sources said. The gross non-performing assets (NPAs) of PSBs rose to
6.03 per cent at the end of June, as against 5.2 per cent in March. A
[….] Read more at:
DBS to focus on affordable housing segment in the run up to set up a subsidiary in India
Singapore
based DBS Bank has decided to focus on the affordable housing segment
as part of its run-up to converting itself into a Wholly Owned
Subsidiary (WOS) in India. At the moment, the lender typically focuses
on the higher end of the segment but is now looking at either acquiring
an affordable housing portfolio or tying up with a lender that caters to
the segment. "In the affordable housing segment we are looking at
partnership with some entity that has the strengths or on taking on a
portfolio. [….] Read more at:
RBI's Rajan: China slowdown is hurting India
China's
economic slowdown is hurting India, Reserve Bank of India Gov. Raghuram
Rajan said in a newspaper interview published this weekend. "There is a
lower demand for some of our exports to China," Mr. Rajan told the
South China Morning Post. "But indirectly, too, many of the countries
are not exporting to China as much as they did and they are buying less
from us," he said in the interview with the Hong Kong-based daily. A
spokesperson for the RBI confirmed that Gov. Rajan had made [….]
Read more at:
Economy & News
Pfizer, Allergan ink $160 billion merger deal
Global
pharma major Pfizer Inc and Botox maker Allergan Plc have entered into a
merger agreement for a total enterprise value of about USD 160 billion
in the biggest ever deal in healthcare sector. The combined company is
expected to generate annual operating cash flow in excess of USD 25
billion beginning in 2018 with broadened innovative pipeline of more
than 100 combined mid-to-late stage programmes in development. As per
the definitive merger agreement that has be [….] Read more at:
Have fixes for 90% of emissions scandal cars in Europe: VW
German
auto giant Volkswagen, mired in a massive emissions cheating scandal,
has said it has found technical solutions for more than 90 percent of
the vehicles affected in Europe. The recall process is now viable
"technically, financially and in terms of manpower. This is good news,"
chief executive Matthias Mueller said. "For over 90 percent of the
Europe group's vehicles, solutions are now confirmed," he told around a
thousand VW executives at the company's headquarters in [….] Read
more at:
Dell acknowledges security hole in new laptops
Major US computer company Dell Inc said on Monday
a security hole exists in some of its recently shipped laptops that
could make it easy for hackers to access users’ private data. A
pre-installed programme on some newly purchased Dell laptops that can
only be removed manually by consumers makes them vulnerable to cyber
intrusions that may allow hackers to read encrypted messages and
redirect browser traffic to spoofs of real websites such as Google or
those belonging to a bank, among other [….] Read more at:
Removal of 5/25 rule to aid Vistara's expansion plans: SIA
Following
Prime Minister Narendra Modi’s visit to Singapore, CNBC-TV18’s Kritika
Saxena caught up with Goh Choon Phong, CEO, Singapore Airlines to
discuss their India plans. Speaking on the 5/20 rule, Phong said it is
an impediment to Vistara’s expansion plans. “We believe that the rule
will unnecessarily constrain Vistaara from expanding and serving India.
We would hope that the Prime Minister and his group will consider
removing that rule altogether to allow the Indian base carriers to
[….] Read more at:
Will continue to have 9% spreads: Muthoot Finance
In
an interview to CNBC-TV18, George Alexander Muthoot, MD, Muthoot
Finance shares details on the company's Q2 performance. Below is the
verbatim transcript of George Alexander Muthoot's interview with Latha
Venkatesh & Ekta Batra on CNBC-TV18. Latha: The fashion has been
that gold is losing its sheen. Are you seeing it in the amount of gold
loans being taken? A: Gold may or may not be losing its sheen but gold
loans are still one of the best options for anybody to take a loan. It
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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