Direct Tax
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Government likely to clarify confusion over tax norms for e-commerce companies
The
government is likely to issue a clarification to end the confusion over
ecommerce companies that operate marketplaces, so that states do not
impose taxes on them. Companies that operate such platforms—these
include Flipkart, Amazon India and Snapdeal--should not face the same
taxes as brick and mortar retailers, a senior government official told
ET. "Only the buyer and the seller have to be taxed," he said. "The
ecommerce company is not required to pay as such since it is [….] Read more at:
Indirect Tax
Green tax collections stand at Rs 1.25 crore a day
The
toll tax contractor of South Delhi Municipal Corporation (SDMC) has
been collecting around Rs 1.25 crore of Environment Compensation Charge
(ECC) every day since the 'green tax' was levied on trucks and other
commercial vehicles entering Delhi as per a Supreme Court order. "As per
initial reports, contractor SMYR is collecting Environment Compensation
Charge (ECC) totalling around Rs 1.25 per day. Exact details of
collection are yet to be received as the contractor is work [….] Read more at:
Bihar results setback for Centre's GST agenda: Expert
The
Bihar assembly elections result is a setback for the BJP-led central
government's plans to pilot the Goods and Services Tax (GST) Bill
through parliament, an expert said on Sunday.
"The opposition parties will become emboldened with the Bihar elections
result, which will make it more difficult for the (Narendra) Modi
government to go through with the GST Bill," economist Arun Kumar, till
recently a professor at Jawaharlal Nehru University here, told IANS. In
Bihar, the Grand [….] Read more at:
SEBI
Add a mutual fund to Amazon cart? You have Sebi’s support
Indians
are estimated to spend about $9 billion this year shopping online for
everything from smartphones to cupcakes. The nation’s stock market
regulator wants them to add another product to their shopping cart:
mutual funds. The Securities and Exchange Board of India (Sebi) plans to
change its regulations to allow online marketplaces such as Flipkart
Online Services Pvt. and Amazon.com Inc. to offer funds alongside other
products, chairman U.K. Sinha said in an interview at his office in [….] Read more at:
RBI
RBI Governor Raghuram Rajan says 'comfortable' with interest rates
Reserve Bank of India governor Raghuram Rajan said on Thursday
that he was comfortable with current interest rates of 6.75 percent but
would stay "accommodative". Rajan was speaking in a televised debate
with the government's chief economic adviser Arvind Subramanian, who
prodded the RBI governor to take into account wholesale price inflation
in monetary policy decisions. Wholesale inflation fell for an 11th
consecutive month in September, leading to calls for the RBI to cut [….] Read more at:
Economy & News
Grand Alliance secures majority in Bihar
The
Grand Alliance secured a landslide victory to give Nitish Kumar a third
term in power after decimating the BJP-led alliance in the high-stakes
Assembly elections in Bihar. As the Grand Alliance surged ahead, Prime
Minister Narendra Modi, who had put up an aggressive campaign,
addressing over 30 rallies, called up Mr. Kumar to congratulate him on
the poll victory. Final tally Grand alliance: 178 NDA: 58 Others: 7 BJP
chief Amit Shah also congratulated Mr. Kumar and RJD chief [….] Read more at:
Higher MSP on pulses expected to increase planting by 5-10% only
The
increase in the price that farmers will be paid for pulses may lead to
only a 5% to 10% rise in planting this rabi season because soil moisture
levels are not good and more than half the cultivation has already been
completed, especially in the southern states. Farmers in north, west
and central India, who have yet to plant chana, masur and yellow peas,
may benefit the most from the increase in the minimum support price.
Pulses, an important source of protein, are planted on 14 million
hectares in [….] Read more at:
Explore option of genetically modified pulses: NITI member
India
should explore the option of genetically modified pulses to address the
problems of widening demand-supply gap and rising prices in the
domestic market in the wake of increasing weather fluctuation and
greater susceptibility of the crops to insects, NITI Aayog member Ramesh
Chand said. The Aayog, the premier think tank of the central
government, has been given the task of identifying policy changes needed
to address key problems plaguing the nation including issues related to
food secu [….] Read more at:
Haryana farmers grow vegetable seedlings in rented greenhouse
The
greenhouse rental service is becoming increasingly popular among
Haryana farmers, who are growing 6 million seedlings annually by paying a
nominal fee to an Indo-Israel vegetable centre at Gharaunda near
Karnal. The centre, set up in 2011, has a greenhouse facility in
half-acre and charges Rs 1-2 per sapling from farmers. It is a structure
where seedling/plants are grown under climate controlled environment.
The Indo-Israel Centre for Excellence in Vegetable offers Israeli expert
[….] Read more at:
'Indian firms will definitely take part in Chabahar projects'
With
India looking to invest Rs 2 lakh crore at Chabahar SEZ in Iran, the
Indian envoy to Tehran today toured the strategically important port and
said Indian firms will definitely take part in projects there. The
Chabahar port is crucial as it will give India sea-land access to
Afghanistan bypassing Pakistan. The Chabahar port enjoys many remarkable
capacities and serves as a point which links the two governments of
Iran and India, Indian Ambassador to Tehran Saurabh Kumar said during h [….] Read more at:
70% companies fail to utilise FTA benefits: Global survey
Even
as many countries are inking more and more free trade agreements
(FTAs), about 70 per cent companies are not fully utilising such pacts
and are likely paying more than necessary in tariffs and duties, says an
international survey. According to the respondents, the biggest
challenges they face are manual processes and disparate systems and
managing complex and changing regulatory requirements. The survey by
Thomson Reuters and KPMG elicited responses from 446 corporat [….] Read more at:
Jalan panel to submit second report on expenditure management by November end
The
Expenditure Management Commission, set up to suggest ways to
rationalise subsidies and prune wasteful expenses, is scheduled to
submit its second report to the Finance Minister by the end of the
month. The report assumes significance as the Finance Ministry has begun
the process of firming up proposals for the 2016-17 Budget to be
unveiled in February next year. The Commission, headed by former RBI
governor Bimal Jalan, has already submitted its first report to Finance
Min [….] Read more at:
M2M can bring revolutionary changes in various sectors: Ravi Shankar Prasad
Machine-to-machine
(M2M) communications can help save up to 18 to 20 per cent of product
cost in agriculture and bring in revolutionary changes in sectors like
transport, healthcare and public distribution. "Technology can benefit
in reducing capital losses of massive magnitude. Introduction of M2M in
agriculture supply chain alone can help save up to 18 to 20 per cent of
product cost," Communications and IT Minister Ravi Shankar Prasad said
during a consultative committee meeting on [….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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