Direct Tax
Dec quarter advance tax mop-up in Mumbai rises 12%
Advance
tax collection from top 45 companies in Mumbai has gone up both at
quarterly level as well as in the first nine months of the current
financial year, according to Income-Tax officials. For the December
quarter, it rose to Rs 24,279 crore from Rs 21,681 crore in the same
period a year ago, showing a growth of 12 per cent, they said.
Similarly, collection by the Mumbai region, which nets one-third of the
total tax for the government, during the first nine months of the
current financial [….] Read more at:
Indirect Tax
Govt mulling holding all-party meet to break GST logjam
In
a fresh bid to break the logjam on the crucial GST Bill, the government
is contemplating holding an all-party meeting soon as it is confident
of the support of a larger number of Opposition parties on the issue.
There is a view within the government that Congress is "single-handedly"
blocking the passage of the GST Bill for "other reasons" and may not
find support of many parties on this issue on a common forum. Government
sources said that a senior leader from the opposition [….] Read
more at:
Traders protest against GST Bill, send memorandum to FM
Traders
under the banner of Mahanagar Udyog Vyapar Mandal (MUVM) protested at
Ghanta Ghar on G.T. Road here over the proposed Goods and Service Tax
(GST) Bill and demanded amendments in it. MUVM sources said, an online
memorandum was also sent to Union Finance Minister Arun Jaitley
proposing nine amendments to be incorporated in the GST Bill. Terming
the Bill as anti-trader, General Secretary of Vyapar Mandal Ashok Chawla
in his address said, the proposed GS [….] Read more at:
SEBI
Onus of disclosures likely on promoters
The
Securities and Exchange Board of India (Sebi) would soon need to
provide clarity on the disclosure requirement under the takeover code
regulations. Specifically, if the yearly disclosure requirement is of
the individual promoter or the promoter group. This is a fallout of a
Securities and Appellate Tribunal (SAT) ruling which opted for the
latter view. It was critical of the Sebi stance in a number of cases.
SAT said Sebi’s was an inconsistent approach. In some cases, it had
ruled one way on this [….] Read more at:
New IPO rules to help investors: Jayant Sinha
New
regulations for initial share sale such as shorter listing time for
companies and mandatory application for investors through ASBA will come
into effect January 1, 2016,
UK Sinha, Chairman, Securities and Exchange Board of India (Sebi).
Sinha attributed the better performance of the new issues partly to
enabling regulations in the IPO market and said that the improvement in
rules will help investors and companies alike. Sebi has also taken up
with the Reserve Bank of India (RBI) and t [….] Read more at:
RBI
Heat on RBI, banks to reveal defaulters
The
Reserve Bank of India (RBI) and the banking sector may soon have to
disclose the name of defaulters to people seeking such data under the
Right to Information (RTI) Act. The Supreme Court (SC), on Wednesday,
ruled that bankers cannot deny information on defaulters and
irregularities on grounds of "economic interest, commercial confidence,
and fiduciary relationship." The SC dismissed a large number of appeals
moved by Reserve Bank of India, ICICI Bank and National [….] Read
more at:
RBI has enough to fight Fed-induced volatility
Reserve
Bank of India Governor Raghuram Rajan's assertion that the central bank
was prepared to fight any eventuality arising out of a US Federal
Reserve interest rate decision has soothed the market but investors are
not sure how much volatility to expect. Everyone agrees, though,
that RBI will not have to resort to sudden control measures, like those
taken in 2013, to force bond yields to come down. In response to the
rupee's sharp fall against the dollar and bond yields spiking, t
[….] Read more at:
Miscellaneous Laws
India says no convergence on export competition pact: WTO
With
rich countries pushing for a deal at WTO on phasing out export
subsidies, India asserted there is little convergence of views among
members of the global trade body on this issue and objected to any such
pact without a permanent solution to farm subsidies. "We are
disappointed at the cavalier manner in which these issues are being
pushed into the future. On the other hand, there is a sudden
inexplicable zeal to harvest Export Competition. On this we are told
that there is convergence when in [….] Read more at:
Obama thanks Modi for ensuring success of climate summit
US President Barack Obama on Wednesday
spoke to Prime Minister Narendra Modi thanking him for his leadership,
saying India played a "critical role" at the climate change summit in
Paris which ensured the event was a "historic success." During the
telephone call, "The US President, Mr. Barack Obama, has thanked Prime
Minister, Shri Narendra Modi for his positive role and leadership in the
successful outcome of COP 21," the PMO said. "Obama said India played a
critical role in mak [….] Read more at:
Gayatri Projects wins Rs 143 cr order from Govt of Mizoram
TV
Sandeep Reddy, MD, Gayatri Projects in an interview to CNBC-TV8 said
the company in Joint Venture with Vishwa Infrastructure and Services Pvt
Ltd has won an order worth to Rs 143.42 crore from the Mizoram
government. The order is from State Investment Program Management and
Implementation Unit (SIPMIU), Urban Development and Poverty Alleviation
Development (UD&PA), Government of Mizoram for contract of water
distribution networks and feeder mains at Aizw [….] Read more at:
Nepal woes hurting; no market share loss to Patanjali : Dabur
The
ongoing unrest in Nepal has impacted Dabur 's production in that market
significantly, Sunil Duggal, CEO, Dabur India tells CNBC-TV18. Duggal
did not expect the unrest and the resulting impact on business to
continue for this long. He estimates that losses in the Nepal operations
could be around Rs 30 crore. Dabur Nepal is the largest juice
manufacturing company operating in Nepal and India is the major market
for the products. Duggal says beverages are a low margin business,
[….] Read more at:
Economy & News
Impact of Federal Reserve rate hike on India should be minimal: Arvind Subramanian
The
impact of the US interest rate hike should be minimal in India as the
country is relatively well cushioned, Chief Economic Adviser Arvind
Subramanian said on Thursday.
Policy makers, including Reserve Bank of India Governor Raghuram Rajan,
have been touting India as being more insulated to Fed-related
volatility than other emerging markets due to its better economic
fundamentals. "I think we are relatively well cushioned. Volatility in Indian mar [….] Read more at:
India ranks 97th on Forbes' best countries for business list
India
has ranked a low 97th out of 144 nations, behind Kazakhstan and Ghana,
on Forbes' annual list of the best countries for business in 2015,
scoring poorly on metrics like trade and monetary freedom and tackling
challenges like corruption and violence. Denmark topped the list of the
144 nations on the Best Countries of Business in 2015 list by Forbes.
The US has dropped four spots to number 22, continuing a six-year
descent since 2009 when it had ranked second overall. "The outlook for
In [….] Read more at:
Crushing hit as sugarcane farmers launch protest over wage delay
Maharashtra
sugarcane farmers, who haven't been paid even two months after the
start of crushing, have launched protests to press for their money. This
has disrupted crushing in the state but millers are firm that they
cannot pay the whole fair and remunerative price (FRP) fixed by the
central government in one installment. Meanwhile, sugar prices have
jumped more than 11% in less than a week. At a meeting in Nagpur on Dec
11, the state's top politician-cumsugar-barons, [….] Read more at:
Electronic agriculture market will cover 250 mandis by next September
The
electronic national agriculture market will cover 250 mandis (wholesale
markets) by next September, ensuring free movement of farm produce from
one market area to another, Agriculture Minister Radha Mohan Singh
said. This would give producers access across markets, save them from
levies charged by multiple mandis and ensure commodities to consumers at
reasonable prices. "The government has drawn a time-bound programme for
developing the agriculture market. The [….] Read more at:
India says no to cherry-picking of the negotiating agenda for agricultural issues
Amid
mounting pressure from developed countries like the European Union and
Australia and developing ones like Brazil to remove sops for farm good
exports, India has said no to cherry-picking of the negotiating agenda
for agricultural issues. Officials say that the developed countries are
trying to put the export competition issues in part two or agreed text
of the ministerial and that is not agreeable to India. Referring to the
three pillars of the agriculture negotiations — market access, dom
[….] Read more at:
Proportion of landless families falls to 7.41% in rural India
Proportion
of landless families has come down in rural parts of the country to
7.41 per cent in 2013, while the percentage of such families in
respective areas has gone up in Andhra Pradesh, Kerala and Uttarakhand,
says an NSSO study. "The percentage of landless households had
registered a downward trend in the last two decades for all the major
states, except for Andhra Pradesh, Jammu & Kashmir and Uttarakhand
and Kerala," stated the NSSO report titled, 'Key Indicators of Land and
[….] Read more at:
Thanks & Regards,
Meetesh Shiroya
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