indiatimes.com 2018-12-13 00:00:00
Gurgaon: The MCG on Wednesday sealed 11 commercial properties for notpaying taxes in zones 1 and 3. The total outstanding taxes on all the properties will come around Rs 85 lakh. Officials said that the owners in both zones were given sufficient reminders, however, failure to comply with the notices led to the sealing. "Now, in case the owners fail to comply with the orders further, their properties will be put up for auction," said Y S Gupta, Additional Municipal Commissioner, MCG. He added that all these owners should avail the benefit of the on-going rebate and pay their full tax amount by December 31. "The state government has offered a rebate where anyone who pays the full tax amount by this month-end will be eligible for 30% rebate on the interest component," Gupta said. Officials within the corporation said that since they are nearing the final quarter of the financial year, the effort for property tax collection is only going to intensify and many more such sealing drives are expected in the coming year. The total property tax due on these nine properties is approximately Rs. 1.9 crore. The sealed properties include Asian Company located in Sihi village, with tax due of Rs. 21.4 lakhs, and property owned by Harindra Katyal in Harsaru SEZ with Rs. 42.7 lakhs due for payment.
indiatimes.com 2018-12-13 00:00:00
Taxmen may soon come knocking at the premises of companies that have registered for the goods and services tax and vanished, not having filed returns or paid their taxes. The authorities are considering putting in place an extensive plan to hunt for these missing GST taxpayers , which includes visiting their premises. There is a growing worry that many registered taxpayers have disappeared, a government official said. Besides, there are cases of fake invoices used to claim input tax credits. The tax authorities will initially verify the premises of GST-registered companies and could expand the effort to include scrutiny if they find tax hasn't been paid. Karnataka has implemented the plan and more states are expected to follow as GST collections remain below Rs 1-lakh crore a month. GST revenue stood at Rs 97,637 crore in November, falling back after crossing Rs 1lakh crore in October. Tax administrators are also worried about a drop in filings of GSTR-3B, a tax return form to be submitted by all those registered for GST every month. The form was introduced to lower the compliance burden. According to the government, 6.96 million GSTR-3B forms were filed in November for the month of October. There are over 10 million businesses registered for GST. According to a Karnataka government circular, the inspection of business premises of registered entities by the enforcement wings revealed non-compliance on the part of taxable people by not paying taxes that are legally due to the government or not filing returns. "For effective tackling of the situation with regard to persistent non-filers, more cases are required to be visited to ensure timely payment of tax and filing of returns," it said. Officials are empowered under the GST law to visit registered premises to carry out scrutiny, verification and checks required for safeguarding revenue interests. Tax experts said compliance under GST hasn't improved and the tax authorities are expected to resort to such measures. "Percentage of compliance in terms of filing of returns has been a major concern for the government, particularly in light of recent cases of tax evasion and fake invoices that have surfaced. Over the last several months, compliance has not improved significantly," said Pratik Jain, national leader, indirect taxes , at PwC. From the industry standpoint, it only means that much greater rigour needs to be put in place to ensure that their vendors are GST-compliant, Jain said. 0 Comments
indiatimes.com 2018-12-13 00:00:00
CHENNAI: With farm distress making headlines, the state government on Wednesday unveiled its own food processing policy keeping an eye on increasing farmers' income, reducing wastage of food products and value addition of farm products, to ensure a healthy food processing industry. The objective is also to encourage setting up of food processing industries by agro-entrepreneurs, availing financial assistance from Union government. Chief minister Edappadi K Palaniswami unveiled the ambitious policy note announced in the state budget in March. "The state will offer interest subvention of 3% per annum on the term loan availed for fixed capital investment, and 5% per annum for women or SC/ST entrepreneurs. There will be reimbursement of state goods and services tax paid for new industrial units with investment above 10 crore, excluding land cost for three years from the date of commencement of business," agriculture secretary Gagandeep Singh Bedi said. This is to process medicinal plants, minor millets, poultry, fish, fruits, and vegetables. The processing of agricultural commodities is less than 2% in the state. The state has planned to increase the percentage of processed food, especially that of fruits and vegetables to 10%. The food processing industries will be prioritized for allotment of SIPCOT/SIDCO land. Investment above 10 crore will get long lease up to 99 years, while outright or lease-based sale to small and micro enterprises as per SIDCO policy. Market fee will be exempted for fruits and vegetables purchased directly from farmers/farmer producer organizations and brought to food parks. Agriculture minister R Doraikkannu said, "Single window clearance facility and other labour related concessions are the highlights. We expect large-scale exports and investments," he said. Department of agricultural marketing and agri-business will offer technical training assistance for branding and packaging, while training subsidy will be extended for employees of food processing parks under state skill building mission. Quality research and development labs and quality certification labs will be set up in food parks.
indiatimes.com 2018-12-13 00:00:00
The Ministry of Labour and Employment, via a notification dated December 6, has amended the Employees' Provident Fund ( EPF ) Scheme to allow its members to withdraw money from the corpus if he/she remains unemployed for more than one month. This rule will come into effect from the date of notification, i.e., December 6. Though the move was announced in June this year after the meeting of the Central Board of Trustees (CBT) of EPFO , only now has the government notified it so that it becomes law. The new rule According to the notification, a member of EPF can now withdraw money for a maximum up to 75 per cent of the credit balance from his/her account if he/she remains unemployed for a period not less than one month. This will be a non-refundable advance meaning that a member can take out his/her money without closing his account and will not have to refund the money withdrawn. This will come as a relief for many as they can withdraw three-quarter of their EPF balance after a month of quitting their job and use this money to meet any financial contingencies. However, members of the retirement body will continue to have choice to apply for final withdrawal after two months from the date of cessation of unemployment. "EPF Scheme 1952 does not have provision for advance to members during such kind of non-employment, and the scheme allows only full and final settlement. This compels members to withdraw entire amount. Such early closure of membership also goes against the objective of providing social security to the members and family," CBT agenda note said. 0 Comments
indiatimes.com 2018-12-13 00:00:00
HC to state govt: Get jail for food adulterators, penalty not enough TNN | Dec 13, 2018, 01:24 IST CHENNAI: Just penalty, and no jail, for food and milk adulterators? Raising this question, the Madras high court has directed officials concerned to conduct more surveys, searches and investigations, and initiate stringent prosecution of offenders so that culprits do not get away with mere fines. A bench of Justice Vineet Kothari and Justice Anitha Sumanth, after perusing a status report filed by commissioner of food safety P Amudha on Wednesday, said, "The report of convictions and the imprisonment prima facie shows that most of the accused persons and convicts are getting away with payment of fine rather than imprisonment for serious offences of food adulteration. That requires serious attention of this court, trial courts and prosecution." The bench was issuing the directive on a PIL filed by advocate A P Suryaprakasam, who cited the state dairy development minister's remarks last year against private milk manufacturers, and demanded direction to the state government to enhance the punishment for adulteration of milk and milk products. "We direct the authorities represented by the nodal officer, who is present in the Court today, to step up the process of search, surveys and investigation and launch more such prosecution cases, so that those who indulge in such illegal and criminal acts of selling adulterated food and milk in the state are dealt with strongly," said the bench. In her report, Amudha had stated that 1,273 milk samples from all 32 districts were lifted and analysed, but no sample had been found unsafe. However, 289 samples were found to be of substandard or misbranded. Stating that between August 5, 2011, and October 31, 2018, at least 210 civil cases were launched, the officer said that 177 of them ended in conviction. Till October 2018 Rs 18.57 lakh was collected as fine, she said. In the case of milk products, during the same period 22 criminal cases were launched out of which 5 ended in conviction. A sum of Rs 1 lakh was collected as fine. Total of 158 civil cases were launched against the offenders, and 126 ended in conviction. A sum of Rs 21.2 lakh was collected as fine amount from them, Amudha said. The judges, calling for a more comprehensive and detailed report on the matter, adjourned the hearing of the case after four weeks and asked the authorities to take proactive steps to produce more comprehensive and a detailed report by January 21, 2019. Download The Times of India News App for Latest City News . Read Post a comment All Comments () + ^ Back to Top Characters Remaining: 3000
indianexpress.com 2018-12-12 22:46:00
Minimum wages for nurses: SC tells govt to list steps taken The minimum wage drive will continue till December 21, and a Special Task Force (STF) will visit the 11 districts every day. The Delhi government has asked all medical superintendents of state-run hospitals to review if minimum wages are being paid to contractual workers deployed in various departments and file reports. Sources in the health department said a special committee has also been formed to look into previous dues and if they were paid on time to staff, which will submit a report in a week. Advertising The move comes after Delhi Labour Minister Gopal Rai conducted a surprise inspection at Madan Mohan Malviya Hospital - as part of a 10-day drive to check compliance with minimum wage rules in the city - and found that the outsourcing firm at the hospital was not complying with the rules. Rai suggested that an FIR be registered against the company. Services and posts such as security, sanitation, nursing orderly, data entry operator and drivers are outsourced to private contractors in all government-run hospitals. Advertising A senior Delhi government official said, "We are yet to receive reports from the hospitals"¦ the committee formed separately to deal with the matter is expected to submit its report by next week. Every contractual employee should be paid as per the revised minimum wages; any violation will not be tolerated." An internal report prepared by the health department earlier this year claimed that around 15,000 private employees, outsourced for various jobs, were not being paid their Employee Provident Fund (EPF), insurance and bonus by contractors for the last 10 years despite charging the government for it. You might like Isha Ambani-Anand Piramal Wedding Today: Here's What the Ambani Residence Looks Like The report was also sent to Delhi Chief Minister Arvind Kejriwal , who acknowledged it on May 10 and forwarded it to the departments concerned. According to sources, the issue has been plaguing the health department for a long time. The former Directorate General of Health Services (DGHS), Tarun Seem, had formed a four-member committee in 2016 to look into the issues. A letter was also sent to all medical superintendents to give a status report of all outsourced workers. Popular Photos
indianexpress.com 2018-12-12 22:00:00
New FPI norms: what Sebi is considering Sebi will also bring out consultation paper on valuation methodology for corporate bond pricing. The Securities and Exchange Board of India (Sebi) in its board meeting on Wednesday allowed mutual funds to create segregated portfolios or 'side-pocket' facility based on credit events with respect to debt and money market instruments subject to various safeguards. Sebi also said that it will come out with a consultation paper on uniform valuation methodology for pricing of corporate bonds. Advertising "Creating Segregated Portfolio may be optional for mutual funds, but approval of trustees is necessary for activating such a portfolio. Creation of Segregated Portfolio is a mechanism to separate distressed, illiquid assets from other more liquid assets in a mutual fund portfolio to deal with a situation arising due to a credit event. With a Segregated Portfolio, investors who may take the hit when the credit event happens shall get the upside of future recovery, if any," said Sebi in a statement. The board has also noted the recommendations of Mutual Fund Advisory Committee. "This decision was triggered by the recent crises in the non-banking finance companies (NBFCs) and that's how it started. It is in the interest of retail investors that toxic assets are segregated from assets which are doing well so that net asset value (NAV) of normal assets are maintained and there is less redemption pressure. Institutions might redeem in such cases and retail investors will be left with poor portfolio, we think it is a time to introduce and it's optional," said Sebi Chairman Ajay Tyagi. 'Side pockets' separate stressed assets from other investments and cash holdings. Having them ensures that while some of the investor money in a debt mutual fund scheme linked to stressed assets gets locked until the fund recovers money from the stressed company, while investors are free to redeem their money from other investments. Sebi also said it will soon bring out consultation paper on uniform valuation methodology for pricing of corporate bonds, which shall be followed uniformly across all mutual funds. Advertising "The improvements that we will expect will be in two areas with regard to, valuations for bonds and papers which have a maturity of less than 60 days and also the paper which downgraded to below investment grade. Right now the guidelines are very general based and we expect to improve," said Whole-Time Member Madhabi Puri Buch, Currently, debt funds have mark to market for the papers maturing above 60 days. The Sebi Board, in principle, approved the proposals for amendments to the Regulations pertaining to Institutional Trading Platform (ITP) in the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations). Platform to be renamed as Innovators Growth Platform (IGP). In order to be eligible for listing on the IGP, the issuer shall be a company which is intensive in the use of technology, information technology, intellectual property, data analytics, bio-tech or nano-technology to provide products, services or business platforms with substantial value. You might like Isha Ambani-Anand Piramal Wedding Today: Here's What the Ambani Residence Looks Like For the startup listing, regulator have proposed changes that, 25 per cent of the pre-issue capital for at least a period of two years should be help by qualified institutional investors. Currently it is required to have 50 per cent of pre-issued capital held by qualified institutional investors. Regulator had also reduced the minimum trading lot size from Rs 2 lakh from the existing Rs 10 lakh the minimum number of allottees will be revised to 50 from the existing 200. The Sebi board also decided that clubbing of investment for foreign portfolio investors ( FPIs) should not be done on the basis of beneficial ownership as Prevention of Money Laundering Act. In order to expand the universe of companies to whom offer for sale (OFS) mechanism is available, presently being top 200 companies by market capitalisation, Sebi said that, OFS mechanism shall be available for shareholders of companies with market capitalisation of Rs 1,000 crore and above, with the threshold of market capitalisation computed as the average daily market capitalization for six months prior to the month in which the OFS opens. The Board discussed the proposal for allowing custodial services in goods underlying commodity derivative contracts in order to enable participation of institutional investors in commodity derivatives market. In this regard, the Board approved the proposed amendments to the SEBI (Custodian of Securities) Regulations, 1996.
thehindu.com 2018-12-12 20:17:00
December 13, 2018 01:47 IST Updated: December 13, 2018 01:47 IST more-in BJP leader Gupta questions timing After 'sleeping over' the issue for over four years, the Aam Aadmi Party (AAP) government has 'suddenly' woken up to the need to ensure minimum wages to workers in the Capital, Leader of Opposition in the Delhi Assembly Vijender Gupta said on Wednesday. The BJP leader argued that the "much-needed" step should have been taken four years ago "in right earnest" to ensure a fair deal for workers. "Sensing the knock of elections at the doors, the Delhi government has only now ultimately launched 'Operation Minimum Wage' to derive political mileage out of it. Much precious time has been lost. The government did not take any action all this while against such defaulters," Mr. Gupta said. 'For political mileage' "Operation Minimum Wage is nothing but the AAP government's propaganda aimed at extracting political mileage, what with raids by 10 special teams of five persons each in nine districts, opening the door for the exploitation of employers, extortion and corruption," the LoP said. "Leave the private sector aside, Labour Minister Gopal Rai has discovered that labour is being exploited even in the Delhi government's own departments and institutions. That he found that labourers have not been paid for six months... speaks of the government's dismal performance during the last four years," said Mr. Gupta.
thehindubusinessline.com 2018-12-12 15:36:00
Ashutosh Manohar, MD, South Asia Markets, Tetra Pak India The company has-tie ups with more than 160 customers for its packaging and processing solutions. Kolkata, December 12 Packaging and processing solutions provider Tetra Pak India will provide smart packaging solutions to its clients by introducing dynamic QR codes. According to Ashutosh Manohar, MD, South Asia Markets, Tetra Pak India, smart packaging technology will embed every pack with a unique identity, and allow interaction between manufacturers, brand owners and consumers throughout the life cycle of the pack. "The dynamic QR code will allow consumers to interact with the pack, and give them information such as the ingredients, recycling initiatives and other things. The end consumer only needs to have an app on his smart phone to scan the code and engage with the brand. We are planning to conduct a pilot of this technology with two of our customers soon, one of which will be in Kolkata," Manohar told BusinessLine . Growing demand The company has-tie ups with more than 160 customers for its packaging and processing solutions. It packs nearly 650 million litres of juices, nectars and chilled drinks and around 600 million litres of white milk annually for its customers from the food and beverages industry. According to Manohar, India is among the top five markets for Tetra Pak globally, the others being China, Brazil, Japan, Vietnam and Thailand. Tetra Pak India will close the year with roughly 10 billion packs, a growth of over 10 per cent over last year. This is likely to grow to 11 billion packs in 2019. "The general awareness about food safety and the need for convenience are increasing rapidly with more women working now and increasing urbanisation. This apart, an expanding middle and upper middle class, higher disposable income, e-commerce and modern trade are contributing to an increasing demand for packaged products in India," said Manohar. Tetra Pak has been facing the pressure of rising input costs due to the depreciating rupee. However, the company is trying to offset this by improving productivity and driving internal efficiency. "We constantly strive to improve printing speed and technology to try and reduce the impact (of rising costs). We have the lowest losses of our packaging material in this whole region," he said. Published on
indiainfoline.com 2018-12-12 15:32:00
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firstpost.com 2018-12-12 10:05:00
Tweet New Delhi: The government has detected GST evasion worth Rs 12,000 crore in 8 months till November, a senior tax official said on Wednesday. Central Board of Indirect Taxes and Customs (CBIC) member John Joseph said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance. "We started anti-evasion measures from April onwards, and from April-November we have detected Rs 12,000 crore of GST evasion. This is huge compared to what happened in central excise or service tax side. There is huge evasion. There are smarter guys outside who knows how to pocket the money," Joseph said addressing an Assocham event. Joseph, who looks after an investigation in the CBIC, said almost Rs 8,000 crore worth GST evasion has been recovered by the tax officials. Representational image. News18. Goods and Services Tax (GST), which subsumed 17 local taxes, including excise duty and service tax, was introduced on 1 July, 2017. Since it was a new tax, the government had decided to go slow on enforcement action in the initial months of its implementation. Joseph said only 5-10 percent of the 1.2 crore assessees are evading GST and bringing a bad name to the industry. "We need to improve compliance mechanism." On industry concerns as to whether a change in government might lead to an overhaul of the GST process, Joseph said: "With all the apprehensions that you have, whether the election results are going to be bad for the GST or not, I can tell you very clearly that the same politicians whether in opposition or ruling party, they all came together to conceive this. "There may be some changes in law, some procedural changes can definitely happen, but it will not be lock, stock, and barrel as in the case of Malaysia." He said the GST Council, comprising the Centre and states, had taken all decision relating to the new indirect tax regime. The CBIC member also said the new GST return forms will have a beta version initially, so that industry has enough time to suggest what could be done to improve the quality of returns. In July, the CBIC had put up in public domain draft GST return forms 'Sahaj' and 'Sugam' and sought public comments. These forms will replace GSTR-3B (summary sales return form) and GSTR-1 (final sales returns form). The new forms are slated to be launched in April 2019. With regard to industry concerns over varied orders passed by the Authority for Advance Ruling (AAR), Joseph said the Centre was pushing for a national bench for AAR but it hit the roadblock as the bench was required to have about 40 members with representations from every state. "I do agree, there is a real serious issue in that (Advance Ruling). The Centre is trying to push that there has to be a single advance ruling authority but unfortunately think about a situation where every state says I have equal right as the Centre. So, think about a situation where a national bench is constituted with 39/40 people sitting, how do you think it will work. That is where the problem is coming in," Joseph said. He said even for setting up regional benches there is a huge disagreement between the states. Currently, what the government is doing is they are going through the entire thing, studying the issue and then issuing a clarification, the member noted. "Once the clarification is issued, the entire advance ruling thing becomes null and void. For some time, you have to adjust to that situation till a trust is developed between the Centre and states," Joseph added. As per the law, all states are required to set up at least one AAR for seeking advance ruling over GST levy and one appellate authority to hear appeals against the AAR order. In March, the New Delhi bench of the AAR had held that duty-free shops at airports are liable to deduct GST from passengers. However, these shops were exempt from service tax, and Central Sales Tax in the earlier regime. Further, the solar industry too was left in a vexed situation when the Maharashtra AAR said that 18 percent GST rate would be levied for installation works, but the Karnataka-bench of AAR passed an order levying 5 percent GST on the same. On concerns over availing input-tax credit, Joseph asked the industry to submit their representations, backed by data, along with suggestions. Updated Date: Dec 12, 2018 15:35 PM
goodreturns.in 2018-12-12 06:08:00
» SEBI To Discuss Easier Market Participation Rules In Board Meet SEBI To Discuss Easier Market Participation Rules In Board Meet Business Published: Wednesday, December 12, 2018, 11:38 [IST] Subscribe to GoodReturns Newlyweds PeeCee-Nick Go For Their Honeymoon The Securities and Exchange Board of India (SEBI) in its board meeting today will discuss measures to expand its offer-for-sale framework to more companies, relax its norms for clubbing of investment limits by established foreign investors and tighten insider trading rules, PTI reported citing the regulator's officials. A number of other important matters will also be discussed such as relaxations for new-age ventures in sectors like e-commerce, data analytics and biotechnology to raise funds and get the shares of these new-age ventures traded on stock exchanges and creating a separate category of "difficult to recover" cases for optimal utilisation of its resources, it further said. The important discussions would be around: 1. Introducing a common custodian for equity and commodities: Institutional investors like mutual funds or foreign institutional investors could not invest in commodity derivatives due to lack of custodians. The SEBI board will decide if securities custodians could be able to track commodities as well. 2. Making startup listing rules easier by reducing trading lot size among other norms 3. Allowing mutual funds to "side-pocket" where the liquid scheme will be separating their risky securities from the rest. 4. Offer for Sale (OFS) framework will be expanded to help the government in the disinvestment process. 5. Relaxing clubbing investment limit for Foreign Portfolio Investors (FPI) by clubbing investment limits only if more than 50 percent of the funds have common ownership with multiple entities. 6. Non-banking finance companies (NBFCs) won't need to disclose changes in shareholding due to encumbered or pledged shares.