News Update, February 1st, 2018

GST e-way bill to go live on budget day, industry fears disruption

The e-way bill, key to preventing tax evasion under the goods and services tax (GST), will be rolled out nationwide from Thursday, the day finance minister Arun Jaitley will present the Union Budget 2018, amid persistent concerns in some quarters that its enforcement could trigger fresh economic disruption. The GST e-way bill, an electronic documentation tracking the movement of goods, is mandatory for all inter-state movement of goods from 1 February. It is designed to prevent underreporting and evasion of taxes.

Source: LiveMint

Manyavar owner Vedant Fashions planning IPO in second half of FY19

The management of Vedant Fashions Pvt. Ltd, the owner of ethnic wear brand Manyavar, is evaluating an initial public offering (IPO) and is expected to soon initiate a formal process for the same, three people aware of the development said. “They are expected to start a formal process to appoint bankers for the proposed Manyavar IPO, as early as next month,” said one of the people cited above, requesting anonymity as he is not authorized to speak with the media.

Source: LiveMint

Budget 2018: Govt may raise equity investment limit for PF bodies

The Union Budget for 2018-19 may likely announce a hike in investment limits for all non-government provident funds, superannuation, and gratuity funds in stock market-related instruments to at least 25 per cent from 15 per cent of its incremental corpus at present, sources said. The move may benefit subscribers of schemes under Employees’ Provident Fund Organisation (EPFO), Pension Fund Regulatory and Development Authority, and provident fund trusts managed by private firms.

Source: Business Standard

Income Tax department slaps Rs 436.80 crore penalty on NDTV

New Delhi Television Ltd (NDTV) today said income tax department has levied a penalty of Rs 436.80 crore on the company for assessment year 2009-10. The company today received an order under section 271 (1) (C) of Income Tax Act from the Income Tax Department levying penalty of Rs 436.80 crore for the assessment year 2009-10, NDTV said in BSE filing. The company said it is currently examining the order and legal option available to it. It will take necessary action accordingly.

Source: Economic Times

Sebi agrees to transfer Rs 16.7 billion of surplus funds to government

Capital markets regulator, the Securities and Exchange Board of India (Sebi), has agreed to transfer Rs 16.7 billion of its surplus funds to the government. The Centre has been eyeing these resources, which would enable it to reduce the fiscal deficit. The move, however, was seen as contentious as it potentially amounted to an infringement on the independence of the regulatory body. “Sebi has agreed to the long-pending government demand to transfer surplus funds with it into a public account,” said a source.

Source: Business Standard

Ranbaxy case: Delhi High Court finds in favour of Daiichi

Japanese drug maker Daiichi Sankyo on Wednesday scored a major victory against former Ranbaxy Laboratories promoters Malvinder and Shivinder Singh with the Delhi High Court allowing Daiichi to recover over Rs 3,500 crore as damages from the brothers as per an arbitration award from Singapore’s international tribunal in April 2016. Barring minors — the Singhs’ five children — the objections to the enforcement of award by 16 of the respondents were dismissed by the Delhi High Court, which said that the court does not exercise “appellate jurisdiction” over the foreign award nor does it go into procedural defects so as to excuse an award from enforcement on the ground of public policy of India.

Source: Financial Express

L&T reports 53% jump in Q3 profit at Rs 1,490 crore; wins Rs 48,130 crore orders

Engineering and construction major Larsen & Toubro reported a solid 53 per cent YoY rise in profit for the December quarter at Rs 1,490 crore on Wednesday. The consolidated gross revenue stood at Rs 28,747 crore for the quarter under review, registering an increase of 9.4 per cent on a YoY basis, with some improvement in execution momentum and growth in services business. The company said it won orders worth Rs 48,130 crore during December quarter, up 38 per cent on year-on-year basis.

Source: Economic Times

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