GST implementation brings textile industry to a standstill
Apparel makers and wholesalers say the implementation of the goods and services tax has brought business to a standstill as their unregistered suppliers and customers try to stay out of the ambit of the new tax regime.
“There are about 25% of dealers who don’t pay tax at all,” said Suresh Chhatwani, owner of Mumbai-based Surkan International which makes, supplies and exports readymade women’s garments. About “10-20% of my business comes from unregistered dealers, who only want to deal in cash. What happens to my business if they refuse to comply with GST?”
Source: Mint
BookMyShow acquires restaurant search engine Burrp
Online entertainment ticketing firm BookMyShow (BMS) has acquired Burrp, a Mumbai-based local restaurant recommendation engine, from Network18.
The acquisition is being carried out on a slump sale basis by Foodfesta Wellcare, an arm of Big Tree—an associate firm of Reliance Industries, which is also the promoter group company of Network18.
Source: Mint
NSE may re-submit IPO application with new financials: Sebi chief
India’s National Stock Exchange (NSE) may need to re-submit its application for an initial public offering with new financial statements, said the chairman of the Securities and Exchange Board of India (Sebi), Ajay Tyagi, on Monday.
NSE had filed its draft red herring prospectus in December, but Sebi has delayed approval as it probes the NSE’s disclosure that some brokers may have been given unfair access to its servers.
Source: Mint
SpiceJet to deposit Rs 579 crore in row with Kalanithi Maran: Delhi High Court
The Delhi High Court today directed budget carrier SpiceJet to deposit Rs 579 crore in connection with a share transfer dispute with its previous owner Kalanithi Maran, but provided it some relief by allowing it to deposit the amount in two parts. A bench of Justices S Ravindra Bhat and Yogesh Khanna said it was “essential” to modify the single judge order, which had directed that the entire amount be deposited in 12 months, due to the “unpredictable nature of likely injury that may be caused to the commercial operations of the company if entire amount is secured through a deposit”
Railways to allow foreigners to book ticket 360 days in advance
As of now, foreigners are allowed to book ticket 120 days in advance of their planned travel. The official said the new facility would be officially announced on July 7 or July 12. Under the new facility, foreign nationals can book first AC, second AC and executive class tickets in premium trains like Rajdhani Express, Shatabdi Express, newly launched Tejas Express and Gatimaan Express. Foreign nationals would require to give details of their passport, visa and their mobile numbers through the IRCTC site. “IRCTC would charge Rs 200 per ticket as service charge from the foreign national passengers,” he said. The official added that for cancelling the ticket, existing rules would apply.
Ravi Shastri formally applies for post of Indian cricket team head coach
Ravi Shastri has formally applied for the post of India cricket team’s chief coach. The former India team director confirmed to Hindustan Times that he has sent in his application to the Board of Control for Cricket in India (BCCI), which has fixed July 9 as the deadline. There are some other high-profile names in the fray, including Virender Sehwag and Australian Tom Moody, but Shastri is the frontrunner for the job. Former West Indies batsman and coach Phil Simmons has also joined the race for the India coach’s job, according to reports. Simmons has coached Zimbabwe, Ireland and West Indies. His most recent assignment was his home side, but fell out with the Windies board over his critical comments, leading to his exit.
About the Author
