UIDAI indirectly seeding bank accounts with Aadhaar: Opponents
Bank accounts were being seeded with Aadhaar indirectly, those opposed to the scheme contended in the Supreme Court on Wednesday. Senior advocate Shyam Divan, lead counsel for a host of activists opposing the mandatory nature of the scheme, accused the Unique Identification Authority of India (UIDAI) of ‘resorting to inorganic seeding’.
Essar Steel lenders to seek more time for resolution
The Committee of Creditors of Essar Steel will soon seek more time for finding a suitor as the 30-day extension of deadline provided by the National Company Law Tribunal is now extended to May 29.Delivering its order on the eligibility of ArcelorMittal and Numetal Mauritius last month, NCLT decided to exclude the period between March 20 to April 19 from the 270-day period available to the resolution professional and the lenders under the Insolvency and Bankruptcy Code. Following this, the deadline, which would have ended on April 29, now stands deferred May 29.
Eveready gets NCLAT stay on CCI penalty
The National Company Law Appellate Tribunal (NCLAT) today stayed an order of the Competition Commission that imposed a penalty of ₹171.55 crore on Eveready Industries for cartelization in pricing of zinc-carbon dry cell batteries. According to a notification to the bourses, Eveready claimed that the imposition of penalty was stayed “with the direction of depositing 10 per cent of the penalty amount within 15 days” with the Registry of the NCLAT.
AAR order: All businesses covered by RCM to register for GST
A business is required to register under the goods and services tax (GST) even if it qualifies to be exempted according to the GST Act, but has liability to collect tax under the reverse charge mechanism (RCM), the authority for advanced ruling (AAR) on GST in Delhi said in a ruling. The GST Act provides exemption to businesses with less than Rs 20 lakh annual revenue from paying indirect taxes. Further, exemption from registration is also available to companies which are exclusively engaged in supply of goods and services that are not liable to tax or are completely exempt from tax.
Government likely to withdraw tax notice on free banking services
The tax department will likely withdraw a show-cause notice issued to several banks asking them to pay the service tax on ‘free services’ provided to customers, following the finance ministry’s intervention. The department of financial services (DFS) has presented the views of the banks that have opposed the tax to the revenue department. “We have spoken to the revenue department and requested them not to pursue the case. The matter will be settled and the case might not be pursued further,” said a senior finance ministry official.
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