GST Council Okays single return a month; differences emerge on sugar cess
The GST Council on Friday approved a simplified return filing framework that would require a taxpayer to file only one return every month against three at present. The Council has set a period of six months for the transition to take place. However, there was no consensus on the proposal to levy Rs 3-a-kg sugar cess, and on incentives to promote digitization. The former evoked sharp protests from Kerala, West Bengal, and Andhra Pradesh in the three-hour meeting via video conferencing, chaired by Union Finance Minister Arun Jaitley.
Flipkart board Okays Walmart’s $15 bn offer; Softbank, Tiger Global to exit
The Flipkart board has given its approval to a deal that will see US retail giant Walmart picking up close to 75 per cent in the Bangalore-headquartered company with an investment of around $15 billion, putting to rest months of speculation surrounding the largest deal in the country’s fast-emerging Internet sector. The deal could be formalized as early as next week, with the signing of the papers, said a highly-placed source privy to the discussion. “Some of the finer details of the deal are still being worked out, but it would be announced next week,” the person added.
Delhi High Court upholds stay on Trai’s order on mobile tariff
The Delhi High Court on Friday upheld an interim stay on the telecom regulator’s recent order which required telcos to report all tariff plans and changed the definition of significant market power (SMP) needed to identify predatory pricing, bringing relief to India’s older operators. The Telecom Regulatory Authority of India (Trai) had moved court against the Telecom Disputes Settlement and Appellate Tribunal’s (TDSAT) interim stay granted about two weeks back on the regulator’s order, which required compulsory reporting of all segmented discounts, offers, etc. Trai had also dropped parameters such as volume of traffic and switching capacity from the definition of SMP, thus giving pricing flexibility only to operators with less than 30% of the market’s subscribers or revenue.
Appellate tribunal refuses to stay NCLT order allowing UltraTech to bid for Binani Cement
The National Company Law Appellate Tribunal (NCLAT) has declined to stay an order passed by the National Company Law Tribunal (NCLT) allowing the lenders of Binani Cement to consider the offer made by Aditya Birla Group’s UltraTech Cement. The NCLT decision had been challenged by Dalmia Bharat. The appellate tribunal will further hear the case on May 22.The NCLT on Wednesday had asked the Committee of Creditors (CoC) of Binani Cement to consider the revised offer from UltraTech Cement Ltd.
RBI to infuse liquidity in bond market as forex reserve dips by $3.22 bn
The Reserve Bank of India (RBI) has moved to address pressure points in both currency and bond markets. The central bank’s foreign exchange reserves dipped by $3.22 billion in the week to 27 April, after having fallen by $2.5 billion in the week before, according to the RBI data. This is the sharpest fall in forex reserves since the week ended October 7, 2016, when the reserves had dipped by $4.3 billion. Most of the dip is to check the rupee’s rapid slide, currency dealers say.
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