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Government is hopeful of getting the supporting legisla tions of Goods and Services Tax (GST) passed by Parliament in the second phase of the Budget session for rolling out the new indirect tax regime by July. Replying to a question on GST Bill, Parliamentary affairs minister Ananth Kumar today said, “That is on the plate. GST Council is meeting on 18th and it will be decided after that, but we are hopeful that supporting GST bills will be passed in the next phase of the session. “ The government is hopeful of getting Central GST (CGST) and Integrated GST (IGST) draft legislations approved at the next GST Council meeting on February 18 and bring them in the second half of the ongoing Budget Session along with GST Compensation Act. 10TH FEBRUARY, 2017, THE ECONOMIC TIMES, NEW-DELHI

The bigwigs of ecommerce, including Amazon India Head Amit Agarwal, Flipkart Cofounder Sachin Bansal and Snapdeal Cofounder Kunal Bahl joined hands to seek modifications in the draft version of the GST (goods and services tax) law. Ecommerce companies are worried about the tax collection at source (TCS) provision in the GST. The proposed GST model makes these companies responsible for the collection of taxes on behalf of its sellers and merchants. With GST expected to be finalised by this month, ecommerce rivals for the first time presented a joint front to put pressure on the government. “The proposal of tax collection at source, directed only at ecommerce marketplaces, in the Draft Model GST Law, will hurt lakhs of small sellers by making online sales expensive and cumbersome for them,“ said Bahl of Snapdeal. “The proposal, while adding needless complexity for the sellers, provides no benefit to the tax authorities and will lead to duplication of information followed by the need for...

The Centre on Thursday said it had made no final recommendations on auctioning benami properties to fund houses for the poor amid reports that a Group of Secretaries had suggested it to the government. In a written reply in the Rajya Sabha, Minister of State for Housing and Urban Poverty Alleviation (HUPA) Rao Inderjit Singh said various Groups of Secretaries had been constituted to suggest new initiatives in the sector and make recommendations for job creation, harnessing the demographic dividend and meeting rising aspirations of weaker sections. 10TH FEBRUARY, 2017, BUSINESS STANDARD, NEW-DELHI

Capital markets regulator Sebi is planning to initiate a public consultation process for changes to the Debenture Trustee regulations, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued. Capital markets regulator Sebi is planning to initiate a public consultation process for changes to the Debenture Trustee regulations, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued. The proposed changes follow recommendations from a Sebi - appointed task force for examining the “challenges in performing the obligations and duties as Debenture Trustees (DTs) to protect the interests of the debenture holders”. The amendments seek to fortify the existing provisions to enable the DTs to perform the task of securing the interest of investors and also harmonise the existing provisions with those of the Companies Act, 2013. Several existing provision...

Capital markets regulator Sebi is planning to initiate a public consultation process for changes to the Debenture Trustee regulations, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued. Capital markets regulator Sebi is planning to initiate a public consultation process for changes to the Debenture Trustee regulations, wherein an entity will not be prohibited from acting as a trustee if the government provides guarantees for the debenture issued. The proposed changes follow recommendations from a Sebi - appointed task force for examining the “challenges in performing the obligations and duties as Debenture Trustees (DTs) to protect the interests of the debenture holders”. The amendments seek to fortify the existing provisions to enable the DTs to perform the task of securing the interest of investors and also harmonise the existing provisions with those of the Companies Act, 2013. Several existing provision...