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Showing posts from November 1, 2017

GST Network Glitches Courtesy Infosys, Say Government Officials

GST Network Glitches Courtesy Infosys, Say Government Officials Time taken for IT co to come up with solutions irks govt; Infy rejects contention Infosys, for long the face of India's software sector, finds its management of the GST information technology backbone under scrutiny at the highest levels of the government. It had won the . 1,380-crore deal for developing and ` running GST's backend in 2015.

Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network (GSTN), leading to extension of deadlines for returns several times “It has been a disappointing experience,“ said one of the officials, adding that the software provider is now expected to improve service delivery.Infosys rejected the contention that its work had been regarded as unsatisfactory.

“The information you have received is completely inaccurate,“ the company said in an email to ET.The government on October 30 again…

Good Days may Follow Goods in Highest Tax Slab

Good Days may Follow Goods in Highest Tax Slab DIPP feels lower rate for select items under 28% slab will boost demand, help MSMEs India could review the application of the highest 28% slab under the goods and services tax (GST) and consider imposing a lower rate on items of frequent use, with policymakers supporting a move along these lines.Such a move will reduce prices of many goods, thus helping to boost demand. The Department of Industrial Policy and Promotion (DIPP) has pitched for such a shift to revive industry, especially small businesses that are regarded as engi nes of employment generation. “There is a need to relook at the 28% slab,“ said a senior government official. “Some of the goods placed in that bracket are manufactured by MSMEs (micro, small and medium enterprises) and they are feeling some pressure.“ Items in the 28% slab include washing machines, refrigerators, electrical fittings, cement, ceiling fans, watches, automobiles, tobacco products, nutritional drinks, aut…

Sebi speeds up adjudicating proceedings to clear backlog of cases

Sebi speeds up adjudicating proceedings to clear backlog of cases Cases expedited after finance bill, 2017 cleasr air over its discretionary powers The Securities and Exchange Board of India (Sebi) has begun hastening the passing of adjudicating orders to clear the backlog of cases that had piled up over the past couple of years, following uncertainty over its powers to impose discretionary penalties.The market watchdog has also expanded its team of adjudicating officers (AOs) to 11, from five less than a year ago, said a person familiar with the matter “More AOs will help clear the backlog created on account of the Roofit matter. Additional AOs may also expedite the process of passing orders. But, to provide impetus to the whole process of disposal, the regulator needs to lay stress on settlement of proceedings as well," said R S Loona, managing partner, Alliance Law.The Supreme Court (SC), in the matter of Roofit Industries in November 2015, had said Sebi had no discretionary powe…

India Scores a century

India Scores a century Jumps 30 spots to 100 in world  Bank's Ease of Doing Biz Rankings India has for the first time broken into the club of the 100 nations easiest to conduct business in, driven by ease of paying taxes, resolving the insolvency problem, access to credit, and protection of minority investors.The World Bank´s ´Doing Business 2018: Reforming to Create Jobs´ report, released on Tuesday, showed India´s rank in ease of doing business jumped 30 places to 100 among 190 countries. India´s rank was 130ayear ago. India has also been adjudged the fifth bestperforming nation globally in reforming the business environment.The country improved its rankings in six of the 10 subcategories used by the World Bank to judge the climate of business.The report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. India´s distance to frontier ratio, which tells how similaracountry´s economic practices are to global best practices, h…