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Sebi Attaches UBHL Bank Accounts, MF Units and Securities Says Mallya-owned co defaulted on ?15 L penalty imposed by regulator in 2015 The Securities and Exchange Board of India has attached all bank accounts, securities and mutual fund units held by Vijay Mallya-owned United Breweries Holdings Limited (UBHL).The regulator said UBHL has defaulted on the payment of a penalty imposed by it in 2015. It has directed banks, depositories and mutual funds not to allow any debit in their accounts. However, credits have been allowed. Sebi had imposed a penalty of ?15 lakh in 2015 for disclosure lapses by United Breweries Holdings. The regulator said United Breweries is liable to pay the amount along with an interest of 12% per annum (from Nov 27, 2015 to Nov 13, 2017), which adds up to ?3.5 lakh, and a recovery cost of ?1,000, a total of ?18.5 lakh. “There is sufficient reason to believe that the defaulter may dispose of the amounts in the bank accounts/securities in the demat accounts held

Govt finds 130,000 firms without PAN An investigation the Ministry Affairs (MCA) more than 130,000 out of 224,000 taken did not have a permanent account number (PAN) even as they transacted crores of rupees.Sources said the probe indicated only 93,000 firms off by the Registrar of Companies had PAN, which is mandatory transaction above Rs 50,000. The findings showed these firms did not pay taxes and made it difficult for the authorities to track their transactions, sources said. Absence of statutory filings was cited as a reason for deregistering the firms. It is learnt that the Ministry of Corporate Affairs is now likely to examine whether all active companies have PAN or not. After the recent rounds of deregistration by RoC, 1.13 million companies remain active.The PAN issue adds to the concerns of the ministry over many banks failing to submit post demonetisation transaction details of companies which were deregistered recently. State Bank of India (SBI), for instance, has not p

Surat is the new shell firm capital Surat has replaced Kolkata as the new capital of shell firms that evade taxes.According to the income tax (IT) department,a majority of the companies featuring on the new list of firms provided by the government are based in Kolkata had topped the first list. The tax department began tightening the noose shell firms earlier this year, as more details such companies to light after In the new list, tax have found over 80 per cent of the 2,138 shell firms, which deposited unaccounted cash of at least Rs 5,000 crore during the note ban, were from Surat. The tax department expects this number to go up.This list featured 5,800 shell companies, shortlisted by the finance ministry, which had deposits of Rs17,000 crore in near zero balance accounts after demonetisation and nearly an equal amount of withdrawal thereafter. Earlier, the tax department had identified 16,000 shell firms floated in Kolkata between 2011 and 2015, to launder money.The probe

No GST on Advance Taken by FMCG Cos Cos say amount taken from dealers was not against a specified product and so tax rate was not clear In a big relief to all FMCG companies and others that take advance from dealers before they supply goods, no goods and services tax (GST) would be levied on such advance.The department of revenue has issued a notification allowing the relaxation after the same was approved in the GST Council meeting last week in Guwahati. The notification exempts all taxpayers from payment of tax on advances received in case of supply of goods. The companies were having trouble levying GST on such advance as it was not against a specific product and so it was not clear what rate had to be applied.Besides, some funds were blocked because of this payment of tax on advances. “Under VAT regime, there was no tax on advances for goods but was introduced under GST. Since the input credit was only available after receipt of goods, this led to working capital blockage f

India set to be 'attractive' place for business FM With greater digitisation and formalisation of financial activities and businesses, India is set to become an “extremely attractive” country to do business, Finance Minister Arun Jaitley said.Speaking at the Singapore Fintech Festival, Jaitley said the ongoing process of digitisation was a result of Aaadhar scheme coupled with financial inclusion, improvement in the digital eco-payment system as well as the introduction of the GST. PTI The Business Standard, New Delhi, 16th November 2017

200 items cheaper as GST cuts notified Eating out and a  little over 200 products of mass consumption, including detergents and ceiling fans, became cheaper from Wednesday with the lower goods and services tax (GST) rates taking effect. The finance ministry has told citizens to remember this while purchasing these.The government formally notified the lower rates, including on chocolates, waffles, furniture, wristwatches, cutlery, suitcases, ceramic tiles and articles of cement. The GST Council, chaired by Finance Minister Arun Jaitley, had on Friday in Guwahati decided to cut rates on these items to provide relief to consumers and businesses, amid an economic slowdown. The Council pruned the list of items in the top 28 per cent GST slab to 50, from the earlier 228. Another 176 had the rate cut from 28 per cent to 18 per cent —chewing gum, chocolates, coffee, custard powder, marble and granite, dental hygiene products, polishes and creams, sanitary ware, leather clothing, arti