GST may have nodal appellate authority

GST may have nodal appellate authority

The revenue department is considering setting up of a centralised appellate authority to deal with the problem created by contradictory verdicts passed by the Authority of Advance Rulings (AAR) in different states, a top official said on Tuesday. Under the Goods and Services Tax (GST) law, each state is required to set up an Authority for Advance Rulings (AAR) comprising one member from the central tax department, and the other from the respective state.

In view of the confusion being created by contradictory rulings given by different authorities on the same or similar issues, the Finance Ministry is planning to set up a centralised appellate authority which could reconcile the contradictory verdicts of different AARs.

The Mint, 27th June 2018, New Delhi

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Credit card spending growth declines on RBI gaze, stress build-up

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Brigade Hotel Ventures Ltd, owner and developer of hotels in South India, has filed draft papers with capital markets regulator Sebi to raise Rs 900 crore through an initial public offering (IPO).The proposed IPO is entirely a fresh issue of equity shares with no Offer-for-Sale (OFS) component, according to the draft red herring prospectus (DRHP).Proceeds from the issue to the tune of Rs 481 crore will go towards payment of debt, Rs 412 crore will be allocated to the company and Rs 69 crore to its material subsidiary, SRP Prosperita Hotel Ventures Ltd.Additionally, Rs 107.52 crore will be used to purchase an undivided share of land from the Promoter, BEL, and the remaining funds will support acquisitions, other strategic initiatives, and general corporate purposes.The company may raise up to Rs 180 crore through a Pre-IPO Placement. If the placement is undertaken, the issue size will be reduced.Brigade Hotel Ventures Ltd is a wholly-owned subsidiary of Brigade Enterprises ...

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