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Showing posts from October 3, 2018

Festive season likely to drive GST collections past Rs 1 trillion in Nov

The finance ministry expects the GST collections to cross Rs 1 trillion in November and December on account of festive season demand and the anti-evasion measures initiated by the revenue department. The Goods and Services Tax (GST) revenue rose to Rs 944.42 billion in September and officials feel it could surpass the landmark 1 trillion on increased demand during festival season. "With the current trend for GST mop-up, it is expected that the monthly collections could again touch Rs 1 trillion around November and December," an official said. The collections during November and December 2018 would reflect the sales and purchases made during the months of October and November 2018. According to the official, people usually hold back their purchases till Ganesh Chaturthi, which marks the onset of festive season and fell in September this year. Besides, the revenue department's initiative to plug loopholes in the system to curb evasion too would help in raising revenue. "…

Govt mulls 100% FDI in insurance broking; insurers' cap to stay at 49%

The government is mulling permitting 100 per cent foreign direct investment (FDI) in insurance broking to give a boost to the sector, sources said. The FDI policy, at present, allows 49 per cent foreign investment in the insurance sector that encompasses insurance broking, insurance companies, third party administrators, surveyors and loss assessors as defined by the Department of Industrial Policy and Promotion (DIPP). The DIPP is an arm of the commerce and industry ministry which deals with FDI related matters and promoting ease of doing business in the country. Representations have been made to the government time and again on the issue that insurance brokers should be treated at par with other financial services intermediaries, where 100 per cent FDI is permitted. "Insurance broking is like any other financial or commodity broking services. The issue was recently discussed in a high level inter-ministerial meeting. The government is positively looking at the matter," sourc…