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Govt moves amendments to plug loopholes in insolvency law The Insolvency and Bankruptcy Code (Amendment) Bill 2017 allows defaulting promoters to be part of the debt resolution process, provided they repay dues in a month The government on Thursday moved amendments to the Insolvency and Bankruptcy Code (IBC), seeking to streamline the law and plug loopholes.The Insolvency and Bankruptcy Code (Amendment) Bill 2017, introduced by finance minister Arun Jaitley in the Lok Sabha, allows defaulting promoters to be part of the debt resolution process, provided they repay dues in a month. This will aid promoters who had submitted resolution plans before the enactment of an ordinance that barred them from taking part in the resolution process of the companies.Further, it has paved the way for asset reconstruction companies, alternative investment funds (AIFs) such as private equity funds and banks to participate in the bidding process. Many of these entities acquire distressed assets ...

Parliament passes bill amending Forest Act The Parliament passed on Wednesdayabill to exclude bamboo from the definition of tree under the Indian Forest Act, claiming it would improve the earnings of tribals and dwellers living around forests.The Indian Forest (Amendment) Bill, which was adopted by the Lok Sabha on December 20, was passed byavoice vote in the Rajya Sabha, amidawalkout by member of the Congress, Biju Janta Dal and the Samajwadi Party. The Business Standard, New Delhi, 28th December 2017

Tax payers can see status of returns filed on GSTN portal Tax payers can now view the status of the returns filed by them on the GST Network portal, the company handling the technology backbone of the new indirect tax system said on Wednesday. "All users logging on the GST portal can now see the status of their returns filed for all the returns like GSTR1 or GSTR3B at one place," GSTN CEO Prakash Kumar said. The Business Standard, New Delhi, 28th December 2017

LS passes bill for GST cess hike on luxury cars to 25% The Lok Sabha approved on Wednesday a bill to hike cess on luxury vehicles from 15 per cent to 25 per cent with a view to enhance funds to compensate states for revenue loss following the rollout of GST. The GST (Compensation to States) Amendment Bill, 2017, was passed by the Lower House amid uproar by the opposition over controversial comments made by Union Minister Anant Kumar Hegde on secularism and the Constitution. The Business Standard, New Delhi, 28th December 2017

SEBI notifies norms allowing REITs, InvITs to issue bonds This would be allowed for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) which are listed on stock exchanges.To make REITs and InvITs more attractive to investors, markets regulator Sebi has notified relaxed norms to allow these trusts to raise funds by issuing debt securities. This would be allowed for REITs (Real Estate Investment Trusts) and InvITs (Infrastructure Investment Trusts) which are listed on stock exchanges.Further, Sebi has amended REITs and InvITs regulations in order to facilitate the growth of such trusts, Sebi said in notifications posted on its website today. According to the regulator, REITs and InvITs, "whose units are listed on a recognised stock exchange, may issue debt securities in the manner specified by the board provided that such debt securities shall be listed on recognised stock exchange(s)". It said debt securities means non-convertible deb...

SEBI orders attachment of bank, demat accounts of 22 entities The decision was taken after the entities failed to pay the fine imposed on them by Sebi for violating securities regulation in 20 different cases.Markets regulator SEBI has ordered attachment of bank accounts as well as share and mutual fund holdings of 22 entities, including individuals, to recover dues totalling Rs 2.8 crore. The decision was taken after the entities failed to pay the fine imposed on them by Sebi for violating securities regulation in 20 different cases.These entities include Triumph International Finance India, Innovision E-Commerce, DPS Shares and Securities, Systel Infotech and T H Vakil Shares & Securities. The pending dues range from Rs 54,000 to Rs 70 lakh.In 20 attachment orders dated December 21, the Securities and Exchange Board of India directed the banks to attach all accounts, including lockers held by these 22 entities. Also, the regulator has directed the depositories -- NSDL a...

GST collections fall to lowest in November  In continuance with the slide, the mopup under the goods and services tax (GST) in November fell to just above Rs 80,000 crore –a decline that could be attributed to the rate reduction for more than 200 items in the same month and the use of the integrated GST (IGST) as credit for paying taxes This will heighten the Centre´s fiscal concerns ahead of the Union Budget, dashing hopes of any further reduction in rates in the near future.“The collection under the GST for November has been Rs 80,808 crore till December 25, 2017,” the government said in a release on Tuesday. The collections are lower than the Rs 83,346 crore in October and way below the average target of Rs 91,000 crore a month.Experts say the GST collections will decline also in December and stabilise from January.The slow down has prompted the GST Council, in meeting on December 16, to a nation wide rollout of electronic way bill on June next year to plug revenue leaka...

Proportion of return filers at lower levels of income declining Number of individuals reporting an annual income of more than Rs 10 lakh has risen by 21 per cent The Central Board of Direct Taxes may(CBDT) celebrate the arrival of “acche din” with the latest in come tax returns data showing a 23.5 percent increase in the number of individuals reporting an annual gross total lincome of over Rs 1crore to  59,830.But it may also need to closely examine the rapid decline in the number of returns by individuals who a reat the lower ranges of reported income. This raises questions on the efficacy of the government´s drive towards filing of more returns by individuals and on whether raising tax exemption levels has led to reduced compliance in filing of returns by those who go out of the tax net.In 2012-13, the share of returns by individuals declaring an annual gross total income of less than Rs 2.5 lakh was 43 percent of the 33.58million returns filed that year. In the following...

Sebi may ease FPI norms The Securities and Exchange Board of India (Sebi) is mulling easing access norms for investment by foreign portfolio investors (FPIs) and bringing a new framework to strengthen the governance structure for mutual funds (MFs), senior officials have said.Also, Sebi has plans to review the framework for credit rating agencies (CRA), as it seeks to check the menace of ´rating shopping´ and ´pick and choose´ approach in their actions. Further, the regulator is looking at providing an additional method for listed entities to achieve the minimum public shareholding requirements.These issues would be taken up at the Sebi board meeting schedule for Thursday, senior officials sai With regard to FPIs, the markets watchdog may consider simplifying regulatory requirements pertaining to access norms, withaview to easing direct registration for overseas investors.The regulator will review the norms for CRA on the basis of public comments.It had come out with a consulta...

NSE revises penalty structure for unauthorised trade The National Stock Exchange (NSE) has decided to impose a penalty of Rs10,000 for every unauthorised trade by a trading member as identified by investor grievance redressal panel, from January1, next year.The amended indicative penalty structure for unauthorised trading also includes debarment of the panel in the immediately preceding calendar quarter a redetermined to be illicit transactions. "Based on the representations received from members for review of the indicative penalty with respect to unauthorised trading, the exchange has amended the indicative penalty structure," the NSE said in a circular onTuesday."The revised measures will come into effect from January1 onwards," it added. The Business Standard, New Delhi, 27th December 2017

Sliding GST collections may put pressure on government ST rate cut and lenient implementation of the tax reform has caused GST collection in December to slip to Rs 80,808 crore, down 14% from August and 3% from NovemberThings don’t augur well for the exchequer, with recent GST rate cuts and a lenient implementation of the goods and services tax causing collections to slide further in December, posing a challenge to the government. Total GST collection of the central and state governments, including taxes on inter-state supplies and the cess on certain items, added up to Rs80,808 crore in December.This is a 14% drop from the collections in August, the first month of tax collection and return filing under the new indirect tax system that kicked in on 1 July. Compared with the receipts in November, December’s GST collection was marginally lower by 3%.Lower-than-expected GST collections, along with the extra spending that Parliament approved earlier this month involving a net cash ...