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Loans will be disbursed based on data, says Nandan Nilekani Nilekani said the data available in the GST system could be the basis of credit. Nandan Nilekani on Wednesday said India was moving in a direction where lenders will use data such as the goods and services tax (GST)-based “business flows” or credit payment history, instead of collaterals to provide loans to businesses and consumers. He said the data available in the GST system could be the basis of credit“When you file your GST return, you are actually filing it at the invoice level. You can then ask for the data that you can give to your lender. All 10 million businesses will have deep digital footprints that they can use to get loans from their banks or non-banking financial companies,” Nilekani said.  The Business Standard, New Delhi, 22nd February 2018

5.5 million GST returns filed in January The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month As many as 5.5 million goods and services tax (GST) returns have been filed for January so far, Goods and Services Tax Network Chairman Ajay Bhushan Pandey said on Wednesday. The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month. Hence, the sales returns for January had to be filed by February 20. However, businesses can continue to file returns with a late fee.“The total number of 3B GST returns filed in January till date is 55 lakh (5.5 million),” Pandey told reporters here. The number is expected to go up when the government releases the GST collection figure later in the month as more businesses continue to file returns. According to official data available, in December 5.63 million GSTR-3B were filed, which fetched Rs 867.03 billion to the exchequer. In November, 5.31 million returns were file

Stock exchanges try to assuage concerns after MSCI warning Say will engage with various stakeholders to address any fears of the move to end data-feed tie-up with foreign exchanges Domestic stock exchanges on Wednesday tried to assuage concerns over the fallout of the move to snap with their foreign counterparts. “This is to reassure all stakeholders that the Indian exchanges will work with them to facilitate an orderly transition that is not disruptive to the markets and stakeholders. This engagement with various stakeholders will continue in the coming weeks to address any concerns,” said the exchanges in a joint statement. On February 9, the National Stock Exchange, BSE and Metropolitan Stock Exchange announced termination of data-feed and licensing agreements with overseas bourses to put an end to offshore trading of domestic securities and indices. The move was slammed by global index provider MSCI and also the Futures Industry Association (FIA), a trade association of e

EPFO cuts interest rate to 8.55% for 2017-18 from 8.65% for 2016-17 Retirement fund body Employees’ Provident Fund Organisation (EPFO) has reduced interest rate on deposits to 8.55% for 2017-18 following a general decline in interest rates. The decision was taken by EPFO’s central board of trustees at its 220th board meeting on Wednesday, labour minister Santosh Kumar Gangwar said. EPFO had announced an interest rate of 8.65% for 2016-17 and 8.8% in 2015-16.The move will affect around 6 crore subscribers and leave EPFO with a surplus of Rs 586 crore against Rs 695 crore in the previous financial year. The interest rate decided by the central board of trustees will have to be vetted by the finance ministry, following which it would be notified.EPFO had earlier this year sold Rs 3,700-crore equity shares in the market, earning a profit of Rs 1,100 crore as a result of which it was felt that the retirement fund body could retain the interest rate for the current financial year at

Panel to discuss GST return simplification Ahead of the goods and services tax(GST) council meeting on march 10, a ministerial panel under bihar deputy cheif minister sushil modi will meet in the capital on saturday to firm up the simplified "single-stage" return filing process. The  Group of Ministers under sushil modi lok at finalising the simplified return filing system on February 24, which will be then taken up by the GST council on March 10. The Business Standard, New Delhi, 22nd February 2018

RBI acts, FM speaks up The Reserve Bank of India (RBI) on Tuesday constituted an expert panel that will look at the divergence in asset classification and provisions reported by banks visàvis those interpreted by the central bank´s auditors, and also to examine the rising incidence of fraud in the banking system. The panel will be headed by former RBI board member YH Malegam, who had also earlier led several RBI committees on important reform measures.The panel will explore “factors leading to an increasing incidence of fraud in banks and the measures (including IT interventions) needed to curb and prevent it; and the role and effectiveness of various types of audits conducted in banks in mitigating the incidence of such divergence and fraud,” the RBI said in a statement on its website. The other members of the committee will be Bharat Doshi, member of the RBI board;SRaman, former chairman and managing director of Canara Bank and former whole time member of the Securities and E

GST woes likely to hurt handicraft exports in 2017-18 Problems related to refund of goods and services tax (GST) and slow demand in global markets would impact export of handicrafts and could lead to decline in shipment by about 3.5 per cent in the current fiscal year, the Export Promotion Council for Handicrafts (EPCH) said.EPCH Chairman O P Prahladka on Tuesday.He urged the government to immediately start refunds due to liquidity crunch faced by exporters.“About Rs 35 billion is stuck and it is impacting handicraft exporters, which are mainly in MSME sector. The Business Standard, New Delhi, 21th February 2018