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  FinMin simplifies GST anti-profiteering form to make it easier for people While simplifying the form, it was kept in mind that a common man should be able to apply without the help of an accountan The Finance Ministry has simplified and reduced the number of columns in the complaint form to make it easier for consumers to report any profiteering activity by businesses post GST rollout. The number of columns in the simplified single-page form have been slashed to 16, of which 12 fields are mandatory, to make it convenient for people. The original profiteering complaint form, though a single page document, had about 44 columns seeking a number of details and half of those fields were mandatory. In the new form the applicant has to give his name and address and contact details along with proof of identity. Besides, the name and address of the supplier too are to be provided. Besides, the applicant has to state any goods or service for which the application is being filed as well

  FSSAI to align licensing norms with GST The Food Safety and Standards Authority of India (FSSAI) is working on amending the registration and licensing regulations for food businesses. It will look at reclassifying food businesses on the basis of their turnover, in a bid to align these norms with GST. FSSAI CEO Pawan Agarwal said: “We are working on bringing a comprehensive amendment to the licensing and registration regulations for food business operators. The amendments will include classification of licences for food businesses on the basis of turnover in line with GST and MSME norms.” All food business operators need to register with, or obtain licences from, the authorities at the State or Central level. But small food business operators with a turnover of ?12 lakh, also known as ‘petty food manufacturers’, are only required to register but not obtain a licence. Agarwal said the FSSAI proposes to raise the turnover limit for ‘petty food manufacturers’ to ?20 lakh in lin

RBI to revive pre-policy meetings with bankers and industry executives The April policy, being the first one of the new fiscal year, is important as it spells out overall path of the policy and outlook on aspects such as inflation and growth The RBI had revived the practice of meeting bankers and industry associations prior to formulating the monetary policy, sources said. The input received from bankers and industry executives would be a key discussion point for the six-member monetary policy committee (MPC) at its two-day meeting on April 4 and 5. Sources said such meetings would now be routine. Earlier, it was customary for the RBI to take feedback from bankers and industry associations before formulating the policy, which was decided by the RBI governor alone. After the constitution of the MPC, which coincided with Urjit Patel’s first policy as RBI governor, industry-level meetings stopped. The meetings could start early next week “The banking industry and the corporate wor

 I-T offices to remain open from March 29 to 31 for filing returns Income tax offices and Ayakar Seva Kendras (ASKs) will remain open during holidays from March 29 to 31 to facilitate filing of returns by taxpayers before the end of the current financial year. The last date for filing of belated returns for Assessment Years 2016-17 and 2017-18 and revised returns for Assessment Year 2016-17 is March 31, 2018. “To facilitate filing of income tax returns and completion of associated work, all income tax offices throughout India shall remain open from March 29-31, 2018, ” a Finance Ministry statement said. While March 29 and March 30 are government holidays on account of Mahavir Jayanti and Good Friday respectively, March 31, the last day of 2017-18 financial year, is a Saturday. Banks too will be shut from March 29 to 30. The Business Standard, New Delhi, 28th March 2018

 Private bank route for foreign portfolio investors may be non-starter Seems unlikely to elicit significant interest from investors after Sebi's decision to keep NRIs out The Securities and Exchange Board of India’s (Sebi’s) decision to disallow resident Indians, non-resident Indians (NRIs) and those under the Overseas Citizen of India (OCI) category from investing through private banks has put cold water on this route. Sebi, in a recent circular, says private banks may invest on behalf of clients. This was in line with a consultation paper issued last June and a significant departure from the earlier position that banks only be allowed to do proprietary trade. The relaxation was based on two conditions. One, that details of beneficial owners be provided when required by regulators. Two, no secrecy arrangement with the investors and all required legal arrangements that any secrecy law or confidentiality clause not impede disclosure of beneficial owner details, whenever requ

SEBI plans new framework to check non-compliance of listing rules      The firms may be suspended for six months and subsequently, the process of compulsory delisting would be initiated   SEBI plans to put in place a stronger mechanism to check non-compliance of listing conditions, wherein exchanges will have powers to freeze promoter shareholding and even delist the shares of such defaulting companies. The proposal would be discussed at the board meeting of the Securities and Exchange Board of India (Sebi) this week, senior officials said. Under the proposed framework, exchanges would have the power to freeze the entire shareholding of the promoter and promoter group in non-compliant listed entity also holding in other securities, they added. It has been further proposed that if non-compliance persists, it would lead to suspension, revocation of trading and delisting of the shares of such listed entities. The proposed framework will put in place an appropriate system for eff

Govt tries to soothe bond market jitters; to borrow Rs 2.88 trn in H1FY19 Borrowing in first half to be 47.5% of budgeted amount for 2018-19 Bond dealers were in for a surprise as the government on Monday moved to ease pressure on the market considerably by reducing the first-half borrowing programme to 47.5 per cent of the total budgeted borrowing, against the normal practice of borrowing 60-65 per cent. The Centre said it would borrow Rs 2.88 trillion in April-September 2018-19, against market expectation of Rs 3.3-3.6 trillion. The weekly borrowing size would also be Rs 120 billion, against the usual Rs 150-180 billion, a great relief for the markets. Economic Affairs Secretary Subhash Garg told reporters that the government would draw an additional Rs 250 billion from the National Small Savings Fund (NSSF) to finance the fiscal deficit for 2018-19. As against an earlier estimate of Rs 750 billion, now Rs 1 trillion will be drawn from the NSSF to finance the fiscal deficit.