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A Bill, which seeks to deal with insolvency of financial service providers, was on Thursday referred  to a Joint Committee of Parliament. ´The Financial Resolution and Deposit Insurance Bill, 2017´, was introduced in the Lok Sabha by  Minister of State for Finance Arun Ram Meghwal. Soon after, it was referred to the 30member committee comprising members of both the Lok Sabha and the  Rajya Sabha. The committee is expected to submit its report during the next session. The Business Standard, New Delhi, 11th August 2017 

The Centre on Thursday introduced in the Lok Sabha The Code on Wages Bill which seeks to fix  “universal minimum wage” aimed at benefiting over 400 million unorganised sector workers. The Bill to amend the laws on wages and bonus was introduced by Labour Minister Bandaru Dattatreya. It seeks to amalgamate four laws —Payment of Wages Act, 1936, Minimum Wages Act, 1948, Payment of  Bonus Act, 1965, and Equal Remuneration Act, 1976. The Business Standard, New Delhi, 11th August 2017

The EPF Act needs to be changed to allow movement between these two schemes; rules of NPS are also  more restrictive. Despite the Pension Fund Regulatory and Development Authority’s (PFRDA’s) attempts to make the  National Pension System (NPS) more attractive, things haven’t worked too well, in terms of transfer  of Employees’ Provident Fund (EPF) subscribers to NPS. More than 90 per cent of the subscribers are  either government employees (who don’t have a choice) or lower income groups who were given a one- time subsidy to enrol. Only five-six per cent of subscribers are from the corporate sector. And this  development happened after the amendment that allowed deductibility of employers’ contribution of the  salary over and above the Rs 1.5 lakh under Section 80C. The rest, a small percentage of people, invest  in NPS for the Rs 50,000 tax benefit announced in the Finance Bill, 2015. So, what stops an EPF subscriber to get better returns through NPS? Hemant Contractor, chairm

The government has notified the timeline for furnishing final tax returns for July and August under  the Goods and Services Tax (GST) regime. The GST Council, chaired by Finance Minister Arun Jaitley and  comprising state counterparts, had in June allowed businesses extended timeline for filing final GST  returns in forms GSTR-1, GSTR-2 and GSTR-3 for July and August. In the interim period, businesses have to file GSTR-3B which is a summary of self-assessed tax  liabilities with consolidated details of outward supplies and input credit. The Central Board of Excise and Customs (CBEC) has now notified the dates for filing the GST returns  forms. As per the notification, outward supplies in Form GSTR-1 for the month of July will have to be filed  between September 1-5. For August, it is to be filed between September 16-20. The original date for  filing GSTR-1 was 10th of the next month. Details of inward supplies in Form GSTR-2 for July will have to be filed between September

Sector has been focusing on bringing more customers via the Systematic Investment Plan mode One of every four rupees invested by individual investors in mutual fund (MF) schemes now belongs to  people from beyond the top 15 cities (B-15 in sector parlance). The Rs 20 lakh crore sector has been trying for participation from smaller cities and towns. As on  June-end, about 26.2 per cent or Rs 2.5 lakh crore of individual assets came from B-15 places. A year  before, it was Rs 1.6 lakh crore and made up 23.8 per cent of total individual assets. The latter was  Rs 9.48 lakh crore at end-June, against Rs 6.8 lakh crore a year before. The sector has been focusing on bringing more and more individual customers through the Systematic  Investment Plan (SIP) mode. There are now 14.5 million SIP accounts, which stoke a sticky and  consistent Rs 5,000 crore of monthly flow. A Balasubramanian, chief executive officer (CEO) of Aditya Birla Sun Life MF, says, “It is the outcome  of the ef

Textile exporters have urged the government to exempt them from the integrated goods and services tax  (IGST). The GST Council has finalised rates between 5 and 28 per cent of applicable IGST on various  products. Additionally, 5 per cent GST is applicable on job work also. “Merchant exporters cannot  benefit from the facility of exports under bond /letter of undertaking (LUT). There is no enabling  document prescribed by the government under which goods can be cleared by a manufacturer without  charging IGST meant for exports by a merchant exporter against bond/LUT. In absence of such a  provision, the manufacturer charges IGST on the goods supplied to the merchant exporter meant for  exports under bond/LUT. In the erstwhile central excise regime, there was a facility under which a  merchant exporter who has executed a bond (B-1 bond) was provided with C T 1 certificates. Introduce a  similar facility at the earliest so that the merchant exporters exporting under bond / LUT can ge

Two days after suspending trading in 331 listed shell companies, the capital markets regulator,  Securities and Exchange Board of India (Sebi), ordered stock exchanges to verify their credentials and  fundamentals. In a letter to the exchanges on Wednesday, the markets regulator hinted if  a company´s business model  appeared satisfactory, the trading ban could be revoked. The move comes after Sebi faced wide spread criticism from various quarters for classifying these  entities as shell companies on Monday. The market value of at least 10 companies on the list is over Rs 200 crore each. Also 161 of these companies were active in trading, with over 2.7 million public shareholders. Sebi had directed exchanges to impose stringent trading curbs on these companies by putting them in  the Stage VI of the Graded Surveillance Measure (GSM). The companies were identified by the Ministry  of Corporate Affairs (MCA), with the help of the Serious Fraud Investigation Office (SFIO) an