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Doing business is easier  says India Inc Top CEOs have cheered India´s improved position in the World Bank´s ranking of countries on ease of doing business, and said the situation on the ground has improved considerably in the past few years andasuccessful rollout of the goods and services tax (GST) will help the country further improve its rankings in the coming years. In a survey of 20 CEOs from across the nation on Wednesday, 80 per cent of them were of the view that due to a series of reforms undertaken by the Narendra Modi government, it had become easier to do business.According to the World Bank report, India improved its rankings in six of the 10 subcategories used by the institution to judge the business climate. In some categories such as paying taxes, resolving insolvency, getting credit, and protecting minority shareholders, the ranking jumped significantly.India´s overall rank in ease of doing business jumped from 130 last year to 100 this year.Seventy five percent

Govt owned enterprises may soon face the IBC heat For first time, 9 PSBs have taken a state owned enterprise to task Till now, private corporate debtors have been at the receiving end of the Insolvency and Bankruptcy Code.That may soon change with the first state owned enterprise going through the insolvency process.This may set the ball rolling for similar instances of defaulting government owned enterprises being taken to task by financial and operational creditors, said experts. In a case testing the statutory powers vested with creditors under the Insolvency and Bankruptcy Code (IBC), insolvency resolution proceedings were initiated against West Bengal Essential Commodities Supply Corporation (WBECSC),a state government undertaking that is in the business of procuring and distributing food grains and essential commodities, in May this year.This case is close to getting resolved, with the state enterprise settling its dues with the consortium of creditors (nine public sector

GST Network Glitches Courtesy Infosys, Say Government Officials Time taken for IT co to come up with solutions irks govt; Infy rejects contention Infosys, for long the face of India's software sector, finds its management of the GST information technology backbone under scrutiny at the highest levels of the government. It had won the . 1,380-crore deal for developing and ` running GST's backend in 2015. Three top government functionaries expressed strong disappointment with the company over frequent glitches that have beset the Goods and Services Tax Network (GSTN), leading to extension of deadlines for returns several times “It has been a disappointing experience,“ said one of the officials, adding that the software provider is now expected to improve service delivery.Infosys rejected the contention that its work had been regarded as unsatisfactory. “The information you have received is completely inaccurate,“ the company said in an email to ET.The government on October 30

Good Days may Follow Goods in Highest Tax Slab DIPP feels lower rate for select items under 28% slab will boost demand, help MSMEs India could review the application of the highest 28% slab under the goods and services tax (GST) and consider imposing a lower rate on items of frequent use, with policymakers supporting a move along these lines.Such a move will reduce prices of many goods, thus helping to boost demand. The Department of Industrial Policy and Promotion (DIPP) has pitched for such a shift to revive industry, especially small businesses that are regarded as engi nes of employment generation. “There is a need to relook at the 28% slab,“ said a senior government official. “Some of the goods placed in that bracket are manufactured by MSMEs (micro, small and medium enterprises) and they are feeling some pressure.“ Items in the 28% slab include washing machines, refrigerators, electrical fittings, cement, ceiling fans, watches, automobiles, tobacco products, nutritional d

Sebi speeds up adjudicating proceedings to clear backlog of cases Cases expedited after finance bill, 2017 cleasr air over its discretionary powers The Securities and Exchange Board of India (Sebi) has begun hastening the passing of adjudicating orders to clear the backlog of cases that had piled up over the past couple of years, following uncertainty over its powers to impose discretionary penalties.The market watchdog has also expanded its team of adjudicating officers (AOs) to 11, from five less than a year ago, said a person familiar with the matter “More AOs will help clear the backlog created on account of the Roofit matter. Additional AOs may also expedite the process of passing orders. But, to provide impetus to the whole process of disposal, the regulator needs to lay stress on settlement of proceedings as well," said R S Loona, managing partner, Alliance Law.The Supreme Court (SC), in the matter of Roofit Industries in November 2015, had said Sebi had no discreti

India Scores a century Jumps 30 spots to 100 in world  Bank's Ease of Doing Biz Rankings India has for the first time broken into the club of the 100 nations easiest to conduct business in, driven by ease of paying taxes, resolving the insolvency problem, access to credit, and protection of minority investors.The World Bank´s ´Doing Business 2018: Reforming to Create Jobs´ report, released on Tuesday, showed India´s rank in ease of doing business jumped 30 places to 100 among 190 countries. India´s rank was 130ayear ago. India has also been adjudged the fifth bestperforming nation globally in reforming the business environment.The country improved its rankings in six of the 10 subcategories used by the World Bank to judge the climate of business.The report, covering the period from June 2 last year to June 1 this year, ranked India top among the South Asian nations. India´s distance to frontier ratio, which tells how similaracountry´s economic practices are to global best

GoM suggests making GST inclusion in MRP mandatory Maximum retail price of goods must include the GST component to effectively address consumer  complaints that some retailers charge the new indirect tax on MRP of products, a high-level  panel of state finance ministers has recommended. The group of ministers, headed by Assam  Finance Minister Himanta Biswa Sarma, has in its recommendation to the GST Council on easing  compliance burden on small and medium enterprises suggested that the government make it  amply clear in the present law that MRP is the maximum price of a product to be sold in  retail and charging anything above this is an offence. The Mint, New Delhi, 31th October 2017